Gross Domestic Product, Second Quarter 2024 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)
www.bea.gov
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter of 2024 (table 1), according to the "advance" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.4 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 3). The “second” estimate for the second quarter, based on more complete source data, will be released on August 29, 2024.

The forecast was for 2.0% growth, which means we actually exceeded expectations.

Summary of information:

  • Q1 2024 Annualized GDP Growth: 1.4%
  • Q2 Annualized PC Inflation Rate: 2.6%
  • Q2 Annualized Core PCE Inflation Rate (Food, Energy Prices Excluded): 2.9%.
  • Annual Consumer Spending Increase: 2.3%
  • Coffee AddictOPMEnglish
    2•2 months ago

    Good news! Hopefully markets respond positively to this information, especially because they decided to shit themselves yesterday.

    I also hope this leads to interest rate cuts sooner than expected.

    Also, we’ve got Bidenomics for Biden’s term. What do we propose for Kamala?

    Kamalanomics? Coconomics?