I included Desk 1 so that you can use as a backup to the written preliminary report. Click on on it to enlarge. I’ve to depart and go to the Veterans Admin. to move on extra info. After I get again, I’ll add an opinion to this commentary and delete this message.
Actual gross home product (GDP) elevated at an annual price of two.8 p.c within the third quarter of 2024 (desk 1), in line with the “advance” estimate launched by the U.S. Bureau of Financial Evaluation. In a comparability, the second quarter, actual GDP elevated 3.0 p.c.
The GDP estimate launched as we speak is predicated on supply knowledge which might be incomplete or topic to additional revision by the supply company (confer with “Source Data for the Advance Estimate” on web page 2).
The “second” estimate for the third quarter, based mostly on extra full supply knowledge, will probably be launched on November 27, 2024.
The rise in actual GDP primarily mirrored will increase in shopper spending, exports, and federal authorities spending (desk 2). Imports, that are a subtraction within the calculation of GDP, elevated. The rise in shopper spending mirrored will increase in each items and companies.
Inside items, the main contributors had been different nondurable items (led by pharmaceuticals) and motor autos and components. Inside companies, the main contributors had been well being care (led by outpatient companies) in addition to meals companies and lodging. The rise in exports primarily mirrored a rise in items (led by capital items, excluding automotive). The rise in federal authorities spending was led by protection spending. The rise in imports primarily mirrored a rise in items (led by capital items, excluding automotive).
In comparison with the second quarter, the deceleration in actual GDP within the third quarter primarily mirrored a downturn in personal stock funding and a bigger lower in residential mounted funding. These actions had been partly offset by accelerations in exports, shopper spending, and federal authorities spending. Imports accelerated. Present-dollar GDP elevated 4.7 p.c at an annual price, or $333.2 billion, within the third quarter to a stage of $29.35 trillion. Within the second quarter, GDP elevated 5.6 p.c, or $392.6 billion (tables 1 and three).
The worth index for gross home purchases elevated 1.8 p.c within the third quarter, in contrast with a rise of two.4 p.c within the second quarter (desk 4). The non-public consumption expenditures (PCE) worth index elevated 1.5 p.c, in contrast with a rise of two.5 p.c. Excluding meals and power costs, the PCE worth index elevated 2.2 p.c, in contrast with a rise of two.8 p.c.
Private Revenue
Present-dollar private revenue elevated $221.3 billion within the third quarter, in contrast with a rise of $315.7 billion within the second quarter. The rise primarily mirrored a rise in compensation (desk 8).
Disposable private revenue elevated $166.0 billion, or 3.1 p.c, within the third quarter, in contrast with a rise of $260.4 billion, or 5.0 p.c, within the second quarter. Actual disposable private revenue elevated 1.6 p.c, in contrast with a rise of two.4 p.c.
Private saving was $1.04 trillion within the third quarter, in contrast with $1.13 trillion within the second quarter. The non-public saving price—private saving as a proportion of disposable private revenue – was 4.8 p.c within the third quarter, in contrast with 5.2 p.c within the second quarter.
Gross Home Product, Third Quarter 2024, BEA
