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.
