News from the Control Tower - 7/27/2023
News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.
With this morning’s GDP print coming in higher than expected, I’m looking at a number of things keeping the economy hot (or at least warm). In last week’s news post, I discussed both the labor and housing markets. This week it’s the recent climate law (also known as the Inflation Reduction Act) and Taylor Swift.
A year in, and many are seeing significant impact from a few pieces of legislation: the Inflation Reduction Act, the CHIPS Act and the Infrastructure Act have all ramped up quickly. The combination is spurring a clean-energy build out and starting to bring manufacturing jobs back to the US. Meanwhile, Bath & Body Works had been working since 2008 to onshore its foaming hand soap production. Its soaps now take one month to complete at an Ohio factory instead of five months in China.
Last month, we saw Sweden blame Beyoncé for inflation. Now the Fed is taking note of Taylor Swift and her economic impact.
Who runs the world? Girls. --Amanda Vaught
1. U.S. Economic Growth Accelerates, Defying Slowdown Expectations
Economy grew 2.4% last quarter, suggesting the U.S. is steering clear of recession.
2. One year old, US climate law is already turbocharging clean energy technology
3. A Soap Maker Cracks the Code to ‘Made in America’
Bath & Body Works persuaded companies throughout its supply chain to move to an Ohio city near its headquarters.