It looks like that recession still hasn't arrived. The government just revised its estimate of second-quarter GDP from 1.9% to 3.3%.

The revised G.D.P. figure suggests resilience in the economy, especially compared with the anemic 0.9 percent growth rate from January to March, and a contraction in the final three months of 2007. Still, spending by American consumers stayed relatively soft, despite the infusion of the government's tax stimulus program. Corporate profits remained weak.

The soft labor market and high commodity prices are likely to cause problems for the economy in the latter half of the year.

Thursday's upward revision came after the Commerce Department said that more exports were sold in the second quarter than originally estimated, providing a lift to domestic businesses that have seen demand dry up at home. Businesses also kept their product inventories higher than first thought, suggesting higher production rates.

Exports rose 13.2 percent in the second quarter, compared with the government's original estimate of 9.2 percent. (They were up 5.1 percent in the first quarter.)

This is very good news for our export-related stocks like agriculture, defense and railroads.