The second revision of Q2 GDP was released this morning among the din of stock market news. China and oil both have been roiling the markets but it does appear there is some semblance of balance. Overnight, China recovered much of its losses while oil popped above the $41 barrel mark, helping Q2 GDP Revision Surprisesstocks.

The Commerce Department reported GDP grew by 3.7% instead of the initial 2.3%. The 2.3% mark helped spur somewhat of a selloff and when you combine China’s slowing growth and currency devaluation, stocks naturally fell both here and abroad.

But with the 3.7% GDP number, that’s a rather respectable gain and don’t think for a second the FOMC won’t consider that next month when they hold its round of two-day meetings. The third and final estimate will have been released by the time the Fed meets so they’ll have either a confirmation of the higher number or something that indicates the 3.7% growth was a miscount of some sort.

Economic data is also indicating the economy just might be heating up after all. The Census Bureau released the Durable Goods data for July and reported a 2.0% increase. Investors had anticipated something closer to a -3.5% fall, a miss of more than 5.0%. New home sales were also higher for the month as well. One more report this week will give the Fed some more insight as the Department of Commerce will release Personal Income for July. It’s difficult to gauge where credit markets will go from day to day as there have been so many unexpected external factors to consider.

While economists were dismissing the likelihood of a rate increase in September last week now it’s seen as a possibility once again. And in light of recent data, that might be a good call.