U.S. economy's spring growth better than first estimate

WASHINGTON -- The economy grew at a 2.9 percent annual rate in the spring -- better than first estimated but nowhere near the brisk pace logged in the winter, another sign of slowing business growth. Inflation marched higher.

The latest snapshot of economic activity, released by the Commerce Department on Wednesday, showed that gross domestic product in the April-to-June quarter increased slightly more than the 2.5 percent pace first reported a month ago. That upgrade mostly reflected an improvement in the country's trade picture and stronger inventory building by businesses.