raising interest rates five times this year to combat inflation. and even with this new report, economists say people should still be bracing for the possibility of a recession in tough times ahead. so let s get to the new report and what it means and what is it doesn t. matt egan is here. and what does this good news say about what is next? well, kate, not that much. this is a rearview mirror number. it is a snapshot in time. we know the economy got knocked down in the first half of the year, but it got back on its feet this summer. gdp rising 2.6%. that is solid. consumer spends slowed but it is still positive. i think that this should silence the argument that the u.s. economy is already in recession. right. gdp is positive, the jobs market keeps chugging along. new numbers show that initial jobless claims which is a proxy for layoffs, they remain low. at pre-covid levels. how you could have a recession if you don t have playoffs. this is so confusing. because the ec
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mortgages, all kinds of debt. at the same time this is necessary in order to avoid a hard landing. so i think we re in a pretty good spot given all of the head winds in the global economy and the u.s. and matt mentioned the new snapshot of the housing market, for the first time in 20 years mortgage rates on average topped 7%. what does that add to this picture? yeah. well, it is interesting. if you look at the average cost of carrying a mortgage for most americans, that the housing market hasn t corrected too much and interest rates are so much higher, it is over50% increase year on year. so you re buying a new home. so that is a lot. i do think that we re starting to see a slow down in the house mark. i think you ll see corrections and that will bring prices down but there is no question that
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