The Pulse.

Here's a summary of the latest economic news for July 23, 2024:

1. U.S. GDP Growth: The real GDP in the U.S. increased at an annual rate of 1.3% in the first quarter of 2024. This marks a slowdown compared to the 3.4% growth in the fourth quarter of 2023. This revision is due to downward adjustments in consumer spending, private inventory investment, and federal government spending, which were partially offset by upward revisions in state and local government spending, nonresidential fixed investment, residential fixed investment, and exports​ (BEA)​​ (USAFacts)​.
2. Trade Deficit: The U.S. trade deficit widened to $75.1 billion in May 2024, up from $74.5 billion in April. This increase is attributed to a decline in exports that outpaced the decrease in imports. The goods deficit increased to $100.2 billion, while the services surplus saw a slight increase to $25.1 billion​ (BEA)​.
3. Personal Income and Outlays: Personal income in the U.S. rose by 0.5% in May 2024, translating to an increase of $114.1 billion. Disposable personal income also saw a similar rise, while personal outlays increased by 0.3%, indicating moderate growth in consumer spending and saving rates​ (BEA)​.
4. Corporate Profits: Corporate profits experienced a mixed performance in the first quarter of 2024. While profits for domestic financial corporations increased significantly by $73.7 billion, nonfinancial corporations saw a substantial decrease of $114.1 billion. Overall, corporate profits declined by $21.1 billion in the first quarter​ (BEA)​.
5. Global Economic Outlook: The global economy is projected to grow at a rate of 3.2% in 2024 and 3.3% in 2025. However, persistent inflation in the services sector and high interest rates are complicating monetary policy normalization. The IMF's forecast highlights the resilience of the global economy despite significant central bank interest rate hikes​ (IMF)​.

These updates provide a snapshot of the current economic conditions, reflecting both domestic and international economic activities. For more detailed information, you can visit the Bureau of Economic Analysis, USAFacts, The Conference Board, and the IMF websites.

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