GDP Growth Revised Lower to 1.6%
WASHINGTON ( TheStreet) -- Economic growth in the second quarter was even more tepid than originally reported, the government said Friday, which more or less validates other recent economic indicators pointing to a slowdown in the recovery.
The government said further revisions to trade stats and inventories were the main factors weighing on the GDP figures.
The Commerce Department revised its quarterly gross domestic product estimate sharply lower to a seasonally adjusted 1.6% annual growth pace. Though the slowing growth pace is still disappointing compared with the red-hot growth experienced at the end of last year, the figure still came in slightly ahead of the expectations of market observers. Many were projecting the growth pace to slow further to 1.4%, according to consensus projections provided by Briefing.com.
This was the second estimate on the nation's economic picture for the quarter. Back in July, the government initially said
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