Weekly Digest – June 26, 2024

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

Why Americans hate inflation — and its cure

The main way countries deal with inflation is to increase interest rates, making it more expensive to take out loans and reducing the rate of housing construction, business spending, etc. But if Americans are unusually vulnerable to interest rate hikes because of the debt-heavy way we’ve constructed our economic life, then the cure could be nearly as unappetizing as the disease.

Fewer small businesses seeking Federal contracts due to reporting requirements

A decreasing number of small businesses are seeking and receiving government contracts. And part of the reason for this decline may be the strict reporting and compliance requirements.

US business activity inches up in June; price pressures abating

U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably, offering hope that a recent slowdown in inflation was likely to be sustained.

U.S. economy flexes muscles in June, S&P finds, and poised for ‘robust end’ to second quarter

Purchasing managers buy supplies for their companies. They buy more when times are good and less when the economy sours. The surveys are the first indicators of each month to give a sense of how well the U.S. economy is doing.

U.S. Business Cycle Barometer: Recession risk remains above historical norm

The probability of a U.S. recession within the next 12 months has remained unchanged since the beginning of this year, but at 25%-30% it remains elevated relative to our baseline comparison since World War II, according to the S&P Global US Business Cycle Barometer.

IRS to reject billions of dollars of pandemic-era tax credit claims

The agency is concerned about how many taxpayers ‘have been misled and deluded into thinking they’re eligible for a big payday,’ Commissioner Danny Werfel said.

The US economy is headed into a corporate bankruptcy cycle that will spike unemployment

A wave of large bankruptcies is about to hit the US economy — and that could spark job losses for a growing number of Americans, according to Wall Street forecaster Danielle DiMartino Booth.

Can the dollar stay on top?

The dollar is the world’s reserve currency, the backbone of the globalized economy. Would that remain the case if political instability throws the United States off-balance?

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