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Saturday,
October 28, 2023

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Top Story

The week in review

•   The U.S. economy grew at an annualized rate of 4.9% in the third quarter, well above the prior quarter’s rate of 2.1%, and the most since the fourth quarter of 2021, according to initial estimates by the Bureau of Economic Analysis. Growth was driven by consumer spending, which rose by 4%, as well as investments, exports and government spending.

•   The tech-heavy Nasdaq entered correction territory Wednesday, defined as a 10% drop from the most recent peak, after a rocky day for tech stocks.

•   Oil prices fell more than 2.9% after a slew of European economic data pointed to waning energy demand. However, fossil fuel demand is expected to peak by 2030, according to the International Energy Agency.

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Liz Looks at: Home Sales & Mortgage Rates

It’s spooky season, and to prospective home buyers, U.S. housing data offers plenty to be scared about.

For one, national home prices have risen more than 43% since December 2019. And then there are interest rates, pushed up in response to rampant pandemic-era inflation.

SoFi’s Liz Young, Head of Investment Strategy, breaks down this “Rocky Horror Housing Picture Show”, and why real estate is such a key part of our economy and the health of the American consumer.


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This week's top stories

Soft saving: Gen Z does retirement
Prefer to spend now rather than put money away for later? You might be soft saving.
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U-S-A! U-S-A! Our economy defies expectations
We said it before, and we’ll say it again: The expected recession of 2023 just hasn’t happened. Here’s what economic data tells us and what that means going forward.
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No Halloween without sugar(flation)
Spooky spending is expected to see record-breaking numbers, as rising candy prices might leave trick-or-treaters feeling terrified.
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Deep dives from SoFi Learn

Travel hack: What to do with leftover foreign currency
You’re at the end of your international vacation but got lots of local cash left in your wallet. Here are some tips on what to do with it.
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What you need to know to establish credit
You need a credit score for everything from renting an apartment to financing a car. This is what needs to be on your radar to build credit.
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Here are 31 ways to save on Halloween
It’s spooky season! But between decor, costumes, all that candy, and activities, it can be a pricey holiday. This is what you need to know to save money without compromising on the fun.
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