Taken from the Bureau of Economic Analysis. Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update
Partial Report: Real gross domestic product (GDP) is increasing at an annual rate of 3.0 percent as shown in the second quarter of 2024 (table 1). This is according to the “third” estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent (a revised report).
The GDP estimate released today is based on more complete source data than available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was also 3.0 percent. The update primarily reflected upward revisions to private inventory investment and federal government spending. Both were offset by downward revisions to nonresidential fixed investment and exports (refer to “Updates to GDP”). Imports, which are a subtraction in the calculation of GDP, were revised up.
The increase in real GDP primarily reflects increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports increased (table 2).
If Table 2 is too sketchy to view here, you can find it here: gdp2q24-3rd.pdf (bea.gov), Page 12. The above is large and I had difficulty making it clearer.
Compared to the first quarter, the acceleration in real GDP in the second quarterly primarily reflects 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 5.6 percent at an annual rate, or $392.6 billion, in the second quarter to a level of $29.02 trillion, a $9.5 billion larger increase than the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.
The price index for gross domestic purchases increased 2.4 percent in the second quarter, the same as the previous estimate (table 4). The personal consumption expenditures (PCE) price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.
