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Anna's Daybreak News

Wednesday, 5:23 AM

September 4, 2024

Good morning news friend! Stay updated with the latest news, following the constantly evolving events around you. 📰🌟

US Manufacturing Mired in Weakness

In August, the US ISM Manufacturing PMI rose to 47.2, up slightly from July's 46.8, remaining below the critical 50 mark for the fifth month.

The new orders sub-index dropped to 44.6 from 47.4, and production fell to 44.8, the lowest since May 2020. 

The Prices Paid Index increased to 54.0. Although employment declined, the pace of layoffs slowed. The employment measure improved to 46.0 from 43.4 in July.

Moreover, construction spending fell 0.3% in July. Residential construction investments decreased by 0.4%, with single-family projects plunging 1.9%. Pushing homebuilding to a 16-month low.

Source: Read More

COVID Loans: A Heavy Burden for Small Businesses

Many small businesses relied on COVID-19 Economic Injury Disaster Loans (EIDL) during the pandemic.

The Small Business Credit Survey indicates that firms with unpaid EIDL loans are struggling more than their peers.

Overall, the SBA provided around 4 million EIDL loans, totaling $380 billion. As of late 2023, more than $300 billion remained unpaid. These loans must be repaid, unlike other pandemic assistance.

Moreover, businesses with outstanding loans report difficulties obtaining new loans, with half of them denied due to excessive debt. 

Source: Read More

Americas Surge Ahead in Semiconductor Sales

According to the Semiconductor Industry Association, global sales reached $51.3 billion, marking an 18.7% increase from the previous year.

In July, sales in the Americas hit $15.4 billion, edging out China's sales of $15.2 billion, for the first time in five years.

Japan and Europe experienced declines in semiconductor sales. Currently, sales in the Americas are nearly four times greater than in Europe.

The semiconductor industry is experiencing a new boom due to the infrastructure buildout dedicated to AI.

Source: Read More

Natural Disasters Cost Insurers $151 Billion Per Year

A new report by Verisk predicts annual losses could reach $151 billion, up from $106 billion over the past five years.

While climate change currently adds about 1% to losses, its effect is expected to grow in the coming decades.

Last year, insurers faced 37 thunderstorms, each costing over $1 billion. This is a record high compared to the average of 14 such storms annually.

According to Verisk, the challenge lies in predicting the increasing frequency of thunderstorms and their impact.

Source: Read More

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