Economy The U.S. economy slowed sharply in the second quarter, expanding at an annual pace of just 1.1 percent. That's about half the pace Wall Street was expecting and an abrupt change from the 5-percent growth rate achieved in the first quarter. The Commerce Department also revised its gross domestic product numbers for last year. The new numbers show the economy was in recession for three quarters in a row, rather than just one quarter, as previously thought. NPR's Jim Zarroli reports.