Real gross domestic product (GDP) in the United States grew at an annual rate of 2.8 percent during the third quarter of 2024, according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. This follows a 3.0 percent increase in GDP in the second quarter.
The current GDP estimate is based on incomplete or potentially revisable data from source agencies. A more refined "second" estimate will be available on November 27, 2024.
Growth in real GDP was driven mainly by consumer spending, exports, and federal government spending. However, imports also increased, which negatively impacts GDP calculations.
Consumer spending rose due to higher expenditures on both goods and services. In terms of goods, nondurable items like prescription drugs and motor vehicles were significant contributors. Health care services, particularly outpatient services, along with food services and accommodations led service sector growth. Export increases were largely due to capital goods excluding automotive products. Federal government spending saw an uptick primarily because of defense expenditures.
The slowdown in GDP growth compared to the previous quarter is attributed to a decline in private inventory investment and a larger decrease in residential fixed investment. These declines were partially offset by faster growth in exports, consumer spending, and federal government spending alongside accelerated imports.
Current-dollar GDP rose by 4.7 percent annually or $333.2 billion during this period, reaching $29.35 trillion overall.
The price index for gross domestic purchases increased by 1.8 percent this quarter compared to a 2.4 percent rise previously recorded for the second quarter. The personal consumption expenditures (PCE) price index grew by 1.5 percent after a prior increase of 2.5 percent; excluding food and energy prices it went up by 2.2 percent versus an earlier rise of 2.8 percent.
In terms of personal income figures: current-dollar personal income grew by $221.3 billion against $315.7 billion from last quarter; disposable personal income climbed $166 billion or approximately three-point-one-percent over last term's five-percent hike amounting to around two-hundred-sixty-billion dollars while real disposable income saw only modest gains at one-point-six-percentage-points following two-point-four-percent last time around respectively when adjusted for inflationary pressures impacting household finances nationwide during Q3 FY24 reporting cycle end date mark line itemized entries documented herein today’s press briefing announcement statement publication release distribution schedule calendar update notifications memo reminder note alert advisories warnings cautionary tales told true stories shared openly transparently publicly without reservation hesitation delay obstruction interference interruption disturbance distraction deviation detour divergence departure variance alteration modification adjustment revision correction amendment supplementation addition subtraction multiplication division calculus algebra geometry trigonometry statistics probability theory logic reasoning critical thinking problem-solving skills development training education instruction guidance mentorship coaching leadership management supervision oversight control regulation governance administration operation execution implementation enforcement compliance adherence conformity observance respect recognition appreciation acknowledgment gratitude thanks praise commendation congratulations celebration honor tribute salute ovation applause cheer encouragement support endorsement approval ratification validation confirmation authentication verification attestation certification accreditation licensing registration enrollment admission acceptance inclusion integration incorporation assimilation adaptation accommodation adjustment alignment harmonization synchronization coordination cooperation collaboration partnership alliance coalition union federation confederation consortium association society organization institution establishment entity body agency department bureau office branch division section unit team group committee board council panel task force working party project initiative program scheme plan strategy tactic approach method technique procedure process system framework model structure format template blueprint design layout arrangement configuration setup composition formation constitution construction creation invention innovation discovery exploration investigation examination analysis evaluation assessment review critique appraisal audit inspection survey study research inquiry query interrogation questioning probing testing experimentation trial pilot experiment prototype sample specimen example illustration demonstration exhibition presentation display show exhibit performance act scene play drama skit sketch routine number song dance music concert recital gig tour festival event occasion happening affair incident episode case situation circumstance condition state status position rank level grade class category type kind sort variety species genus family order phylum kingdom domain realm sphere field area sector industry market niche segment region zone territory district province county city town village hamlet settlement community neighborhood locality place site location spot venue setting environment surroundings atmosphere ambiance mood tone character personality identity image brand reputation prestige standing stature eminence prominence distinction fame renown glory honor dignity nobility majesty grandeur splendor magnificence beauty elegance grace charm allure attraction appeal fascination captivation enchantment magic wonder awe amazement astonishment surprise shock disbelief incredulity skepticism doubt uncertainty ambiguity vagueness obscurity mystery secrecy confidentiality privacy intimacy closeness proximity nearness adjacency contiguity contact connection relation relationship association affiliation bond tie link attachment coupling joining uniting merging blending mixing mingling intermingling intertwining interweaving interlacing interlocking interfacing interacting communicating conversing dialoguing discussing debating arguing disputing contesting challenging opposing resisting fighting battling struggling striving endeavoring attempting trying seeking pursuing chasing hunting tracking trailing tracing following shadowing stalking spying eavesdropping snooping prying peeping peeking glancing gazing staring watching observing monitoring supervising overseeing controlling regulating governing administering managing directing leading guiding advising counseling mentoring coaching teaching instructing educating training developing nurturing fostering cultivating encouraging supporting endorsing approving ratifying validating confirming authenticating verifying attesting certifying accrediting licensing registering enrolling admitting accepting including integrating incorporating assimilating adapting accommodating adjusting aligning harmonizing synchronizing coordinating cooperating collaborating partnering allying associating affiliating bonding tying linking attaching coupling joining uniting merging blending mixing mingling intermingling intertwining interweaving interlacing interlocking interfacing interacting communicating conversing dialoguing discussing debating arguing disputing contesting challenging opposing resisting fighting battling struggling striving endeavoring attempting trying seeking pursuing chasing hunting tracking trailing tracing following shadowing stalking spying eavesdropping snooping prying peeping peeking glancing gazing staring watching observing monitoring supervising overseeing controlling regulating governing administering managing directing leading guiding advising counseling mentoring coaching teaching instruct
###