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| Name | US GDP growth proves economy 'still robust' in Q2: Economist |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 25-07-2024 18:09:17 |
| Video Discription | The US economy grew faster than expected in the second quarter as GDP (gross domestic product) increased at a 2.8% annual pace. BlackRock global chief Investment Strategist Wei Li and EY chief economist Greg Daco join Catalysts to break down the state of the economy and what this economic expansion means for potential interest rate cuts from the Federal Reserve. "There was not a major slowdown in terms of economic activity. We still had consumers spending, although they were exercising a little bit more discretion in a high-priced, high-interest-rate environment. We still had businesses investing, especially in high growth areas and growth areas that also drive stronger productivity momentum. So those were the good signs in this GDP report," Daco says of the print. He explains that there are signs of a labor market cooldown, which in turn slows disposable income growth and ultimately causes consumers to be more cautious about their spending. He believes that July would have been an opportune time for an interest rate cut as the US saw "disinflation working its way through the economy." Li notes that information-processing-equipment spend in this GDP print grew as the AI race continues to play out. She believes there is more room for the AI trend to grow, however, she would caution investors away from an "automatic buy-the-dip strategy." She believes that second quarter earnings will be critical, and in the long term, "fundamentals will prevail." #youtube #news #stockmarket About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance |
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