GDP in the US grew at 3.0% in 2024 Q2

Real gross domestic product (GDP) in the US grew at an annual rate of 3.0% in the second quarter of 2024, up from 2.8% in the initial estimate and 1.4% in the first quarter. The upward revision was mainly due to increased consumer spending (2.9% vs 2.3% earlier reported). The overall GDP growth was driven by gains in consumer spending (2.9% in Q2 vs 1.5% in Q1), private inventory investment (7.5% vs 4.4%), and nonresidential fixed investment (4.6% vs 4.4%), despite a rise in imports (7% vs 6.1%), which subtract from GDP. However, the second estimate included downward revisions to nonresidential fixed investment (4.6% vs 5.2% earlier reported), exports (1.6% vs 2%), private inventory investment (7.5% vs 8.4%), government spending at both federal (3.3% vs 3.9%) and local (2.3% vs 2.6%) levels, and residential fixed investment (-2% vs-1.4%), while imports were adjusted higher (7% vs 6.9%).