US Economy Maintains 2.8% Growth in Q3, Boosted by Consumer Spending
TL;DR
The U.S. Bureau of Economic Analysis reported that the real GDP grew at an annual rate of 2.8% in Q3 2024, consistent with the advance estimate, but down from 3.0% in Q2. The growth was driven by consumer spending, exports, and government spending, despite a downturn in private inventory investment. Current-dollar GDP rose by 4.7%, while corporate profits fell by $10.2 billion, contrasting with a significant increase in the previous quarter. Personal income and savings saw downward revisions, with the personal saving rate at 4.3%.
- Gross Domestic Product, Third Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary) Bureau of Economic Analysis
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