The US Bureau of Economic Analysis: The latest GDP data reflects growth in three areas, including consumer spending

On July 25, real gross domestic product (GDP) grew at an annual rate of 2.8 percent in the second quarter of 2024, according to "forward" estimates released by the U.S. Bureau of Economic Analysis. Quarter 1, real GDP grew by 1.4 percent. The increase in real GDP primarily reflected growth in consumer spending, private inventory investment, and non-residential fixed investment. The increase in consumer spending reflected growth in services and goods. Among services, the largest contributors were health care, housing and utilities, and recreational services. In goods, the largest contributors were automobiles and parts, recreational goods and vehicles, furniture and durable household equipment, and gasoline and other energy products. The increase in private inventory investment mainly reflected growth in wholesale trade and retail, which was partially offset by declines in mining, utilities, and construction. Among non-residential fixed investment, growth in equipment and intellectual property products was partially offset by declines in structural investment. The increase in imports was mainly driven by capital goods excluding automobiles.