U.S. economic growth slowed in the first three months of 2023

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 25 April 2024

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

GDP grew by a lower than expected 1.6%; Initial jobless claims fell to 207,000 last week; Pending home sales rose 3.4% in March; Meta spending on AI triggers selloff in shares.

Transcript

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0:00.0	The U.S. Economy tapped the breaks in the first three months of the year.
0:05.0	I'm Novasafa with the Marketplace Minute.
0:07.0	The Labor Department's initial estimate of the nation's gross domestic product
0:11.0	came in lower than many economists were expecting.
0:13.4	GDP grew in the first quarter but at a slower pace.
0:17.1	It was up 1.6%, that's compared to 3.4% in the preceding quarter.
0:23.2	Initial claims for unemployment benefits last week fell slightly from their already low levels down to
0:28.3	207,000.
0:30.4	Continuing claims also fell.
0:31.5	They're below 1.8 million. Pending home sales, that means signed real estate
0:36.5	contracts, grew in March up 3.5 percent. That's according to the National Association of
0:41.5	Realtors. Mortgage rates last month were lower than they are now.
0:46.0	Meta shares plunged following the company's latest earnings report.
0:49.2	It more than doubled quarterly profit, but CEO Mark Zuckerberg said
0:53.0	we'll be spending more on AI without initially seeing much revenue in return.
0:58.0	That triggered a sell-off in Met a stock.
1:00.0	I'm Novasafo with a marketplace minute.

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