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Bea

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US Economy Maintains 2.8% Growth in Q3, Boosted by Consumer Spending

Originally Published 1 year ago — by Bureau of Economic Analysis

The U.S. Bureau of Economic Analysis reported that the real GDP grew at an annual rate of 2.8% in Q3 2024, consistent with the advance estimate, but down from 3.0% in Q2. The growth was driven by consumer spending, exports, and government spending, despite a downturn in private inventory investment. Current-dollar GDP rose by 4.7%, while corporate profits fell by $10.2 billion, contrasting with a significant increase in the previous quarter. Personal income and savings saw downward revisions, with the personal saving rate at 4.3%.

business economy bea corporate-profits economic-growth economy gdp us-economy

"Rising Consumer Spending Outpaces Income Amid Inflation Concerns"

Originally Published 1 year ago — by Mish Talk

The BEA's report on personal income and spending for February 2024 does not support the need for Fed interest rate cuts, as real income decreased but personal spending surged, and inflation data, particularly the PCE price index, indicates higher inflation than the Fed's target. Additionally, Apartment List reports rent prices have increased for the second consecutive month, and the Case-Shiller National Home Price Index hit a new record high, contributing to the market's expectation of Fed rate cuts despite the data not fully supporting it.

business financeeconomics bea fed financeeconomics inflation interest-rates personal-income