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a critical rebound, or is it the calm before the storm? the data is in and the u.s. economy grew by more than expected last quarter putting an end to a six-month slump and the president is hoping this bounce gives democrats a jolt before election day. but before we discuss the political fallout let s look at the numbers. with cnn s matt egan and rahel soloman. break this down for us. does this mean we are out of the woods. unfortunately, not so much. great news that the economy bounced back last quarter. but that doesn t mean that the risk of a recession going forward has gone away. both things can be true at the same time. today s report showed that gdp increased last quarter at an annual rate of 2.6%. pretty solid. i think that plus low unemployment should put to rest this idea that the economy is already in a recession but this gdp report had concerning signals. it s really the improvement was driven by trade, exports were up. imports went down. that alone was enou ....
hello and thank you so much for joining us, i m ana cabrera in new york. surging inflation a major investigation, and a surveillance video that is shaking the nation. we are following a lot of headlines today. first, after meticulously outlining evidence, sharing new testimony to january 6th committee said it is starting producing material for the justice department. and the panel wrapping up his latest hearing with the bombshell, president trump tried to contact a witness. we dig in. plus, there s reaction to police in action. video from inside rob elementary leaked, and we can now see exactly what police were doing as they waited for more than an hour to confront the shooter. and, inflation hits a new 40 year high and we were talking gas, food, rent, the costs are surging but by how much, and why isn t it getting better? that is where we start, cnn business reporters matt egan are with us. okay 40 year inflation high but we are seeing gas prices starting to go down, s ....
quit. more than 60 million americans are under heat alerts, with temperatures expected to once again soar into the 90s and heat indexes receiving 100 degrees. newark, new jersey, hit 102, and boston hit 100 degrees yesterday. relief may be on the way for the northeast, but temperatures are now expected to build throughout the week in the pacific northwest and central plains. in california, a wildfire is raging outside yosemite national park. the oak fire it s called, which exploded over the weekend has burned more than 16,000 acres and forced evacuations of multiple towns. it s just 110% contained right now. cnn s reporter is standing by live in california with the latest on this. camilla, what are you hearing right now? reporter: hey, kate. for the first time since this fire started, we are seeing some progress, that 10% containment. it is a big deal. over the last couple of days, we ve been at sooepercent. the early morning hours, the ke cooler temperatures are real ....
cnn goes inside the children s hospital in northern gaza. one of the hospitals israel says hamas is using to shield its quote, unquote war machine. what our correspondent sees when he goes in. only three days left until a possible u.s. government shutdown, and the new house speaker is facing the same gop problem that caused the former speaker his job. can speaker mike johnson get the deal done? the fbi investigating the new york city mayor for possible foreign influence. we will hear from the mayor for the first time this morning since new details of the probe have emerged. i m john berman with kate bolduan, fredricka whitfield is in for sara sidner. cnn news central starts now. this morning, only one hospital remains operational and still receiving patients in northern gaza. according to a new report from the united nations, gaza s two largest hospitals are effectively shut down, they say, after saying that they have run out of fuel to power generators, which als ....
Imports went down. that alone was enough to flip gdp from negative to positive. also the housing market continues to really slow down this economy. i think if you zoom out there are real positives and negatives about the economy. on the positive side we have historically low unemployment tied for the lowest since 1969. gdp obviously better than expected. gas prices are drifting lower and corporate profits are still growing. there s obviously some negatives too. we learned that the tech sector is in trouble. microsoft, google, facebook, all reporting weakness in profits. mortgage rates, they keep going up, above 7% for the first time in 20 years, consumer spending has slowed then the big one, of course, is inflation. it s still way too high so that means the fed will keep slamming the brakes on the economy. next week another big interest rate hike, i think the only question is how high and for how much longer they re going to keep raising rates. rahel, explain to the average american ....