After a dismal first quarter, the rate of economic growth this quarter is accelerating faster than the Philadelphia Federal Reserve first anticipated, as it revised its growth rate from 3.0 percent to 3.3 percent, according to a Philly.com report.

Expectations for the remainder of the year have also been raised, with the third quarter forecast up a percentage point to 2.9 percent and the fourth quarter up from 2.7 percent to 3.2 percent.

The full-year growth rate, however, has been downgraded from 2.8 percent to 2.4 percent due to the weaker-than-expected 0.1 percent first quarter growth. Full-year 2015 economic growth projections remain at 3.1 percent.

Meanwhile unemployment, which is already at a post-2008 low, will gradually slide from 6.4 percent to 6.3 percent by the conclusion of the third quarter.

The entire Philly.com article here.