U.S. GDP revised lower to 3.1% in 2019's first quarter

U.S. first quarter GDP was revised lower to 3.1% on Thursday, a slightly slower pace of growth than the 3.2% annual growth rate the government first estimated, thanks in part to companies spending less money on capital expenditures than initially thought.

Between the lines: The number, which doesn't take into account any impact from the escalated trade war with China, beat economists' expectations that Q1 GDP would be revised to 3.0%. The government said that consumer spending and exports were stronger than they first estimated.

Go deeper ... Goldman Sachs: First quarter of 2019 is a "GDP pothole"