Up to the Minute (CBS) (partial) - 2001-03-30
Channel: malgent
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Duration: PT1627S
Read a transcript preview of “Up to the Minute (CBS) (partial) - 2001-03-30” from malgent, uploaded on 2025-04-23.
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Language: English (original, YouTube automatic captions)
[0:04] [Music]
[0:11] It's 10 past the hour. The latest
[0:12] government numbers on the economy
[0:14] confirm what Wall Street has been
[0:16] feeling all along. A slowdown is in
[0:18] progress. The gross domestic product,
[0:20] key indicator of the economic health,
[0:22] grew at an annual rate of just 1% in the
[0:25] final quarter of last year. As CBS's Jim
[0:28] Axelrod reports, where the economy is
[0:30] headed next is still anybody's guess.
[0:34] With inventory stacking up and orders
[0:36] slowing down, Deli, the world's number
[0:39] one auto parts supplier, is cutting
[0:41] jobs.
[0:42] 11,500 of them. You don't have to be an
[0:45] Oracle to explain Deli. The US economy
[0:48] is barely growing. It was barely growing
[0:50] at the end of last year and it's barely
[0:53] growing right now. The gross domestic
[0:55] product, the broadest measure of the
[0:57] economy, is now at its lowest point in 5
[1:00] and a half years. Fire still around. At
[1:02] the same time, the markets are chewing
[1:04] up Americans wealth. The NASDAQ's down
[1:06] 63% from last March. The Dow off 10%
[1:10] this year alone. Doom and gloom is easy
[1:12] enough to forecast, but Meil Lynch's
[1:14] Bruce Steinberg warns don't get caught
[1:17] in a bear trap. The old rule was that
[1:19] the stock markets predicted nine of the
[1:21] last uh five recessions. And you know
[1:24] it's still like that market's a lot more
[1:25] volatile than the economy at the end of
[1:27] the day. Meaning there is a difference
[1:29] between the loss of portfolio values and
[1:31] the loss of paychecks. The fact is the
[1:33] US economy is still churning out a
[1:35] 100,000 new jobs a month. What's more,
[1:39] wages are growing at 6% a year. It's the
[1:42] mood of the nation that