US economy posts strong first quarter, but consumer spending slows

The US economy grew at a much better than expected rate in the first quarter, the Commerce Department reported Friday. The top-line number is a pleasant surprise in a quarter marked by a government shutdown, severe weather, Boeing's troubles with the 737 Max, fears of an escalating trade war and the gradual fading of fiscal stimulus from tax cuts.

But digging into the details of the report reveals that weakness remains in the American economy.

The Bureau of Economic Analysis reported that gross domestic product grew at an annual rate...