The United States economy grew by a tepid 1.5 percent annual rate in the second quarter, losing the momentum it had appeared to be gaining earlier this year, the government reported Friday.

Growth was curbed as consumers limited new spending and as business investment slowed in the face of a global slowdown and a stronger dollar. Several bright spots in the first quarter, including auto production, computer sales, housing and large purchases like appliances and televisions, dimmed or faded away altogether in the second quarter.  Read more