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- Daily Scoop 22-10-27
Daily Scoop 22-10-27
👋 Your Thursday Scoops - Credit Suisse' dramatic changes & Shell's big profits
Today's Scoop:Mixed
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Big Picture
The economy is growing again.
Inflation is trending lower.
Consumers haven't stopped spending.
The Market:
⬇️
-0.6%
S&P 500: 3,807.30
1Mo:
+2%
| 1Yr:
-17%
| 5Yr:
+47%
The market drifted lower today, dragged down by more uninspiring financial updates from Big Tech.
The US economy expanded again last quarter after contracting for the first six months of the year.
The Commerce Department reported real Gross Domestic Product grew 2.6%, faster than economists expected.
The report demonstrates more resilience in the economy than we thought.
The biggest hit to economic activity was slower homebuilding. Housing demand is slipping from last year's boom.
Consumer spending makes up almost 70% of the economy, and
personal consumption expenditures increased
by 1.4% through September. That's more than economists expected, but consumers aren't increasing their spending as much as they were in previous quarters.
There are more signs that living costs aren't rising as quickly.
The Federal Reserve's preferred inflation metric, the personal consumption expenditures price index, rose 4.2%, down sharply from the 7.2% last quarter.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Shell
-
Meta
-
Ford
-
Credit Suisse
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McDonald's
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
Gross Domestic Product (GDP)
is how we track how much stuff the economy is producing. The actual number (~$25 trillion) doesn't matter as much as the direction and magnitude. We track the growth rate of
real GDP
(inflation-adjusted) to know whether the economy is expanding or contracting from the previous quarter. The reporting style can be a bit confusing. The main number you hear will be an annualized growth rate (+2.6%), representing how much the GDP would increase/decrease if it hypothetically grew at that rate for an entire year. It's different from how much our production increased/decreased quarter-to-quarter and not representative of the growth/decline over the past year.
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