Washington — The government said U.S. economic growth in the second quarter was a little better than previously thought, but it didn’t change the overall picture – the recovery remains sluggish.
The nation’s gross domestic product, the broadest measure of economic activity, expanded at an annual rate of 1.7% in the second quarter, the Commerce Department reported Wednesday. Previously, it estimated growth at 1.5% for the April-June period. The slight increase mainly reflected upward revisions to consumer spending and U.S. exports.
Even so, the second-quarter GDP growth rate was the slowest since last summer and, importantly, too weak to bring down the unemployment rate. First-quarter growth was 2%.
Wednesday’s GDP report also showed that corporate profits rebounded slightly in the second quarter. On the whole, companies continue to do much better than households in this recovery.