US real gross domestic product grew at an annual rate of 1.2% in the second quarter, according to an “advance” estimate of GDP growth by the US Commerce Department. This follows an increase of 0.8% in the first quarter.

“Second-quarter growth came in well below expectations and provides more evidence that the economy has weakened so far this year,” according to The Conference Board. “The economy continues to operate at two speeds, with businesses feeling some uneasiness while consumers remain buoyant. Businesses, though, continue to show more wariness about the strength of the economy which is reflected in the largest quarterly drop in private investment numbers since the beginning of the expansion.”

This is the third consecutive quarter that growth is close to 1%, demonstrating that the growth trend of the American economy seems on a path of dropping off significantly from its assumed 2% growth trend, according to The Conference Board.

MarketWatch reports the pace of growth in the spring was well below forecast as a big rebound in consumer spending was overshadowed by the largest drop in business investment since the end of the Great Recession.

Jason Furman, chairman of the Council of Economic Advisers, also commented on the GDP number in a blog post.

“The economy grew 1.2% at an annual rate in the second quarter of 2016, due in part to a large decline in inventory investment (one of the most volatile components of GDP), along with declines in business investment, residential investment and government spending,” Furman wrote. “However, consumer spending grew strongly at 4.2%, and, in contrast to the pattern in recent years, net exports also added to GDP. Overall, the most stable and persistent components of output — consumption and fixed investment — rose a solid 2.7% in the second quarter.”