Business Update – 18 October 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
September inflation breakdown: Where are prices rising the fastest?
Inflation rose more than expected in September as a spike in the cost of rent and food kept prices abnormally high for millions of U.S. households. The Labor Department said the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 0.4% in September from the previous month, a slight improvement from August but still more than expected.
US small business sentiment declines moderately -NFIB
U.S. small business sentiment declined slightly again in September on continued concern over inflation and persistent labor shortages, a survey published by the National Federation of Independent Business (NFIB) reported.
United Auto Workers strike: cost to US economy sets new record
The United Auto Workers union’s strike against Detroit’s Big Three automakers is now in its fourth week and has already cost the U.S. economy more than any other auto industry strike this century.
Google will now make passkeys the default for personal accounts
Google is taking a big step toward making passkeys the default login option for its users. What this means is users logging in to personal Google accounts will be prompted to create and use passkeys instead of passwords when possible.
Social Security Benefits will rise 3.2% in 2024, while top tax jumps 5.2%
Social Security benefits will increase 3.2% in 2024 for the nation’s 71 million recipients, due to the cost-of-living adjustment (COLA). The SSA also said that the maximum amount of earnings subject to Social Security tax (also known as the wage base) will rise to $168,600, up 5.2% from the $160,200 base in 2022.
Fed’s ‘golden path’ to lower inflation may have some potholes
The “golden path” some Federal Reserve officials see leading to lower inflation without high unemployment may, like the pot of gold at the end of a rainbow, prove hard to find as they navigate a world of fast-adjusting markets and a new Middle East war.
Consumer prices rose hotter-than-expected in September
The Federal Reserve’s aggressive campaign against inflation faced a speedbump Thursday after Labor Department data revealed consumer prices rose more in September than anticipated.
Starlink to be available on most aircraft soon, says Elon Musk
SpaceX’s Starlink will be available on most aircraft soon, said Elon Musk. The technology will be available for use by any operator if it is ordered.
NRF: U.S. economy ‘more resilient’ than expectations
The U.S. economic picture heading toward the holiday season is not perfect, according to Jack Kleinhenz, chief economist for the National Retail Federation (NRF). The trade group has not released expectations for holiday sales, but has reduced its full-year estimates.
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