Wednesday Headline news summary: December 25, 2024News Related to the Economy and Financial Affairs

A Decrease in Inflation:

• The US witnessed a slight decrease in the inflation rate.
• The inflation rate was reported to be 4.2% in November.
• However, it decreased to 3.9 % in December, signifying that inflation is slowly being controlled.

The Stock Market Surge:

• Strong holiday consumer spending boosted investor confidence, increasing the stock market.
• The Ordinary Share Index 500 (S&P 500) and the Dow Jones Industrial Average were reported to have experienced increases of 1.3% and 1.1%, respectively.

Retail Sales Growth:

• Last year, the retail industry growth stood at 5.4%, which can be attributed to a rise in online spending and greater demand for expensive goods.

New Developments in Housing and Real Estate.

Mortgage Interest Rate Steady:

• The national average mortgage rate remained close to 6.75% for a 30-year fixed-up mortgage.
• It is expected to remain in the range during the joyous season.

Housing Prices and Inventory:

• Housing prices rose by 4.1 percent compared to the past year.
• However, the housing inventory surpassed critical limitations, decreasing by 18% compared to last December.

Increase in Financial Instability:

• The number of foreclosure applications in the latest quarter surged by 13%.
• Revealing signs of financial instability since housing loan interests and inflation remained highest.

Politics News

Biden’s endorsement drops to below expected: Economic factors do not support satisfaction relative to President Joe Biden’s administration’s handling of inflation. Consequently, his endorsement fell by 34%.

Congress Approves Housing Rental Assistance Bill

A bipartisan approach has resulted in a construction elements amendment with tax credits that will help increase the supply of affordable housing by the end of 2025.

International Affairs

US and China Relations Breakthrough:

• President Biden and China’s Xi Jinping had a talk focusing on trade and climate issues.
• But Taiwan issues remain unresolved.

Ukraine Conflict Updates

America’s support for Ukraine is still strong, and $45 billion in other military and humanitarian support is anticipated for 2025.

Climate and Environment

Severe Winter Storms:

• A severe winter storm affects the Midwest and Northeast regions.
• Leading to the scrapping of over 30,000 flights and dangerous driving conditions.

New FEMA Flood Maps:

• New maps have been altered, increasing the region’s high-risk flood area and shifting the concern to homeowners insurance costs, which could be millions.

Technology and Industry

AI Changing Workplace Dynamics:

• The penetration of Artificial Intelligence into workplaces has doubled in the US over the last 12 months.
• It is particularly used in the logistics, customer service, and financial services industries.

EV Market Growth:

• Electric vehicle registrations increased by 20% over the previous year to federal tax deductions.
• Growing market activity helped sustain the momentum.

Social and Cultural Highlights

Record Charitable Giving:

• During this festive period alone, Americans gave a record-breaking seven billion dollars.
• This resulted in major donations to food banks, relief aid, and education.

Holiday Movie Box Office:

• Avatar 3 is the year’s highest-grossing film, leading the box office with over 1 billion dollars in revenue.

Sports

NFL Playoff Picture:

• While the Kansas City Chiefs have already qualified for the playoffs, the Philadelphia Eagles and many other team races are getting heated in both conferences.
• This outline, dated December 25, 2024, captures the critical moments in US contemporary history in economic, political, and cultural spheres.

Major news outlets and more detailed reports are excellent sources for further information on this story.