U.S. Economy Expanded at 1.7% Rate in Second Quarter

The U.S. economy grew at a 1.7 percent annual rate in the second quarter, marking the start of a slowdown in growth that has concerned the Federal Reserve.

The revised increase in gross domestic product was more than the median forecast of economists surveyed by Bloomberg News and compares with a 1.6 percent estimate issued last month, figures from the Commerce Department showed today in Washington. The world’s largest economy grew 3.7 percent in the first three months of the year and 5 percent at the end of 2009.