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- Daily Scoop 22-7-28
Daily Scoop 22-7-28
👋 Your Thursday Scoops - Shell gas profits & JetBlue buys spirit
Today's Scoop:Optimistic
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Big Picture
You could say we're in a recession.
Weekly layoffs are still high.
Corporate profits aren't as bad as expected.
The Market:
⬆️
+1.2%
S&P 500: 4,072.43
1Mo:
+7%
| 1Yr:
-8%
| 5Yr:
+64%
Markets continued upward today as investors remained hopeful that the
incremental negative economic data could lead the Federal Reserve to ease up
on its restrictive policy. The Fed is trying to slow economic activity to stop prices from rising so quickly. It will likely keep raising rates if it thinks the economy can handle it.
US GDP declined 0.9% in the second quarter.
The official reading on our economic production showed the second straight quarter of declining output. That has historically been a standard definition of a recession, but the data is so mixed right now that people are hesitant to stick to it. So
you can call it a recession, but someone might debate you
. We'll dig into what's happening in the economy for the Weekly Explained on Sunday.
Layoffs declined slightly after rising for four straight weeks
but held near an 8-month high. The Labor Department reported 256,000 initial unemployment claims.
We're about halfway through earnings season, and 73% of companies have reported
higher profits for the second quarter than investors expected.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Shell
-
JetBlue
-
Etsy
-
Meta
-
Ford
(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 (-0.9%), 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 (-0.2%) and not representative of the growth/decline over the past year (+1.6%).
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