GDP and the Economy

Third Estimates for the Second Quarter of 2024

October 4, 2024

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Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the “third” estimate of the National Income and Product Accounts (chart 1 and table 1).1 With the third estimate, real GDP growth was the same as the “second” estimate issued last month. In the first quarter, real GDP increased 1.6 percent (revised; refer to “Annual Update of the National Economic Accounts,” below).

Chart 1. Real GDP: Percent Change from Preceding Quarter

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Chart 2. Real GDP: Contributions to the Percent Change in 2024:Q2

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The increase in second-quarter real GDP reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (chart 2 and table 1).2

  • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors to the increase were health care, final consumption expenditures of nonprofit institutions serving households, transportation services, and housing and utilities. Within goods, increases were widespread, except for clothing and footwear, and led by and motor vehicles and parts.
    • The increase in health care reflected an increase in outpatient services.
    • The increase in final consumption expenditures of nonprofit institutions serving households was led by nonprofit hospitals.
    • Within transportation services, the increase was led by motor vehicle maintenance and repair services, ground transportation, and air transportation.
    • The increase in housing and utilities was led by the imputed rental of owner-occupied nonfarm housing and electricity.
    • The increase in motor vehicles and parts was led by new light trucks.
  • Within private inventory investment, increases in retail and wholesale trade industries were partly offset by a decrease in mining, utilities, and construction industries.
  • The increase in nonresidential fixed investment primarily reflected an increase in equipment led by transportation equipment (notably, aircraft).
  • The increase in imports was led by imports of goods, both durable (notably, computers, peripherals, and parts) and nondurable (notably, medicinal, dental, and pharmaceutical preparations).

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.

Table 1. Real Gross Domestic Product by Expenditure and Related Measures
[Seasonally adjusted at annual rates]
Line Series Share of current-dollar GDP
(percent)		 Change from preceding period
(percent)		 Contribution to percent change in real GDP
(percentage points)
2024 2023 2024 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1 GDP1 100.0 4.4 3.2 1.6 3.0 4.4 3.2 1.6 3.0
2 Personal consumption expenditures 67.8 2.5 3.5 1.9 2.8 1.72 2.33 1.30 1.90
3 Goods 21.4 3.5 3.4 −1.2 3.0 0.76 0.73 −0.25 0.63
4 Durable goods 7.4 4.2 2.9 −1.8 5.5 0.32 0.22 −0.13 0.40
5 Nondurable goods 14.0 3.1 3.6 −0.8 1.7 0.44 0.51 −0.12 0.23
6 Services 46.4 2.1 3.5 3.4 2.7 0.96 1.60 1.55 1.27
7 Gross private domestic investment 18.3 10.1 0.7 3.6 8.3 1.80 0.16 0.64 1.47
8 Fixed investment 17.9 2.6 3.5 6.5 2.3 0.45 0.62 1.14 0.42
9 Nonresidential 13.8 1.1 3.8 4.5 3.9 0.16 0.52 0.61 0.53
10 Structures 3.2 1.7 6.5 6.3 0.2 0.06 0.20 0.20 0.01
11 Equipment 5.2 −1.1 0.7 0.3 9.8 −0.05 0.04 0.02 0.49
12 Intellectual property products 5.5 2.8 5.2 7.5 0.7 0.15 0.28 0.40 0.04
13 Residential 4.1 7.7 2.5 13.7 −2.8 0.30 0.10 0.53 −0.11
14 Change in private inventories 0.3 --- --- --- --- 1.34 −0.47 −0.49 1.05
15 Net exports of goods and services −3.1 --- --- --- --- −0.10 0.09 −0.61 −0.90
16 Exports 10.9 4.9 6.2 1.9 1.0 0.53 0.66 0.21 0.12
17 Goods 7.1 7.5 5.3 −0.2 0.9 0.53 0.37 −0.02 0.07
18 Services 3.8 0.0 8.0 6.1 1.2 0.00 0.29 0.23 0.05
19 Imports 14.0 4.7 4.2 6.1 7.6 −0.63 −0.57 −0.82 −1.01
20 Goods 11.2 5.1 1.8 6.5 8.4 −0.56 −0.19 −0.69 −0.90
21 Services 2.8 2.6 14.8 4.8 4.3 −0.07 −0.38 −0.13 −0.12
22 Government consumption expenditures and gross investment 17.0 5.7 3.6 1.8 3.1 0.94 0.61 0.30 0.52
23 Federal 6.3 5.3 −0.3 −0.4 4.3 0.33 −0.02 −0.02 0.27
24 National defense 3.6 6.7 −1.3 −2.5 6.4 0.24 −0.05 −0.09 0.23
25 Nondefense 2.7 3.4 0.9 2.6 1.5 0.09 0.02 0.07 0.04
26 State and local 10.7 5.9 6.1 3.1 2.3 0.62 0.63 0.32 0.25
Addenda:
27 GDI2 --- 2.7 5.1 3.0 3.4 --- --- --- ---
28 Average of GDP and GDI --- 3.5 4.1 2.3 3.2 --- --- --- ---
29 Final sales of domestic product --- 3.0 3.7 2.1 1.9 --- --- --- ---
30 Goods 30.3 7.1 2.5 −3.6 5.2 2.22 0.80 −1.12 1.56
31 Services 60.8 2.5 2.8 3.2 2.4 1.50 1.67 1.91 1.48
32 Structures 8.9 7.5 8.6 9.9 −0.6 0.64 0.73 0.85 −0.05
GDI
Gross domestic income
GDP
Gross domestic product
  1. The GDP estimates under the contribution columns are also percent changes.
  2. GDI is deflated by the implicit price deflator for GDP.

Note. Percent changes are from National Income and Product Accounts (NIPA) tables 1.1.1 and 1.2.1, contributions are from NIPA tables 1.1.2 and 1.2.2, and shares are from NIPA table 1.1.10 or are calculated from NIPA table 1.2.5.

U.S. Bureau of Economic Analysis

The third estimate of GDP includes estimates of GDP by industry, or value added—a measure of an industry's contribution to GDP. In the second quarter, private goods-producing industries increased 6.9 percent, private services-producing industries increased 2.4 percent, and government increased 0.8 percent (chart 3 and table 2). Overall, 16 of 22 industry groups contributed to the second-quarter increase in real GDP (chart 4).

  • Within private goods-producing industries, the leading contributors to the increase were nondurable-goods manufacturing (led by petroleum and coal products) and durable-goods manufacturing (led by motor vehicles, bodies and trailers, and parts).
  • Within private services-producing industries, the leading contributors to the increase were finance and insurance (led by Federal Reserve banks, credit intermediation, and related activities), health care and social assistance (led by ambulatory health care services), and real estate and rental and leasing (led by real estate).
  • The increase in government reflected increases in state and local government as well as federal government.
Chart 3. Real GDP by Sector: Percent Change from Preceding Period

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Chart 4. Contributions to Percent Change in Real GDP by Industry Group, 2024:Q2

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Table 2. Real Gross Domestic Product by Industry Group and Related Measures
[Seasonally adjusted at annual rates]
Line Series Share of current-dollar GDP
(percent)		 Change from preceding period
(percent)		 Contribution to percent change in real GDP
(percentage points)
2024 2023 2024 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1 GDP1 100.0 4.4 3.2 1.6 3.0 4.4 3.2 1.6 3.0
2 Private industries 88.7 4.7 3.3 1.6 3.3 4.11 2.90 1.40 2.90
3 Agriculture, forestry, fishing, and hunting 0.8 −4.9 2.0 5.6 23.8 −0.04 0.03 0.05 0.18
4 Mining 1.4 13.8 −0.9 −10.5 −4.9 0.19 −0.02 −0.16 −0.06
5 Utilities 1.5 −31.8 16.3 −9.1 5.6 −0.60 0.25 −0.15 0.09
6 Construction 4.5 9.5 3.4 8.3 5.2 0.48 0.19 0.36 0.23
7 Manufacturing 10.0 9.1 5.5 −6.5 8.2 0.90 0.56 −0.68 0.79
8 Durable goods 5.3 1.1 2.7 −10.4 5.8 0.16 0.20 −0.60 0.31
9 Nondurable Goods 4.7 19.0 8.7 −1.8 10.9 0.74 0.36 −0.09 0.48
10 Wholesale trade 5.8 −1.4 −1.7 4.0 2.3 −0.12 −0.12 0.23 0.14
11 Retail trade 6.3 23.3 12.3 6.7 −0.6 1.41 0.79 0.42 −0.03
12 Transporation and warehousing 3.3 3.5 0.4 0.9 0.4 0.12 0.01 0.03 0.01
13 Information 5.4 15.2 2.3 2.0 1.6 0.76 0.13 0.11 0.08
14 Finance, insurance, real estate, rental, and leasing 21.2 3.7 1.6 −0.1 3.8 0.67 0.28 −0.02 0.80
15 Finance and insurance 7.4 6.6 2.8 −2.5 6.6 0.42 0.17 −0.18 0.48
16 Real estate and rental and leasing 13.8 2.1 0.9 1.1 2.3 0.25 0.11 0.16 0.32
17 Professional and business services 13.2 1.0 3.6 4.2 1.9 0.12 0.46 0.55 0.25
18 Professional, scientific, and technical services 8.1 2.1 2.6 5.7 2.8 0.15 0.20 0.45 0.23
19 Management of companies and enterprises 1.8 2.2 2.3 7.6 −2.5 0.03 0.04 0.13 −0.05
20 Administrative and waste management services 3.2 −2.4 6.9 −1.1 2.0 −0.07 0.22 −0.03 0.06
21 Educational services, health care, and social assistance 8.7 4.2 4.9 4.8 3.9 0.35 0.41 0.41 0.33
22 Educational services 1.1 0.9 9.5 2.4 −6.1 0.01 0.10 0.03 −0.07
23 Health care and social assistance 7.6 4.7 4.2 5.2 5.4 0.35 0.31 0.38 0.40
24 Arts, entertainment, recreation, accomodation, and food services 4.5 0.7 −3.7 6.7 3.1 0.04 −0.17 0.29 0.14
25 Arts, entertainment, and recreation 1.2 −10.6 −9.1 19.3 24.6 −0.12 −0.10 0.19 0.25
26 Accommodation and food services 3.3 4.7 −1.9 2.8 −3.5 0.16 −0.06 0.09 −0.12
27 Other services, except government 2.2 −8.0 5.0 −0.7 −1.8 −0.17 0.11 −0.01 −0.04
28 Government 11.3 2.2 2.7 1.9 0.8 0.27 0.30 0.21 0.09
29 Federal 3.6 −2.3 1.0 1.2 1.1 −0.08 0.04 0.04 0.04
30 State and local 7.7 4.4 3.5 2.2 0.6 0.35 0.26 0.17 0.05
  Addenda:
31 Private goods-producing industries2 16.8 8.7 4.2 −2.6 6.9 1.52 0.76 −0.44 1.14
32 Private services-producing industries3 72.0 3.7 3.0 2.6 2.4 2.58 2.14 1.84 1.77
GDP
Gross domestic product
  1. The GDP estimates under the contribution columns are also percent changes.
  2. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
  3. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.

Note. Percent changes are from these GDP by industry tables: “Value Added by Industry as a Percentage of Gross Domestic Product,” “Percent Changes in Chain-Type Quantity Indexes for Value Added by Industry,” and “Contributions to Percent Change in Real Gross Domestic Product by Industry.”

U.S. Bureau of Economic Analysis

Real gross output—principally a measure of an industry's sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.8 percent in the second quarter (chart 5 and table 3). Private goods-producing industries increased 2.1 percent, private services-producing industries increased 1.7 percent, and government increased 2.2 percent. Overall, 18 of 22 industry groups contributed to the increase in real gross output.

Chart 5. Real Gross Output by Sector: Percent Change from Preceding Period

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Table 3. Real Gross Output by Industry Group and Related Measures
[Seasonally adjusted at annual rates]
Line Series Change from preceding period (percent)
2023 2024
Q3 Q4 Q1 Q2
1 All industries 3.2 2.2 2.8 1.8
2 Private industries 3.2 2.3 2.9 1.8
3 Agriculture, forestry, fishing, and hunting −0.3 1.1 1.0 −0.7
4 Mining 6.2 −1.3 −3.8 2.0
5 Utilities 9.7 −5.8 −1.2 10.3
6 Construction 11.2 11.8 7.6 1.5
7 Manufacturing 2.6 −0.5 0.2 2.6
8 Durable goods 0.0 −1.2 −3.7 4.6
9 Nondurable goods 5.3 0.3 4.2 0.6
10 Wholesale trade 1.5 0.5 1.1 −0.5
11 Retail trade 10.5 7.4 2.7 −0.6
12 Transporation and warehousing 3.1 3.0 −0.4 1.1
13 Information 8.4 3.3 4.5 2.3
14 Finance, insurance, real estate, rental, and leasing 3.1 −2.0 4.1 1.1
15 Finance and insurance 3.3 −5.6 6.3 0.8
16 Real estate and rental and leasing 2.9 0.6 2.6 1.3
17 Professional and business services −1.9 4.0 2.7 2.4
18 Professional, scientific, and technical services −0.8 7.2 2.8 3.6
19 Management of companies and enterprises 3.4 2.2 7.7 1.1
20 Administrative and waste management services −7.0 −2.0 −0.3 0.6
21 Educational services, health care, and social assistance 3.2 7.0 6.7 4.5
22 Educational services 3.8 2.0 4.0 2.0
23 Health care and social assistance 3.2 7.7 7.1 4.8
24 Arts, entertainment, recreation, accomodation, and food services 1.3 3.7 1.9 0.2
25 Arts, entertainment, and recreation −12.2 −6.7 12.8 16.8
26 Accommodation and food services 6.0 7.0 −1.3 −4.5
27 Other services, except government −8.1 9.6 3.8 2.1
28 Government 3.2 1.2 2.3 2.2
29 Federal 2.9 −1.6 1.4 1.9
30 State and local 3.3 2.5 2.7 2.3
  Addenda:
31 Private goods-producing industries1 4.4 2.1 1.6 2.1
32 Private services-producing industries2 2.7 2.4 3.3 1.7
  1. Consists of agriculture, forestry, fishing and hunting; mining; construction; and manufacturing.
  2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.

Note. Percent changes are from the table “Percent Changes in Chain-Type Quantity Indexes for Gross Output by Industry.”

U.S. Bureau of Economic Analysis

The U.S. Bureau of Economic Analysis' (BEA's) featured measure of inflation for the U.S. economy, the price index for gross domestic purchases (goods and services purchased by U.S. residents), increased 2.4 percent in the second quarter after increasing 3.0 percent in the first quarter (table 4 and chart 6).

Within gross domestic purchases, food prices decreased 0.5 percent in the second quarter after increasing 2.3 percent in the first quarter. Prices for energy goods and services increased 2.5 percent after decreasing 1.3 percent. Excluding food and energy, gross domestic purchases prices increased 2.6 percent after increasing 3.2 percent.

The price index for personal consumption expenditures (PCE) increased 2.5 percent in the second quarter after increasing 3.4 percent in the first quarter. The increase in PCE prices reflected an increase in prices for both services and goods.

  • Within services, price increases were widespread, except for transportation services (which decreased less than 0.1 percent). The leading contributors to the increase were housing and utilities (led by the imputed rental of owner-occupied nonfarm housing), financial services and insurance (mainly banking and “other financial services”), “other services” (led by personal care and clothing services), and health care (led by hospital and nursing home services).
  • Within goods, an increase in nondurable-goods prices was partly offset by a decrease in durable-goods prices. The leading contributors to the increase in nondurable-goods prices were “other nondurable goods” (mainly pharmaceuticals and other medical products) and clothing and footwear. The leading contributors to the decrease in durable-goods prices were motor vehicles and parts and furnishings and durable household equipment.

Excluding food and energy, the “core” PCE price index increased 2.8 percent in the second quarter, following an increase of 3.7 percent in the first quarter.

Chart 6. Prices for Gross Domestic Purchases

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Table 4. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index numbers (2017=100)]
Line Series Change from preceding period
(percent)		 Contribution to percent change in gross domestic purchases prices
(percentage points)
2023 2024 2023 2024
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1 Gross domestic purchases1 2.7 1.7 3.0 2.4 2.7 1.7 3.0 2.5
2 Personal consumption expenditures 2.7 1.7 3.4 2.5 1.81 1.10 2.25 1.67
3 Goods 0.5 −1.6 −0.5 0.7 0.12 −0.33 −0.10 0.15
4 Durable goods −4.3 −3.2 −0.5 −2.6 −0.32 −0.24 −0.03 −0.18
5 Nondurable goods 3.2 −0.7 −0.5 2.5 0.44 −0.09 −0.07 0.33
6 Services 3.8 3.2 5.3 3.4 1.69 1.43 2.36 1.52
7 Gross private domestic investment 1.7 2.2 0.9 2.5 0.26 0.37 0.16 0.44
8 Fixed investment 1.4 2.3 0.9 2.6 0.25 0.40 0.16 0.45
9 Nonresidential 0.5 1.7 1.3 2.3 0.07 0.23 0.18 0.31
10 Structures −3.8 3.4 −2.0 0.3 −0.12 0.11 −0.06 0.01
11 Equipment 2.5 1.1 3.8 1.7 0.13 0.06 0.19 0.08
12 Intellectual property products 1.1 1.2 1.0 4.0 0.06 0.06 0.06 0.21
13 Residential 4.9 4.5 −0.4 3.5 0.18 0.17 −0.02 0.14
14 Change in private inventories --- --- --- --- 0.00 −0.03 0.00 −0.01
15 Government consumption expenditures and gross investment 4.0 1.3 3.7 2.1 0.66 0.23 0.62 0.34
16 Federal 3.8 3.8 3.6 2.8 0.24 0.24 0.22 0.17
17 National defense 4.5 4.9 3.8 2.7 0.16 0.17 0.13 0.09
18 Nondefense 3.0 2.5 3.2 3.0 0.08 0.07 0.09 0.08
19 State and local 4.0 −0.1 3.9 1.6 0.42 −0.01 0.40 0.17
Addenda:
  Gross domestic purchases:                
20 Food 2.2 1.2 2.3 −0.5 0.10 0.06 0.12 −0.02
21 Energy goods and services 12.5 −5.2 −1.3 2.5 0.31 −0.15 −0.03 0.06
22 Excluding food and energy 2.5 1.9 3.2 2.6 2.31 1.80 2.95 2.41
  Personal consumption expenditures:                
23 Food and beverages purchased for off-premises consumption 1.9 1.3 2.1 −0.4 --- --- --- ---
24 Energy goods and services 12.0 −5.4 −1.2 2.4 --- --- --- ---
25 Excluding food and energy 2.4 2.0 3.7 2.8 --- --- --- ---
26 Gross domestic product 3.2 1.5 3.0 2.5 --- --- --- ---
27 Exports of goods and services 4.1 −2.1 2.5 2.7 --- --- --- ---
28 Imports of goods and services 0.1 0.0 2.6 2.1 --- --- --- ---
  1. The estimated prices for gross domestic purchases under the contribution columns are also percent changes.

Note. Most percent changes are from National Income and Product Accounts (NIPA) table 1.6.7; percent changes for personal consumption expenditures (PCE) for food and energy goods and services and for PCE excluding food and energy are from NIPA table 2.3.7. Contributions are from NIPA table 1.6.8. Gross domestic product, export, and import prices are from NIPA table 1.1.7.

U.S. Bureau of Economic Analysis

Measured in current dollars, profits from current production (corporate profits with the inventory valuation adjustment (IVA) and the capital consumption adjustment (CCAdj)) increased $132.5 billion, or 3.6 percent at a quarterly rate, in the second quarter after decreasing $65.1 billion, or 1.7 percent, in the first quarter (table 5). Profits of domestic financial corporations increased $42.5 billion, profits of domestic nonfinancial corporations increased $108.8 billion, and rest-of-the-world profits decreased $18.8 billion.

Table 5. Corporate Profits
[Seasonally adjusted]
Line Series Billions of dollars (annual rate) Percent change from preceding quarter (quarterly rate)
Level Change from preceding quarter
2024 2023 2024 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
  Current production measures:                  
1 Corporate profits with IVA and CCAdj 3,817.2 143.3 162.9 −65.1 132.5 4.2 4.5 −1.7 3.6
2 Domestic industries 3,337.4 126.3 174.0 −67.5 151.2 4.3 5.6 −2.1 4.7
3 Financial 646.3 9.9 38.0 57.4 42.5 2.0 7.5 10.5 7.0
4 Nonfinancial 2,691.1 116.4 135.9 −124.9 108.8 4.7 5.3 −4.6 4.2
5 Rest of the world 479.8 17.0 −11.1 2.3 −18.8 3.5 −2.2 0.5 −3.8
6 Receipts from the rest of the world 1,013.4 41.7 −7.8 25.7 4.4 4.4 −0.8 2.6 0.4
7 Less: Payments to the rest of the world 533.6 24.7 3.2 23.4 23.1 5.4 0.7 4.8 4.5
9 Less: Taxes on corporate income 675.7 25.8 14.1 0.0 27.6 4.2 2.2 0.0 4.3
10 Equals: Profits after tax 3,141.6 117.5 148.8 −65.1 104.9 4.1 5.0 −2.1 3.5
11 Net dividends 1,996.0 −8.9 26.5 35.0 0.3 −0.5 1.4 1.8 0.0
12 Undistributed profits from current production 1,145.5 126.4 122.2 −100.1 104.6 14.2 12.0 −8.8 10.0
13 Net cash flow with IVA 3,720.9 159.4 134.1 −92.5 169.8 4.8 3.8 −2.5 4.8
CCAdj
Capital consumption adjustment
IVA
Inventory valuation adjustment

Note. Levels of these and other profits series are shown in National Income and Product Accounts tables 1.12 and 6.16D.

U.S. Bureau of Economic Analysis

Industry profits (corporate profits by industry with IVA) increased $138.9 billion, or 3.5 percent at a quarterly rate, in the second quarter after increasing $17.8 billion, or 0.5 percent, in the first quarter (table 6 and chart 7). Domestic profits increased $157.7 billion in the second quarter and primarily reflected increases in manufacturing, financial industries, “other nonfinancial industries,” and information industries.

Profits after tax (without IVA and CCAdj)—BEA's profits measure that is conceptually most like the profits for companies in the Standard & Poor's (S&P) 500 Index—increased $98.1 billion in the second quarter.

Chart 7. Corporate Profits with Inventory Valuation Adjustment in 2024:Q2, Change From Preceding Quarter

[Click chart to expand]

Table 6. Corporate Profits by Industry
[Seasonally adjusted]
Line Series Billions of dollars (annual rate) Percent change from preceding quarter (quarterly rate)
Level Change from preceding quarter
2024 2023 2024 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
  Industry profits:                  
1 Corporate profits with IVA 4,084.8 138.3 167.7 17.8 138.9 3.8 4.5 0.5 3.5
2 Domestic industries 3,605.0 121.3 178.7 15.4 157.7 3.9 5.5 0.4 4.6
3 Financial 745.9 8.6 37.9 63.9 44.7 1.5 6.3 10.0 6.4
4 Nonfinancial 2,859.1 112.7 140.9 −48.5 113.0 4.4 5.3 −1.7 4.1
5 Utilities 66.9 −4.6 −2.3 7.7 9.3 −8.0 −4.4 15.4 16.2
6 Manufacturing 695.0 38.0 36.2 −86.7 51.3 5.8 5.2 −11.9 8.0
7 Wholesale trade 286.0 −0.3 14.1 −17.9 1.8 −0.1 4.9 −5.9 0.6
8 Retail trade 379.7 26.3 16.0 −2.9 5.8 7.9 4.4 −0.8 1.6
9 Transportation and warehousing 129.4 −12.1 7.3 2.8 0.1 −9.2 6.1 2.2 0.0
10 Information 272.8 10.1 11.2 20.3 22.3 4.8 5.1 8.8 8.9
11 Other nonfinancial 1,029.2 55.1 58.2 28.3 22.4 6.4 6.3 2.9 2.2
12 Rest of the world 479.8 17.0 −11.1 2.3 −18.8 3.5 −2.2 0.5 −3.8
  Addenda:
13 Profits before tax (without IVA and CCAdj) 4,088.7 151.6 138.8 75.3 125.7 4.2 3.7 1.9 3.2
14 Profits after tax (without IVA and CCAdj) 3,413.0 125.8 124.7 75.3 98.1 4.2 4.0 2.3 3.0
15 IVA −3.9 −13.3 28.9 −57.5 13.2 --- --- --- ---
16 CCAdj −267.6 5.0 −4.8 −82.9 −6.4 --- --- --- ---
CCAdj
Capital consumption adjustment
IVA
Inventory valuation adjustment

Note. Levels of these and other profits series are shown in National Income and Product Accounts tables 1.12, 1.14, 1.15, and 6.16D.

U.S. Bureau of Economic Analysis

The increase in second-quarter real GDP of 3.0 percent was the same as previously estimated in the “second” estimate. Upward revisions to private inventory investment and federal government spending were offset by downward revisions to nonresidential fixed investment, exports, consumer spending, and residential fixed investment. Imports were revised up (table 7).

  • Within private inventory investment, the upward revision was to both farm and nonfarm inventories.
    • The revision to farm primarily reflected new September 2024 U.S. Department of Agriculture Economic Research Service farm income forecast data.
    • Within nonfarm, the revision was led by retail trade based on updated price data from the U.S. Bureau of Labor Statistics (BLS) and new and revised U.S. Census Bureau inventory data.
  • Within nonresidential fixed investment, the revision primarily reflected a downward revision to intellectual property products, notably, research and development (R&D), based on new and revised Census Bureau Quarterly Services Survey data and updated data on R&D expenses from publicly traded companies.
  • For both exports and imports, the revised estimates primarily reflected updated data from BEA's International Transactions Accounts.

Real gross domestic income (GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the second estimate. The update primarily reflected upward revisions to corporate profits and compensation. The average of real GDP and real GDI increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points.

  • Within profits, the revision primarily reflected upward revisions to nonfinancial industries, based on updated publicly traded company financial report data, new Federal Deposit Insurance Corporation data, and Census Bureau Quarterly Financial Report data.
  • Within compensation, the upward revision was led by private wages and salaries, based primarily on revised BLS Current Employment Statistics data.
Table 7. Second and Third Estimates for the Second Quarter of 2024
[Seasonally adjusted at annual rates]
Line Series Change from preceding period (percent) Contribution to percent change in real GDP (percentage points)
Second estimate Third estimate Third estimate minus second estimate Second estimate Third estimate Third estimate minus second estimate
1 GDP1 3.0 3.0 0.0 3.0 3.0 0.0
2 Personal consumption expenditures 2.9 2.8 −0.1 1.95 1.90 −0.05
3 Goods 3.0 3.0 0.0 0.65 0.63 −0.02
4 Durable goods 4.9 5.5 0.6 0.37 0.40 0.03
5 Nondurable goods 2.0 1.7 −0.3 0.28 0.23 −0.05
6 Services 2.9 2.7 −0.2 1.30 1.27 −0.03
7 Gross private domestic investment 7.5 8.3 0.8 1.31 1.47 0.16
8 Fixed investment 3.0 2.3 −0.7 0.53 0.42 −0.11
9 Nonresidential 4.6 3.9 −0.7 0.61 0.53 −0.08
10 Structures −1.6 0.2 1.8 −0.05 0.01 0.06
11 Equipment 10.8 9.8 −1.0 0.52 0.49 −0.03
12 Intellectual property products 2.6 0.7 −1.9 0.14 0.04 −0.10
13 Residential −2.0 −2.8 −0.8 −0.08 −0.11 −0.03
14 Change in private inventories --- --- --- 0.78 1.05 0.27
15 Net exports of goods and services --- --- --- −0.77 −0.90 −0.13
16 Exports 1.6 1.0 −0.6 0.17 0.12 −0.05
17 Goods 1.3 0.9 −0.4 0.09 0.07 −0.02
18 Services 2.2 1.2 −1.0 0.08 0.05 −0.03
19 Imports 7.0 7.6 0.6 −0.94 −1.01 −0.07
20 Goods 7.8 8.4 0.6 −0.85 −0.90 −0.05
21 Services 3.6 4.3 0.7 −0.09 −0.12 −0.03
22 Government consumption expenditures and gross investment 2.7 3.1 0.4 0.46 0.52 0.06
23 Federal 3.3 4.3 1.0 0.21 0.27 0.06
24 National defense 4.9 6.4 1.5 0.18 0.23 0.05
25 Nondefense 1.2 1.5 0.3 0.03 0.04 0.01
26 State and local 2.3 2.3 0.0 0.25 0.25 0.00
  Addenda:
27 Final sales of domestic product 2.2 1.9 −0.3 --- --- ---
28 GDI2 1.3 3.4 --- --- --- ---
29 Average of GDP and GDI 2.1 3.2 --- --- --- ---
30 Gross domestic purchases price index 2.4 2.4 0.0 --- --- ---
31 GDP price index 2.5 2.5 0.0 --- --- ---
GDI
Gross domestic income
GDP
Gross domestic product

Note. Percent changes are from National Income and Product Account (NIPA) tables 1.1.1, contributions to percent change are from NIPA table 1.1.2, and shares are from NIPA table 1.1.10.

U.S. Bureau of Economic Analysis

  1. The GDP estimates under the contribution columns are also percent changes.
  2. GDI is deflated by the implicit price deflator for GDP.

 

  1. “Real” estimates are in chained (2017) dollars, and price indexes are chain-type measures. Each GDP estimate for a quarter (advance, second, and third) incorporates increasingly comprehensive and improved source data; for more information, see “The Revisions to GDP, GDI, and Their Major Components” in the January 2018 Survey of Current Business. Quarterly estimates are expressed at seasonally adjusted annual rates, which reflect a rate of activity for a quarter as if it were maintained for a year.
  2. In this article, “consumer spending” refers to “personal consumption expenditures,” “inventory investment” refers to “change in private inventories,” and “government spending” refers to “government consumption expenditures and gross investment.”