WTF Just Happened Today?

Day 646: "The great stagnation."


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1/ The U.S. economy grew in the third quarter, marking its first increase in 2022 after two straight quarters of decline. GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period. However, the inflation-adjusted GDP last quarter was about the same as where it was at the end of 2021. The Commerce Department also reported that consumer spending – which makes up more than two-thirds of the economy – grew but at a slower pace than in the prior quarter, and investments in residential housing fell at an annual rate of about 26%. The Federal Reserve, meanwhile, has raised interest rates five times this year and is set to do so again next week and in December as inflation remains near a 40-year high. (Politico / Wall Street Journal / Bloomberg / Washington Post / New York Times / CNBC / NPR / CNN)

2/ Mortgage rates topped 7% for the first time in 20 years and is “leading to greater stagnation in the housing market.” A year ago the rate on a 30-year fixed mortgage averaged just over 3%. Mortgage applications, meanwhile, fell 42% from a year earlier despite home prices falling at a record pace. The Case-Shiller home price index showed that single-family home prices decline 2.6 percentage points from July to August – the largest decline in the history of the index, which debuted in 1987. Prices, however, are still up 13% compared to a year ago. Sales of newly built homes dropped nearly 11% in September from August – the fourth time in 2022 that new-home sales fell by 10% or more from the prior month. “As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month,” Freddie Mac said. “In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.” (NBC News / NPR / Washington Post / New York Times / Bloomberg / CNN / Wall Street Journal)

3/ Americans die younger in conservative states, while states with more liberal policies are associated with lower mortality rates. Researchers analyzed mortality rates for all causes of death in all 50 states from 1999 to 2019 among adults aged 25 to 64. The study found that states with more li...

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WTF Just Happened Today?By Matt Kiser

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