Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annu
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1), according to the "third" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent (
www.bea.gov
Gross Domestic Income and Corporate Profits
Real gross domestic income (GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points from the previous estimate (table 1).
Gross Domestic Income and Corporate Profits
Real GDI is now estimated to have increased 3.0 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.3 percent. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages. The average of real GDP and real GDI is now estimated to have increased 2.3 percent in the first quarter; in the previously published estimates, the average of GDP and GDI was estimated to have increased 1.4 percent.