The GDP Grew 4.9 Percent, Unemployment is at a Near-Record Low … and Everybody’s Stressed About Layoffs

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 3 November 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

#470: The economy is booming. GDP grew 4.9 percent last quarter, the fastest rate of growth since 2021. Consumer spending jumped 4 percent. Unemployment is holding steady at 3.8 percent, historically low. The U.S. added net new jobs for the 34th consecutive month. And yet – people are worried. Online discussion around layoffs at its highest point since July 2020. High-profile headlines about major staffing cuts – most recently from Schwab, which is dismissing 2,000 employees – fuel these fears. Why is there such a disconnect between sentiment, which is pessimistic, and economic data, which is robust? We explore that qu estion in today’s episode. We also discuss the controversial Credit Card Competition Act, which if passed might eliminate credit card rewards like airline miles and cashback. We talk about Mint, the budgeting app with 3.6 million users, announcing that it’s shutting down. We also share details about the student loan repayment debacle. And we describe a landmark court ruling for $1.8 billion – yes, with a B – against the National Association of Realtors and several real estate brokerages, a verdict that may revolutionize the business model of how homes are bought and sold. Enjoy our First Friday of November 2023 episode! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	The U.S. economy is growing way faster than expected.
0:04.0	The entire world of real estate sales may be completely upended,
0:08.0	and inflation is at its highest point since May.
0:12.0	What is going on in today's economy? Welcome to the
0:15.6	Afford Anything podcast. The show that understands you can afford anything but
0:18.8	not everything. Every choice that you make is a trade-off against something else.
0:23.7	And that doesn't just apply to your money.
0:25.0	That applies to any limited resource you need to manage, like your time, your focus,
0:29.1	your energy, your effort.
0:30.9	So what matters most? And how do you make decisions accordingly? That is what
0:36.3	this podcast is here to explore. My name is Paula Pant. I'm the host of the show. Typically,
0:41.0	we're a weekly show we air every Wednesday-ish, but once a month, on
0:45.8	the first Friday of the month, we air a first Friday bonus episode.
0:51.3	So, welcome to the November 2023 first Friday bonus episode.
0:57.0	In our last first Friday episode, the October 2023 first Friday episode, we gave a synopsis of economic news of the moment
1:07.9	and that got very positive feedback.
1:10.8	So we're going to do that again. Let's take stock of where we are economically,
1:16.3	what is this point in time, what is our current economic situation, and where do we go from
1:21.3	here.
1:22.3	Here's what's happening in the world around us and what it means for you.
1:27.0	First, the US economy grew at a 4.9% pace last quarter.
1:31.0	That's the fastest pace since 2021.
	...

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