From Holden:

Second Quarter GDP slips to 2.8%:

The U.S. economy, struggling under the weight of a bloated trade deficit, grew at a relatively modest 2.8 percent annual rate in the second quarter, a slower pace of expansion than previously thought.

The new reading on gross domestic product (GDP) issued by the Commerce Department Friday furnished fresh evidence that the business recovery hit a rut in the spring and early summer. The growth rate was weaker than the 3 percent figure first estimated a month ago and showed that the economy, which had been moving along at a decent clip, lost considerable momentum in the April-to-June quarter.