Second Quarter GDP Revised Upward To 3% – NMP Skip to main content

Second Quarter GDP Revised Upward To 3%

Aug 29, 2024
Real GDP Q2 2024
Staff Writer

That figure is up from the previous estimate of 2.8%, according to the Bureau of Economic Analysis.

Real gross domestic product (GDP) increased at an annual rate of 3.0% in the second quarter of 2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis (BEA) today. The revised rate of economic growth is more than double that of the first quarter's 1.4%.

The GDP estimate released today revises upward the BEA's previous estimate of 2.8%. The economy’s main growth engine — personal spending — advanced 2.9%, versus the prior estimate of 2.3%.

Current‑dollar GDP increased 5.5% at an annual rate, or $383.2 billion, in the second quarter to a level of $28.65 trillion, an upward revision of $23.2 billion from the previous estimate.

The price index for gross domestic purchases increased 2.4% in the second quarter, an upward revision of 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.5%, a downward revision of 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.8%, a downward revision of 0.1 percentage point.

Current-dollar personal income increased $233.6 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate. Disposable personal income increased $183.0 billion, or 3.6%, in the second quarter, a downward revision of $3.2 billion from the previous estimate. Real disposable personal income increased 1.0%, unrevised from the prior estimate.

Personal saving was $686.4 billion in the second quarter, a downward revision of $34.1 billion from the previous estimate. The personal saving rate — personal saving as a percentage of disposable personal income — was 3.3% in the second quarter, a downward revision of 0.2 percentage point.

Real gross domestic income (GDI) increased 1.3% in the second quarter, the same as in the first quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.1% in the second quarter compared with an increase of 1.4% the previous quarter.

About the author
Staff Writer
Sarah Wolak is a staff writer at NMP.
Published
Aug 29, 2024
Inventory Recovery Fails To Revive Purchase Market

Existing-home supply reached its highest level since 2019, but elevated payments and economic uncertainty pushed sales to a 14-month low

Sep 11, 2026
Rising Insurance Costs Complicate Mortgage Qualification

Homeowners who switched carriers saved $440 a year on average, giving originators another affordability variable to address early

Sep 11, 2026
Non-QM Captures More Than 11% Of Mortgage Lock Volume

Investor and DSCR loans drive the segment’s growth as conforming lending loses ground

Sep 09, 2026
Before Mortgage Can Be AI-Ready, We Need To Be Data-Ready

AI’s potential depends on accurate, consistent, and trustworthy data — and mortgage companies must build that foundation first

Sep 08, 2026
Crypto-Backed Home Financing Comes With New Trade-Offs

Better may reuse bitcoin pledged by mortgage borrowers, while competing loan structures expose customers to price-driven liquidation

Sep 08, 2026
Nearly Half Of Americans Would Consider A 3D-Printed Home

Consumer interest is growing, but concerns about durability, appraisals, code compliance, and resale value could complicate financing

Sep 03, 2026