Real US GDP up at annual rate of 2.8% in Q3 2024: BEA advance estimate

The increase primarily reflects rises in consumer spending, exports and government spending. Imports, which are a subtraction in the calculation of GDP, increased, a BEA release said.

The increase in consumer spending reflects rises in both goods and services. The increase in exports as well as imports primarily reflects an increase in goods.

The quarter-on-quarter (QoQ) deceleration in real GDP in Q3 primarily reflects a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending and federal government spending. Imports accelerated.

Current-dollar GDP increased by 4.7 per cent, or $333.2 billion, at an annual rate, in Q3 2024 to a level of $29.35 trillion. In Q2, it increased by 5.6 per cent, or $392.6 billion.

The price index for gross domestic purchases increased by 1.8 per cent in Q3 compared with an increase of 2.4 per cent in Q2. The personal consumption expenditures (PCE) price index increased by 1.5 per cent compared with an increase of 2.5 per cent.

Current-dollar personal income increased by $221.3 billion in Q3 2024 compared with an increase of $315.7 billion in Q2. The increase primarily reflects an increase in compensation.

Disposable personal income increased $166.0 billion, or 3.1 per cent, in Q3 compared with an increase of $260.4 billion, or 5 per cent, in Q2. Real disposable personal income increased by 1.6 per cent compared with an increase of 2.4 per cent in Q2.

Fibre2Fashion News Desk (DS)