Economy Slows in Second Quarter

Statistics just released by the Commerce Department show that the nation’s economy grew at a 2.9 percent rate in the second quarter, slightly more than the pace first reported a month ago, but off considerably from the pace of growth during the first quarter. The second quarter gross domestic product numbers are in sharp contrast to the first quarter when the GDP registered a 5.6 percent growth rate. The second quarter data is also somewhat less than analyst predictions a 3 percent rate of growth in the GDP, which measures the value of all goods and services produced in the U.S. Inflation moved higher even as the economy slowed. The core price index, which does not include food and energy, rose by 2.8 percent, up from 2.1 percent in the first quarter.