Second-quarter GDP trimmed to 2% from 2.1%; companies cut spending, boost profits

The numbers: The U.S. economy grew a touch slower in the spring than initially reported owing to declining exports and weak corporate investment, but companies managed to post a sizable increase in profits even as their business outlook dimmed.

Higher consumer outlays helped businesses churn out the first increase in profits in three quarters. Adjusted pretax corporate profits jumped 5.3%. The decline in exports, meanwhile, was revised to 5.8% from 5.2%. The ongoing trade fight with China, a slowing global economy and a strong dollar have combined to hurt U.S. exports.State and local spending also grew a bit more slowly than initially reported.

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