Taken from the Bureau of Financial Evaluation. Gross Home Product (Third Estimate), Company Income (Revised Estimate), and GDP by Trade, Second Quarter 2024 and Annual Replace
Partial Report: Actual gross home product (GDP) is growing at an annual charge of three.0 % as proven within the second quarter of 2024 (desk 1). That is in response to the “third” estimate launched by the U.S. Bureau of Financial Evaluation. Within the first quarter, actual GDP elevated 1.6 % (a revised report).
The GDP estimate launched in the present day relies on extra full supply knowledge than accessible for the “second” estimate issued final month. Within the second estimate, the rise in actual GDP was additionally 3.0 %. The replace primarily mirrored upward revisions to personal stock funding and federal authorities spending. Each had been offset by downward revisions to nonresidential mounted funding and exports (discuss with “Updates to GDP”). Imports, that are a subtraction within the calculation of GDP, had been revised up.
The rise in actual GDP primarily displays will increase in shopper spending, personal stock funding, and nonresidential mounted funding. Imports elevated (desk 2).
If Desk 2 is simply too sketchy to view right here, you will discover it right here: gdp2q24-Third.pdf (bea.gov), Web page 12. The above is giant and I had issue making it clearer.
In comparison with the primary quarter, the acceleration in actual GDP within the second quarterly primarily displays an upturn in personal stock funding and an acceleration in shopper spending. These actions had been partly offset by a downturn in residential mounted funding.
Present‑greenback GDP elevated 5.6 % at an annual charge, or $392.6 billion, within the second quarter to a degree of $29.02 trillion, a $9.5 billion bigger enhance than the earlier estimate (tables 1 and three). Extra info on the supply knowledge that underlie the estimates is offered within the “Key Source Data and Assumptions” file on BEA’s web site.
The worth index for gross home purchases elevated 2.4 % within the second quarter, the identical because the earlier estimate (desk 4). The private consumption expenditures (PCE) worth index elevated 2.5 %, the identical because the earlier estimate. Excluding meals and power costs, the PCE worth index elevated 2.8 %, additionally the identical because the earlier estimate.
