Second-Quarter GDP Revised Down to 1.3%
The U.S. economy’s annual growth rate was revised down to 1.3% in the second quarter from a previously estimated 1.7%, the Commerce Department reported Thursday.
The revised gross domestic product rate followed a 2% pace in the first quarter, Commerce said. GDP measures the value of all goods and services produced.
The second-quarter rate was originally reported at a 1.5% in July and was revised upward to 1.7% in August. Thursday’s GDP figure was the final of three for the quarter.
Consumer spending rose at a 1.5% annual rate, down from a previously reported 1.7%, Commerce said.
