The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. GDP increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast. This was the third and final estimate for Q1 GDP. The growth rate was 2.6% in the fourth quarter.
In this episode of The Higher Standard, Chris and Saied examine this news and determine the effect it will have on the economy as a whole.
They discuss data from Realor.com, indicating that the number of homes for sale this month was actually 7% higher than June of last year. However, in just the last week, that comparison went negative, with the number of homes for sale falling below year-ago levels for the first time in 59 weeks.
Chris and Saied look at a report from the Labor Department, shown that initial jobless claims decreased by 26,000 to 239,000 in the week ended June 24, lower than all the estimates given in a recent survey of economists.
They also offer some thoughts on cryptocurrency's lack of government regulation and the opportunities it offers to traders wishing to bypass government red tape. However its lack of formal oversight also makes it ripe for abuse.
Join Chris and Saied for this fascinating and informative conversation.
Enjoy!
What You’ll Learn in this Show:
- Why luxury watch prices are near their lowest level in two years.
- Why positive GDP growth means the economy is in expansion mode.
- Why mortgage rates are about to go higher.
- And so much more...
Resources:
"First-quarter economic growth was actually 2%, up from 1.3% first reported, in major GDP revision" (CNBC via Instagram)
"World's dealmakers are down $1 trillion in one of worst years for M&A and IPOs in decades" (Bloomberg Business via Instagram)
"Dealmakers Adrift as $1 Trillion Vanishes in First Half" (Bloomberg)
"Prices for luxury Swiss watches are near the lowest in almost two years on the secondary market" (Businessweek via Instagram)
"Popularity of Apps for Early Paydays Masks Added Risks" (Bloomberg)
"House hunting is already tough. Guess what? It’s about to get harder" (CNBC)
"First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision" (CNBC)
"He lost $340,000 to a crypto scam. Such cases are on the rise" (NPR)
https://www.npr.org/2023/06/25/1180256165/crypto-scam-senior-victims-spirebit
"US Jobless Claims Drop by Most Since 2021 in Holiday Week" (Bloomberg)
"Airbnb Could Be in Trouble — Here’s What You Need to Know" (Architectural Digest)
