The U.S. economy expanded at a 1.9 percent annual rate in the first quarter, the Commerce Department reported Thursday. That's in line with economists' estimate and slower than the initially reported 2.2 percent pace.

The revisions largely reflect less inventory accumulation, which could be a positive factor for the second-quarter stockpiling. Consumer spending rose 2.7 percent in the first quarter, down from the prior estimate of a 2.9 percent gain.

A key measure of inflation, the personal consumption expenditure price index, rose a revised 2.5 percent, compared with the initial estimate of a 2.4 percent gain. The economy expanded at a 3.0 percent rate in the fourth quarter.