Weekly Digest – May 29 2024

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

Federal Reserve Board issues Economic Well-Being of U.S. households report

The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as higher prices remained a challenge for most households and workers continued to benefit from a strong labor market.

US households still feel pinched by inflation

U.S. households continued to feel pinched by inflation in late 2023 even as price pressures ebbed, the Federal Reserve reported, with most Americans saying their financial situation had changed little in the last year, while parents reported times had gotten harder.

US economic output hits 2-year high

The US economy is defying expectations amid concerns of a slowdown. S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 54.4 in May, up from 51.3 in April. Economists had expected the index to remain largely unchanged in May. Instead, it hit a 25-month high.

These 6 US cities are the greatest ‘engines of the global economy’

News of housing crises, worker exoduses, and slashed budgets tells a tale of the slow decline of US cities. But Oxford Economics, a research and advisory group that published its Global Cities Index on Tuesday, found that six US cities are leading “engines of the global economy.”

Improved business activity casts doubt over rate cuts

Businesses across the globe broadly enjoyed an improved performance this month with activity picking up in the United States and across parts of Asia and Europe, surveys showed on Thursday, giving central banks room to potentially defer cutting interest rates.

Hey, America, here’s what’s actually going on with the economy

Hey, America, we totally understand if you’re not feeling so great about the economy. But if you think we’re in a recession, here’s some good news: We’re not in one, and there likely isn’t one coming, based on economic data and what experts who talked to Business Insider are seeing.

Would blocking US Steel sale be harmful to our nation’s economy?

Brian Garst discusses the buyout of U.S. Steel. The buyout of U.S. Steel by the global company Nippon Steel has become controversial because Nippon Steel is a Japanese company. The E.U. has no concerns about the merger while American protectionists are doubling down in attempting to block the deal.

Crypto-friendly Bill passes House

The House passed legislation that would give oversight authority over most forms of cryptocurrency to a more industry-friendly agency. The legislation would put most forms of cryptocurrency, including bitcoin, under the regulatory purview of the Commodity Futures Trading Commission by classifying them as commodities, rather than securities that would fall under the authority of the Securities and Exchange Commission.