The Growing U.S. Economy
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Welcome to the drill on money show its friday, november first. And we are here trying to help you make Better financial decisions. And one of the ways that we do that is we ask you to do a little bit of work. We ask you to go to our website, jill, on money, and when you're there, you just go to the upper right hand corner.

You click the contact us button and of course, let us know if you'd be willing come on mir by checking that all important box that will then prompt mark mark lear sale, the best executive producer in the world, to get on IT and he will schedule the time for you to join us on the air life. So while you are on website, please, if you would sign up for a free weekly newsletter, comes out every friday that would be today in that newsletter, mark finds the interesting stories that you may have missed during the week, and it's pretty easy read. And so why not do IT it's free.

No, that's fun. But if you're got a whole burning in your pocket, you wanted spend a few bucks, then you can subscribe to the jail on money live service. This is where for just thirty five dollars, you have access to four quarterly live webinars, the back catalogue, another bonus content.

And our next upcoming webinar, just a couple of weeks, is a focus on year and money moves and tax lost harvest testing with Michael goodman. He is A C, F, P, and A C, P. A.

He's been on the program before. But I think this is a great time for you really about those statements and asked the questions. Michael is so smart, I think you really enjoy him.

So that is on thursday, november thirteen, seven P M. Eastern time for those folks who are subscribers to jail on money live. okay. Now that's a little bit of business. Let's get to what's going on in the economy because a lot of people are trying to figure out how the heck we ended up avoiding a recession. I can't exactly say that IT is the federal because, after all, the fed kind of started their rate hiking campaign a little bit late.

To me, they started cutting a little bit too late, but IT does appear that there will be a soft landing, meaning IT looks like even though we had really high flame and the fed jammed ed up interest strates to twenty three year eyes, that we have somehow avoided a recession. I know we're supposed to get one in twenty two or twenty three didn't happen anyway. I wanted to talk a little bit about what's going on economy because there seems to be this generalize, said about half of the country, at least according to a gala poll, just doesn't feel good about the economy.

I would like to say that IT is nothing to do with partisanship. Maybe IT is, maybe IT isn't. Maybe everything is new ones anyway.

But I want to bring this to the four, because we are days before the election, and we are hearing so much about the economy. And so I went on cbs mornings yesterday to talk about the gross domestic product. That's a report that measure sort of everything in the economy, that growth rate or contraction if we are shrinking and in a recession.

So in this segment, i'm talking to our anchor net, burleson, and we are discussing the GDP report, which came out the day before yesterday and also where we expect the fed to go next. So let's air the segment. And then right after, I want to talk a little bit more about some things that I didn't exactly get to cbs .

news business analyst la gil lessens here to break IT all down. Good morning. Good morning. I so this is the latest measure, the economy, before the election next week. What does this GDP report tells?

The economy is on solid foot. And we had a rough first quarter to start. We came back in the second quarter, now the third quarter, and this is being propelled by consumers. Consumers really opened up their wallets in the third quarter. It's pretty remarkable considering we thought we were going to be in a recession in twenty two or twenty three, and now we're still growing.

So this is a good result. Um okay. So the data suggest that the economy is still high and people are still feeling the pain from the high Prices but wages or also with inflation.

Yeah this is a really hard thing. Yeah okay. So here's what happens.

You get a wage increase and you think you've n IT. But part of that wage increase has to do with inflation. Remember, we had a labor shortage.

People had to make more money to be able to afford dd stuff. And so wages went up. And right now, if you look back five years, wages, when you adjust for inflation, are higher than they were in twenty nineteen.

But IT, is that that real shadow of the high Prices that spooks us are here on halloween. And I think what's important to remembers that, you know, this economy doesn't treat everyone equally. I give you a chart like that and I say, oh, everyone should feel good, but IT depends who you are.

Yes, let's say you rent if you are renter, you went up about twenty five percent in the last five years. Let's say you're a home monter. You've had a locked in low rate mortgage for five years. You feel Better as a hooever than you do as a renter. So each person is gonna this economy differently.

IT will be making their next decision. Interest rates right after the election.

What do you expect? I think we are probably going to see another reduction this time, a quarter of a percentage point instead of a half, and that will be next thursday. IT is not political. This is a pretty dule meeting. And I think this is going to be good news for people .

who are borrowing. What about the new .

employment that are coming up? Ignore IT. It's gonna a crazy one because of bowing and because .

of the two hurricanes OK. So the U. S.

Economy is doing well. That's clear. What's also clear that the us. Has far outperformed other develop nations during these covered recovery years.

And people say me, what does that due to? I think IT has a lot to do with consumers, but also american businesses and how we've LED with technology. And the numbers are pretty stark.

If you go back to the fourth quarter twenty twenty and you go to not even the third quarter growth, but the second quarter of growth, the U. S. Real GDP growth is ten point seven percent.

Number two, canada at about half that five and a half percent, and the entire european unit of four point four percent. And each of these countries all develop nations, experiences inflation, and each of these countries had slightly different responses. Our central bank seem to be first when I started to raise interest rates.

But IT is the dynamism of the U. S. Economy that has brought us to this place. That said, as I noted, people are really feeling squally about the economy. And when you look at that, I think he has every everything to do with Prices.

You know, when we look at the Price of something in the supermarket, if you look at the Price of your health care, if you look at something like a line in the sand for you, oh, IT costs me this much money to go grocery shopping. IT is hard for you to get used to that. What I know is that you are going to get used to IT.

It's just that we've had this condenser period of time, let's call IT, you know, twenty twenty to twenty twenty four where we had Prices go up by, let's call IT around twenty percent. And that happens so quickly that IT is really unnervingly. This is the long shadow of inflation.

They are not just looms over us as human beings and as consumers, but also over the election. So the numbers they are the numbers I can tell everybody, the economies doing well and that we're on strong footing. People feel what they feel.

And I never wanted discount someone's feelings, but if you are going to get into an argument weekend with somebody who doesn't believe you and your feelings, or you're trying out numbers to prove your point, let me use myself as an example. Don't get into that conversation. I love to try out the data to try to prove my point, and you know what doesn't usually work.

So listen to whatever someone saying, and then talk about what you're streaming, talk about the dangerous Victory in the world series, talk about whatever else you wants to talk about, but try not to convince someone with facts only, because I really does take two people who want to actually shift and have a conversation about something like this to actually make IT worthwhile. So that's IT dos, my two sense, trying to get into IT with anybody. And if you'd like to, then they'll bring him on the air.

And and maybe I can get into IT with them, but I do IT much more gently. I know it's hard you get really emotional about these things. So that's IT.

Okay, that is the program today. A little icon, one to one and inflation, one to one. And really relationships want to want.

If you've got a financial question, don't forget you can just go to jill on money dot com, click the contact us button and let us know if you would like to come on the air. You can subscribe to us on the odessa apple. Whatever you find your favorite podcast, please leave us a rating and review wherever you listen.

Our music is composed by joe goodman. Mark layer suit is our executive producer and web king. We are distributed by auto sy.

Please try to lift someone up, change your work, change your wealth, change your life. Thank you for listening. I'll talk you tomorrow.

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