U.S. growth seasonally adjusted annual rate, in percent.
U.S. growth seasonally adjusted annual rate, in percent. NPR/Commerce Department
Remember that post we had last week about how you should be skeptical when we report the latest economic numbers because they usually end up changing...for the worse. It happened again.
The government revised its estimate of second quarter GDP growth down from 1.3 percent to 1 percent. Once again the economy grew slower than officials had expected.
So why the change this time? The Bureau of Economic Analysis says it's because of "downward revisions to private inventory investment and to exports."