WASHINGTON — U.S. gross domestic product expanded 1.8% at an annual rate in the first quarter, unchanged from the initial estimate, as consumer spending was revised lower and non-residential investments increased, the Commerce Department reported Thursday.

Consumer spending increased 2.2% annually, down from a 2.7% increase reported last month. The first-quarter consumer spending increase was the lowest since the second quarter of last year.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.