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MSNBC Jose Diaz-Balart Reports July 7, 2024



government reported a second straight quarter of negative economic growth. so this complicated picture is why president biden is pushing back against talk of a recession. with both senator schumer and manchin. that s consistent with the transition to a stable steady growth and lower inflation, but if you look at our job market consumer spending, business investment, we see signs of economic progress in the second quarter as well. joining us now to take a closer look at this, cnbc senior economics reporter steve liesman and ben white, politico chief economic correspondent and host of the politico money podcast. steve, when you take all of this data into account, all these indexes, what does it tell you about the state of the economy right now? it tells us that for sure the economy has slowed. remember, we did like 6% growth in the fourth quarter and now we ve come off two quarters in a row. the first quarter we came off because of what was happening with inventorie ....

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MSNBC Jose Diaz-Balart Reports June 4, 2024 14:02:00

In the fourth quarter and now we ve come off two quarters in a row. the first quarter we came off because of what was happening with inventories. think what s happening in the pandemic era when it comes it a rubber band imports and exports in inventories and then stretching out and loose anything out. the ports are own, the ports are closed. the first quarter was a bit of an anomaly in that we had really negative numbers on inventory and trade. the second quarter is really showing the slowdown. why? because business investment and consumer spending both were very weak. it doesn t tell us we re in a recession right now. it tells us there s a risk of recession, and then the other side of that coin essentially is the strength of the job market which shows two job openings for every unemployed person out there. we re about 5 million extra job openings than the normal run rate so it s a little hard to have a recession when you have the strong job numbers. now just be careful because they ca ....

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