The U.S. Commerce Department released gross domestic product (GDP) figures on Thursday. The U.S. revised GDP climbed 3.7% in the second quarter, exceeding expectations for a 3.2% increase, up from the preliminary estimate of a 2.3% rise.

The upward revision was partly driven by an upward revision to inventories.

Consumer spending rose by 3.1% in the second quarter, up from the previous estimate of a 2.9% increase.

Business investment increased 3.2% in second quarter, up from the preliminary estimate of a 0.6% decline.

Exports climbed 5.2%, while imports were up 2.8%.

The Personal consumer expenditures (PCE) price index rose 2.2% in the second quarter, in line with expectations, after a 2.0% drop in the first quarter. The PCE price index excluding food and energy costs increased 1.8%, in line with expectations, after a 1.0% rise in the first quarter.

The PCE price index is the Fed's preferred gauge for inflation.

These figures could mean that the interest rate hike by the Fed this year is still possible.