Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
All the data is pointing to a soft landing in the US economy
The US economy is cruising toward a soft landing with no recession on the table, according to Apollo chief economist Torsten Sløk.
Fed expected to cut rates by 25 basis points on Sept. 18, twice more in 2024
The Federal Reserve will lower interest rates by 25 basis points at each of the U.S. central bank’s three remaining policy meetings in 2024, according to a majority of economists in a Reuters poll.
USCBC Reacts to USTR’s Final Section 301 Determination
The US-China Business Council (USCBC) reacted to the US Trade Representative’s (USTR) final Section 301 determination by reiterating its longstanding position that these additional tariffs, like the current ones, will not only not change China’s unfair market practices but will instead harm US businesses, consumers, and the overall economy.
Small business optimism dips in August
The NFIB Small Business Optimism Index fell by 2.5 points in August to 91.2, erasing all of July’s gain. This is the 32nd consecutive month below the 50-year average of 98. The Uncertainty Index rose to 92, its highest level since October 2020. Inflation remains the top issue among small business owners, with 24% of owners reporting it as their top small business operating issue, down one point from July.
Boeing and union negotiators to resume talks next week amid strike
Boeing and union negotiators will return to the bargaining table early next week, U.S. federal mediators said on Friday, as the two sides try to end a strike threatening the airplane maker’s turnaround.
Ending the tax on US Social Security income should be part of a broader reform
It is one of those unwelcome surprises that is almost guaranteed to anger people when they retire: income from Social Security benefits is subject to federal taxes – and in some cases, to state taxes as well.
Business formation statistics monthly data release
The U.S. Census Bureau released new Business Formation Statistics (BFS) for August 2024. The BFS provide timely and high frequency information on new business applications and formations in the United States.
Slower inflation is boosting Americans’ attitudes toward the economy
US consumers are feeling more positive about prices, with expectations for inflation rates in the year ahead reaching the lowest reading since December 2020
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