St. Louis Federal Reserve President James Bullard said on Friday that the Fed may start raising interest rates in September due to the latest U.S. economic growth data.

The U.S. GDP rose at an annual rate of 2.3% in the second quarter, while the first quarter's GDP was revised up to a 0.6% rise from a 0.2% fall.

Bullard noted that "the outlook remains fairly good for the economy". He was not concerned over the slow growth in employer costs.