The Daily Money: US economy accelerated in second quarter as recession worries ease
Happy almost Friday, Daily Money readers. It’s Bailey Schulz here with the day’s top headlines.
Here’s some good news to start your day: Despite months of recession fears amid high interest rates and inflation, the U.S. economy isn’t slowing.
The nation’s gross domestic product expanded at a seasonally adjusted annual rate of 2.4% in the April-June quarter as a slowdown in consumer spending was offset by a rise in business investment, the Commerce Department said Thursday. That’s up from 2% growth early in the year and above the 1.8% rise predicted by economists in a Bloomberg survey.
"The latest numbers put an exclamation mark on it: we’re not in a recession and it’s unlikely we’ll slip into one this year or maybe even next year," Robert Frick, an economist at Navy Federal Credit Union, wrote in a note to clients.
Even so, many economists still believe a recession is likely later this year or in 2024.
Anheuser-Busch layoffs
Anheuser-Busch is laying off hundreds of positions after Bud Light lost its spot as the top-selling U.S. beer for a second consecutive month, according to multiple reports.
Less than 2% of its U.S. workforce will be laid off, Anheuser-Busch said in a statement to The Wall Street Journal and CNN. According to the company’s website, Anheuser-Busch employs “more than 19,000 employees nationwide,” which would mean roughly 380 positions or less being eliminated.
The beer company said front-line workers such as brewery and warehouse employees will not be impacted by the layoffs, the WSJ reported.
Anheuser-Busch has watched sales decline following a consumer boycott in response to Bud Light partnering with transgender influencer Dylan Mulvaney, which led to Mexican lager Modelo Especial decrowning the American-made beer as the top-selling beer in the U.S.
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British Airways flight 252 from Turks and Caicos to London had a catering snafu Sunday. When the plane made a scheduled stop in Nassau, Bahamas, the crew went into the terminal to buy KFC and distributed pieces to passengers.
Social media posts show flight attendants serving chicken directly out of the KFC buckets.
“With limited options available at the airport, our teams sprung into action and made sure our customers onboard our flight had something to eat,” the airline said in a statement. “We apologize to customers that their full meal service was not available and that we had to wing it on this occasion.”
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.