Business Update – June 05 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Consumers curb US economic growth in first quarter, inflation cools

The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates at least once before the end of the year.

Consumer sentiment drops to lowest reading in five months

Consumer sentiment dipped 10.5% in May, dropping to its lowest reading in nearly five months, according to data released Friday.

Beige Book –  May 2024

The May 2024 Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.

The 20 least financially savvy states

To find out where individuals have the least understanding of money matters, WalletHub recently rated the 50 states and Washington, D.C., on financial planning habits and financial knowledge and education. The findings were combined with the results of its WalletLiteracy test, and each state was ultimately assigned a total score out of 100.

How large is the shadow economy?

How large is the underground economy — the cash exchange for goods and services, such as waiters’ tips, that are not reported to the IRS?

With home prices up more than 50%, some states try to contain property taxes

Rising property taxes are burdening homeowners across the U.S. as home values soar. Colorado also has been at the center of the property tax debate. The state has experienced decades-long growth in new residents, driving up demand for housing. Meanwhile, it has struggled to find a balance between providing tax relief for homeowners and sufficient funding for local governments.

Economy expanding slightly, consumers pushing back on prices

Federal Reserve officials found an economy still expanding but facing the dual headwinds of a slowdown in spending and the effects of higher prices this month, according to the central bank’s latest “beige book” released on Wednesday.

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