Growth in the U.S. slowed to a 2.4% annual rate in the second quarter, less than forecast, reflecting a larger trade deficit and an easing in consumer spending.

The increase in gross domestic product compared with a median forecast of 2.6% of economists surveyed by Bloomberg News and follows an upwardly revised 3.7% pace in the first quarter that showed a jump in inventories, according to figures from the Commerce Department today in Washington. Business investment climbed at the fastest rate since 1997.

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