UPDATE - US economy expands 3% in 2nd quarter

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.