The Bureau of Economic Analysis (BEA) has revised growth of the gross domestic product (GDP) in the second quarter down from 2.4% to 1.6% percent, indicating that the decline from the first quarter’s 3.7% was worse than originally thought. The revisions primarily raised imports and lowered private inventory investment and exports, subtracting from growth, but also increased personal consumer expenditures, partially offsetting the decline. Read More...