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Business Update – 23 August 2023

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

Mortgage rates are at a 21-year high. Here’s what that means for you.

Mortgage rates hit a 21-year high this week, a milestone that makes home buying a much more expensive prospect for those who are interested in doing so. According to Freddie Mac, the rate for a 30-year fixed-rate mortgage has climbed to 7.09 percent, an uptick from the 5.13 percent it was at a year prior.

New York, California each lost $1T in assets as financial firms fled south

The steady exodus of Wall Street banks and big tech firms from California and New York over the past several years has cost the states nearly $1 trillion apiece in managed assets, according to a new analysis by Bloomberg News.

Will the U.S. enter the recession experts warned about for months? It’s complicated

A recession may be far from top of mind as stocks erase much of this year’s losses and many of the more visible indicators of such an extended slowdown remain far from troublesome, but several key warning signs are still flashing red.

Apprentice Trailblazers: Share your story, build the future

The U.S. Department of Labor is launching the Apprentice Trailblazer Initiative to create a national network of apprentices and apprenticeship graduates from all walks of life and give them a platform to feature their stories, share their experiences on Registered Apprenticeship, and show how apprenticeships increase opportunities for all communities, particularly underserved populations. The application deadline for the first cohort is Sept. 30, and the first cohort of youth Apprentice Trailblazers will be announced during National Apprenticeship Week, Nov. 13-19.

TweetDeck (XPro) is officially becoming a paid service

Tweetdeck (XPro) is now limited to those who are willing to pay. The dashboard, which allows people to manage multiple feeds and searches, is now only accessible to verified Twitter users.

Amazon expands sponsored products ads to other apps and websites

Amazon has expanded its Sponsored Products ads to other apps and websites. This move aims to provide customers with more convenient and seamless shopping experiences, allowing them to discover and purchase relevant products beyond the Amazon platform, the company said in a press release.

Analysis shows retirees could see $17,400 reduction in benefits by 2033

The average retired couple could see their Social Security benefits reduced by $17,400 in 2033 as funding for the program diminishes over the coming decade, according to a recent analysis.

The FTC accused two companies of scamming student-loan borrowers out of $8.8 million

A federal watchdog just cracked down on companies it accused of scamming student-loan borrowers out of millions of dollars.

Tax credits struggle to boost sales of electric vehicles

President Joe Biden’s signature economic legislation promised to create a wave of demand for made-in-America electric vehicles by offering lucrative tax credits. A year later, EV uptake is more of a wavelet as U.S. car buyers and automakers grapple with qualifications that have limited eligibility for many current electrified models.

Millions of Amazon packages will now arrive without any packaging at all

The e-commerce giant is now offering customers the option of less or zero packaging. Customer responses have ranged from criticism to praise for the eco-friendly move.

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