NATIONAL HEADLINE NEWS FOR TUESDAY, DECEMBER 24TH 2024Inflation Issues Persist Despite a Boost in Consumer Spending as the Holiday Season Begins.

Retail sales increased across the United States by almost 4.8%. Strong consumer spending from online shopping helped fuel this increase and the high demand for entertainment and travel. However, economists maintain that rising price levels, in conjunction with stagnant wage growth, will hinder any potential growth in the next five years or so.

Mortgage Markets Remain Steady As All Eyes Are Directed Towards the Federal Reserve

30-year fixed-rate mortgages have maintained a national average of 6.75%, marking a period of stabilization for a rampant market with fluctuating rates. The Federal Reserve is expected to conduct a meeting at the start of next month, wherein they will decide whether there is a scope for further rate increases, which may act as a barrier in combating inflation. Furthermore, experts anticipate this meeting with caution, as signs indicate economic growth is beginning to stagnate.

Continued Shortages Within Inventory Persist in the Housing Market.

The US housing market is still suffering from an extreme deficit in the number of active listings, which have dropped by roughly 23% compared to December 2023. The resulting combination of increased interest rates and a shortage of homes has made it difficult for homeowners to afford to sell their homes. Once again, this has dire consequences on first-time buyers, as relatively economical homes aren’t abundant in high-demand areas.

US Senate passed 1.2 Trillion Funding Package Bill for Infrastructure.

In a decisive bi-cameral vote, the Senate approved the one-point-two trillion-dollar funding bill covering new highways, IT, and climate. The construction industry stands to gain tremendously from it, leading to multitudes of job creation. However, there are concerns that the bill may not lead to a green future.

US Department of Justice Cracks Down on Big Tech: New and Tough Privacy Laws Come Into Effect

As Meta and Google colluded over Meta’s Giphy acquisitions, the US Department of Justice issued new privacy laws for big tech companies, requiring them to be more open about their data use and more respectful to consumers. Consumer advocates have well received the move. Still, it has raised fears among business leaders around the possible chilling effect it could cause on innovations.

Winter Storms Force 2000 Plus Flight Cancellations Over Christmas Weekend Travel Plans Afterphotos Shot Sorter Job View Photo

A winter storm that impacted America’s Midwest and Northeast regions has made travel before Christmas difficult. More than two thousand flights have been disrupted around the Michigan, Illinois, and New York regions, and treacherous snow is predicted for Christmas day.

The Stocks Reflect a Gain Following the +/- Year-End Rush.

After the approval of the infrastructure bill and the increased holiday retail sales, investors’ positive mood was reflected as both the Dow Jones Industrial Average and the S&P 500 showed growth. Afterward, the tech-heavy Nasdaq took a harsh tumble during the week but was later able to recover due to the much-anticipated reports regarding the fourth quarter earnings.

As Cases of Problems Arise, the Hospitals Are Bound to Face Issues.

The healthcare system is facing a severe crisis due to increased cases of influenza and respiratory syncytial virus (RSV). All hospitals are under substantial pressure with the pediatric wards, particularly under duress regarding the capacity issue. The CDC has warned people to consider taking extra measures and getting vaccinated due to family gatherings.

The USA and China Relations Are Kick Starting as Planned.

President Biden and Xi Jinping are expected to host a virtual meeting this week to discuss trade relations, Taiwan, and other topics related to global security. Analysts see the virtual meeting as a much-needed reduction of tension between the USA and China, fighting a soft war on multiple fronts.

Sports

NFL Playoff Picture Takes Shape:

The NFL regular season ends and the teams compete for the remaining playoff spots. The Philadelphia Eagles and Kansas City Chiefs have secured their divisions, while everyone else fights for the wildcards. Everyone is set for the high-profile matches as we enter the holiday weekend.

Entertainment

“Avatar 3” Breaks All Previous Box Office Records James Cameron’s “Avatar 3” has grossed $1 billion in just two weeks, making it the highest-grossing film of 2024. Critics love the film for its incomparable graphics and environmental storyline, making it one of the cultural marvel films of the time.

Holiday Spirit Sees Unprecedented Level of Charity Donations

Charitable organizations have reportedly received donations totaling $6 billion this holiday season, thanks to the globalization of humanitarian issues and tax incentives for donors. Corporations and individual philanthropists have donated to various social causes, from disaster recovery to education.

As these events unfold, more follow-up reporting and analysis will be published.