U.S. gross domestic product (GDP), the broadest measure of the nation’s
economic health, advanced by a disappointing 1.2% annualized rate in the
second quarter, well short of the expected 2.6%. Consumer spending
(which drives over two-thirds of the economy) grew by a robust 4.2%, but
could not compensate for flagging business investment, which fell by
2.2%, providing evidence of firms’ low confidence in the global economy.