NEW YORK (AP) — Stocks are set to open lower Thursday after the government said the economy slowed in the first three months of this year as higher prices for oil and gas constrained consumer spending.

The economy grew at a 1.8 percent annual rate in the January-March quarter. That's the weakest showing since last spring when the European debt crisis reduced growth to a 1.7 percent pace, and a slower pace than many economists were expecting.

Separately, the government said more people applied for first-time unemployment benefits last week. The increase — the second in three weeks — suggests that the job market remains sluggish.

Ahead of the opening bell, Dow Jones industrial average futures fell 18 points, or 0.1 percent, to 12,623.

Standard & Poor's 500 index futures fell 2, or 0.2 percent, to 1,349. Nasdaq 100 index futures fell 5, or 0.2 percent, to 2,405.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell to 3.32 percent from 3.35 percent late Wednesday.

Corporate earnings results were mixed. Procter & Gamble Co. fell 2 percent in pre-market trading after the maker of Tide detergent and Pampers diapers tempered its earnings outlook for the year due to rising costs for raw materials.

Eastman Kodak Co. fell 7 percent after the company reported its third quarterly loss in the last year on weaker camera and film sales. The results missed analysts' expectations.

Viacom Inc. shares rose 2 percent ahead of the opening. The owner MTV and Paramount Pictures reported that its net income grew 53 percent thanks to popular shows such as "Jersey Shore," and an improved advertising market.

Shares of Exxon Mobil Corp. were flat in pre-market trading even after the oil giant reported its best quarterly earnings since 2008. The world's largest publicly traded company earned $10.65 billion in the first quarter, up from $6.3 billion in the same period last year.

On Wednesday, key stock market indicators hit highs for the year after the Federal Reserve said it would keep interest rates low for "an extended period."

The Russell 2000, an index of small stocks, hit a record. The Standard & Poor's 500 index doubled from its lows reached during the financial crisis. The Dow also closed at its highest level since May 2008.