The U.S. economy grew less than previously reported last quarter on lower government outlays and a bigger depletion of inventories, capping a sluggish first-half performance propped up mainly by consumer spending. Gross domestic product, the value of all goods and services produced, rose at a 1.1 percent annualized rate, down from an initial estimate of 1.2 percent. Household spending, the biggest part of the economy, was revised higher on used-car sales.
Economy in U.S. Grew at 1.1% Rate, Slower Than First Estimated
