US GDP Growth in Q3 2024 Revised to 3.1%

The United States' real gross domestic product (GDP) experienced a notable annual growth rate of 3.1% during the third quarter of 2024, as reported by the Bureau of Economic Analysis (BEA) in their latest estimate. This revision marks an upward adjustment from the previous estimate of 2.8%, reflecting a stronger economic performance than initially anticipated.

The acceleration in GDP growth, compared to the second quarter, was primarily driven by increased exports, consumer spending, and federal government spending. However, this growth was partly offset by a decline in private inventory investment and a larger decrease in residential fixed investment. Imports also saw an acceleration during this period.

Inflation Indicators: The personal consumption expenditures (PCE) price index rose by 1.5% year-on-year, aligning with the previous report. Excluding volatile food and energy prices, the PCE price index increased by 2.2%, revised upward by 0.1 percentage point from the earlier estimate.