The Commerce Department announced this morning that GDP growth during the second quarter was smaller than previously estimated.  The increase in real GDP from the first quarter to the second quarter was 1.6%.  Here's what the Bureau of Economic Analysis tells us were the key factors:

The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures, exports, federal government spending, private inventory investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending.

Read the BEA release here.