U.S. GDP Growth Slows to 1.5% in Second Quarter, Missing Forecasts

The US economy grew at a far weaker than expected pace in the second quarter despite a pickup in consumer spending and solid business investment. According to the BEA, GDP (inflation adjusted) rose just 1.5% in the period, according to the first estimate issued Thursday by the Bureau of Economic Analysis. This was well below the 2.0% median estimate. The contributors to the increase in real GDP in the second quarter were increases in consumer spending, investment, and exports that were partly offset by a decrease in government spending. A…