U.S. first-quarter GDP growth revised down to 2.0%

The U.S. economy slowed more than expected in the first quarter.

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The final reading on first-quarter gross domestic product was revised lower to an annualized pace of 2.0%, according to the Commerce Department.

The prior reading showed growth at 2.2 percent, which was what economists were expecting in the final reading.

Growth in the fourth-quarter was 2.9%

Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, slowed to a 0.9 percent rate in the first quarter instead of the previously reported 1.0 percent pace.

It was the slowest pace since the second quarter of 2013 and reflected downward revisions to healthcare spending by nonprofits and outlays on finance and insurance services.

Consumer spending grew at a 4.0 percent rate in the fourth quarter.