Hey there! Guess what? The U.S. economy just got a pleasant surprise! 💥
In the third quarter of 2024, the United States' real Gross Domestic Product (GDP) grew by an annual rate of 3.1% 📈. That's even better than the previous estimate of 2.8%! The U.S. Bureau of Economic Analysis (BEA) dropped this exciting news on Thursday.
So, what's behind this boost? The BEA says it's thanks to more exports and consumer spending. 🛍️🌎 People are shopping more, and U.S. products are heading abroad! But there was a slight dip in private inventory investment. 🏭
They also mentioned imports went up, which actually subtracts from GDP calculations. 📦➖
The BEA explained, \"The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment.\" They added, \"Imports, which are a subtraction in the calculation of GDP, were revised up.\" 📝
This uptick is a big deal because it shows the economy is humming along better than expected. 🎶 Let's hope this trend continues! 🤞
Reference(s):
cgtn.com
