The decline in U.S. business investment, previously estimated at an annualized 0.6%, was revised downward to 1% in the second quarter of 2019. Corporate profit growth was revised downward to 3.3%, from a previous estimate of 4.8%.
Overall, second-quarter gross domestic product growth was left unchanged at 2.0%. But Reuters notes “financial market fears of a recession.” The Federal Reserve has cut interest rates twice this year, slashing borrowing costs for the first time since 2008.
