STORY: U.S. GDP growth in Q2 revised up to annual rate of 3.0 pct
SHOOTING TIME: Recent footage
DATELINE: Aug. 30, 2024
LENGTH: 00:02:18
LOCATION: Washington D.C.
CATEGORY: ECONOMY

SHOTLIST:
1. various of the U.S. Department of Commerce
2. various of street views in Washington D.C.
3. various of street views of Arlington, U.S. state of Virginia
4. various of a grocery store in Arlington, U.S. state of Virginia

STORYLINE:

U.S. gross domestic product (GDP) growth rate rose at an annual rate of 3.0 percent in the second quarter of this year, the Department of Commerce reported in its second estimate released on Thursday.

In the advance estimate released in late July, real GDP growth was 2.8 percent. The update primarily reflected an upward revision in consumer spending, according to the department's Bureau of Economic Analysis.

Real GDP growth in the second quarter mainly reflected increases in consumer spending, private inventory investment, and non-residential fixed investment. Imports, which are a subtraction in the calculation of GDP, also increased.

In the first quarter, real GDP increased 1.4 percent. Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.

Disposable personal income, however, grew at a slower pace in the second quarter, indicating potential weakness in consumption going forward.

The latest revision showed that disposable personal income increased by 183.0 billion U.S. dollars, or 3.6 percent, in the second quarter, a downward revision of 3.2 billion dollars from the previous estimate. This compared with an increase of 4.8 percent in the first quarter.
   
Real disposable personal income increased 1.0 percent, unrevised from the prior estimate, compared with an increase of 1.3 percent in the previous period.
   
The third and final estimate for GDP in the second quarter, based on more complete source data, will be released on Sept. 26.

Xinhua News Agency correspondents reporting from Washington D.C.
(XHTV)