News Summary: US economy grew at tepid rate
SLOW GROW: The economy grew at a tepid 1.7 percent annual rate in the April-June quarter, suggesting that growth will stay weak in the second half of this year.
NEW TAKE: The growth estimate for the second quarter was revised up slightly from an initial estimate of 1.5 percent growth, based in part on stronger consumer spending and more U.S. exports.
OUTLOOK: Economists expect only modest improvements this quarter and in the final three months of this year. They expect growth to average around 2 percent, far below what is needed for a significant improvement in the unemployment rate.