US consumer spending grew a solid 0.4 percent in June

Economists say they think solid gains in hiring will support future growth in consumer spending, which accounts for about 70 percent of economic growth.

A strong increase in consumer spending during the quarter was offset by weakness in other areas, including declines in business investment and the restocking of inventories.

"Another decent quarter for consumers, together with renewed inventory building, should anchor a near doubling in real GDP growth" in the current quarter, Guatieri wrote in a research note.

The Fed left a key interest rate unchanged at its meeting last week but upgraded its assessment of the economy, raising expectations the central bank might hike rates as soon as the next Fed meeting in September.