GDP Revised Lower for Second Quarter
Washington, DC, Sept. 27, 2012 -- Economic growth in the second quarter was revised down to 1.3% from 1.7% in its final review.
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The government said less consumer spending and business investment than previously estimated caused the lower revision.
Consumer spending rose 1.5% in the previous quarter instead of 1.7% as initially forecast. And business investment, excluding residential housing, was revised down to a 3.6% increase from 4.2%.