Hardware Retailing The Industry's Source for Insights and Information
The U.S. economy grew at 2.8% in Q3 2024, according to the estimate released by the Bureau of Economic Analysis. This growth follows a 3.0% increase in Q2 of 2024. This quarter’s growth matched the National Association of Home Builders (NAHB) forecast.
The data from the GDP report says inflation is cooling, as it rose 1.8% in Q3, down from a 2.5% increase in Q2 of 2024.
The Personal Consumption Expenditures Price (PCE) Index, which measures inflation
(or deflation) across various consumer expenses and reflects changes in consumer behavior, rose 1.5% in the third quarter.
This is down from a 2.5% increase in the second quarter of 2024.
This quarter’s increase in real GDP primarily reflected increases in consumer spending, exports and federal government spending.
Consumer spending rose 3.7% in Q3, marking the highest growth rate since Q1 of 2023.
The increase in consumer spending reflected increases in both goods and services. While goods spending increased at a 6.0% annual rate, expenditures for services increased 2.6% at an annual rate.
The U.S. trade deficit increased in the third quarter, as imports increased more than exports. A wider trade deficit shaved 0.56 percentage points off GDP.
