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Hey friends, people are excited about what's happening on our Instagram this week.
Here's what you need to know today...
Big Picture
The US economy expanded in the fourth quarter.
Inflation keeps coming down.
Layoffs are still broadly low, despite the headline cuts.
The Market: ⬆️+1.1%
S&P 500: 4,060.431Mo: +6% | 1Yr: -6% | 5Yr: +47%
The market floated higher today after learning that the US economy has been stronger than everyone feared.
The US economy expanded in the fourth quarter as consumers kept spending more and businesses expanded. The Commerce Department reported that real GDP increased by 2.9% [🤓] in the year's final three months. A 27% plunge in residential real estate investment dragged down the overall growth of the economy.
Inflation keeps coming down. The personal consumption expenditures price index increased by 3.2%, down significantly from the 4.8% rate in the previous three months.
The jobs market is still hanging strong. Despite the headline layoff announcements extending beyond tech to manufacturing and retail, weekly layoff rates across the economy are still very low. The Labor Department reported initial jobless claims fell again last week to 186,000.
Company Scoops 🗣️🌎💰
Click to dig in & vote your reaction, see how others feel
Morgan Stanley fines workers millions for using Whatsapp
Southwest's cancellation quagmire tanks profits
(These links only work for 24 hours while the story is live)
Inside Scoop 🤓
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is how we track how much stuff the economy is producing. The actual number (~$26 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 (+2.9%), 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 (+0.7%) and not representative of the growth/decline over the past year (+1.0%).
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