Hints from the Fed that it could cut rates a lot next year sent the Dow Jones Industrial Average to a new record high on Wednesday.
Why it matters: While financial professionals avoid the antiquated index almost completely, the Dow Jones Industrial Average is still the mental benchmark that millions of Americans use for the stock market.
The Federal Reserve left interest rates unchanged at its final policy meeting of 2023, while signaling that 2024 could bringsignificant rate cuts.
Why it matters: The decision to leave rates unchanged in a 5.25% to 5.5% range for the thirdconsecutive meeting. Officials indicated that the central bank is likely done with its historic rate-hiking campaign to tame inflation that has, so far, resulted in little damage to the economy.
More chief executives of America's largest companies plan to add workers than just three months ago, according to a new survey of 141 CEOs conducted by the Business Roundtable — seen first by Axios.
Why it matters: The survey results are consistent with a slow but steadily growing economy — one that looks likely to avoid the oft-predicted recession in coming months.
As analysts, commentators, and journalists look back at the economy in 2023, the White House is out with its own offering, emphasizing that — contrary to many predictions 12 months ago — activity has remained robust while inflation has fallen sharply.
Driving the news: On Tuesday, the Biden administration released a year-in-review memo from Lael Brainard, director of the National Economic Council.
Tesla issued a recall covering almost all of the cars it has sold in the U.S. over a software defect in a system that's meant to monitor whether drivers are paying attention while using the vehicle's Autopilot feature.
Why it matters: The recall of roughly 2 million vehicles is the latest sign that U.S. safety regulators are getting tougher on Tesla after multiple investigations were opened in recent years into collisions involving the Autopilot technology.
Forget quiet quitting, employers are doing quiet layoffs now amid a slowing job market for white-collar workers.
What's happening: Workers get advance notice that they're being laid off — so they're working for additional weeks or even months for an employer who's told them the end is nigh, the Wall Street Journal reports.
For many professionals, it's harder to find a job now than it was at the start of the year.
Why it matters: By most measures, the labor market looks great — but under the hood, there are signs of a slowdown, and white-collar workers are feeling it.
Despite "tipflation" and "tipping fatigue," most Americans are planning to be as generous in holiday tipping this season as they were last year — if not more.
Why it matters: Tipping has become a fraught issue as the pandemic — and point-of-sale tip screens — pushed up the amounts we pay service workers and the number of times we're asked to tip.
