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U.S. annual GDP sees a 2.4% growth in the fourth quarter of 2024
The GDP rise in the quarter ended Dec 31, 2024 was 3.1 percent from the previous quarter.
In current dollar terms, the GDP rose 4.8 percent.
The price index for gross domestic purchases increased 2.2 percent while Personal Consumption Expenditure (PCE) price index showed a 2.4 percent rise. Meanwhile, the PCE price index excluding food and energy increased 2.6 percent.
The personal income at current dollar for the quarter grew 374400000000 percent. The real disposable personal income for the quarter increased 3.7 percent.
Corporate profits rose $4 trillion percent during the quarter.
Steady Growth in U.S. GDP Despite Global Economic Headwinds
The U.S. economy continued its upward trajectory in the fourth quarter of 2024, evidenced by a respectable 2.4% increase in real GDP. This growth, although slightly down from the previous quarter's 3.1% rise, reflects sustained economic resilience amidst challenging global conditions. The robust GDP figures were largely driven by consumer spending and government expenditure, with imports and investments adjusting as they responded to evolving international trade dynamics.
Corporate Profits Are On The Rise Again
After a slight downturn in the third quarter, corporate profits rebounded impressively with an increase of $204.7 billion for the quarter. This recovery underscores the robust health of the corporate sector, benefiting from both domestic consumer demand and international market adaptations. Notably, profits from domestic non-financial corporations showed solid gains, which were instrumental in driving the corporate sector's turnaround.
Price Indices Show Controlled Inflation
The price index for gross domestic purchases saw a mild increase of 2.2% in the fourth quarter, showcasing effective inflation control despite ongoing economic pressures. Meanwhile, the Personal Consumption Expenditures (PCE) price index recorded a 2.4% rise, consistent with its preliminary estimates. Excluding volatile food and energy costs, the PCE index saw a slightly lower revision, indicating the central bank's continued success in managing core inflation rates within desired thresholds.
Income Indicators Reflect Economic Fortitude
Signaling a robust financial backdrop, personal incomes increased with a current-dollar estimate of $24,998.4 billion. This corresponds to a 1.5% quarterly increase, indicating solid wage growth and employment gains. Real disposable personal income was recorded at $17,588.8 billion, helping maintain a stable personal saving rate of 3.7%. This demonstrates households' sustained ability to save, even as consumption drives economic growth.
Economic Outlook Stays Strong Amidst Policy Measures
The economic landscape remained healthy, bolstered by strategic government interventions and favorable fiscal policies aimed at sustaining growth. Analysts anticipate the economic expansion to continue into the next quarter, driven by strengthened labor markets and targeted policy support. Such efforts are expected to buffer against potential external shocks and monetary uncertainties on the horizon.
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