US GDP growth revised down in second quarter

US economic growth was less than expected in the second quarter of 2023, official revised estimates out on Wednesday showed.

US gross domestic product expanded by just 2.1% between April and June, compared with the 'advance' estimate of 2.4% growth, according to the Bureau of Economic Analysis.

However, it was slightly higher than the revised 2% growth seen in the first quarter.

"The updated estimates [for the second quarter] primarily reflected downward revisions to private inventory investment and non-residential fixed investment," a statement from the BEA said.

Current-dollar personal income increased $232.1bn in the second quarter, down $3.9bn from the initial estimate, while disposable personal income was revised up by $36.3bn to $284.5bn.