A report from
the Commerce Department showed on Thursday that the U.S. economy grew as previously estimated in the second
quarter of 2024, due to upward revisions to private inventory investment and
federal government spending, which were offset by downward revisions to non-residential
fixed investment and exports. In addition, imports, which are a subtraction in
the calculation of GDP, were revised up.
According to
the third estimate, the U.S. gross domestic product (GDP) expanded at an annual
rate of 3.0 per cent in the second quarter of 2024, matching the increase reported in the
second estimate.
Economists had forecast
the growth rate to be unrevised at 3.0 per cent q-o-q.
In the previous
quarter, the economy expanded by 1.6 per cent q-o-q (revised from +1.4 per cent
q-o-q previously reported).
The second-quarter
advance in real GDP primarily reflected gains in consumer spending, private inventory investment, and non-residential
fixed investment. Meanwhile, imports went up.