The US economy experienced a growth rate of 1.4% in the first quarter of 2024, according to the Commerce Department’s final reading. This was a slight improvement from the second reading of 1.3% recorded in the previous quarter.
In the fourth quarter of 2023, the American economy grew by 3.4%, marking a significant increase from the previous period. The current dollar GDP increased by an annual rate of 4.5%, reaching $28.77 trillion in the first quarter, with a revision of $13.2 billion from the initial estimate.
The Commerce Department reported that personal income increased by $396.8 billion in the first quarter, which was slightly lower than earlier estimates. The increase was mainly attributed to rises in compensation, particularly private wages and salaries, and personal current transfer receipts. Disposable personal income grew by $240.2 billion, or 4.8%, in the January-March period, downwardly revised from earlier estimates.
Personal saving remained at $777.3 billion in the first quarter, a slight decrease from earlier estimates.
However, despite this revision, real gross domestic income increased by 1.3% in the January-March period.