U.S. Economy Expanded Less Than Forecast in Second Quarter

The economy in the U.S. grew less than previously forecast in the second quarter, reflecting slower gains in consumer spending and farm inventories.

The world’s largest economy expanded at a 1.3 percent pace from April through June after growing at a 2 percent rate in the first quarter. The revision compared with a prior estimate of 1.7 percent and the Bloomberg survey’s 1.7 percent median forecast.