US economic contraction revised up to 0.6% for Q2

US economic contraction has been revised up to 0.6% for the second quarter of this year, according to the Commerce Department's second reading released on Thursday.

In the advance estimate, the year-on-year decrease in real gross domestic product (GDP) was 0.9% for the April-June period.

"The update primarily reflects upward revisions to consumer spending and private inventory investment that were partly offset by a downward revision to residential fixed investment," the Commerce Department said in a statement.

The current‑dollar GDP stood at $24.88 trillion in the second quarter, an upward revision of $31.1 billion from the first reading.

The US Federal Reserve's inflation indicator core PCE price index, which excludes food and energy prices, jumped 4.4% in the three-month period, according to the second reading.