 But today, China announcing slower growth in the second quarter. The economy expanded by 4.7%, well down from the 5.3% it grew in the first quarter, as economists blame weak consumer demand and reduced government spending. One economic trend that could be lower in the U.S. is back-to-school spending. Deloitte says overall sales likely to be down to about $31.3 billion. Last year, there were closer to $32 billion in sales. Brian Clark, ABC News.