Chapter 1: What economic indicators are discussed at the beginning of the episode?
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News when you want it with Bloomberg News. Now I'm Karen Moscow will have the latest from Davos in just a moment before some breaking economic news with applications for US unemployment benefits. Little change last week, steadying at low levels after a volatile holiday season. Initial claims increased by 1000 to 200,000 in the week that ended January 17th.
Continuing claims of proxy for the number of people receiving benefits fell to 1.85 million in the previous week, to the lowest since November. Meanwhile, the U.S. economy expanded in the third quarter by slightly more than initially reported. That was supported by stronger exports.
Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the U.S., increased at a revised 4.4 percent annualized rate, the fastest in two years. Now to the latest out of Davos. President Trump has officially kicked off his Board of Peace initiative on the sidelines of the World Economic Forum.
The president held a signing ceremony with founding members Javier Millay of Argentina, Hungary's Viktor Orban, and other world leaders who share his populist views. Bloomberg's David Gura has more.
Interestingly, in his comments, the president said that this board will work with many others, including the United Nations. And that's a really key line, because in the run-up to this, there was a lot of concern about what, in fact, the president is creating here. Is this board likely to be a competitor to, maybe a successor to, as the president sees it, the UN?
We did hear the president saying that the UN has tremendous potential. That's something he's always said. But I have to emphasize here, there's a lot that we still don't know about its mission and mandate going forward here. This was something born out of the effort to secure peace in the Middle East, in Gaza in particular, but it's certainly expanded into something bigger since then.
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Chapter 2: How did the U.S. economy perform in the third quarter?
Bloomberg meteorologist Craig Allen says it's going to be a snowy weekend for the eastern seaboard.
for D.C. on up through Baltimore, Philly, New York City, over to Boston. We are going to get the worst of this probably during the Sunday, Sunday night and early or first part of Monday time frame. That's going to be the worst of it for us. It will come mostly in the form of snow.
I think there could be a little bit of mixing, maybe some freezing rain or sleet, especially in central and southern sections of New Jersey and down the pike, let's say down towards D.C.,
And that's Bloomberg meteorologist Craig Allen, who says those areas could see 6 to 12 inches of snow or more before the system tapers off late Monday morning. Meanwhile, millions of Americans from New Mexico to the Carolinas are bracing for a potentially catastrophic ice storm that could crush trees and power lines and knock out power for days.
The number of people reported killed in Iran's protest crackdown has surged as rights groups continue to verify suspected fatalities, with the U.N. warning the total could be more than 20,000. The U.S.-based human rights activist news agency said it verified 4,902 deaths during the unrest that erupted in late December.
The group is reviewing a further 9,387, while more than 26,000 people have been arrested. General Electric is forecasting a full-year profit that beat Wall Street expectations as a signal the world's biggest maker of jet engines expects demand for air travel will help it shake off lingering economic concerns. Procter & Gamble's growth in a key sales metric stagnating in the last quarter.
While volume slipped, it shows U.S. consumers spent cautiously in the final months of the year. And futures this morning, they are higher following that economic data increase. It is showing that we could see a second day of strong gains as that relief rally over President Trump's pivot on Greenland continues.
We're also seeing a flurry of activity in the artificial intelligence space, and that's adding support. S&P futures up 0.6%, Dow futures up 0.4%, Nasdaq futures up 0.9%, 10-year Treasury yield is at 4.25%. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.
Today's show is brought to you by Vanguard. To all the financial advisors listening, let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
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