Personal income increased $75.1 billion (0.3 percent at a monthly rate) in July. Disposable personal income (DPI)—personal income less personal current taxes—increased $54.8 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $103.3 billion (0.5 percent) and consumer spending increased $103.8 billion (0.5 percent). Personal saving was $598.8 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 2.9 percent in July.
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the “second” estimate. In the first quarter, real GDP increased 1.4 percent. The GDP estimate for the second quarter was revised up 0.2 percentage point from the “advance” estimate, primarily reflecting an upward revision to consumer spending.
Worldwide employment by U.S. multinational enterprises increased 2.2 percent to 44.3 million workers in 2022 from 43.3 million workers in 2021 (revised).
A blog from BEA Director Vipin Arora
The first time a friend handed me a Rubik’s Cube I thought it would be easy to solve. I was wrong. BEA’s estimates of businesses’ inventories sometimes remind me of that experience. They seem relatively simple at first, but they turn out to be more complicated than expected.
The U.S. goods and services trade deficit decreased from $75.0 billion in May (revised) to $73.1 billion in June, as exports increased more than imports. The goods deficit decreased $2.5 billion to $97.4 billion, and the services surplus decreased $0.6 billion to $24.2 billion.
