US economy grows at modest 1.2% in second quarter

The US economy grew more slowly than expected in the second quarter of 2016, rising a modest 1.2 percent, according to an advance estimate released Friday by the Commerce Department. The department also revised first-quarter growth estimates for gross domestic product downward to 0.8 percent from 1.1 percent, reflecting poorer results in residential investment, private inventories and exports. The second quarter results were well below analysts' expectations of 2.6 percent growth and could tempe