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Marketplace All-in-One

Consumer spending picks up in December

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 26 January 2024

⏱️ 1 minutes

🧾️ Download transcript

Summary

Stocks close mixed; goods and services spending rises; prices up 2.6% over the last year; pending home sales jump

Transcript

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0:00.0

This is the Marketplace Minute.

0:03.0

I'm Justin Ho.

0:05.0

Stocks were mixed on Friday.

0:06.7

The Dow rose almost two-tenths percent, but the S&P fell, less than a tenth of a percent.

0:12.0

And the NASDAQ gave up more than a third of a percent, and the NASDAQ gave up more than a third of a percent.

0:15.0

Consumer spending picked up in December, according to the Commerce Department.

0:18.0

It was up half a percent from the month before, after accounting for inflation.

0:22.0

People spent a lot on financial services,

0:24.6

insurance, health care, and recreation. They also bought a lot of goods, especially vehicles

0:29.6

and prescription drugs. The same report found that prices were up 2.6% from the same time a year ago,

0:36.2

but over the last six months prices rose around 2%, that's the inflation target the Federal

0:41.1

Reserve's been aiming for.

0:43.0

And the number of pending home sales jumped more than 8% in December,

0:47.0

according to the National Association of Realtors.

0:49.0

That's assigned that existing home sales could jump this month once those transactions are closed.

0:55.0

I'm Justin Ho with the Marketplace Minute. You're going to.

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