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.

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%.