Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2024 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.6 percent. The update primarily reflected a downward revision to consumer spending (refer to "Updates to GDP"). The increase in real GDP primarily reflected increases ... (full story)

The economy expanded at a 1.3% seasonally adjusted annual rate in the first quarter of this year, the Bureau of Economic Analysis reported Thursday in a downward revision. Economists had expected a slight downward revision in the second update, with the consensus forecast expecting GDP to pruned to 1.2%. First-quarter GDP has fallen three tenths of a percentage point since the preliminary report. The latest update, the second of three, shows that first-quarter GDP growth was lower than the preceding quarter’s 3.4% clip. The Bureau of Economic Analysis updates its GDP estimates over the course of several weeks as ... (full story)