Economy grows at 1.3 percent in 2Q

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The nation's gross domestic product grew at a slim rate of 1.3 percent in the second quarter and government figures also showed that growth in the previous quarter was much slower than initially believed.

GDP, the broadest measure of U.S. economic health, rose at a revised rate of 0.4 percent in the first quarter, the Commerce Department said. The government originally reported that the economy grew at an annualized rate of 1.9 percent during the first three months of the year.

Second-quarter growth was lower than the 1.8 percent that economists surveyed by CNNMoney expected.

Overall, consumer spending, which accounts for roughly 70 percent of GDP, rose only 0.1 percent in the second quarter, a significant drop from growth of 2.1 percent in the first three months of the year.

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