U.S. Economy Defies Expectations: GDP Grows 2.8% in Q2
Published: Thursday, 25 July 2024 10:31 | 
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The U.S. economy showed unexpected resilience in the second quarter of 2024, with GDP growing at 2.8%, surpassing economists' expectations and accelerating from the first quarter's 1.4% growth.
This robust performance comes despite high interest rates and persistent inflation, and amidst a heated political debate about the economy's health. While President Biden touts these figures as evidence of economic strength, nearly three in five Americans incorrectly believe the country is in a recession.
The Federal Reserve is now considering when to start cutting interest rates as inflation shows signs of cooling towards their 2% target.
U.S. Dollar Stabilizes After Better-Than-Expected GDP Report
Published: Thursday, 25 July 2024 10:29 | |
| The U.S. dollar pared its losses on Thursday after data showed stronger-than-expected economic growth and slowing inflation in the second quarter. The GDP grew at an annualized rate of 2.8%, surpassing economists' forecasts of 2.0%. This positive economic data helped the dollar recover slightly against the yen and other currencies, though it remained down overall.
Consumer Sentiment Gap Raises Recession Fears
Published: Thursday, 25 July 2024 09:11 | |
| The U.S. stock market and economy are currently experiencing an unusual split, which could mean trouble is on the horizon...
There's a significant gap between the Conference Board's Consumer Confidence Index (CCI) and the University of Michigan's Index of Consumer Sentiment (UMICS), which has historically preceded recessions. In the past, this has been a reliable recession indicator.
Factors contributing to these differing perspectives include disparities in stock and home ownership, varying impacts of interest rates, and contrasting employment reports. Investors are advised to recognize the validity of both perspectives to navigate these economic uncertainties effectively.
World Gold Council: Examining the US Election's Effect on Gold
Published: Wednesday, 24 July 2024 12:05 | |
| The upcoming U.S. presidential election has significant global economic implications.. but what does it mean for gold?
The World Gold Council offers analysis based on long-term historical precedent in their latest report. In it, the WGC analysis suggests that gold bar and coin demand tends to increase during Democratic presidencies, party affiliation doesn't consistently impact gold prices during elections.
Instead, the economic policies of the elected president, both domestic and foreign, are more influential on financial assets, including gold. The current polarized political climate and global uncertainties underscore the importance of robust portfolio hedges, a role that gold effectively fulfills.
Financial Anxiety Surges: 4 in 10 Americans Worried About Paying Bills
Published: Wednesday, 24 July 2024 11:55 | |
| Nearly 40% of American adults are frequently worried about paying their bills, according to a new CNN poll.
Concerns about the rising cost of essentials like groceries, clothing, and insurance, are rising. At the same time, household debt reached $17.69 trillion in the first quarter of 2024, up by $184 billion from the previous quarter.
The level of financial anxiety surpasses that of the Great Recession era, reflecting the significant economic pressures many Americans are currently facing.