Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The US economy is crushing it compared to other rich countries The US economy is expected to outpace Canada and Germany in 2024 despite inflation and interest rate hikes. Growth is fueled by consumer spending and business investments, while the Fed’s aggressive rate increases aim to control inflation. The… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed’s Powell sees lower rates on the horizon as inflation ebbs, economy bounces ahead Federal Reserve Chair Jerome Powell, in a sweeping endorsement of the U.S. economy’s strength, said on Wednesday that interest rates had peaked and would move lower in coming months, with inflation continuing to fall and… Read more
Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy. By the numbers: U.S. Economy grows faster than expected for year and final quarter of 2023 The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported fourth quarter real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023 exceeding expectations.… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Top 8 Global Business Trends for 2024 The U.S. Chamber of Commerce’s International team carefully tracks the top geopolitical, economic, and policy trends affecting global business. Here are eight to watch in 2024. How copyright lawsuits could kill OpenAI Late last year, the New York Times sued OpenAI and Microsoft,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why the U.S. may extend its run as the world’s leading economy The U.S., China and India may take turns leading the global economy this century, according to an analysis from the Centre for Economics and Business Research. US economy starting to look ‘more like the 1970s,’ JPMorgan Chase’s… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Poll finds fewer Americans expecting economic slowdown now Most Americans continue to rate the economy negatively, but sentiment has been slightly improving of late, and Americans now think the longer-term outlook appears more stable. Initial US employment reports overstated by 439,000 jobs in 2023 The government erased 439,000 jobs… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed keeps interest rates flat again—but barely budges on 2024 rate cut forecasts The Federal Reserve opted to hold interest rates at the same level they’ve sat since July, as the central bank’s impactful rate-hiking cycle appears all but over, though the Fed remains coy about doing a complete… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Americans feeling inflation’s impact on living standards, opportunities A CBS News poll reveals that inflation is significantly impacting Americans, even amid stronger jobs reports and economists’ talk of “soft landings,” people say they still pay more attention to their own experiences than to macroeconomic measures — and an overwhelming… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US economy grows 5.2% in third quarter; higher interest rates eroding momentum The U.S. economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending. Jerome… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Americans expected to increase spending this holiday season According to one survey, American shoppers are expected to spend 14% more this holiday season than they did in 2022, this despite inflation and high interest rates. Roxana Saberi has more. The looming office space real estate shortage. Yes, shortage There… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US renters remain burdened as insurance pressures on landlords mount Median renter households in the US remained burdened in the third quarter, with 30% of their income going to rent. Renters are considered “burdened” if their rent payments consume 30% or more of their gross, or pre-tax, income. Government shutdown averted:… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Businesses take stock of the U.S. economy and see reason to be cautious The level of inventories, or unsold goods, that U.S. wholesalers are keeping on hand fell in September to a 13-month low amid uncertainty about whether the economy can maintain its recent momentum. The US economy may… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 5 things to know about a stunning week for the economy Here are five takeaways about today’s economy, including why forecasters are cautioning that the strong growth may not last. Biden’s new plan for student loan relief, explained On Monday, the Department of Education announced new plans to forgive billions of… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. U.S mortgage rates soar to highest in more than 23 years The interest rate on the most popular U.S. home loan last week jumped to the highest since September 2000, marking its seventh straight weekly increase and driving mortgage applications to a 28-year low, a survey showed. IRS warns… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Commerce at the forefront in improving nation’s cybersecurity Improving the nation’s cybersecurity is a priority for Secretary Raimondo and the Commerce Department. Commerce agencies are leading efforts to protect industry and government from current and future cyber threats. Efforts include promoting standards to help organizations manage and reduce cybersecurity… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. September inflation breakdown: Where are prices rising the fastest? Inflation rose more than expected in September as a spike in the cost of rent and food kept prices abnormally high for millions of U.S. households. The Labor Department said the consumer price index, a broad measure of the price… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The Great Mismatch: with millions of open positions, why does the job market feel so dire? Despite what should be encouraging data from the Labor Department, a majority of job seekers are not finding the opportunities they want. The era of confounding economic data and indicators stretches on. US… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. With a US government shutdown, what happens to the economy? The U.S. Congress passed a stopgap funding bill late on Saturday government averting shutdown. About quarter of the US GDP is government expenditure. A drop in that spending will have knock-on effect on the economy. What would stay open… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed’s Wall of Worry: Government shutdown, UAW strike, student loan repayments and $90 oil Just when Federal Reserve Chairman Jay Powell thought he was making strides in managing inflation, he’s now facing a five-point threat to the economy at the very least. “It’s the strike, it’s the government shutdown, resumption of… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS halts new ERC processing after flood of bogus claims The Internal Revenue Service said Thursday it’s putting an immediate stop to processing of new claims for the Employee Retention Credit after receiving a surge of questionable claims. The UAW’s big asks, unusual strike strategy, and what this all… Read more