The U.S. economy rose at a 1.9% annual rate in the first quarter, the Commerce Department said Thursday, lowering its .
The gross domestic product growth rate followed a 3% pace in the fourth quarter.
Consumer spending rose at a 2.7% rate, from a previously reported 2.9%.
Thursday’s report also showed that corporate profits rose at the slowest pace in more than three years, Commerce said.
The 1.9% was within economists’ projections of a 1.6% to 2.2% rate, Bloomberg reported.
The GDP figure was the second of three to be released by Commerce.
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