Commerce Dept: US GDP Growth Slowed to 1.5% in Q2

The U.S. economy grew at a sluggish 1.5% annual pace in the second quarter, the Commerce Department reported Wednesday, down from a 2.1% pace in the first quarter. The figure was unchanged from the department's earlier estimate, according to the report. Despite the deceleration, consumer spending remained strong, a bright spot officials pointed to amid the broader slowdown. Gross domestic product measures the total output of goods and services across the economy, and the softer number suggests headwinds even as American households kept spending. The Commerce Department's data offers the clearest read yet on how the economy performed heading into the back half of the year, with strong consumer demand helping to offset weaker overall growth.