ISTANBUL: The US economy expanded 2.8% in the third quarter of 2024, according to the Commerce Department's first advance reading released Wednesday. The figure came lower than market estimates of 3%. The American economy expanded by 3% in the second quarter of 2024. The current dollar GDP increased 4.7% at an annual rate, or $333.2 billion, in the third quarter to reach $29.35 trillion, a Commerce Department statement said. "In the second quarter, GDP increased 5.6 percent, or $392.6 billion," it added. Current-dollar personal income increased $221.3 billion in the third quarter, up from gains of $315.7 billion in April-June, according to the agency. "The increase primarily reflected an increase in compensation," said the statement. Disposable personal income, meanwhile, increased $166 billion, or 3.1% in July-September, following an increase of $260.4 billion, or 5%, in the second quarter. Personal savings, however, were 1.04 trillion in the third quarter, down from $1.13 billion in the second quart er. "The personal saving rate - personal saving as a percentage of disposable personal income - was 4.8 percent in the third quarter, compared with 5.2 percent in the second quarter," the statement said. Source: Anadolu Agency