U.S. second-quarter growth revised down to 1.0%

WASHINGTON (MarketWatch)
The U.S. economy grew 1.0% in the second quarter, down from an original estimate of 1.3%, the Commerce Department said Friday.
The decline stemmed mainly from slower export growth and less restocking of inventories.
Economists surveyed by MarketWatch predicted GDP would be revised down to 1.0% on a seasonally adjusted basis.
The increase in exports was lowered to 3.1% from 6.0%.
Inventories, meanwhile, increased by $40.6 billion, but that was less than the prior estimate of $49.6 billion.
On the upside, consumer spending rose 0.4% in the second quarter instead of 0.1% as initially reported.
Consumer spending is the single biggest source of growth in the U.S. economy.
Corporate profits, meanwhile, rose 3.0% to $57.3 billion.
Real disposable personal income, which adjusts for inflation, rose 1.0% in the second quarter and 1.2% in the first quarter.
That's higher than the prior 0.7% estimate for each period.
The core personal consumption expenditure index - an inflation gauge that excludes food and energy prices - rose 2.2%.