The U.S. economy grew 3.9 percent in its second quarter.

In the statement, Jason Furman, chairman of the White House Council of Economic Advisers, wrote, “Real GDP growth in the second quarter was revised up for a second time, as consumers spent more and businesses invested more than previously estimated.”

Economists were surprised by the number, as they had generally believed that the final estimate of gross domestic product would be 3.7 percent. The Bureau of Economic Analysis has credited the economic boost to consumer spending on services such as health care, as well as food and housing.

According to Business Insider, Bank of Tokyo-Mitsubishi’s Chris Rupkey, who assesses the current state of the U.S. economy, said, "The larger picture remains the same, growth remains on track and the economy's positive, steady performance gives the Federal Reserve the confidence it needs to raise interest rates later this year."

Rupkey places his confidence squarely on the consumer. “The economy is likely to remain an island of prosperity in a world that is slowing as the commodity boom in the mid-2000s is turning into a bust for many developing nations," he wrote in a note offered to his clients.

As reported in the BBC, Jim Baird, the chief investment officer for Plante Moran Financial Advisers, explained, "Overall, the outlook on the US economy for the remainder of the year remains fairly optimistic, supported by continuing job creation, increasing consumer spending, improvements in the housing sector, and solid manufacturing numbers."