NEW YORK (CNNMoney.com) -- The economy grew at a slightly faster pace in the second quarter than previously expected, but the pace of growth is still painfully slow. The nation's gross domestic product, the broadest measure of economic activity, was upwardly revised to an annual growth rate of 1.7% in the three months ending in June, the Commerce Department said Thursday.
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Thursday's number is the government's third estimate for second-quarter GDP. The initial reading had been for a 2.4% growth rate during the period, but the government revised that number sharply lower to 1.6% in August, shocking Wall Street and heightening fears of a double-dip recession.
Economists surveyed by Briefing.com had forecast the number to stay unchanged during the latest revision.
While a slight uptick came as good news, it wasn't a major shocker either.
GDP at less than 2% is still considered too sluggish to prompt businesses to start hiring again, and it's no surprise that economists are predicting a weak economy going forward.
Following the government's dramatic revision in August,two thirds of economists surveyed by CNNMoney.com increased their forecasts for a double-dip recession.
But while the odds of the nation slipping back into recession are higher, they are still relatively unlikely at about one-in-four, the survey showed.
The Commerce Department calculates GDP as a measure of goods and services produced by labor and property in the United States. The government often revises the number multiple times.
