Washington, DC…Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update. Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1), according to the “third” estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent (revised).
The GDP estimate released today is based on more complete source data than were 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 that 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 reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports increased (table 2).
Compared to the first quarter, the acceleration in real GDP in the second quarterly primarily reflected 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.
Personal Income
Current-dollar personal income increased $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).
Disposable personal income increased $260.4 billion, or 5.0 percent, in the second quarter, an upward revision of $77.3 billion from the previous estimate. Real disposable personal income increased 2.4 percent, an upward revision of 1.4 percentage points.
Personal saving was $1.13 trillion in the second quarter, an upward revision of $74.3 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.2 percent in the second quarter, compared with 5.4 percent (revised) in the first quarter.
Gross Domestic Income and Corporate Profits
Real gross domestic income (GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points from the previous estimate (table 1).
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $132.5 billion in the second quarter, an upward revision of $74.9 billion from the previous estimate (table 10).
Profits of domestic financial corporations increased $42.5 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate. Profits of domestic nonfinancial corporations increased $108.8 billion, an upward revision of $79.6 billion. Rest-of-the-world profits decreased $18.8 billion, a downward revision of $0.7 billion. In the second quarter, receipts increased $4.4 billion, and payments increased $23.1 billion.
Updates to GDP
With the third estimate, upward revisions to private inventory investment and federal government spending were offset by downward revisions to nonresidential fixed investment, exports, consumer spending, and residential fixed investment. Imports were revised up. For more information, refer to the Technical Note. For information on updates to GDP, refer to the “Additional Information” section that follows.
| Advance Estimate | Second Estimate | Third Estimate | |
|---|---|---|---|
| (Percent change from preceding quarter) | |||
| Real GDP | 2.8 | 3.0 | 3.0 |
| Current-dollar GDP | 5.2 | 5.5 | 5.6 |
| Real GDI | … | 1.3 | 3.4 |
| Average of Real GDP and Real GDI | … | 2.1 | 3.2 |
| Gross domestic purchases price index | 2.3 | 2.4 | 2.4 |
| PCE price index | 2.6 | 2.5 | 2.5 |
| PCE price index excluding food and energy | 2.9 | 2.8 | 2.8 |
Real GDP by Industry
Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 6.9 percent, private services-producing industries increased 2.4 percent, and government increased 0.8 percent (table 12). Overall, 16 of 22 industry groups contributed to the second-quarter increase in real GDP.
- Within private goods-producing industries, the leading contributors to the increase were nondurable goods manufacturing (led by petroleum and coal products) and durable goods manufacturing (led by motor vehicles, bodies and trailers, and parts) (table 13).
- Within private services-producing industries, the leading contributors to the increase were finance and insurance (led by Federal Reserve banks, credit intermediation, and related activities); health care and social assistance (led by ambulatory health care services); as well as real estate and rental and leasing (led by real estate).
- The increase in government reflected increases in state and local government as well as federal government.
Gross Output by Industry
Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.8 percent in the second quarter. This reflected an increase of 2.1 percent for private goods-producing industries, an increase of 1.7 percent for private services-producing industries, and an increase of 2.2 percent for government (table 16). Overall, 18 of 22 industry groups contributed to the increase in real gross output.
Annual Update of the National Economic Accounts
Today’s release presents results from the annual update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised estimates for the first quarter of 2019 through the first quarter of 2024 and resulted in revisions to GDP, GDP by industry, GDI, and their major components. The reference year remains 2017.
With today’s release, most data are available through BEA’s Interactive Data application on the BEA website (www.bea.gov). Refer to “Information on 2024 Annual Updates to the National, Industry, and State and Local Economic Accounts” for the complete table release schedule and a summary of results through 2023, which includes information on methodology changes. A table showing the major current dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. An article describing the update in more detail will be forthcoming in the Survey of Current Business.
The updated estimates show that real GDP increased at an average annual rate of 2.3 percent from 2018 to 2023, 0.2 percentage point higher than the previously published estimate. Over the same period, real GDI increased at an average annual rate of 2.2 percent, 0.4 percentage point higher than previously published. The average of real GDP and real GDI over the same period was 2.3 percent, 0.4 percentage point higher than previously published.
For the period of economic expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an annual rate of 2.5 percent, revised up 0.1 percentage point from the previously published estimates. For the period of economic contraction from the fourth quarter of 2019 through the second quarter of 2020, real GDP decreased at an annual rate of 17.5 percent, the same as previously estimated. For the period of economic expansion from the second quarter of 2020 through the first quarter of 2024, real GDP increased at an annual rate of 5.2 percent, 0.3 percentage point higher than previously estimated.
Previously published estimates, which are superseded by today’s release, are found in BEA’s archives.
Updates for the First Quarter of 2024
For the first quarter of 2024, real GDP is now estimated to have increased 1.6 percent (table 1), an upward revision of 0.2 percentage point from the previously published estimate, primarily reflecting an upward revision to consumer spending that was partly offset by downward revisions to private inventory investment and residential fixed investment.
The price index for gross domestic purchases is now estimated to have increased 3.0 percent, a downward revision of 0.1 percentage point. The PCE price index increased 3.4 percent, the same as previously published. Excluding food and energy, the PCE price index increased 3.7 percent, the same as previously published.
| First Quarter 2024 | ||
|---|---|---|
| Previous Estimate | Revised | |
| (Percent change from preceding quarter) | ||
| Real GDP | 1.4 | 1.6 |
| Current-dollar GDP | 4.5 | 4.7 |
| Real GDI | 1.3 | 3.0 |
| Average of Real GDP and Real GDI | 1.4 | 2.3 |
| Gross domestic purchases price index | 3.1 | 3.0 |
| PCE price index | 3.4 | 3.4 |
| PCE price index excluding food and energy | 3.7 | 3.7 |
Personal Income
Current-dollar personal income is now estimated to have increased $536.4 billion in the first quarter, an upward revision of $139.6 billion from the previous estimate. The revision primarily reflected an upward revision to compensation (led by private wages and salaries) (table 8).
Disposable personal income increased $465.1 billion, or 9.2 percent, in the first quarter, an upward revision of $224.9 billion from the previous estimate. Real disposable personal income increased 5.6 percent, an upward revision of 4.3 percentage points.
Personal saving was $1.15 trillion in the first quarter, an upward revision in change of $188.3 billion. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.4 percent (revised) in the first quarter.
Gross Domestic Income and Corporate Profits
Real GDI is now estimated to have increased 3.0 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.3 percent. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages. The average of real GDP and real GDI is now estimated to have increased 2.3 percent in the first quarter; in the previously published estimates, the average of GDP and GDI was estimated to have increased 1.4 percent.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) is now estimated to have decreased $65.1 billion in the first quarter, a downward revison of $18.0 billion (table 10).
Profits of domestic financial corporations increased $57.4 billion, a downward revision of $7.6 billion. Profits of domestic nonfinancial corporations decreased $124.9 billion, a downward revision of $10.4 billion. Rest-of-the-world profits increased $2.3 billion, the same as previously estimated. In the first quarter, receipts are now estimated to have increased $25.7 billion, and payments are estimated to have increased $23.4 billion.
GDP by Industry
In the first quarter, real value added for private goods-producing industries is now estimated to have decreased 2.6 percent, a downward revision of 1.5 percentage points. Private services-producing industries increased 2.6 percent, an upward revision of 0.7 percentage point. Government increased 1.9 percent, a downward revision of 0.4 percentage point.
Real gross output is now estimated to have increased 2.8 percent, an upward revision of 0.3 percentage point. Private goods-producing industries increased 1.6 percent, an upward revision of 0.4 percentage point. Private services-producting industries increased 3.3 percent, an upward revision of 0.2 percentage point. Government increased 2.3 percent, an upward revision of 0.6 percentage point.
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Next release, October 30, 2024, at 8:30 a.m. EDT
Gross Domestic Product, Third Quarter 2024 (Advance Estimate)
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Real Gross Domestic Product (GDP) Increased at 3% in Second Quarter added by admin on
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The Biden admin cooked the books again! They use Govt spending to juice GDP numbers.
That’s what the MAGA movement is saying now that the economy is obviously going strong. “cooked the books again!” That’s all you morons can say. Waaaaaaaaaaaah. Read it and weep. The economy is doing great, the stock market is at an all-time high, inflation is coming down to manageable numbers, peoples wages are going up!! All under Joe, and, THE NEXT POTUS, Kamala Harris!!! You gotta love it all you Calarednecks.
Look out, the Blue Wave is only 124.6 miles off the Calif coast, should break around November 5 when all stupid Trump voters will be overwhelmed by its size!!!! Go Kamala, you go girl, wipe that stain on our nations underwear, aka Donald Trump, off our skivvies. He’s just one big skidmark!!
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
Take it up with your local grocery store, Sniveler
It’s the swamp what do you expect? Only way they can stay in power is to lie to us.
“Its the swamp”, another old tired refrain from Trumpsters living in the past, hanging on that old, tired white scam artists words. Get current people. Or just do what Don the Con does. Trot out the old, used up as in 2016 rhetoric, no new plans, just “concepts”, but nothing with real substance. Kind of like most Trumpster lives……….no real substance. Just anger, lack of education, gullibility galore. Be sure to buy some of Trumps latest, TRUMP COINS!!! They contain about $30 worth of silver and can be purchased for $100!!!! How stoopid can you people be?? Oh wait, my bad. Keep sending Don your money so he can STOP THE STEAL. Yeah, right..hahahahahahahohohohohohohohhehehehehehe…,,,
Hey Joe stick that 30 dollar Tri Tip up your ass…,,,
There are lots of things I dislike about Trump. But, honest question for you? DC has the highest income levels of any metro in the US. Higher than the Bay Area or New York.
It creates nothing, doesn’t grow your food, isn’t a start up, no tech products, doesn’t build homes, it produces nothing.
Why do you defend a group of people who’s only skill is a lust for power and the inner need to tell you how to live your lives?
They have no real world skills!!!! 99% of DC are just parasites!!!
Why do you defend them?
Looks like a comments from the village idiot
Trump coins,watches and NFT’s. The man is a con artist. Period…
Fox News. Can we say Russian Propaganda. How about election interference.
As the convicted rapist fraudster, liar keeps saying the economy was better when he was the president, by all and factual data it wasn’t.
A look at economic data comparing Dem and GOP administrations , the Democratic administrations had better economics, a better economy that worked for all- a fact. The historic data going back decades shows this- a fact.
A look at Republican administrations shows the tax cuts for the wealthy ballooned the federal deficit by billions, starting with Reagan.
The Democrats fix the fiscal mess, as Biden had, and past administrations, only to have the fed deficit balloon again with Republican tax policy, the banks make out well with borrowed & from the Republican debt.
Facts matter to honest folks, honor, not lying continuously matters.
All the Republicans offer are lies, racism hate, division, and tax cuts for the wealthy.
In a Democracy we have a choice , if all legal voters can vote.
Yes, that Carter admin was quite special :). It actually had a misery index. Good, decent man but an abysmal President.
I would like to see the electoral college dismantled and we rely on the popular vote, which Donald Trump has yet to win.
It exists to make sure large metropolitan areas do not have absolute sway over the whole country. A good govt for NYC, Chicago and LA does not mean a good govt for rural states.
The electoral college exists for the very same reason the senate does.
It needs to be abolished. The popular vote should determine who is elected.
It exists to at least give the appearance of rights for flyover country
The facts are rural mainly states are locked into right wing radio, Fox, and are soaked with right wing lies. Especially in the South, the gutting of public schools led to an uninformed citizenry, filled with the lies of the right. Also, the red states are denying likely Democratic voters by many schemes that dny the right to vote for millions. This skews the electoral college vote, and the national election.
Why should an uninformed brainwashed minority have a majority in our government? They shouldn’t.
Ah yes, same as in the time of Christ. The pharicees will try and kill anyone who threatens there power.
You already control all of permanent DC, all of the large cities, colleges, teachers unions, most media companies, etc.
If anyone cares to challenge your “brilliance” or right to rule you must silence them and if needs be kill them.
Evil and arrogance are twins
The right wing media call VP Harris the Border Czar. Only problem there is no such thing. Trump was actually the president and did not to close his Open Borders
Kamala was border czar under Trump? Hmmm, ok
Most of the left has been “brainwashed” and they refuse to see it
its effective good to see it Frontier Fiber
Trump mental illness is extremely obvious. The Seventy eight year old criminal is a convicted felon and a adjudicated rapist That was impeached twice…
All the fox BS will never put the insurrectionist back together again. He will be in prison. Stone cold fact…
Thanks Caiaphas
Vice President Kamala Harris shared a photo of herself from Air Force Two where she appears to be deep in thought, immersed in work, with a pen in one hand, a phone in front of her, and a pair of headphones hanging from one ear. The only problem is that the paper appears blank and the wired headphones don’t seem to be connected to anything.
In her post, Harris explains that she was “just briefed” by FEMA administrator Deanne Criswell “on the latest developments about the ongoing impacts of Hurricane Helene. We also discussed our Administration’s continued actions to support emergency response and recovery,” she wrote. Harris said that she spoke with North Carolina Governor Roy Cooper “about the ongoing rescue and recovery efforts in North Carolina.”
North Carolina was brutally battered by Hurricane Helene, which slammed into Florida’s Big Bend before hitting Georgia, the Carolinas, and eastern Tennessee. In and around Asheville, NC, towns were flooded to the point of decimation, debris covers many roadways, and bridges were washed away. Drinking water is in short supply and millions are without power. With little ways to access the area, conditions and the status of many residents remains unknown. Over 1,000 are missing and the death toll is expected to continue to rise.
“Our Administration will continue to stay in constant contact with state and local officials to ensure communities have the support and resources they need,” Harris said. “Doug and my thoughts are with all those who lost loved ones and those whose homes, businesses, and communities were damaged or destroyed during this disaster.”
Harris has been criticized for engaging in photo ops signifying work without actually doing the work. Over the weekend, she went to the Arizona border and met with Border Control, but the event was more about the photos than the meeting—at least according to Border Control.
Libs of TikTok pointed out that before Harris was simply “blank paper” and that her headphones were “not plugged in,” concluding “everything about Kamala is fake.”
“The paper is blank and the wired headphones aren’t even plugged into her phone,” Greg Price said. “If you’re going to pretend you’re not AWOL as NC is under water, at least put some effort into it.”
The Federalist’s Sean Davis noted aptly that “The paper is blank, the headphones aren’t even plugged in, this was staged several days after the hurricane, and instead of actually doing anything to help anyone, she’s tweeting.”
I heard the Ho has started a Go Fund Me for Diddys release
The new layout of this site is interesting, but fillers of news that is up to a yr old? What’s that all about?
We wanted to nurse the old site to our 20th year but the old code was just broken in too many places. So the switch had to be made a bit sooner than we wanted to so you will see changes in fit and finish, placement and more over the next few weeks. Next week a new business directory will start going up as well. Thank you for your visits & interest!!
Vance trying to say Trump had a peaceful transfer of power on January 20 2021. Interesting he still to this day continues to lie and do non stop fundraising. To line his pockets. This man is unquestionably unfit to had any position. In the United States of America. His only goal is staying out of prison.
The republicans obsession with taking women’s rights away. Costing them everything. Nothing like people, male or way past child bearing age. Telling American families what they should be doing. To conform to extreme right wing ideology. The constitutional right to reproductive rights has been set for over fifty years. Until Donald took it from Americans. Until this is corrected. Republicans will continue loosing everything…
The vast majority of Americans and Republicans believe in exceptions for abortions in case of rape, incest, risk of health of mother etc! You know this!
The real question which candidate is likely to take your fundamental rights? Free Speech, 2nd Amendment etc?
That answer is obvious. Kamala and the dems are far more likely to be the real threat to democracy, freedoms, bill of rights and the constitution!
This is the real elephant in the room! The Democrat party believes that you are too stupid to take care of your own life so they will be happy to manage it for you.
If all that is true. How exactly can you justify the 180 page filing from Special Prosecutor Smith. That just went public ?
If Barack Obama would have done it you would be screaming how righteous it was 🙂
Trump trying to take the votes away from the American people. And keep himself as the President in a fraudulent manner. Disqualifying
Said by the party that is literally getting as many illegals or newly made legal immigrants to vote as possible :). You are just manufacturing votes
Give it a week it will be revised to -30%
Facts are facts. Biden’s economy, as Democrats in history have had better economies. The parasitic GOP hollows out the economy and peoples wallets transferring this $ to themselves, the 1%. How is this democracy ? it isn’t. Now it is clear, the billionaires have with the Roberts court legalized bribery, illegal before. A GOP court did this. Now they want a christo fascist oligarchy, all for their wealth.
This is a fact, if you look at history, something Americans seem to forget, or are swamped by Fox brainwashing to forget. The billionaires own the media. They control the news and messaging.
This is why we see what we see here on TPT. Brainwashed folks who only know what they know from their partisan organs, not the facts, it is a paid propaganda news organ . Wake up !