GDP Research Brief: July 2024

Soft Landing Outlook Gains Further Credence from GDP, Aiding Real Estate

Consumers propel GDP to larger increase. The annualized pace of GDP growth accelerated to 2.8 percent in the second quarter, up from 1.4 percent in the opening period of 2024. Momentum came predominantly from gains in consumer spending and private nonresidential investment, particularly for transportation equipment. These drivers are likely to ease moving through the third quarter, however. Growth in real disposable personal income decelerated slightly to 1.0 percent annualized in the April-to-June period, which may lead to more circumspect spending in the months ahead. Fewer orders placed so far this year for aircraft from the major manufacturers also indicate investment in transportation equipment may slow going forward.

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