The United States' real gross domestic product (GDP) grew at an annual rate of 3.1% in the third quarter of 2024, according to the Bureau of Economic Analysis (BEA)'s third estimate released on Thursday, revised upward from 2.8% from the second and first report.
"Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending. These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment. Imports accelerated," the report stated.
The personal consumption expenditures (PCE) price index rose by 1.5% year-on-year, confirming the figure from the previous report. Excluding food and energy prices, the PCE price index was up by 2.2%, revised upward by 0.1 percentage point compared to the previous estimate.
