Q1 Update Reveals US Economy Grew Slower Than Initially Thought
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Q1 Update Reveals US Economy Grew Slower Than Initially Thought
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported.
.
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economy’s core — private
domestic sales to domestic
purchasers — showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend.
.
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2.
.
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%.
.
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
New US Home Construction , Sinks to Slowest Pace in 4 Years.
Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports. .
Housing starts dropped 5.5%,
and building permits dipped 3.8%.
Home completions also fell to the lowest amount since September 2022.
High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.
But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.
The weakest U.S. housing starts
since the pandemic-led shutdowns
are fairly convincing evidence of
restrictive monetary policy. , Sal Guatieri, senior economist at BMO Capital Markets, via note.
While a growing population and
workforce are providing some support,
US home builders won’t become
busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.
Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.
However, continuing claims rose
for a seventh consecutive week
Credit: Wibbitz Top Stories Duration: 01:30Published
How to Reach , Financial Freedom .
How to Reach , Financial Freedom .
It's never a bad time to try to
get your finances in order.
Here are a few ways to ensure that
your efforts aren't going to waste:.
Embrace
the Truth.
Finance experts say a proper understanding of your fiscal situation could help you progress your wealth.
What’s coming in?
What’s going out?
And where
is it going? , Jean Chatzky, personal finance expert, via Yahoo! Money.
Be Yourself.
Saving money is important, and experts say not to allow outside influences to force you to spend money you don't have.
If you can shut the rest of the world out, whether that is shutting out your colleagues and your friends, Jean Chatzky, personal finance expert, via Yahoo! Money.
or whether that is shutting out social media because it’s telling you to buy certain things or to wear certain things, , Jean Chatzky, personal finance expert, via Yahoo! Money.
you’re going to be much
more successful in getting
to what your ultimate
goals actually are. , Jean Chatzky, personal finance expert, via Yahoo! Money.
Find a Better Job.
Experts say if you desire higher compensation for your work,
look for opportunities elsewhere.
Experts say if you desire higher compensation for your work,
look for opportunities elsewhere.
Switching jobs is probably the best way to get a substantial raise in your salary. , Jean Chatzky, personal finance expert, via Yahoo! Money
Credit: Wibbitz Top Stories Duration: 01:18Published
Nvidia Looks to , Accelerate Production , With New Packaging Technology.
Yahoo Finance reports that Nvidia Corp has announced
plans to use Fan-Out Panel Level Packaging (FOPLP)
technology to package its GB200 AI server chips.
The change was reportedly made to address production constraints
on the currently used Chip on Wafer Substrate (CoWoS) packaging
used at the Taiwan Semiconductor Manufacturing Company.
The change was reportedly made to address production constraints
on the currently used Chip on Wafer Substrate (CoWoS) packaging
used at the Taiwan Semiconductor Manufacturing Company.
According to industry experts, FOPLP
could be a viable alternative to CoWoS
amid the increasing demand for AI chips. .
Analysts consider Nvidia the premier accelerated
compute and generative AI supplier, backed
by production plans with Blackwell Chip. .
Over the past year, stock in
Nvidia has gained over 184%. .
On May 29, shares in Nvidia were up
0.89% at $1,149.10 in premarket trading. .
Yahoo Finance reports that a growing
number of packaging companies are
getting ready to offer FOPLP services. .
Yole Group has predicted that
its market share will increase
from 2% in 2022 to 8% by the year 2028.
The gains are expected to primarily
be driven by higher yields and
increasing cost efficiency.
Experts point out that while FOPLPs could reduce cost
and expand capacity, they have weaker technical
specifications compared to the current CoWoS standard
Credit: Wibbitz Top Stories Duration: 01:31Published
How to Manage , Mounting Nationwide , Credit Card Debt .
According to TransUnion data, the average
credit card debt per borrower in the United States
has increased 8.5% year-over-year, reaching $6,218. .
The added pressure on consumers has made
it even more difficult to pay down their debts. .
Yahoo Finance recently sought expert advice
for insights into how Americans can manage
amid the current levels of credit card debt.
Discover Personal Loans Vice
President Dan Nickele highlights the debt
management benefits of personal loans.
One of the great things
about a personal loan is
that you can check your
rate without impacting your
credit report, so you can
explore your options. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
And I think options are a consumer's
best friend, especially somebody
who's trying to manage their debt. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
So I would encourage somebody
who thinks they might have a savings
opportunity to go out and figure out
what rates they can actually earn,
explore their options for
payments and rates, Dan Nickele, Discover Personal Loans Vice President, via Yahoo Finance.
Yahoo Finance points out that while the pace
of inflation showing signs of moderating, consumers
are still facing increased pressure on their budgets.
At the same time, Bank of America's annual Homebuyer
Insights Report found that 72% of potential homebuyers
are concerned about ongoing rent increases. .
A National Institute on Retirement Security
also found that 79% of Americans expressed
pessimism amid a retirement savings crisis
Credit: Wibbitz Top Stories Duration: 01:31Published
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