![\"\"](\"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2024\/04\/gdp1q24-adv-chart-01.png\")
<\/a><\/p>\nThe GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to \u201cSource Data for the Advance Estimate\u201d on page 3). The \u201csecond\u201d estimate for the first quarter, based on more complete source data, will be released on May 30, 2024.<\/p>\n
The increase in\u00a0real GDP\u00a0primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).<\/p>\n
The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods. Within services, the increase primarily reflected increases in health care as well as financial services and insurance. Within goods, the decrease primarily reflected decreases in motor vehicles and parts as well as gasoline and other energy goods. Within residential fixed investment, the increase was led by brokers\u2019 commissions and other ownership transfer costs as well as new single-family housing construction. The increase in nonresidential fixed investment mainly reflected an increase in intellectual property products. The increase in state and local government spending reflected an increase in compensation of state and local government employees. The decrease in inventory investment primarily reflected decreases in wholesale trade and manufacturing. Within imports, the increase reflected increases in both goods and services.<\/p>\n
Compared to the fourth quarter, the deceleration in\u00a0real GDP\u00a0in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment. Imports accelerated.<\/p>\n
Current\u2011dollar GDP\u00a0increased 4.8 percent at an annual rate, or $327.5 billion, in the first quarter to a level of $28.28 trillion. In the fourth quarter, GDP increased 5.1 percent, or $346.9 billion (tables 1 and 3).<\/p>\n
The\u00a0price index for gross domestic purchases\u00a0increased 3.1 percent in the first quarter, compared with an increase of 1.9 percent in the fourth quarter (table 4). The\u00a0personal consumption expenditures (PCE) price index\u00a0increased 3.4 percent, compared with an increase of 1.8 percent. Excluding food and energy prices, the PCE price index increased 3.7 percent, compared with an increase of 2.0 percent.<\/p>\n
Personal Income<\/p>\n
Current-dollar personal income\u00a0increased $407.1 billion in the first quarter, compared with an increase of $230.2 billion in the fourth quarter. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).<\/p>\n
Disposable personal income\u00a0increased $226.2 billion, or 4.5 percent, in the first quarter, compared with an increase of $190.4 billion, or 3.8 percent, in the fourth quarter. Increases in compensation and personal current transfer receipts were partly offset by an increase in personal current taxes, which are a subtraction in the calculation of DPI.\u00a0Real disposable personal income\u00a0increased 1.1 percent, compared with an increase of 2.0 percent.<\/p>\n
Personal saving\u00a0was $755.7 billion in the first quarter, compared with $815.5 billion in the fourth quarter. The\u00a0personal saving rate\u2014personal saving as a percentage of disposable personal income\u2014was 3.6 percent in the first quarter, compared with 4.0 percent in the fourth quarter.<\/p>\n
Source Data for the Advance Estimate<\/p>\n
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Information on the source data and key assumptions used in the advance estimate is provided in a\u00a0Technical Note<\/a>\u00a0and a detailed “Key Source Data and Assumptions<\/a>” file posted with the release. The second estimate for the first quarter, based on more complete data, will be released on May 30, 2024. For information on updates to GDP, refer to the “Additional Information” section that follows.<\/p>\n *\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *<\/p>\n","protected":false},"excerpt":{"rendered":" Washington, DC…Real gross domestic product\u00a0(GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The GDP estimate released today is based on source data that […]<\/p>\n","protected":false},"author":1,"featured_media":175882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,149,5,1],"tags":[],"class_list":["post-175881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-financial","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2024\/04\/gdp1q24-adv-chart-01.png","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/175881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=175881"}],"version-history":[{"count":1,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/175881\/revisions"}],"predecessor-version":[{"id":175883,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/175881\/revisions\/175883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/175882"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=175881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=175881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=175881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}