US economic growth slows less than expected in second quarter

WASHINGTON (Reuters): US economic growth slowed less than expected in the second quarter as a surge in consumer spending blunted some of the drag from declining exports and a smaller inventory build, which could further allay concerns about the economy's health.

The fairly upbeat report from the Commerce Department will probably not deter the Federal Reserve from cutting interest rates next Wednesday for the first time in a decade, given rising risks to the economy's outlook, especially from a trade war between the United States and China.