May 31, 2012 9:00 AM, EDT

First-Quarter GDP Growth Rate Revised Down to 1.9%

The U.S. economy rose at a 1.9% annual rate in the first quarter, the Commerce Department said Thursday, lowering its previous 2.2% figure.

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.