GDP, Memphis Arrests, and Parents' Biggest Concerns

GDP Grows (but Slows)

The US economy grew at a 2.9% annualized rate in the final three months of last year, according to figures released yesterday, lower than the 3.2% pace seen in the third quarter of 2022 but slightly above analyst projections of 2.8%. 

Consumer spending, which accounts for about two-thirds of gross domestic product, rose 2.1% during the fourth quarter. The largest headwind was the cooling housing market, where mortgage rates—driven by rising federal interest rates—have jumped from 3.5% to over 6.1% since last January (see data).

Yesterday's report brings total growth in 2022 to 2.1%, despite seeing a contraction in the first two quarters of the year and the highest inflation since 1980. The Federal Reserve will meet next week to consider another interest rate hike.

Total US GDP is just over $26.1T; see historical data here.

Discoveries in Egypt

Egypt announced the discovery of several new archaeological finds dating back to roughly 2500 BCE to 2100 BCE, including 4,300-year-old tombs and one of the oldest mummified remains found to date. Wrapped in gold lace, the remains were uncovered at ancient burial grounds south of the capital of Cairo.

The artifacts were found beneath an ancient stone enclosure near the Saqqara pyramids. Among the tombs, one belonged to an ancient king’s senior official “secret keeper,” a title that allowed him to perform special religious rituals, and one to a priest from the fifth dynasty known as Khnumdjedef. Other significant discoveries include statues, amulets, and a well-preserved sarcophagus.

The Saqqara necropolis is home to more than a dozen pyramids, including Egypt’s oldest, and served as the burial site for ancient Egypt's capital of Memphis. Ancient Egypt artifacts are a significant source of tourism income, which has struggled following the 2011 uprising and the coronavirus pandemic.

Go inside the Saqqara tombs here.

Arrests in Memphis

Five former Memphis, Tennessee, police officers were arrested yesterday for their roles in the Jan. 10 death of Tyre Nichols. The incident, precipitated by a traffic stop three days earlier, sparked a number of protests across the city. All five officers were indicted on charges including second-degree murder, assault, and kidnapping. 

Nichols, a 29-year-old Black man, was first pulled over Jan. 7 on suspicion of reckless driving. According to reports, Nichols fled the scene and was ultimately apprehended, during which one or more physical confrontations occurred. An ambulance was called and Nichols was hospitalized, ultimately succumbing to injuries.

The officers, all of whom are also Black, were fired last week for excessive force and failure to render aid. The city's police chief, who has seen unreleased body camera footage, described the officers as being directly responsible for Nichols' death (watch comments). The footage is expected to be released in the coming days. 

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