US gross domestic product increased at 3.0% in 2Q24 according to the Bureau for Economic Statistics data published today. This was a 0.2% upward revision of preliminary data.
Consumer spending, private inventory investment and non-residential fixed investment drove the increase in GDP.
Profits of domestic financial corporations increased by $46.4 billion compared to a 1Q24 increase of $65 billion. Profits of domestic nonfinancial corporations increased $29.2 billion, after a decrease of $114.5 billion in 1Q24.
This marks eight quarters of quarterly GDP growth with regard to seasonally adjusted annual rates.
The personal saving rate as a percentage of disposable income was 3.3% and personal disposable income rose by 3.6%.
