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 Powell says Fed ‘won’t hesitate’ to raise interest rates again if warranted
Federal Reserve Chair Jerome Powell on Friday kept the possibility of another interest rate hike in play this year, despite cooling inflation.
The 20 best states to be a property owner
Becoming a property owner continues to be an attractive prospect for many, despite the current high interest rates, so it makes sense to know where your property tax burden is going to be the least. The article lists the 20 U.S. states with the lowest effective real estate tax rates.
Black Friday shoppers spent a record $9.8 billion in U.S. online sales, up 7.5% from last year
Black Friday e-commerce spending popped 7.5% from a year earlier, reaching a record $9.8 billion in the U.S., according to an Adobe Analytics report, a further indication that price-conscious consumers want to spend on the best deals and are hunting for those deals online.
Auto industry eyes subscription fees as multi-billion-dollar revenue stream
Subscriptions are shifting into overdrive in the auto industry. Alistair Weaver, editor-in-chief at Edmunds, says automakers are counting on the new revenue stream to pay for the expensive transition to electric cars.
Biden administration plans to buy 2.7M oil barrels to refill emergency stockpile
The Biden administration plans to buy 2.7 million barrels of oil to help replenish the nation’s much-depleted emergency stockpile.
The economy is flashing a worrying signal that hasn’t been seen since right before the 2008 crisis
The US economy could be in worse shape than previously thought. That’s evidenced by a worrying indicator, which hasn’t flashed a warning this loud since right before the 2008 recession, according to Macquarie strategists.
Beige Book
The current Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.
E-commerce stocks rally after Black Friday shoppers spend record online
Shoppers turned out in full force on Thanksgiving and over the Black Friday weekend, largely shunning physical stores for the comfort of clicking “buy online” from their couches. Black Friday online spending reached a record $9.8 billion in the U.S
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