Good Economic Newsflash From Apple
Not every economic indicator is flashing red. There are a few bright spots on the horizon.
“Dow closes down 600 points, Nasdaq enters correction after weak jobs report,” reported Pia Singh and Hakyung Kim for CBNC on August 2, 2024.
“Stocks sank after July job growth in the U.S. slowed more than expected, while the unemployment rate rose to the highest since October 2021,” they revealed. “Nonfarm payrolls grew by just 114,000 last month, the Labor Department reported a slowing from 179,000 jobs added in June and below the 185,000 expected by economists polled by Dow Jones. The unemployment rate increased to 4.3%.”
While the news from Wall Street wasn’t encouraging, not all the economic news was bad this week.
“Apple sales rise 5%, topping estimates as iPad and Services revenues jump,” reported Kif Leswing for CNBC Tech on August 1, 2024.
It was a rare bright spot on a darkening economic horizon.
“Apple reported fiscal third-quarter earnings on Thursday that beat Wall Street expectations, with overall revenue rising 5%,” began Leswing, adding that “Apple shares were flat in extended trading.”
“Apple’s most important business remains the iPhone, which accounted for about 46% of the company’s total sales during the quarter,” added…