“The consumer seems to be faring very well,” Brian Jones, senior U.S. economist at Societe Generale, said in a Bloomberg article. “The labor market is getting better. People realize that the employment situation has improved so they feel better and are probably willing to go out and spend money.”

Barclays economists have raised their second-quarter growth forecasts to an annual rate of 1.8% from 1.1%, pointing to the better-than-expected economic data.

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Max Chen contributed to this article.