The U.S. economy expanded at an annualized rate of 3.1% in the third quarter of 2024, according to the "third" estimate released by the U.S. Bureau of Economic Analysis (BEA).
The U.S. economy expanded at an annualized rate of 3.1% in the third quarter of 2024, according to the "third" estimate released by the U.S. Bureau of Economic Analysis (BEA). This marks a slight improvement from the previously reported 2.8% in the "second" estimate and follows a 3.0% growth rate in the second quarter. The upward revision reflects stronger consumer spending and exports, offset slightly by downward adjustments to private inventory investment.
The increase in real GDP was primarily fueled by:
While these components boosted GDP, the rise in imports, which are subtracted from GDP calculations, and declines in private inventory and residential fixed investment partially offset the gains.
The acceleration in GDP growth from Q2 to Q3 was driven by:
These factors outweighed the larger declines in private inventory and residential fixed investment during the quarter.
In current dollar terms, GDP rose by 5.0%, or $358.2 billion, to reach $29.37 trillion, representing a $20.6 billion upward revision from the prior estimate.
The price index for gross domestic purchases increased by 1.9%, unchanged from the previous estimate. The personal consumption expenditures (PCE) price index rose by 1.5%, while the core PCE index, excluding food and energy, was revised upward by 0.1 percentage points to 2.2%.
The updated data highlights a strong U.S. economy in the third quarter, supported by solid domestic and international demand.
Source: Bureau of Economic Analysis
Renewed expectations for further Federal Reserve tightening kept the dollar supported as policymakers continued to warn about persistent inflation risks.
Fed, BOJ Hikes Lift Dollar as Oil Falls (21 – 25 September)Global markets entered the week balancing tighter monetary policy against signs of easing Middle East energy risks. The Federal Reserve remains the main macro driver after raising rates to 3.75%–4.00%, its first hike since 2023, and signaling that another increase remains possible this year. The Dollar Index advanced to 100.4, while Treasury yields remained elevated. The Bank of Japan also tightened policy, raising rates to 1.25%, although dissent within the board suggested that future increases could come at a slower pace.
Detail Falling Oil Prices Support Metals (09.21.2026)Easing oil prices offered some relief to financial markets as renewed diplomatic efforts in the Middle East reduced immediate inflation concerns.
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