UPDATES WITH ADDITIONAL FIGURES
By Ovunc Kutlu
ISTANBUL (AA) - The US economy expanded 3% in the second quarter of 2024, according to the Commerce Department's second reading released Thursday.
The figure was revised up from the initial reading of 2.8% made last month.
The American economy expanded 1.4% in the first quarter of 2024.
The current dollar GDP increased 5.5% at an annual rate, or $383.2 billion, in the second quarter to reach $28.65 trillion, the Commerce Department said in a statement.
The figure is an upward revision of $23.2 billion from the previous estimate made last month.
Personal income increased $233.6 billion in the second quarter, which was a downward revision of $4 billion from the previous estimate.
"The increase primarily reflected increases in compensation and personal current transfer receipts," said the statement.
Disposable personal income, meanwhile, increased $183 billion, or 3.6% in the April-June period – a downward revision of $3.2 billion from the initial estimate.
Personal saving was $686.4 billion in the second quarter, revised down by $34.1 billion from the previous estimate
"The personal saving rate — personal saving as a percentage of disposable personal income — was 3.3 percent in the second quarter, which was also revised down by 0.2 percentage points.