The U.S. economy slowed in the second quarter of 2019, growing at an annual rate of 2.1Q3Q, according to the third and final estimate of gross domestic product (GDP) growth for that period, based on data from the U.S. Department of Commerce.

One of the main reasons for the slowdown was that business investment fell at an annual rate of 1% in the last quarter, the sharpest decline since the fourth quarter of 2015, while corporate profit growth was subdued.

The 2.1% Q3Q recorded is slightly lower than analysts' estimates, who had anticipated an annual growth rate of 2.1% Q3Q.

This contraction was primarily driven by declines in trade, healthcare, and mining exploration, according to government data.

The driving force behind economic growth was consumer spending, which accounts for two-thirds of activity in the US, as it increased by 4.6% in Q3Q, compared to 1.1% in Q3Q in the first quarter.

"The slowdown in real GDP in the second quarter primarily reflected recessions in investment, exports, and nonresidential fixed investment. These declines were partially offset by accelerations in consumer and federal government spending," noted the U.S. Bureau of Economic Analysis, which released the data.

The growth figure comes days after the Federal Reserve (Fed) held its latest monetary policy meeting on September 17 and 18, during which it lowered interest rates for the second consecutive time, currently between 1.75% and 2% of the 3QTP.

The Fed made this decision in the face of slowing global growth, especially in China and Europe, trade "uncertainty," and Trump's repeated calls for lower oil prices.