• In a sort of good news/bad news scenario, government data showed that the U.S. gross domestic product grew at a slower pace in the second quarter of the year than it did in the first three months, but the estimated 1.7% rate was more than had been predicted.
• The first quarter of the year had GDP growing enough to put the nation on track for a total of 2% by the end of the year. Officials predicted the April-May-June period would fall to an annual rate of 1.5%.
• The Commerce Department will recompute the quarterly number one more time before making it official.

From the report:

The Department of Commerce struck a mild blow to the economy Wednesday, announcing second-quarter gross domestic product climbed at a much weaker 1.7% pace when compared to the first quarter. ...