What we’re reading (4/29)
“U.S. Economy Grew At 6.4 Percent Annual Rate In First Quarter As Consumer Spending Drives Robust Recovery” (NBC News). “The reopening economy surged in President Joe Biden's first 100 days, with U.S. gross domestic product hitting 6.4 percent, the best quarterly reading since 2003. U.S gross domestic product, or GDP, a measure of the total amount of goods and services produced, hit 6.4 percent in the first quarter of 2021, according to advance estimates released Thursday from the Commerce Department.”
“Stocks Are Off to Best Start to a Presidential Term Since Great Depression” (Wall Street Journal). “The S&P 500 has risen 10% since Mr. Biden’s Jan. 20 inauguration. The index is on course for its strongest performance since the start of Mr. Roosevelt’s first term in 1933, when it surged 80% after a spectacular crash in the Great Depression, according to a Dow Jones Market Data analysis. By comparison, the S&P 500 rose 5.3% in the first 100 days of President Donald Trump’s term in early 2017 and on average has gained 3.2% over that period in presidential terms since Herbert Hoover’s in 1929.”
“Jobless Claims Hit New Pandemic Low For Third Straight Week As Labor Market Picks Up” (Washington Post). “Weekly jobless claims fell to a pandemic low for the third consecutive week, the Labor Department reported Thursday, with 553,000 Americans filing for initial unemployment benefits in the week that ended April 24. This marks a 13,000 decrease compared to last week, putting the insured unemployment rate around 2.6 percent, the Labor Department said.”
“Apple Just Had A Massive Quarter Thanks To The 5G iPhone” (CNN Business). “Apple's steady stream of hardware upgrades and new services launched throughout the pandemic has held the company in good stead going into 2021. The company on Wednesday reported revenues of $89.6 billion and a profit of $23.6 billion for the three months ending March 27, blowing past analyst forecasts. The company also authorized a $90 billion share buyback, it said. Apple shares surged more than 3% after-hours following the report.”
“Millennials Are Getting Screwed Again By Their 2nd Housing Crisis In 12 years” (Business Insider). “A recent bank note from Jefferies said the US was short 2.5 million homes, while Freddie Mac put that estimate higher at a shortage of 3.8 million. There are 40% fewer homes on the market than last year, a Black Knight report found. It's bad news for many aspiring homebuyers — but especially for millennials. It's just the latest chapter in a long line of bad economic luck.”
