U.S. economy grows at a slower pace

The U.S. economy slowed in the second quarter, but economists were hopeful that the rate will once again pick up in the second half of the year. The U.S. gross domestic product grew at a 3-percent annual rate in the April-June period, down from the 4.5 percent expansion in the first quarter. A decline in consumer spending is being blamed for the decline in the growth rate.