GDP Rose 1.3% in Second Quarter

The gross domestic product growth rate followed a revised 0.4% gain in the prior quarter that was originally reported as 1.9%.

The second-quarter gain was below economists’ estimates of a 1.8% growth rate, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose slightly at a 0.1% rate.

Friday's second-quarter GDP figure was the first of three to be released by Commerce.