The following is an excerpt from the Associated Press | September 27, 2012 | Time.com |
(WASHINGTON) — The U.S. economy grew at an even more sluggish pace in the April-June quarter than previously believed as farm production in the Midwest was reduced by a severe drought.
The Commerce Department says that the overall economy grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent growth. The big revision reflected that the government slashed its estimate of crop production by $12 billion.
About half of the downward revision to growth came from the decline in farm inventories. But other areas were weaker as well including slower consumer spending and less growth in exports.
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