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Marketplace All-in-One

Services spending drives GDP growth

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 26 October 2023

⏱️ 2 minutes

🧾️ Download transcript

Summary

Stocks fall; plane tickets and health care spending picks up; durable goods orders rise; UPS lowers revenue forecast.

Transcript

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0:00.0

This Marketplace podcast is supported by principal financial group.

0:04.9

Let's face the facts.

0:06.5

Everyone wants to feel valued, especially your employees.

0:10.1

In fact, a 2023 study found 78% of business owners say benefits and retirement plans improve employee retention.

0:18.7

Employees want to feel secure in their jobs and their finances.

0:23.1

At Principal, they help you invest in your people,

0:26.2

because investing in your people is investing in your business.

0:30.5

Learn more at principal.com slash benefits products and services offered by member companies of the principal financial group Des Moines, Iowa.

0:38.8

For important information, visit principal.com slash disclosures.

0:44.8

This is the Marketplace Minute.

0:46.5

I'm Justin Hubb stocks closed down on Thursday.

0:50.2

The Dow fell three quarters percent, the SMP lost one and two tenths percent, and the NASDAQ lost one and three quarters percent.

0:57.7

Economic growth picked up in the third quarter according to the Bureau of Economic Analysis.

1:02.1

GDP increased at an annual rate of nearly five percent.

1:05.5

A big reason is consumer spending after adjusting for inflation, spending on services rose.

1:11.3

Meanwhile, more durable goods were ordered in September than in August, according to the Commerce Department.

1:16.5

That includes orders of computers and machinery.

1:19.4

Aircraft orders rose, too, but that number can be volatile month to month.

1:23.9

And UPS says it's on track to make less money this year than it previously thought.

1:28.5

That's in large part because of weak demand.

1:30.9

UPS says it's focusing more on health care logistics, which is more profitable.

1:35.5

I'm Justin Hubb with the Marketplace Minute.

...

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