According to its initial (“advance”) estimate, real gross domestic product (GDP) increased at an annual rate of 2.8% in the second quarter of 2024 – offsetting its dismal <a href="https://www.mrctv.org/blog/craig-bannister/bea-first-quarter-personal-income-corporate-profits-revised-down-previous">1.4% first-quarter</a> increase, the U.S. Bureau of Economic Analysis (BEA) reported Thursday.

Averaged out, real GDP has increased 2.1% in first two quarters, on par with the 2.0% benchmark analysts consider to be normal, or average, growth.

Meanwhile, measures of personal income, the income that is received by persons from all sources, weakened in the second quarter, the BEA reports:

The decline in the personal savings rate is particularly noteworthy, since it reveals that Americans saved, on average, a smaller share of their disposable personal income in the second quarter.

The BEA will publish its first revision (“second estimate”) of second-quarter GDP on August 29, 2024.

<i>The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.</i>

The U.S. Bureau of Economic Analysis (BEA) released its initial (“advance”) estimate of GDP on Thursday.{ai:summary}<p>The U.S. economy woke from its first-quarter slumber, posting a 2.8% GDP growth in Q2 2024, bringing its average to a respectable 2.1%. But beneath the surface, personal income showed cracks, with slower growth in savings and disposable income, hinting at deeper troubles ahead.</p><p>The numbers might look shiny on paper, but there's a grit that suggests Americans are tightening their belts, saving less, and feeling the pinch. As we await further revisions, the question lingers: is this a fleeting high, or the calm before a storm? #economy</p>

Q2 GDP Rises 2.8%, But Personal Savings Rate Shrinks as Income Growth Slows

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