By Jeffry Bartash
WASHINGTON (MarketWatch) - The government cut its calculation of U.S. growth in the second quarter to 1.3% from 1.7% in its third and final review, citing less consumer spending and business investment than previously estimated. Consumer spending rose 1.5% in the previous quarter instead of 1.7% as initially forecast. And business investment, excluding residential housing, was revised down to a 3.6% increase from 4.2%. The government also said corporate profits climbed $21.8 billion in the second quarter, compared to a $53.0 billion decline in the first quarter. The economy grew at a 2.0% pace in the first three months of the year.
