Second-Quarter GDP Revised Down to 1%


 UPDATED:
8/26/2011 9:00:00 AM
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The U.S. economy grew at a 1% annual rate in the second quarter, the Commerce Department said Friday, lowering an earlier estimate.

The gross domestic product growth rate followed a 0.4% first-quarter pace and was slightly below economists’ estimates of a 1.1% rate, Bloomberg reported.

The government last month estimated second-quarter growth at 1.3%. Friday’s GDP figure was the second of three to be released by Commerce.

Consumer spending, which accounts for about 70% of the economy, rose at a 0.4% rate, revised upward from the previous estimate of a 0.1% gain, Commerce said.

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