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U.S. second-quarter growth revised down to 1.0%

U.S. second-quarter growth revised down to 1.0% (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The U.S. economy grew 1.0% in the second quarter, down from an original estimate of 1.3%, the Commerce Department said Friday. The decline stemmed mainly from slower export growth and less restocking of inventories. Economists surveyed by MarketWatch predicted GDP would be revised down to 1.0% on a seasonally adjusted basis. The increase in exports was lowered to 3.1% from 6.0%. Inventories, meanwhile, increased by $40.6 billion, but that was less than the prior estimate of $49.6 billion. On the upside, consumer spending rose 0.4% in the second quarter instead of 0.1% as initially reported. Consumer spending is the single biggest source of growth in the U.S. economy. Corporate profits, meanwhile, rose 3.0% to $57.3 billion. Real disposable personal income, which adjusts for inflation, rose 1.0% in the second quarter and 1.2% in the first quarter. That's higher than the prior 0.7% estimate for each period. The core personal consumption expenditure index - an inflation gauge that excludes food and energy prices - rose 2.2%.