Like the British band, the new GDP data tells us the economy is in dire straits. Phil Rosen here, coming to you from Los Angeles.
I'm not much for '70s rock n' roll, but I do keep an ear to government data — and yesterday's GDP print kicked up a lot of hubbub.
This much I know for sure: GDP doesn't tell the whole story.
There's a lot of moving parts. Let's break it down.
If this was forwarded to you, sign up here>$4. Download Insider's app here.>$4
1. The technical definition of a recession is two consecutive quarters of GDP contraction, which the government $4 — the economy shrank by 0.9% last quarter after contracting 1.6% in the first quarter.
Back-to-back declines like we just saw are widely regarded as $4, but there's more at play.
First, the US economy is not officially in a recession until the National Bureau of Economic Research says so — and they haven't yet.
In Thursday comments, $4 as reason to believe the US economy isn't in a broad slowdown. There's been a flurry of $4 and unemployment remains at $4.
The country is on track to surpass its $4 this August, 30 months after the virus struck.
The same feat took 76 months after 2008, and $4.
And all the while Americans have been emptying their wallets. We spent $4 last month, and even adjusted for inflation, that's a healthy clip.
Even though the GDP just shrank in the $4, spending was still up.
So — are we in a recession?
Yes, according to one measure. all measures>$4.
You can also catch one of the editors of this newsletter, Hallam Bullock, on $4 discussing the big recession question.
In other news:
2. US stock futures rise early Friday, following a $4. The company advanced more than 4% after hours. Meanwhile, the Japanese yen is on track for its $4 in two years. $4
3. On the docket: ExxonMobil Corp., Procter & Gamble Co., AstraZeneca PLC, all $4.
4. This batch of growth stocks are cheaper than they've been in years. And Goldman Sachs said they will be able to weather a series of aggressive Fed rate hikes. $4
5. The gold market should see slower jewelry demand through the end of 2022. That's according to the World Gold Council, which pointed to a slow recovery in China and import duties in India. $4
6. Amazon stock surged 12% after hours Thursday. The Jeff Bezos-led retail giant reported a fall in quarterly operating income, but the company pointed to progress in the efficiency of its fulfillment network. $4
7. Freddie Mac noted that housing market demand continues to tumble even as mortgage rates dip. Sales activity is slumping since the market has not yet normalized, the groups' chief economist said. $4
8. Real estate investors on the sidelines said they are waiting for the right moment to jump back into the market. At this point in the current cycle, some property investors are watching the landscape change from a seller's market to one that favors buyers — $4
9. A former BlackRock investment stock chief is monitoring specific signals to identify a bottom in stocks. Bob Doll said these three signals make him believe markets haven't bottomed yet. $4
10. More than 55,000 gas stations across 17 states already have gas prices below $4, GasBuddy data shows. And prices at the pump are still slipping further after reaching record highs earlier this summer. $4
Keep up with the latest markets news throughout your day by checking out $4, a dynamic audio news brief from the Insider newsroom. Listen here.>$4
Sign up now: Ready for the next step? Whether you feel the need to get that promotion, pivot industries or simply just want to shake things up, Morning Brew offers a career Accelerator to get you where you want to go. $4
Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn>$4).
Edited by Jason Ma in Los Angeles and Hallam Bullock (@hallam_bullock>$4) in London.