Second Quarter GDP Revised Lower

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WASHINGTON, Aug. 26 (UPI) — The Commerce Department Friday revised the U.S. real gross domestic product for the second quarter down to an annual rise of 1 percent.

The preliminary estimate released a month ago pegged U.S. economic growth quarter-to-quarter at 1.3 percent.

The Commerce Department, however, held onto its first-quarter GDP estimate of 0.4 percent growth, an estimate lowered in July.

The report showed consumer spending rose a lethargic 0.4 percent in the second quarter compared with the first, a far slower pace than the 2.1 percent increase in the first quarter compared with the fourth quarter of 2010.

Government spending went the other way, rising 2 percent in the second quarter after dropping 9.4 percent in the first.

Defense spending was up 7.1 percent quarter-to-quarter. Non-defense public spending was down 7.5 percent after falling 2.7 percent January through March.

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