The increase in real GDP primarily reflected increases in consumer spending, exports, non-residential fixed investment and federal government spending. Imports increased as well.
Real US GDP increased at an annual rate of 3.1 per cent in Q3 2024, according to the third official estimate.
In Q2 2024, real GDP increased by 3 per cent.
The increase in real GDP primarily reflected increases in consumer spending, exports, non-residential fixed investment and federal government spending. Imports increased as well.
Real gross domestic income rose by 2.1 per cent in the quarter.
These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment.
Current dollar GDP increased by 5 per cent at an annual rate, or by $358.2 billion, in Q3 2024 to $29.37 trillion—an upward revision of $20.6 billion from the previous estimate.
The price index for gross domestic purchases increased by 1.9 per cent in Q3 2024, the same as the previous estimate.
The personal consumption expenditures (PCE) price index increased by 1.5 per cent, also the same as previously estimated. Excluding food and energy prices, the PCE price index increased by 2.2 per cent—an upward revision of 0.1 percentage point.
Current-dollar personal income increased by $191.7 billion in Q3 2024—an upward revision of $15.8 billion from the previous estimate.
Disposable personal income increased by $141.5 billion, or 2.7 per cent, in Q3 2024—an upward revision of $18.6 billion from the previous estimate. Real disposable personal income increased by 1.1 per cent—an upward revision of 0.3 percentage point.
Real gross domestic income (GDI) increased by 2.1 per cent in the quarter—a downward revision of 0.1 percentage point from the previous estimate.
The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weighs GDP and GDI, increased by 2.6 per cent in Q3 2024—an upward revision of 0.1 percentage point from the previous one.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased by $15 billion in the quarter—a downward revision of $4.9 billion from the previous estimate.
Fibre2Fashion News Desk (DS)
