The United States economy slowed in the third quarter of 2024, according to the Commerce Department.
The Department’s Bureau of Economic Analysis said real gross domestic product (GDP) increased at an annual rate of 2.8% in the third quarter (Q3), compared with a 3% rise in the second quarter.
“The increase in the third quarter primarily reflected increases in consumer spending, exports, federal government spending, and business investment. Imports, which are a subtraction in the calculation of GDP, increased,” the Bureau said in a media release.
“Compared to the second quarter, the deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending, and federal government spending. Imports accelerated.”
This was the second of three estimates of U.S. Q3 real GDP, with an advance estimate last month also showing 2.8% growth and a final report due on 19 December.
The second estimate reflected upward revisions to private inventory investment, non-residential fixed investment, state and local government spending and residential fixed investment, and downward revisions to exports, consumer spending, and federal government spending and imports.
