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CNN CNN Newsroom With Ana Cabrera July 7, 2024



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 ....

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CNN CNN Newsroom With Ana Cabrera June 4, 2024 17:02:00

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 ....

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