The world’s largest economy grew at a rate of 2.1% in the second quarter, down from a 2.4% estimate issued in July.
The revised growth rate is still somewhat higher than the rate in the first three months of 2023, but it may be reassuring to authorities who have been trying to slow the economy.
Economists have been warning of a probable slowdown as the US Federal Reserve has aggressively raised interest rates in order to dampen demand and control inflation.
However, the economy has proven to be more robust than expected, raising expectations for a “soft landing,” in which inflation falls without causing a recession.
“The updated estimates primarily reflected downward revisions to private inventory investment and nonresidential fixed investment,” the Commerce Department reported.
While the increase in GDP growth from the first to second quarters of this year was mostly due to changes in investment, official statistics also revealed a decline in exports and a slowdown in consumer expenditure.
