Business Update – 8 November 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
5 things to know about a stunning week for the economy
Here are five takeaways about today’s economy, including why forecasters are cautioning that the strong growth may not last.
Biden’s new plan for student loan relief, explained
On Monday, the Department of Education announced new plans to forgive billions of dollars in loans held by struggling borrowers. If it works, people who have spent decades under the yoke of monthly payments will finally be free of their obligations. The question is whether the Supreme Court will once again blow up Biden’s loan forgiveness ambitions before they leave the ground.
What are global companies saying about China’s economy?
Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country’s economy from a pandemic slowdown.
Fed keeps rates unchanged, Powell hedges on possible end of tightening campaign
The Federal Reserve held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint. Fed Chair Jerome Powell said the situation remained something of a riddle.
Yellen sounds unfazed over US budget deficit concerns
Treasury Secretary Janet Yellen waved away angst about the budget deficit in remarks at a Bloomberg event in Washington. She said the surge in longer-term bond yields in recent months is a reflection of a strong US economy, not the jump in government borrowing driven by a widening fiscal deficit. “I don’t think much of that is connected” to the US budget deficit, Yellen said.
US consumer confidence hits a five-month low
Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism. Data released on Tuesday showed that The Conference Board’s index dropped from 104.3 in September to 102.6 last month, which is a five-month low.
Biden issues Executive Order on AI for U.S. government departments and application developers
U.S. president Joe Biden today issued an Executive Order establishing new standards for the use of artificial intelligence applications in the U.S. federal government, government-funded programs and critical infrastructure sectors.
GM, UAW reach tentative deal after weeks of contract negotiations
General Motors and the United Auto Workers have reached a tentative agreement, less than 48 hours after the union struck the automaker’s Spring Hill Assembly plant in Tennessee, the Detroit Free Press has learned.
Here’s what 10 experts recently said about recession risks.
Some high-profile commentators have raised the alarm on the economic outlook in recent days. Here are 10 recent warnings from experts about the current economic situation, lightly edited for length and clarity.
US daylight saving time: When do clocks change and why was it created?
As countries including the United States, Canada and Cuba prepare to set clocks back an hour on Nov. 5 as daylight saving time ends, debate is once again emerging in the U.S. over whether and how to end this practice. Here is everything you need to know about daylight saving time and the arguments to end it.
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