Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024 (2024)

Resources

Additional resources available at www.bea.gov:

  • Stay informed about BEA developments by reading the BEA blog, signing up for BEA's email subscription service, or following BEA on X, formerly known as Twitter @BEA_News.
  • Historical time series for these estimates can be accessed in BEA's interactive data application.
  • Access BEA data by registering for BEA's data Application Programming Interface (API).
  • For more on BEA's statistics, refer to our online journal, the Survey of Current Business.
  • BEA's news release schedule
  • NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data.

Gross output is the value of the goods and services produced by the nation's economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs).

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons."

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes.

Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW.

For more definitions, refer to the Glossary: National Income and Product Accounts.

Statistical conventions

Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ "Why does BEA publish estimates at annual rates?"

Quarterly not seasonally adjusted values are expressed only at quarterly rates.

Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ "How is average annual growth calculated?" and "Why does BEA publish percent changes in quarterly series at annual rates?" Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data.

Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis.

Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2017). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2017) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate.

Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP. "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency. "Second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available.

The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign.

VintageAverage Revision
Without Regard to Sign
(percentage points, annual rates)
Advance to second0.5
Advance to third0.6
Second to third0.3
Note - Based on estimates from 1996 through 2022. For more information on GDP updates, refer to Revision Information on the BEA Website.

Annual and comprehensive updates are released in late September. Annual updates generally cover at least the five most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements.

Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate.

GDP by industry and gross output estimates are released with the third estimate of GDP.

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024 (2024)

References

Top Articles
Resorts | Royalton Resorts
Royalton Negril | Luxury All-Inclusive Resort
St Thomas Usvi Craigslist
Spectrum Gdvr-2007
Radikale Landküche am Landgut Schönwalde
Kansas City Kansas Public Schools Educational Audiology Externship in Kansas City, KS for KCK public Schools
Craigslist Cars Augusta Ga
Amtrust Bank Cd Rates
Aadya Bazaar
Cad Calls Meriden Ct
Tv Guide Bay Area No Cable
2024 Fantasy Baseball: Week 10 trade values chart and rest-of-season rankings for H2H and Rotisserie leagues
Georgia Vehicle Registration Fees Calculator
Craigslist Free Stuff Appleton Wisconsin
Costco The Dalles Or
Localfedex.com
Sportsman Warehouse Cda
Emmalangevin Fanhouse Leak
Mail Healthcare Uiowa
Wal-Mart 140 Supercenter Products
What's Wrong with the Chevrolet Tahoe?
Paula Deen Italian Cream Cake
You can put a price tag on the value of a personal finance education: $100,000
Everything You Need to Know About Holly by Stephen King
Wgu Admissions Login
Gwdonate Org
Grace Caroline Deepfake
Mills and Main Street Tour
Slope Tyrones Unblocked Games
Haunted Mansion Showtimes Near Millstone 14
Trac Cbna
Andhrajyothy Sunday Magazine
Joann Ally Employee Portal
Bill Remini Obituary
Deshuesadero El Pulpo
Boxer Puppies For Sale In Amish Country Ohio
Sand Dollar Restaurant Anna Maria Island
Bento - A link in bio, but rich and beautiful.
Divina Rapsing
His Only Son Showtimes Near Marquee Cinemas - Wakefield 12
LG UN90 65" 4K Smart UHD TV - 65UN9000AUJ | LG CA
What Are Digital Kitchens & How Can They Work for Foodservice
Natashas Bedroom - Slave Commands
Mandy Rose - WWE News, Rumors, & Updates
Craiglist Hollywood
Mars Petcare 2037 American Italian Way Columbia Sc
Elven Steel Ore Sun Haven
The Bold and the Beautiful
Market Place Tulsa Ok
Costner-Maloy Funeral Home Obituaries
Escape From Tarkov Supply Plans Therapist Quest Guide
ats: MODIFIED PETERBILT 389 [1.31.X] v update auf 1.48 Trucks Mod für American Truck Simulator
Latest Posts
Article information

Author: Francesca Jacobs Ret

Last Updated:

Views: 5797

Rating: 4.8 / 5 (68 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Francesca Jacobs Ret

Birthday: 1996-12-09

Address: Apt. 141 1406 Mitch Summit, New Teganshire, UT 82655-0699

Phone: +2296092334654

Job: Technology Architect

Hobby: Snowboarding, Scouting, Foreign language learning, Dowsing, Baton twirling, Sculpting, Cabaret

Introduction: My name is Francesca Jacobs Ret, I am a innocent, super, beautiful, charming, lucky, gentle, clever person who loves writing and wants to share my knowledge and understanding with you.