Split Gross Domestic Product, 3rd Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary) / Personal Income and Outlays, October 2024
Gross Domestic Product, Third Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary)
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the "second" estimate. In the second quarter, real GDP increased 3.0 percent. 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.
Personal Income and Outlays, October 2024
Personal income increased $147.4 billion (0.6 percent at a monthly rate) in October. Disposable personal income (DPI)—personal income less personal current taxes—increased $144.1 billion (0.7 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $69.8 billion (0.3 percent) and consumer spending increased $72.3 billion (0.4 percent). Personal saving was $962.7 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent in October.
