Business Update – 13 September 2023

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

Lithium deposit found in US may be among world’s largest, study finds

A deposit of lithium recently discovered along the Nevada-Oregon border may be among the world’s largest, having potentially huge implications for the transition to electric vehicles.

US recession remains ‘more likely than not,’ Deutsche Bank warns

The U.S. economy has a better chance than not of tumbling into a recession within the next year as inflation remains uncomfortably high, according to Deutsche Bank strategists.

CFPB report highlights role of big tech firms in mobile payments

The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.

The Beige Book published

It’s not always about the numbers when the Federal Reserve makes its interest rate decisions. On top of looking at key economic figures that track employment, inflation, financial stability and the like, officials also pay attention to stories and anecdotes from people on the ground, living and working in each of the Fed’s 12 regional reserve bank districts. The latest data has been released.

Quality jobs survey

A new survey from Jobs for the Future and Morning Consult highlights worker sentiment on quality jobs.

What do rising corporate bankruptcies say about the economy?

There was a big spike in corporate bankruptcies in August, data company Epiq Bankruptcy reported this week, up 17% from July. That puts corporate bankruptcy on the rise for more than a year now.

US federal budget deficit projected to double this year

The U.S. federal deficit is projected to nearly double this year as a result of higher interest rates and lower tax revenue. The gap between what the government spends and what it collects is expected to grow from about $1 trillion last year to $2 trillion for the 2023 fiscal year that ends Sept. 30, according to the latest projections from the Committee for a Responsible Federal Budget (CRFB).

US business trust in China is wearing thin, warns US commerce secretary Gina Raimondo

US Commerce Secretary Gina Raimondo warned China in interviews broadcast on Sunday that the patience of US business was “wearing thin,” saying American companies deserved a “predictable environment and a level playing field.”

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