The second-quarter “soft patch” in the US economy was not as soft as thought, according to revised growth data that showed gross domestic product grew at an annualised 3.3 per cent rate.

The Commerce Department reported the unexpectedly strong upwards revision - from a previous estimate of 2.8 per cent - was led by improvements in exports, rising inventories and better domestic demand. It was still however the slowest growth rate since the first quarter of 2003.