US economy grows less than expected: 1.2% – The Financial

WASHINGTON US economy grew less than expected in the second quarter as inventories fell for the first time since 2011, but an increase in consumer spending pointed to an underlying strength.

the Gross Domestic Product ( GDP ) in the United States grew at an annual rate of 1.2 percent after rising 0.8 percent in the first quarter, reported Friday the Labor Department.

Previously it had been reported that the economy had grown at a rate of 1.1 percent in the first

quarter.

Economists in a poll Reuters projected that GDP would grow at a rate of 2.6 percent in the second quarter.

the poll raised by Bloomberg anticipated a growth of 2.5 percent.