(Bloomberg) — The US economy made more limited progress in the second quarter than initially estimated while separate data showed employment growth is moderating.
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Gross domestic product rose at a 2.1% annualized pace in the second quarter, representing a markdown from the government’s previous estimate as business investment in equipment and inventories were revised lower. In the first quarter, the economy expanded at a 2% rate.
Another report Wednesday showed companies added 177,000 workers this month, the smallest advance since March, according to the ADP Research Institute. Hiring in leisure and hospitality, which has been a main driver of payrolls growth recently, was the weakest in more than a year.
Even with a more tempered pace of hiring, the labor market remains resilient. That’s underpinning household demand, which is expected to help the economy…
