Economy slows while inflation persists

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 25 April 2024

⏱️ 1 minutes

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Summary

Stocks fall; consumer spending slows from prior quarter; inflation nearly doubles fourth quarter pace; pending home sales rise.

Transcript

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0:00.0	This is the Marketplace Minute. I'm Justin Ho. Stocks closed down on Thursday. The Dow lost almost 1%,
0:09.0	the S&P fell almost half a percent, and the NASDAQ gave up two-thirds percent.
0:14.4	The economy grew in the first quarter at an annual rate of 1.6 percent, according to the Bureau of
0:19.2	Economic Analysis.
0:20.8	That's the slowest pace in almost two years.
0:23.0	One reason is that consumer spending slowed down.
0:26.0	People spent more on services, including health care, financial services, and insurance,
0:31.0	but they spent less on goods, especially vehicles and gasoline.
0:36.0	The same report found that prices rose almost 3.5% in the first quarter, almost twice as fast
0:41.0	as in the previous quarter.
0:42.4	Bottom line, the economy is slowing down, but almost twice as fast as in the previous quarter.
0:42.5	Bottom line, the economy's slowing down,
0:44.8	but inflation is still an issue.
0:47.4	And pending home sales rose 3.4% in March,
0:50.8	according to the National Association of Realtors.
0:53.0	It says bigger gains will only happen with lower mortgage rates and higher inventory.
0:58.0	I'm Justin Ho with the Marketplace's Minute.

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