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U.S. GDP growth revised lower to 2% in second quarter

Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

The U.S. economy grew 2% in the second quarter, a slightly slower pace than 2.1% initially estimated, the Commerce Department said on Thursday.

Why it matters: The downgrade — which reflects less government spending and U.S. exports than previously thought, but stronger consumer spending — was expected by economists. But it shows a slightly more drastic slowdown from Q1’s 3.1% growth rate, amid concerns that the U.S. is on the brink of an economic slump.