The U.S. economy grew at an even more sluggish pace in the quarter from April to June than previously reported due to the severe drought in the Midwest and lower inventories, the government reported today.

The overall economy grew at an annual rate of 1.3 percent in the spring, down from its previous estimate of 1.7 percent growth, according to the Commerce Department's third revision of second quarter GDP growth.

GDP growth for the final three months of the year is expected to be about the same. For all of 2011, the economy grew 1.8 percent. Gross Domestic Product is the value of all goods and services produced in the US.

"It's a recovery, though not especially strong at this point," said Scott Brown, chief economist with investment firm Raymond James.

Brown continued to say, "…at this point, we should be more concerned with GDP growth in the third quarter and beyond."

The U.S. economy faces headwinds, such as slower global growth, a tight credit market for consumers and small businesses plus a contracting government, especially state and local government.

"All those things are keeping growth at a low to moderate pace," he said.

Brown said it is "rare that you get enough of a surprise from the second to third estimate that's going to move the markets."

"It's ancient history at this point," he said.

Instead, he is looking ahead to Friday's personal income and spending figures, which are a large component of overall GDP.