Commerce Department's GDP releases for 2024

US Q3 GDP Revised Up to 3.1% on Strong Consumer Spending

Dec 19, 2024, 02:08 PM

The US economy grew at an annual rate of 3.1% in the third quarter of 2024, according to revised figures from the Commerce Department, exceeding expectations of 2.8% and up from the previous estimate of 2.8%. The stronger growth was driven by robust consumer spending, which increased by 3.7%, higher exports, and increased business fixed investment. The Core PCE Price Index, the Federal Reserve's preferred inflation gauge, rose by 2.2%, indicating easing inflation pressures. The GDP Price Index remained at 1.9%. This marks the fastest pace of economic expansion since late 2023, demonstrating the economy's resilience despite high interest rates.