Name: Economic concerns: US economy shrank for first quarter of 2022
Uploaded: 2022-04-28T21:47:54-0400
Duration: 230935
Description: Despite record low unemployment claims, economic growth in the United States isn't picking up much speed. In fact, the US economy shrank the first quarter of this year. The numbers out today can be complicated -- and their impacts even more complex. To break it all down were joined live by the director of the UNC Charlotte Economic forecast: Dr. John Connaughton.

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Despite record low unemployment claims, economic growth in the United States isn't picking up much speed. In fact, the US economy shrank the first quarter of this year. The numbers out today can be complicated -- and their impacts even more complex. To break it all down were joined live by the director of the UNC Charlotte Economic forecast: Dr. John Connaughton.

FORCING THE FEDERAL RESERVE TO ADOPT A RESTRICTIVE MONETARY POLICY STANCE. DESPITE RECORD LOW UNEMPLOYMENT CLAIMS ECONOMIC GROWTH IN THE U.S. ISN'T PICKING UP MUCH SPEED. IN FACT. >> THE U.S. ECONOMY SHRANK THE 1ST QUARTER OF THIS YEAR. THE NUMBERS OUT TODAY CAN BE COMPLICATED AND THEIR IMPACTS EVEN MORE COMPLEX TO BREAK IT ALL DOWN. WE'RE JOINED LIVE BY THE DIRECTOR OF THE UNC CHARLOTTE ECONOMIC FORECAST. DOCTOR JOHN COVINGTON, THANK YOU SO MUCH FOR JOINING US OF TAKE US BACK TO ECONOMICS. ONE ON ONE RIGHT NOW. WHAT DOES THE DROP IN GDP MEAN IN SIMPLE TERMS AND WHY SHOULD PEOPLE CARE? >> I MEAN, ITS ECONOMY IS SHRINKING IN REAL TERMS. WE PRODUCE AND CONSUME 1.4% FEWER GOODS AND SERVICES ANNUALLY AT AN ANNUALIZED RATE. THIS SCHOOL OR THAT WE DID IN THE 4TH QUARTER OF 2021. SO THAT'S WHERE WE'RE TALKING ABOUT. WE'RE TALKING ABOUT THE CLIMB IN THE SIZE OF THE ECONOMY. >> AND WE'RE SEEING A BIG DROP FROM 2021 WHEN THE MEASURE GREW NEARLY 7%. SO WHAT'S CAUSING THE DROP FROM 7% TO 1.4%. >> IT SAYS THAT SINCE IN QUESTION WHEN WE LOOK AT THE GDP IN THE 1ST QUARTER OF 2022 WE WAS THAT CURRENT DOLLARS. IN OTHER WORDS, NOT BEEN ADJUSTED FOR INFLATION. BY 6 AND A HALF PERCENT. SO IN CURRENT DOLLARS AND 6 AND A HALF PERCENT LARGER THAN IT WAS THE PREVIOUS 4 BEFORE BUT INFLATION TO ITS IT'S SUCH A BIG BITE OUT OF THAT. THEY'RE REAL TERMS. WE ASSUME 1.4% FEWER GOODS AND SERVICES. WE SPENT 6 AND A HALF PERCENT MORE. BUT WE ONLY GOT 1.4% LESS IN TERMS OF GOODS AND SERVICES. THIS IS KIND OF THOSE INSIDIOUS FACTS ABOUT AND INFLATION SOMETIMES YOU THE CONSENSUS IS, WELL, IF YOU HAVE AN INFLATION. >> AND THE FED IS PUMPING MONEY INTO THE SYSTEM. YOU CAN'T HAVE A RECESSION. WELL, YOU KNOW, IT'S THE DIFFERENCE BETWEEN NOMINAL OR PER DOLLAR MEASURE AND REAL MEASURE WHEN ADJUSTED FOR INFLATION. AND THAT'S WHAT'S GOING ON HERE. WE'RE STILL GENERATING FROM THE EXPENDITURE SIDE. MORE ALL RESPECT. BUT WE'RE GETTING FEWER FOR FEWER THINGS BACK. 4. >> AND IF PEOPLE TO KNOW ABOUT INFLATION BEFORE, THEY'RE DEFINITELY GET A CRASH COURSE OF IT RIGHT NOW, ESPECIALLY DURING THE PANDEMIC, AS YOU SEE IN GROCERY STORE PRICES GO UP AS WELL AS GAS MOST RECENTLY FROM THE SITUATION HAPPENING IN UKRAINE. SO MY QUESTION IS, IS THERE SORT OF SOME SORT OF BENCHMARK THAT WE CAN LOOK TO IN TERMS OF WHAT THAT WOULD MEAN TO THE POINT OF RECESSION. WOULD THAT MEAN A RECESSION IS APPROACHING? >> BUT I THINK THAT THIS QUARTER BEING DOWN BY ONE POINT ON 1.4%, KAMALA KHAN U.S. PUTTING MYSELF A LITTLE LITTLE UNAWARE OF GAS. WE EXPECTED IT TO BE FAIRLY FLAT. BUT THE LAST WEEK WAS THAT IT WAS PROBABLY GOING TO BE A GROWTH RATE BETWEEN 1 ONE AND A HALF PERCENT. THE ATLANTA FED WAS THE ESTIMATED. THEY HAD BASICALLY FLAT 0%. I THINK MOST OF US WHO WERE LOOKING FOR A CURVE IN THE 4TH QUARTER, DECLINING GDP. >> OF THIS AND MAY BE ENTERING A RECESSION IN LATE 2022 OR 23. I THINK THIS PUSHING FOR I'M NOT SURE THIS IS AN INDICATOR THAT WE'RE GOING INTO RECESSION THIS POINT IN TIME. BUT I THINK IT IS AN INDICATOR OF THE RAMAGE IS THAT INFLATION STAT OUR POP COM. IF YOU LOOK AT THE THINGS THAT CAUSE THE GDP, GET DOWN TO BIG THINGS, POP UP. ONE IS INVENTORIES, PLEASE. IT RELATES TO AUTOMOBILE DEALERS. SO THERE'S A REDUCTION IN INVENTORIES WAS PART OF IT. THE SECOND THING WAS A REAL BIG INCREASE IN IN OUR OUR TRADE NEGATIVELY. I GUESS YOU COULD WHERE WE IMPORT A LOT OF GOODS AND COULDN'T EXPORT ESPECIALLY HEAD OF THE PAST. THAT'S PRIMARILY BECAUSE WE HAVE LABOR SHORTAGES AND MATERIAL SHORTAGES IN THIS COUNTRY WHICH REDUCE OUR ABILITY TO PRODUCE AN IN THE UNITED STATES. AND THIS IS IMPACTING SO MANY PEOPLE RIGHT NOW ACROSS THE UNITED STATES AND HOPEFULLY MORE PEOPLE ARE INFORMED AFTER OUR DISCUSSION.

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Economic concerns: US economy shrank for first quarter of 2022

UNC expert breaks down economic concerns

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I'm meteorologist K Campbell in the severe weather center. It's feeling like summer again. On Thursday, high temperatures reach the upper eighties and we could come awfully close to 90 in Fayetteville. It's possible. Fayetteville sees the 1st 90 degree day of the year. The average first day in the nineties in Fayetteville is, is May 3rd and May twelveth here in the triangle. 87 in the triangle and 85 in rocks, a lot more sunshine in the forecast tomorrow. Those clouds that we saw, they're going to be clearing out overnight. So get some fresh air, enjoy it while you can. We're not going to see these warm days every day for our seven day. We'll wake up to temperatures in the low sixties warming up to 80 degrees by noon and upper eighties for highs during the afternoon. We've got the sunshine tomorrow, but a lot of us could really use the rain, especially anybody who's starting with their gardening, our rainfall for the month of April 66 inches. So that's more than an inch below normal. I would recommend to keep watering your gardens. We do have some opportunities for rain, but none of these rounds look like a widespread soaking rain. I would go ahead and keep watering. We've got a 40% chance of storms on the way. Friday and Friday, we need to keep an eye on the potential for a severe storm. Tonight. We're seeing showers dissipate as they move closer to us. And that trend should continue. We dry out throughout the day tomorrow with the sunshine and then here comes Friday's front in the morning, we'll see some rain in the mountains kind of falling apart. But as this front gets closer to us during the afternoon, as we're heating up, we'll have a more energized atmosphere and this should create some lift to generate some scattered storms throughout the afternoon and evening. It's about a 40% chance that you would see one at your house. The issue is pretty much anywhere in our viewing area. There could be a severe storm. That's why there's level one out of five threat for severe storms, Friday. The threats, damaging wind gusts and hail your seven day forecast shows some big changes are on the way for the weekend. We are cooling down, especially on Sunday, just 68 for the high falling into the 40 Sunday night into Monday morning, Monday, mostly cloudy, some lingering sprinkles possible. And then next week, temperatures are right back in the mid seventies, which is pretty much on par with where we should be this time of year

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Good evening. I'm Gail her. Welcome to tonight's drawing for Wednesday, April 17th, 2024. Well, let's get start tonight with our Carolina pick three. Our first winning numbers are two. Our second number is nine and the third number tonight is six and our pick three. Fireball number is an eight. Joining me for tonight's show is the auditor from mcconnell and Jones L LP. Now lets move of the Carolina pick four. Good luck. Everyone who's that first number. It's a three. Our second pick four. Number is one, third, one is one again and our fourth pick four number is a nine and our pick for fireball number is a six. Well, turning now to the Carolina cash five. If no one was the top prize tonight, tomorrow's top prize is estimated at $191,000. Good luck. Everyone is that first winning cash five number. It's 33. Our second number is an eight third number. Tonight is 10. Our fourth number is 22 and the final number in our cash five this evening, 41 the North Carolina education lottery has contributed over $10 billion to education. Get your winning numbers right here every night at your exclusive station for the North Carolina Education lottery. Thanks for playing. Have a great night.

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Is powerball. Good evening, everyone. I'm Randy Trainer. Tonight. We have our life changing jackpot. It's estimated to be $80.7 million to get your tickets ready. Here. Come, tonight's winning numbers. Let's start things off this evening with the number 24. Right after that America. We have the number 54 and congratulations to Lisa Hayes from Illinois. She won $2 million playing powerball. All right, the rest of your winning number is 4447. And let's round it out tonight with the number 29 and tonight's win powerball number that's gonna be two and your power play multiplier is two. Let's take a look at tonight's winning numbers. Remember there are multiple ways to win. Good luck, everyone. We'll see you back here on Saturday night. It's time to play America's favorite.

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Hey there. Good afternoon. I'm Noah Klein. Welcome to this afternoon's draws for Wednesday, April 17th, 2024. Let's get started here with Carolina pick three. That first pick three number is eight, second number is nine. Third number is eight pick 35. Ball number is one. Joining me for this afternoon's drawings are auditor from mcconnell and Jones L LP. Let's move to the Carolina pick four. That first pick four. Number is nine eight third number 64. Number is five and a pick for firewall number is five. The North Carolina Education lottery contributed over $10 billion to educate occasion. Thank you for your support. You get your winning numbers each day at 3 p.m. and again at 11:22 p.m. right here on your exclusive station for the North Carolina Education Lottery.

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>> ACROSS AMERICA WITH MEGA JACKPOTS, IT'S MEGA MILLIONS. HELLO, MAYOR COMES ON CODE IS TUESDAY. APRIL 16TH AND TONIGHT'S MEGA MILLIONS JACKPOT IS AN ESTIMATED A NEW TIES. 148 MILLION DOLLARS. >> DUE TO TECHNICAL DIFFICULTIES. TONIGHT'S DRAWING HAS BEEN TEMPORARILY HALTED. ONCE THE MALFUNCTION IS CORRECTED, THE DRAWING WILL CONTINUE UNDER THE SUPERVISION OF THE AUDITOR. WE SAY TO THE STATION FOR ALL WINNING NUMBERS. >> SPOTTY SHOWERS AND THUNDERSTORMS POPPING UP HOW

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Fans of the NC State Wolfpack's men's and women's basketball teams are celebrating the teams' run to the Final Four on Monday night on Hillsborough Street at the Memorial Belltower. NC State Chancellor Randy Woodson, Athletics Director Boo Corrigan and Raleigh Mayor Mary-Ann Baldwin are expected to speak Monday night at the event.

Economic concerns: US economy shrank for first quarter of 2022

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