Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
The U.S. is winning the inflation fight, setting scene for a long-awaited interest rate cut
Price increases slowed more sharply than expected in June, adding to evidence that high inflation has subsided and potentially clearing the way for the Federal Reserve to lower interest rates that affect everything from mortgages to credit card payments.
Here’s how to learn if your data was stolen in AT&T’s massive hack
If you’re one of AT&T’s cellular customers, you can check your account to see if your data was compromised as part of the massive breach the telecom giant announced on Friday.
June price drop may shorten the Fed’s last mile on inflation
The “last mile” of the Federal Reserve’s battle against inflation may have shortened to a last lap after U.S. consumer prices unexpectedly fell in June, shoring up policymakers’ confidence that they are winning the fight and paving the way to interest-rate cuts in coming months.
Inflation remains top problem for main street
Small business optimism index shows main street still pessimistic on the future of the economy. “Increasing compensation costs has led to higher prices all around. Meanwhile, no relief from inflation is in sight for small business owners as they prepare for the uncertain months ahead.”
Rate cut prospects could bolster US stocks as investors await earnings, elections
The prospect of near-term interest rate cuts is bolstering the case for investors to remain bullish after a run in U.S. stocks that may soon be tested by upcoming corporate earnings reports and growing political uncertainty.
A retail renaissance
The last decade has witnessed an unprecedented acceleration in technology adoption in retail, from digital, virtual and social commerce to contactless and biometric checkout. Alongside this technological surge, consumer expectations for personalization and engaging retail experiences have evolved dramatically. Mastercard describes these two forces as culminating in a retail renaissance where brands use emerging technologies to deepen their connection with and value to consumers.
How trade-oriented is the U.S. economy?
Last year, the United States exported $258.2 billion worth of goods and services and imported $320 billion, according to the Bureau of Economic Analysis. But despite those big numbers, the U.S. economy is far less trade-oriented than many other countries around the world.
12 states that rely the most on income taxes
Local income taxes account for only 5% of total local tax collections across the nation, but in the states that rely on this revenue stream, they’re a vital revenue source. Read the complete ranking on the states that rely the most on local income taxes.
IRS collects $1B from millionaires
An initiative to collect tax debts from millionaires has brought in over $1 billion in less than a year, the Internal Revenue Service and the Treasury Department announced Thursday. Launched in September 2024, the effort involved dozens of IRS employees reaching out to 1,600 taxpayers who had more than $1 million in income and owed more than $250,000 in taxes.
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