Weekly Digests

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

Shopify merchants hit $11.5 billion in record Black Friday-Cyber Monday sales

Shopify merchants achieved record-breaking success during the 2024 Black Friday-Cyber Monday (BFCM) weekend, generating $11.5 billion in sales. This represents a 24% increase over last year, highlighting the growing influence of small and medium-sized businesses in the global holiday shopping landscape.

US economy grew slightly in recent weeks

U.S. economic activity has expanded slightly in most regions since early October, with employment growth “subdued” and inflation rising at a modest pace and businesses expressing optimism about the future, the Federal Reserve said on Wednesday in a summary of surveys and interviews from across the country known collectively as the “Beige Book.”

US labor market rebounds in November as economy adds 227,000 new jobs

The U.S. labor market rebounded in November following the previous month’s abysmal jobs report, which was fueled by labor strife and natural disasters. According to the Bureau of Labor Statistics (BLS), the economy added 227,000 new jobs last month from the upwardly revised 36,000 positions in October.

Growing National Debt sets off alarm bells for U.S. business leaders

Federal debt will soon eclipse its all-time high of 106 percent of Gross Domestic Product (GDP), which was reached just after World War II. What is worse, the nation’s debt is projected to continue rising in the future due to a structural mismatch between federal spending and revenues. Debt rising unsustainably threatens the country’s economic future, and a number of business leaders have signaled their concern.

Keep economic seatbelts fastened

University of Virginia alumna Kate Moore, head of thematic strategy at BlackRock, the world’s largest asset manager, with $11.5 trillion in assets, warns markets are likely to see ups and downs in early 2025 rather than continuing their steady rise. She cautions investors, the year ahead won’t be smooth sailing. “I think we’re in for some volatility in the near part of the early part of 2025, and some great, interesting trading opportunities. But I don’t think we should assume it’s a straight line from here.”

US services sector comes off the boil in November, prices stay high

U.S. services sector activity slowed in November after posting big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter.

Business leaders’ optimism about U.S. economy soars after election

Business leaders registered a huge shift in positive sentiment about prospects for the U.S. economy and their own organizations in the wake of the recent U.S. presidential election, according to the fourth-quarter AICPA & CIMA Economic Outlook Survey. The quarterly survey polls CEOs, CFO, controllers and other CPAs in U.S. companies who hold executive and senior management accounting roles.

A look ahead to 2025 economic predictions

Election Day is in the rearview mirror. Wells Fargo chief economist Jay Bryson and senior economist Michael Pugliese note that Donald Trump has been elected president of the United States, Republicans picked up a majority of seats in the Senate, and the GOP now controls the House of Representatives. As the dust continues to settle, the economists in a special Nov. 6 commentary offered preliminary thoughts on the election results and their implications for the U.S. economy.

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