Revised GDP shows slowing economy

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The U.S. economy grew slower than previously thought in the second quarter as business inventories and exports were less robust, a government report showed on Friday.

Gross domestic product expanded at an annual rate of 1 percent, the Commerce Department said, a downward revision of its prior estimate of 1.3 percent. It also said after-tax corporate profits rose at the fastest pace in a year, Reuters reported.

Economists had expected GDP growth to be lowered to 1.1 percent. The economy advanced just 0.4 percent in the first quarter. The second GDP estimate for the quarter confirmed that growth almost stalled in the first six months of this year.

“We were expecting a bit of a downward revision, which reflects the headwinds on the recovery and all the factors we're trying to wrestle to the ground,” Paul Ballew, chief economist at Nationwide Insurance in Columbus, Ohio, told Reuters.

"We're expecting that things will be marginally stronger in the last part of the year,” he added. “The question is, are we looking at a fourth-quarter recovery?"

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