financetom
Economy
financetom
/
Economy
/
US second-quarter economic growth unrevised; GDI revised sharply higher
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US second-quarter economic growth unrevised; GDI revised sharply higher
Sep 26, 2024 6:55 AM

WASHINGTON (Reuters) - U.S. economic growth accelerated in the second quarter amid strength in consumer spending, the government confirmed on Thursday.

Gross domestic product increased at an unrevised 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its third estimate of second-quarter GDP on Thursday. Economists polled by Reuters had forecast GDP would be unrevised at a 3.0% pace.

Growth in the first quarter was revised up to a 1.6% rate from the previously reported 1.4% pace.

The government revised the national accounts data from the first quarter of 2019 through the first quarter of 2024. The revisions showed economic growth and corporate profits were stronger in 2023 than previously estimated.

The revision narrowed the gap between GDP and gross domestic income (GDI), an alternative measure of economic growth. Some economists have argued the gap suggested that GDP was overstating the economy's health.

GDI, which measures economic activity from the income side, increased at a 3.4% rate last quarter, revised up from the initially estimated 1.3% pace. It rose at an upwardly revised 3.0% pace in the January-March quarter. GDI was previously reported to have increased at a 1.3% rate in the first quarter.

In principle, GDP and GDI should be equal, but in practice they differ as they are estimated using different and largely independent source data.

The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 3.2% rate last quarter. That was revised up from the previously estimated 2.1% pace. Gross domestic output advanced at a 2.3% pace in the first quarter, revised up/down from the previously reported 1.4% pace.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US House looks to pass stopgap funding bill to avert shutdown, Speaker Johnson says on NBC
US House looks to pass stopgap funding bill to avert shutdown, Speaker Johnson says on NBC
Mar 2, 2025
WASHINGTON (Reuters) - U.S. House Speaker Mike Johnson said on Sunday he hoped to pass a clean stopgap federal funding bill that would freeze funding at current levels to avert a partial government shutdown that could otherwise go into effect on March 15. We are working hard to do our responsibility to keep the government open. Democrats have to help...
China February manufacturing hits 3-month high, but US tariff war clouds outlook
China February manufacturing hits 3-month high, but US tariff war clouds outlook
Feb 28, 2025
* Official manufacturing PMI at 50.2 in February, best since November * Non-manufacturing growth in February quickens to 50.4 * Readings point to improving domestic demand (Recasts, adds analyst comment in paragraphs 9-10, context throughout) By Joe Cash BEIJING, March 1 (Reuters) - China's manufacturing activity expanded at the fastest pace in three months in February as new orders and...
US Commerce Secretary wants to remove government spending from GDP
US Commerce Secretary wants to remove government spending from GDP
Mar 2, 2025
WASHINGTON (Reuters) - U.S. Commerce Secretary Howard Lutnick said on Sunday he would strip out government spending from the gross domestic product (GDP) report, but gave no indication how soon this change might happen, while dismissing fears of a possible recession. You know that governments historically have messed with GDP, Lutnick said during an interview on Fox News Channel's Sunday...
Alaska Air flight attendants ratify labor contract
Alaska Air flight attendants ratify labor contract
Feb 28, 2025
(Reuters) - Alaska Air ( ALK ) flight attendants have ratified a new three-year labor contract, a union representing the workers said on Friday. The Association of Flight Attendants-CWA, the union representing the attendants at the Seattle-based carrier, said that 95% of the votes cast supported the new agreement. The ratified agreement would provide attendants with pay increases ranging from...
Copyright 2023-2025 - www.financetom.com All Rights Reserved