Washington - The US economic growth was a little slower than originally expected in the second quarter, with aggressive fall in stocks of companies overshadowing the rise in consumer spending.
The Gross Domestic Product (GDP) grew at an annual rate of 1.1 percent, the Commerce Department said Friday in its second estimate for GDP. The result was slightly below the 1.2 percent rate reported last month.
The review also reflected more imports than previously estimated, as well as weak spending by state and local governments.
The economy grew at a rate of 0.8 percent in the first quarter and 1 percent in the first half of 2016. GDP growth revision for the second quarter was in line with economists' expectations.
The economy has struggled to regain momentum since production began to slow in the last six months of 2015, which puts it at risk of stagnation.
Although data so far for the third quarter have been mixed, the strong labor market should continue to support consumer spending and growth in the coming quarters.
Production should also receive a boost, with companies replenishing inventories after liquidating them in the second quarter.
Business inventories fell 12.4 billion dollars in the second quarter from $ 8.1 billion last month, the first decline since the third quarter of 2011.
Consumer spending were revised up to the rate of 4.4 percent --the fastest since the fourth quarter of 2014.
Imports were revised 0.3 percent increase rather than decrease the rate of 0.4 percent. Exports rose 1.2 percent.
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