The U.S. economy grew at an even slightly slower pace than we thought in the second quarter, the Bureau of Economic Analysis just reported.
It now estimates that gross domestic product expanded at a 1 percent annual rate from the end of March to the end of June. A month ago, when the bureau last put a number to second-quarter growth, it pegged it at a 1.3 percent annual rate.
First quarter growth was even worse: a 0.4 percent annual rate. That estimate was not revised from the bureau's last report.
The primary reason BEA now thinks second-quarter growth was slower than thought: "downward revisions to private inventory investment and to exports."
One percent growth is well below the U.S. economy's typical 3 percent-or-so pace.