Business Update – November 22, 2023

11/20/2023 | Bookkeeper Buddy

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: Biden signs temporary spending bill to keep Government open until next year

President Joe Biden signed a temporary funding bill that staves off a government shutdown and punts a congressional showdown on a wider spending bill into the new year.

Here’s why Moody’s ‘negative’ U.S. credit outlook matters

Ratings firm Moody’s lowered its assessment of U.S. credit outlook from “stable” to “negative” Friday, underscoring America’s worsening fiscal standing and the implications of political dysfunction.

When is Black Friday and which deals are shoppers looking for?

Retailers are preparing for what they hope will be yet another record-setting global shopping spree on Black Friday, the fourth Friday of November, which this year is Nov. 24.

A fragile global economy at stake as US and China seek to cool tensions at APEC

The United States and China are the two global economic heavyweights. Combined, they produce more than 40% of the world’s goods and services. So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when they hold a rare high-level summit, as Presidents Joe Biden and Xi Jinping will this week, it can have global consequences.

The US minimum wage has been $7.25 since 2009. What that means for the economy

The US federal minimum wage has remained at $7.25 per hour since 2009, leading to debates about its economic impact. Critics argue it’s inadequate for living expenses, causing poverty and reliance on government aid. Supporters claim raising it could lead to job losses. Economists suggest a moderate increase may balance both concerns.

Goldman says inflation entering its ‘final descent’ and interest rates will settle —but they won’t return to near-zero

The Federal Reserve’s high-stakes campaign to curb inflation will soon begin to show clear signs of deceleration, Goldman Sachs economists said in their 2024 outlook shared Sunday, but they don’t expect interest rates to come back down to the previous low levels any time soon.

The UAW won big in the auto strike — but what does it mean for the rest of us?

The United Auto Workers (UAW) strike resulted in significant wins, including wage increases, no healthcare cost changes and a path for temporary workers to full employment. However, the impact on the wider US economy is ambiguous, with potential for increased car prices, but also a possible boost to wage growth overall.

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