US economy grows less than thought

http://www.bbc.co.uk/news/business-19744116

Gross domestic product (GDP) in the second quarter grew at an annual rate of 1.3% in the second quarter, down from the previous estimate of 1.7%.

One of the reasons for the cut was the worst drought for 50 years, which cut farm inventories, the Commerce Department said.

Analysts said that the figures available for the third quarter suggested even slower growth.

Figures on Thursday showed that demand for long-lasting manufactured goods, known as durable goods, fell sharply in August.

Official figures showed that durable goods orders fell 13.2% in the month, although that was mainly due to a big fall in orders for commercial aircraft.