Second-Quarter GDP Revised Downward to 2.8%

The U.S. economy grew at a slower pace than originally estimated in the second quarter, expanding by 2.8%, the Commerce Department said Friday.

Commerce last month had reported the economy grew by 3.3% in the quarter, following a 0.9% rise in the first quarter.

Economists had forecast the level to hold at the previously reported estimate of 3.3%, Bloomberg reported.

Consumer spending, the biggest part of the economy, grew at a 1.2% annual rate for the quarter, down from the 1.7% previously estimated for the period.

Record exports and consumer spending boosted by federal tax rebates boosted the GDP for the quarter, Bloomberg said.