Weekly Digest – May 01 2024

Weekly Digest – May 01 2024

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

The economy grew a disappointing 1.6% in Q1. What does it mean for interest rates?

The U.S. economy slowed more than expected early this year as weaker business stockpiling and exports offset solid consumer spending and a flurry of housing construction.

Overdraft/NSF Revenue in 2023 down more than 50% versus pre-pandemic levels, saving consumers over $6 billion annually

The CFPB continues to closely monitor trends in overdraft/non-sufficient funds (NSF) fee revenue and practices. With 2023 data now available, we can compare overdraft and NSF revenue last year to 2022, when many banks changed their fee policies.

Confounding US economic, inflation data cloud Fed’s rate path

The Federal Reserve’s latest financial stability report was good news for anyone worried that a record run of interest rate hikes might overstress the banking system or trigger a recession with companies and households pushed into default through a broad credit crackdown.

IMF’s Georgieva says there’s ‘plenty to worry about’ despite recovery for many economies

The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but “there is plenty to worry about,’’ including stubborn inflation and rising levels of government debt.

Imports hold back US economy in first quarter, inflation flares up

The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and small build-up of unsold goods at businesses, signs of solid demand that together with an acceleration in inflation reinforced expectations the Federal Reserve would not cut interest rates before September.

National Small Business Week 2024 begins; IRS offers tax resources, information to nation’s entrepreneurs

The Internal Revenue Service today offered helpful information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week, celebrating and recognizing the crucial contributions America’s small businesses make to the nation’s economy.

The new class war: A wealth gap between millennials

The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study.

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