USA OUTLOOK November 20 to 24, 2023

USA OUTLOOK WEEKLY NEWSLETTER NOVEMBER 20 TO 24 10001111NOVEMBER 00

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NOVEMBER 20, 2023

NOVEMBER 21, 2023

Rising US debt stokes calls in Congress for special fiscal commission The U.S. Congress is facing growing calls to find a way to stem rising budget deficits and debt following this month's warning by Moody's that political dysfunction could lead it to lower the federal government's credit rating.

There is no rocket science to the three basic choices for grappling with a national debt that has doubled in just the last decade and stands at $33.7 trillion, around 124% of GDP: raise taxes, cut spending or do a combination of the two.

US probes Hyundai, Kia recall into 6.4 million vehicles over fire risks U.S. auto safety regulators on Monday said they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires.

That has led some lawmakers to call for a commission to do the heavy lifting of coming up with realistic approaches to addressing the ballooning debt, a growing concern now that interest rates have risen, producing a jawdropping $659 billion in payments just on the national debt in fiscal year 2023, according to the Treasury Department.

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview.

The affiliated Korean automakers have issued a string of recalls since 2016 for antilock braking system (ABS) and Hydraulic Electronic Control Units (HECU) issues manufactured by the same parts supplier.

The National Highway Traffic Safety Administration (NHTSA) said it was opening an audit query to evaluate the timeliness of Hyundai and Kia’s defect decision making "and adherence with reporting requirements; and understand the varying defect descriptions and remedies between these recalls."

Hyundai said it was "fully cooperating with NHTSA and "puts the safety of our customers and employees as the top priority in everything we do."

Kia said it "will work closely and in cooperation with NHTSA" during its review.

Souce: https://www.reuters.com/business/autos-transportation/us-probes-hyundai-kiarecall-into-64-million-vehicles-over-fire-risks-2023-11-20/

Souce: https://www.reuters.com/markets/us/rising-us-debt-stokes-calls-congressspecial-fiscal-commission-2023-11-21/

NOVEMBER 22, 2023

NOVEMBER 23, 2023

Small Business Saturday: Why is it becoming more popular than Black Friday?

Black Friday is symbolic of the beginning of holiday shopping season. As many as 130.7 million people are planning to shop on Black Friday this year, according to data from the National Retail Federation. But nestled in between Black Friday and Cyber Monday is Small Business Saturday— an opportunity for consumers to support their local communities and check off items on their shopping list.

A Thanksgiving tradition returns: busy roads, crowded airports Millions of Americans crowded into airports or hit the road on Wednesday ahead of Thanksgiving Day, creating the busiest travel day since the pandemic virtually shut down the tradition of visiting friends and family over the long holiday weekend.

Initially launched by American Express in 2010, Small Business Saturday encourages consumers to shop at one of the 33 million independent businesses that exist in the U.S. In 2011, the Senate passed a resolution officially recognizing Small Business Saturday.

In 2022, an estimated $17.9 billion was spent by U.S. consumers with small businesses the last Saturday of November, according to the 2022 Small Business Saturday Consumer Insights Survey.

A sprawling storm that brought downpours and gusting winds to much of the eastern U.S. on Tuesday was moving offshore on Wednesday, according to the National Weather Service, easing fears of significant flight delays.

Between Nov. 17 and Nov. 27, U.S. airlines will carry a record high 29.9 million passengers, according to Airlines for America, an industry forecaster, or 9% more than a year earlier and up 1.7 million passengers from the levels seen before the COVID19 pandemic.

On Tuesday, 2.6 million passengers were screened at airport security checkpoints, the highest ever for a Tuesday before Thanksgiving, according to the U.S. Transportation Security Administration.

Wednesday was expected to be even busier.

Souce: https://www.reuters.com/lifestyle/thanksgiving-tradition-returns-hectic-travel-us2023-11-22/

Souce: https://www.usatoday.com/story/money/2023/11/23/small-business-saturdayblack-friday-comparison/71678932007/

NOVEMBER 24, 2023

Photo: REUTERS/Lucas Jackson/File Photo Acquire Licensing Rights)

Retailers offer deep Black Friday discounts to lure shoppers

Retailers around the world are hoping millions of shoppers will take advantage of Black Friday discounts in the kickoff to the key holiday shopping season, against a backdrop of financial pressure on households in the U.S., Europe and elsewhere.

With many consumers squeezed by persistent inflation and higher interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. Most major retailers slashed their seasonal hiring.

A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. The event is known for crowds lining up at big-box stores at dawn to scoop up discounted TVs and home appliances.

But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full.

Souce: https://www.reuters.com/business/retail-consumer/us-retailers-hope-draw-pickyblack-friday-shoppers-stores-2023-11-24/