The second estimate released Thursday by the U.S. Bureau of Economic Analysis revised the real GDP up by less than 0.1 percentage point from the previous month’s advance estimate. The U.S. economy experienced a slowdown in growth during the fourth quarter of 2024, with real GDP increasing at an annual rate of 2.3%, down from 3.1% in the third quarter.
The slight upward revision was due mainly to higher-than-expected increases in government spending and exports, which were partially balanced by lower-than-expected adjustments in consumer spending and investment.
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The price index for gross domestic purchases increased 2.3% in the fourth quarter, revised up 0.1 percentage point from the previous estimate.
The personal consumption expenditures (PCE) price index increased 2.4%, revised up 0.1 percentage point.
Excluding food and energy prices, the PCE price index increased 2.7%, revised up 0.2 percentage point.
Real GDP increased 2.8% in 2024 (from the 2023 annual level to the 2024 annual level), as previously estimated.
The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending and exports.
The price index for gross domestic purchases increased 2.4% in 2024, revised up 0.1 percentage point.
The PCE price index increased 2.5%, as previously estimated.
Excluding food and energy prices, the PCE price index rose 2.8%, also as previously estimated.
Futures on U.S. equity indices are moving higher in Thursday's premarket session. Contracts on the blue-chip index were 0.16% higher at 8:50 a.m. in New York.
S&P 500 futures were 0.57% higher, after the SPDR S&P 500 ETF Trust ( SPY ) closed 0.05% higher on Wednesday.
The benchmark 10-year yield rose to 4.286%. Gold, as tracked by the SPDR Gold Trust , fell 1% to $266.32.
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