GDP and the Economy

Third Estimates for the Third Quarter of 2024

January 6, 2025

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Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the third quarter of 2024, according to the “third” estimate of the National Income and Product Accounts (NIPAs) (chart 1 and table 1).1 With the third estimate, real GDP growth was revised up 0.3 percentage point from the “second” estimate, issued last month. In the second quarter, real GDP increased 3.0 percent.

Chart 1. Real GDP: Percent Change from Preceding Quarter

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Chart 2. Real GDP: Contributions to the Percent Change in 2024:Q3

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The increase in third-quarter real GDP primarily reflected increases in consumer spending, exports, nonresidential fixed investment, and federal government spending. 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 goods and services. The increase in goods was led by “other nondurable goods” (mainly prescription drugs) and motor vehicles and parts (mainly used light trucks). The increase in services was led by health care (both outpatient services and hospitals).
  • The increase in exports primarily reflected an increase in goods (led by capital goods, excluding automotive).
  • The increase in business investment primarily reflected an increase in equipment (led by information processing equipment and transportation equipment).
  • The increase in federal government spending primarily reflected an increase in defense consumption expenditures.
  • The increase in imports primarily reflected an increase in goods (led by capital goods, excluding automotive).

Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending. These movements were partly offset by a downturn in private inventory investment and a larger decrease in residential fixed investment. Imports accelerated.

Table 1. Real GDP 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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1 GDP1 100.0 3.2 1.6 3.0 3.1 3.2 1.6 3.0 3.1
2 Personal consumption expenditures 67.9 3.5 1.9 2.8 3.7 2.33 1.30 1.90 2.48
3 Goods 21.3 3.4 −1.2 3.0 5.6 0.73 −0.25 0.63 1.18
4 Durable goods 7.4 2.9 −1.8 5.5 7.6 0.22 −0.13 0.40 0.54
5 Nondurable goods 13.9 3.6 −0.8 1.7 4.6 0.51 −0.12 0.23 0.63
6 Services 46.5 3.5 3.4 2.7 2.8 1.60 1.55 1.27 1.31
7 Gross private domestic investment 18.2 0.7 3.6 8.3 0.8 0.16 0.64 1.47 0.16
8 Fixed investment 17.9 3.5 6.5 2.3 2.1 0.62 1.14 0.42 0.38
9 Nonresidential 13.9 3.8 4.5 3.9 4.0 0.52 0.61 0.53 0.55
10 Structures 3.1 6.5 6.3 0.2 −5.0 0.20 0.20 0.01 −0.16
11 Equipment 5.3 0.7 0.3 9.8 10.8 0.04 0.02 0.49 0.54
12 Intellectual property products 5.6 5.2 7.5 0.7 3.1 0.28 0.40 0.04 0.17
13 Residential 4.0 2.5 13.7 −2.8 −4.3 0.10 0.53 −0.11 −0.18
14 Change in private inventories 0.3 --- --- --- --- −0.47 −0.49 1.05 −0.22
15 Net exports of goods and services −3.2 --- --- --- --- 0.09 −0.61 −0.90 −0.43
16 Exports 11.0 6.2 1.9 1.0 9.6 0.66 0.21 0.12 1.01
17 Goods 7.1 5.3 −0.2 0.9 10.3 0.37 −0.02 0.07 0.70
18 Services 3.9 8.0 6.1 1.2 8.4 0.29 0.23 0.05 0.31
19 Imports 14.2 4.2 6.1 7.6 10.7 −0.57 −0.82 −1.01 −1.44
20 Goods 11.3 1.8 6.5 8.4 10.7 −0.19 −0.69 −0.90 −1.14
21 Services 2.8 14.8 4.8 4.3 11.0 −0.38 −0.13 −0.12 −0.29
22 Government consumption expenditures and gross investment 17.1 3.6 1.8 3.1 5.1 0.61 0.30 0.52 0.86
23 Federal 6.4 −0.3 −0.4 4.3 8.9 −0.02 −0.02 0.27 0.55
24 National defense 3.7 −1.3 −2.5 6.4 13.9 −0.05 −0.09 0.23 0.48
25 Nondefense 2.7 0.9 2.6 1.5 2.6 0.02 0.07 0.04 0.07
26 State and local 10.7 6.1 3.1 2.3 2.9 0.63 0.32 0.25 0.31
Addenda:
27 GDI2 --- 5.1 3.0 2.0 2.1 --- --- --- ---
28 Average of GDP and GDI --- 4.1 2.3 2.5 2.6 --- --- --- ---
29 Final sales of domestic product --- 3.7 2.1 1.9 3.3 --- --- --- ---
30 Goods 30.2 2.5 −3.6 5.2 4.7 0.80 −1.12 1.56 1.41
31 Services 61.0 2.8 3.2 2.4 3.2 1.67 1.91 1.48 1.92
32 Structures 8.8 8.6 9.9 −0.6 −2.9 0.73 0.85 −0.05 −0.26
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 third quarter, private goods-producing industries increased 1.5 percent, private services-producing industries increased 3.6 percent, and government increased 2.1 percent (chart 3 and table 2). Overall, 16 of 22 industry groups contributed to the third-quarter increase in real GDP (chart 4).

  • Within private goods-producing industries, the leading contributors to the increase were durable-goods manufacturing (led by “other transportation equipment”) and nondurable-goods manufacturing (led by chemical products).
  • Within private services-producing industries, the leading contributors to the increase were retail trade (led by motor vehicle and parts dealers), health care and social assistance (led by ambulatory health care services), and information (led by data processing, internet publishing, and other information services).
  • The increase in government was led by an increase in state and local 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:Q3

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Table 2. Real GDP 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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1 GDP1 100.0 3.2 1.6 3.0 3.1 3.2 1.6 3.0 3.1
2 Private industries 88.7 3.3 1.6 3.3 3.2 2.90 1.40 2.90 2.83
3 Agriculture, forestry, fishing, and hunting 0.9 2.0 5.6 23.8 −7.8 0.03 0.05 0.18 −0.07
4 Mining 1.3 −0.9 −10.5 −4.9 1.3 −0.02 −0.16 −0.06 0.02
5 Utilities 1.5 16.3 −9.1 5.6 −1.0 0.25 −0.15 0.09 −0.01
6 Construction 4.5 3.4 8.3 5.2 −0.2 0.19 0.36 0.23 −0.01
7 Manufacturing 10.0 5.5 −6.5 8.2 3.2 0.56 −0.68 0.79 0.33
8 Durable goods 5.3 2.7 −10.4 5.8 3.0 0.20 −0.60 0.31 0.16
9 Nondurable Goods 4.6 8.7 −1.8 10.9 3.5 0.36 −0.09 0.48 0.16
10 Wholesale trade 5.8 −1.7 4.0 2.3 3.2 −0.12 0.23 0.14 0.19
11 Retail trade 6.3 12.3 6.7 −0.6 18.7 0.79 0.42 −0.03 1.10
12 Transporation and warehousing 3.3 0.4 0.9 0.4 4.2 0.01 0.03 0.01 0.14
13 Information 5.4 2.3 2.0 1.6 6.2 0.13 0.11 0.08 0.33
14 Finance, insurance, real estate, rental, and leasing 21.2 1.6 −0.1 3.8 0.7 0.28 −0.02 0.80 0.15
15 Finance and insurance 7.4 2.8 −2.5 6.6 0.3 0.17 −0.18 0.48 0.03
16 Real estate and rental and leasing 13.8 0.9 1.1 2.3 0.9 0.11 0.16 0.32 0.13
17 Professional and business services 13.2 3.6 4.2 1.9 2.0 0.46 0.55 0.25 0.27
18 Professional, scientific, and technical services 8.2 2.6 5.7 2.8 3.6 0.20 0.45 0.23 0.29
19 Management of companies and enterprises 1.9 2.3 7.6 −2.5 2.1 0.04 0.13 −0.05 0.04
20 Administrative and waste management services 3.2 6.9 −1.1 2.0 −2.0 0.22 −0.03 0.06 −0.06
21 Educational services, health care, and social assistance 8.7 4.9 4.8 3.9 4.7 0.41 0.41 0.33 0.40
22 Educational services 1.1 9.5 2.4 −6.1 4.9 0.10 0.03 −0.07 0.05
23 Health care and social assistance 7.6 4.2 5.2 5.4 4.6 0.31 0.38 0.40 0.35
24 Arts, entertainment, recreation, accomodation, and food services 4.4 −3.7 6.7 3.1 −0.6 −0.17 0.29 0.14 −0.03
25 Arts, entertainment, and recreation 1.2 −9.1 19.3 24.6 −2.2 −0.10 0.19 0.25 −0.03
26 Accommodation and food services 3.3 −1.9 2.8 −3.5 0.0 −0.06 0.09 −0.12 0.00
27 Other services, except government 2.2 5.0 −0.7 −1.8 1.9 0.11 −0.01 −0.04 0.04
28 Government 11.3 2.7 1.9 0.8 2.1 0.30 0.21 0.09 0.23
29 Federal 3.6 1.0 1.2 1.1 1.1 0.04 0.04 0.04 0.04
30 State and local 7.7 3.5 2.2 0.6 2.5 0.26 0.17 0.05 0.19
  Addenda:
31 Private goods-producing industries2 16.6 4.2 −2.6 6.9 1.5 0.76 −0.44 1.14 0.26
32 Private services-producing industries3 72.1 3.0 2.6 2.4 3.6 2.14 1.84 1.77 2.57
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 3.2 percent in the third quarter (chart 5 and table 3). Private goods-producing industries increased 0.6 percent, private services-producing industries increased 4.0 percent, and government increased 3.5 percent. Overall, 17 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
Q4 Q1 Q2 Q3
1 All industries 2.2 2.8 1.8 3.2
2 Private industries 2.3 2.9 1.8 3.1
3 Agriculture, forestry, fishing, and hunting 1.1 1.0 −0.7 −4.7
4 Mining −1.3 −3.8 2.0 −1.8
5 Utilities −5.8 −1.2 10.3 −2.6
6 Construction 11.8 7.6 1.5 0.0
7 Manufacturing −0.5 0.2 2.6 1.5
8 Durable goods −1.2 −3.7 4.6 3.5
9 Nondurable goods 0.3 4.2 0.6 −0.5
10 Wholesale trade 0.5 1.1 −0.5 5.9
11 Retail trade 7.4 2.7 −0.6 12.3
12 Transporation and warehousing 3.0 −0.4 1.1 4.4
13 Information 3.3 4.5 2.3 7.9
14 Finance, insurance, real estate, rental, and leasing −2.0 4.1 1.1 0.4
15 Finance and insurance −5.6 6.3 0.8 1.8
16 Real estate and rental and leasing 0.6 2.6 1.3 −0.6
17 Professional and business services 4.0 2.7 2.4 3.3
18 Professional, scientific, and technical services 7.2 2.8 3.6 3.8
19 Management of companies and enterprises 2.2 7.7 1.1 5.7
20 Administrative and waste management services −2.0 −0.3 0.6 1.0
21 Educational services, health care, and social assistance 7.0 6.7 4.5 6.1
22 Educational services 2.0 4.0 2.0 1.8
23 Health care and social assistance 7.7 7.1 4.8 6.7
24 Arts, entertainment, recreation, accomodation, and food services 3.7 1.9 0.2 0.7
25 Arts, entertainment, and recreation −6.7 12.8 16.8 1.0
26 Accommodation and food services 7.0 −1.3 −4.5 0.5
27 Other services, except government 9.6 3.8 2.1 7.8
28 Government 1.2 2.3 2.2 3.5
29 Federal −1.6 1.4 1.9 7.1
30 State and local 2.5 2.7 2.3 2.1
  Addenda:
31 Private goods-producing industries1 2.1 1.6 2.1 0.6
32 Private services-producing industries2 2.4 3.3 1.7 4.0
  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 1.9 percent in the third quarter after increasing 2.4 percent in the second quarter (table 4 and chart 6).

Within gross domestic purchases, food prices increased 1.3 percent in the third quarter after decreasing 0.5 percent in the second quarter. Prices for energy goods and services decreased 12.6 percent after increasing 2.5 percent. Excluding food and energy, gross domestic purchases prices increased 2.4 percent after increasing 2.6 percent.

The price index for personal consumption expenditures (PCE) increased 1.5 percent in the third quarter after increasing 2.5 percent in the second quarter. The increase in PCE prices reflected an increase in prices for services that was partly offset by a decrease in prices for goods.

  • Within services, the leading contributors to the increase were housing and utilities (mainly housing), financial services and insurance (mainly banking and other financial services), and health care (led by hospitals).
  • Within goods, the leading contributors to the decrease were gasoline and other energy goods (mainly motor vehicle fuels, lubricants, and fluids) and motor vehicles and parts (led by used light trucks).

Excluding food and energy, the “core” PCE price index increased 2.2 percent in the third quarter, following an increase of 2.8 percent in the second 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
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1 Gross domestic purchases1 1.7 3.0 2.4 1.9 1.7 3.0 2.4 1.9
2 Personal consumption expenditures 1.7 3.4 2.5 1.5 1.10 2.25 1.67 1.02
3 Goods −1.6 −0.5 0.7 −1.6 −0.33 −0.10 0.15 −0.33
4 Durable goods −3.2 −0.5 −2.6 −2.4 −0.24 −0.03 −0.18 −0.17
5 Nondurable goods −0.7 −0.5 2.5 −1.2 −0.09 −0.07 0.33 −0.16
6 Services 3.2 5.3 3.4 3.0 1.43 2.36 1.52 1.35
7 Gross private domestic investment 2.2 0.9 2.5 3.0 0.37 0.16 0.44 0.53
8 Fixed investment 2.3 0.9 2.6 3.2 0.40 0.16 0.45 0.55
9 Nonresidential 1.7 1.3 2.3 3.1 0.23 0.18 0.31 0.42
10 Structures 3.4 −2.0 0.3 1.9 0.11 −0.06 0.01 0.06
11 Equipment 1.1 3.8 1.7 2.5 0.06 0.19 0.08 0.12
12 Intellectual property products 1.2 1.0 4.0 4.4 0.06 0.06 0.21 0.23
13 Residential 4.5 −0.4 3.5 3.5 0.17 −0.02 0.14 0.13
14 Change in private inventories --- --- --- --- −0.03 0.00 −0.01 −0.02
15 Government consumption expenditures and gross investment 1.3 3.7 2.1 2.4 0.23 0.62 0.34 0.40
16 Federal 3.8 3.6 2.8 2.4 0.24 0.22 0.17 0.15
17 National defense 4.9 3.8 2.7 1.9 0.17 0.13 0.09 0.07
18 Nondefense 2.5 3.2 3.0 3.2 0.07 0.09 0.08 0.08
19 State and local −0.1 3.9 1.6 2.4 −0.01 0.40 0.17 0.25
Addenda:
  Gross domestic purchases:                
20 Food 1.2 2.3 −0.5 1.3 0.06 0.12 −0.02 0.07
21 Energy goods and services −5.2 −1.3 2.5 −12.6 −0.15 −0.03 0.06 −0.34
22 Excluding food and energy 1.9 3.2 2.6 2.4 1.80 2.95 2.41 2.22
  Personal consumption expenditures:                
23 Food and beverages purchased for off-premises consumption 1.3 2.1 −0.4 1.6 --- --- --- ---
24 Energy goods and services −5.4 −1.2 2.4 −12.4 --- --- --- ---
25 Excluding food and energy 2.0 3.7 2.8 2.2 --- --- --- ---
26 Gross domestic product 1.5 3.0 2.5 1.9 --- --- --- ---
27 Exports of goods and services −2.1 2.5 2.7 −0.9 --- --- --- ---
28 Imports of goods and services 0.0 2.6 2.1 −0.2 --- --- --- ---
  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)) decreased $15.0 billion, or 0.4 percent at a quarterly rate, in the third quarter after increasing $132.5 billion, or 3.6 percent, in the second quarter (table 5). Profits of domestic financial corporations increased $3.0 billion, profits of domestic nonfinancial corporations increased $24.9 billion, and rest-of-the-world profits decreased $42.9 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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
  Current production measures:                  
1 Corporate profits with IVA and CCAdj 3,802.2 162.9 −65.1 132.5 −15.0 4.5 −1.7 3.6 −0.4
2 Domestic industries 3,365.3 174.0 −67.5 151.2 27.9 5.6 −2.1 4.7 0.8
3 Financial 649.3 38.0 57.4 42.5 3.0 7.5 10.5 7.0 0.5
4 Nonfinancial 2,716.0 135.9 −124.9 108.8 24.9 5.3 −4.6 4.2 0.9
5 Rest of the world 437.0 −11.1 2.3 −18.8 −42.9 −2.2 0.5 −3.8 −8.9
6 Receipts from the rest of the world 951.9 −7.8 25.7 4.4 −61.5 −0.8 2.6 0.4 −6.1
7 Less: Payments to the rest of the world 514.9 3.2 23.4 23.1 −18.7 0.7 4.8 4.5 −3.5
9 Less: Taxes on corporate income 673.7 14.1 0.0 27.6 −2.0 2.2 0.0 4.3 −0.3
10 Equals: Profits after tax 3,128.5 148.8 −65.1 104.9 −13.1 5.0 −2.1 3.5 −0.4
11 Net dividends 1,982.8 26.5 35.0 0.3 −13.2 1.4 1.8 0.0 −0.7
12 Undistributed profits from current production 1,145.7 122.2 −100.1 104.6 0.1 12.0 −8.8 10.0 0.0
13 Net cash flow with IVA 3,736.4 134.1 −92.5 169.8 15.6 3.8 −2.5 4.8 0.4
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 and 6.16D.

U.S. Bureau of Economic Analysis

Industry profits (corporate profits by industry with IVA) decreased $8.6 billion, or 0.2 percent at a quarterly rate, in the third quarter after increasing $138.9 billion, or 3.5 percent, in the second quarter (table 6 and chart 7). Domestic profits increased $34.3 billion in the third quarter and primarily reflected increases in retail trade and “other nonfinancial industries.”

Profits after tax (without IVA and CCAdj)—BEA's profits measure that is conceptually most like the profits for companies in the S&P (Standard & Poor's) 500 Index—decreased $10.0 billion in the third quarter.

Chart 7. Corporate Profits with Inventory Valuation Adjustment in 2024:Q3, 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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
  Industry profits:                  
1 Corporate profits with IVA 4,076.2 167.7 17.8 138.9 −8.6 4.5 0.5 3.5 −0.2
2 Domestic industries 3,639.2 178.7 15.4 157.7 34.3 5.5 0.4 4.6 1.0
3 Financial 751.5 37.9 63.9 44.7 5.6 6.3 10.0 6.4 0.8
4 Nonfinancial 2,887.7 140.9 −48.5 113.0 28.7 5.3 −1.7 4.1 1.0
5 Utilities 57.9 −2.3 7.7 9.3 −9.0 −4.4 15.4 16.2 −13.5
6 Manufacturing 691.0 36.2 −86.7 51.3 −4.0 5.2 −11.9 8.0 −0.6
7 Wholesale trade 281.8 14.1 −17.9 1.8 −4.2 4.9 −5.9 0.6 −1.5
8 Retail trade 402.3 16.0 −2.9 5.8 22.7 4.4 −0.8 1.6 6.0
9 Transportation and warehousing 128.1 7.3 2.8 0.1 −1.3 6.1 2.2 0.0 −1.0
10 Information 278.1 11.2 20.3 22.3 5.3 5.1 8.8 8.9 1.9
11 Other nonfinancial 1,048.5 58.2 28.3 22.4 19.3 6.3 2.9 2.2 1.9
12 Rest of the world 437.0 −11.1 2.3 −18.8 −42.9 −2.2 0.5 −3.8 −8.9
  Addenda:
13 Profits before tax (without IVA and CCAdj) 4,076.7 138.8 75.3 125.7 −12.0 3.7 1.9 3.2 −0.3
14 Profits after tax (without IVA and CCAdj) 3,403.0 124.7 75.3 98.1 −10.0 4.0 2.3 3.0 −0.3
15 IVA −0.5 28.9 −57.5 13.2 3.4 --- --- --- ---
16 CCAdj −274.0 −4.8 −82.9 −6.4 −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 third-quarter real GDP was revised up 0.3 percentage point from the second estimate, primarily reflecting upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment. Imports were revised up (table 7).

  • Within exports, the upward revision was to services, led by government goods and services and by transport services.
  • Within consumer spending, the upward revision was primarily to services. The leading contributor to the revision was final consumption expenditures of nonprofit institutions serving households (mainly nonprofit hospitals).
  • Within private inventory investment, the downward revision was led by manufacturing, wholesale trade, and retail trade.
  • Within imports, the upward revision was also mainly to services, led by “other business services” (largely telecommunication, computer, and information services).
Table 7. Second and Third Estimates for the Third 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 2.8 3.1 0.3 2.8 3.1 0.3
2 Personal consumption expenditures 3.5 3.7 0.2 2.37 2.48 0.11
3 Goods 5.6 5.6 0.0 1.17 1.18 0.01
4 Durable goods 7.6 7.6 0.0 0.54 0.54 0.00
5 Nondurable goods 4.6 4.6 0.0 0.63 0.63 0.00
6 Services 2.6 2.8 0.2 1.20 1.31 0.11
7 Gross private domestic investment 1.1 0.8 −0.3 0.21 0.16 −0.05
8 Fixed investment 1.7 2.1 0.4 0.31 0.38 0.07
9 Nonresidential 3.8 4.0 0.2 0.52 0.55 0.03
10 Structures −4.7 −5.0 −0.3 −0.15 −0.16 −0.01
11 Equipment 10.6 10.8 0.2 0.53 0.54 0.01
12 Intellectual property products 2.5 3.1 0.6 0.14 0.17 0.03
13 Residential −5.0 −4.3 0.7 −0.21 −0.18 0.03
14 Change in private inventories --- --- --- −0.11 −0.22 −0.11
15 Net exports of goods and services --- --- --- −0.57 −0.43 0.14
16 Exports 7.5 9.6 2.1 0.79 1.01 0.22
17 Goods 10.3 10.3 0.0 0.70 0.70 0.00
18 Services 2.4 8.4 6.0 0.09 0.31 0.22
19 Imports 10.2 10.7 0.5 −1.37 −1.44 −0.07
20 Goods 10.6 10.7 0.1 −1.14 −1.14 0.00
21 Services 8.5 11.0 2.5 −0.23 −0.29 −0.06
22 Government consumption expenditures and gross investment 5.0 5.1 0.1 0.83 0.86 0.03
23 Federal 8.9 8.9 0.0 0.55 0.55 0.00
24 National defense 13.9 13.9 0.0 0.48 0.48 0.00
25 Nondefense 2.5 2.6 0.1 0.07 0.07 0.00
26 State and local 2.7 2.9 0.2 0.28 0.31 0.03
  Addenda:
27 Final sales of domestic product 3.0 3.3 0.3 --- --- ---
28 GDI2 --- 2.1 --- --- --- ---
29 Average of GDP and GDI --- 2.6 --- --- --- ---
30 Gross domestic purchases price index 1.9 1.9 0.0 --- --- ---
31 GDP price index 1.9 1.9 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.”