| The US government on Friday slashed second quarter economic growth in the world's largest economy to a pace of 1.6 percent, from 2.4 percent projected previously. It was slightly higher than expected by most economists who had expected gross domestic product (GDP) growth to be shaved by nearly half to 1.4 percent. The cut in growth stemmed from mainly from a "sharp acceleration in imports and sharp deceleration in private inventory investment," the Commerce Department said. -AFP |