$USGDPQQ -U.S GDP (Q3/2024)ECONOMICS:USGDPQQ 2.8%
Q3/2024
source: U.S. Bureau of Economic Analysis
-The US economy expanded an annualized 2.8% in Q3 2024,
below 3% in Q2 and forecasts of 3%, the advance estimate from the BEA showed.
Personal spending increased at the fastest pace since Q1 2023 (3.7% vs 2.8% in Q2),
boosted by a 6% surge in consumption of goods (6% vs 3%) and a robust spending on services (2.6% vs 2.7%), mostly prescription drugs, motor vehicles and parts, outpatient services and food services and accommodations.
Government consumption also rose more (5% vs 3.1%), led by defense spending.
In addition, the contribution from net trade was less negative (-0.56 pp vs -0.9 pp), with both exports (8.9% vs 1%) and imports (11.2% vs 7.6%) soaring, led by capital goods, excluding autos. On the other hand, private inventories dragged 0.17 pp from the growth, after adding 1.05 pp in Q2.
Also, fixed investment slowed (1.3% vs 2.3%), led by a decline in structures (-4% vs 0.2%) and residential investment (-5.1% vs -2.8%).
Investment in equipment however, soared (11.1% vs 9.8%).
