U.S. economic growth was slightly more sluggish than predicted in the second quarter as businesses aggressively ran down stocks of unsold goods, offsetting a spurt in consumer spending.
Figures released Friday by the U.S. Commerce Department revealed gross domestic product expanded at a 1.1% annual rate, slightly down from the 1.2% rate reported last month.
The revision also reflected more imports than previously estimated as well as weak spending by state and local governments. The economy grew at a 0.8% pace in the first quarter. GDP grew 1%n the first half of 2016.
The revision to second-quarter GDP growth was somewhat as economists expected. The economy has struggled to regain momentum since output started slowing in the last six months of 2015, which experts say puts it in danger of stalling.
