Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased by 1.4 percent.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8 percent. The update primarily reflected an upward revision to consumer spending.
The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.
Current-dollar GDP increased by 5.5 percent at an annual rate, or $383.2 billion, in the second quarter to a level of $28.65 trillion, an upward revision of $23.2 billion from the previous estimate. More information on the source data that underlie the estimates is available on BEA's website.
The price index for gross domestic purchases increased by 2.4 percent in the second quarter, an upward revision of 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased by 2.5 percent, a downward revision of 0.1 percentage point. Excluding food and energy prices, the PCE price index increased by 2.8 percent, a downward revision of 0.1 percentage point.
Current-dollar personal income increased by $233.6 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts.
Disposable personal income increased by $183.0 billion or 3.6 percent in the second quarter, a downward revision of $3.2 billion from the previous estimate; real disposable personal income increased by 1.0 percent, unrevised from prior estimates.
Personal saving was $686.4 billion in the second quarter, a downward revision of $34.1 billion from prior estimates; personal saving as a percentage of disposable personal income was revised down to 3.3 percent.
Real gross domestic income (GDI) increased by 1.3 percent in both quarters—first and second—while their average rose to 2.1 percent from 1:4%.
Profits from current production saw a rise of $57:6B contrasting with Q1’s drop: corporate profits split into financials’ increment ($46:4B vs.$65B), non-financial’s rebound ($29:2B after falling$114:5B), while international earnings dipped($18:B).
Revisions included heightened consumer spend countered lower investments/export/ government outlays/residential sector shifts-technical note details further...