Business Update – March 27, 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Entrepreneurship, startups, and business formation are booming across the U.S.
Applications for new businesses, the number of startups, and the total number of businesses have skyrocketed across U.S. states and counties since 2021.
Federal Reserve issues FOMC statement
On March 20, 2024, the Federal Reserve raised the federal funds rate by 0.25 percentage points, aiming to achieve its dual mandate of maximum employment and price stability. The increase reflects the Federal Open Market Committee’s response to elevated inflation pressures and a strong labor market.
US business activity stable in March; inflation picks up
U.S. business activity held steady in March, but prices increased across the board, suggesting that inflation could remain elevated after picking up at the start of the year.
Worldwide ecommerce sales to break $6 trillion, make up a fifth of total retail sales
Worldwide retail ecommerce sales will make up a fifth (20.1%) of total retail sales this year, totaling $6.334 trillion, according to a recent forecast.
Fed policymakers stick to three-rate-cut view in ’24, but barely
U.S. central bankers still anticipate cutting interest rates three times this year, according to the median of new economic projections published on Wednesday, but overall have become more hawkish than three months ago when they last published forecasts.
DOJ files landmark lawsuit against Apple over iPhone monopoly
The Department of Justice (DOJ) and 16 states on March 21 filed a civil lawsuit against Apple Inc. accusing the company of illegally monopolizing the smartphone market.
The global effort to make an American microchip
Semiconductors are vital to the modern economy, powering everything from video games and cars to supercomputers and weapons systems. The Biden administration is investing $39 billion to help companies build more factories in the United States to bring more of this supply chain back home. But even after U.S. facilities are built, chip manufacturing will remain decidedly global.
February retail sales up 0.6%, yet fissures emerge in what has been a driving force for US economy
Americans picked up their spending a bit in February after pulling back the previous month. But last month’s gain was weaker than expected, and January’s decline was revised even lower, suggesting that many are growing more cautious with their money.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.