Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
US economy grows at 2.8% pace in third quarter on consumer spending
The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth.
US economists more upbeat
As President-elect Donald Trump prepares to retake the White House in January, the National Association of Business Economics (NABE) is more optimistic on the outlook for the U.S. economy.
Here’s where consumers could feel the price pain if Trump’s tariffs go into effect
President-elect Donald Trump campaigned on tariffs. This week, he promised even more. Trump said Monday he intends to impose a 25% tariff on products imported to the U.S. from Mexico and Canada while increasing a previously proposed tariff — as much as 60% — on all Chinese goods by an additional 10%.
A snapshot of the U.S. economy and what the future may hold
The agriculture economy, with the exception of the beef sector and a few other commodities, is in an economic down cycle. The general economy appears to be motoring along with the recession that was predicted to happen this year being nowhere in sight. Let’s examine what may be in store for the U.S. economy and some of the signposts and indicators that the general economy would follow the agriculture economy in a down cycle.
US economy holds firm in early Q4; inflation stuck above Fed’s target
U.S. consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months.
Homebuyer mortgage applications jump 12 percent in 1 week
More homebuyers applied for mortgage loans to purchase homes following a dip in interest rates, according to the Mortgage Bankers Association (MBA). Overall mortgage loan application volume, including applications for buying homes and refinancing, rose by 6.3 percent for the week ending Nov. 22 from the previous week, according to a Nov. 27 statement from MBA.
Fed officials see interest rate cuts ahead, but only ‘gradually’
Federal Reserve officials expressed confidence that inflation is easing and the labor market is strong, allowing for further interest rate cuts albeit at a gradual pace, according to minutes from the November meeting released Tuesday.
Black Friday: Temu and Shein bidding wars spike online marketing costs
Heavy online marketing spending by Temu and Shein is making it more costly for other retailers and brands to reach shoppers on Black Friday, marketing and industry experts say, with both platforms bidding heavily on search keywords used by competitors.
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