Business Update – June 12 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
The economy is healthy, but inflation is overshadowing growth
Despite high interest rates and stubborn inflation, the economy is growing remarkably well. All the major indicators we use to gauge its health—and how families and businesses are faring—are strongly positive.
Mortgage closing fees are in the hot seat. Here’s why feds are looking into them.
The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling “junk fees in mortgage closing costs.” These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
Fed dot plot is set to offer glimpse of rate-cut resolve
Investors may glean more on the Federal Reserve’s resolve to ease monetary policy when US policymakers update their forecasts for interest rates Wednesday for the first time in three months.
US home sales post second straight monthly drop; house prices accelerate
U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market.
Report shows rent is unaffordable for half of renters as cost burdens surge to record levels
The number of renter households spending more than 30 percent of their income on rent and utilities rose by 2 million in just three years to a record high of 22.4 million, according to America’s Rental Housing 2024, a report by the Harvard Joint Center for Housing Studies.
Fed seen waiting to cut rates as job growth picks up
A U.S. job market scorecard that exceeded all forecasts has undercut confidence over when, or even if, the Federal Reserve will begin easing policy this year, putting the focus for the policy outlook on next week’s Fed meeting and Fed Chair Jerome Powell’s own guidance.
US states with the best economies in 2024 – and the worst
The United States has the largest economy in the world, and each of its states and territories play a part in keeping its massive engine running. The states with the largest populations also contribute the most to gross domestic product, but a new study from WalletHub looked under the hood to gauge additional indicators of performance and strength.
US business travel is back but it looks different, hotel CEOs say
Business travel has returned to the United States, hotel executives at a New York industry conference said this week, as companies of all sizes are increasingly booking trips at higher levels and prices than before the pandemic.
No-tariff shipments popular with Shein, Temu hit US customs speedbump
A new U.S. crackdown on customs brokers handling billions of dollars in inexpensive online shopping orders from giants like China-linked Shein and Temu is likely to cause delivery delays and bottlenecks, industry experts said.
US may revive some shut nuclear plants to help meet emissions goal, energy chief says
The United States could revive some of its recently retired nuclear power plants to help meet rising demand for zero-emissions electricity, or add reactors to existing sites, Energy Secretary Jennifer Granholm said in an interview.
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