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GDP growth comes at expense of consumer savings
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Show notes
Fresh data showed the economy grew faster than expected, at a 3.4% annual rate in the third quarter. Prices grew too, by 3.6%. Robust consumer spending tends to drive GDP, but the consumer savings rate — an important financial cushion — is falling. In this episode, when will strong topline economic figures catch up to a precarious consumer reality? Plus: Alphabet stock slides after a disappointing earnings report, apple orchards reap the devastating effects of unusual spring weather, and jobless stats misalign with labor market perceptions.
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Read the stories in today’s episode:
- The economy grew 3.4% this summer, but consumers got there by saving less
- Unemployment numbers are near a 57-year low. Why doesn't it feel like it?
- Here's why Alphabet stock plummeted today
- China, the world's second largest economy, considers itself "developing." Why?
- Apple-picking looks different this season after “devastating year" for orchards