Economic & Recovery: News Release: 7/27/2022

July 27, 2022
Content Curated By Scott Goldstein
  • Fed unleashes another big rate hike in bid to curb inflation.
  • How the rate hikes affect your finances.
  • How do we know when a recession has begun?
The Fed Unleashes Another Big Rate Hike in Bid to Curb Inflation
The Federal Reserve today raised its benchmark interest rate by three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. It will raise its key rate to a range of 2.25% to 2.5%, its highest since 2018. The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. (The Associated Press)
How the Fed's Rate Hikes Affect Your Finances
Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are visible, while crypto assets are reeling. Read more. (The Associated Press)
How Do We Know When a Recession has Begun?
By one common definition, the U.S. economy is on the cusp of a recession. Yet that definition isn’t the one that counts. On Thursday, when the government estimates the gross domestic product for the April-June period, some economists think it may show that the economy shrank for a second straight quarter. That would meet a longstanding assumption for when a recession has begun. But economists say that wouldn’t mean that a recession has started. Read more. (The Associated Press)
Global Economy to Slow Down Further, International Monetary Fund Says
The International Monetary Fund updated its global growth outlook to 3.2% this year and 2.9% the next, a further downgrade to an already downbeat April outlook of 3.6% for both this year and next. It also revised inflation upward to 6.6% in advanced economies and 9.5% in emerging markets — nearly a full percentage point higher than previously forecasted. Fighting inflation should be "the first priority," the fund said in its latest report. (Politico)
A Guide to Growing Your Business with Social Media Marketing
This detailed social media marketing guide will help your business engage with the right social media platform and create unique content. (U.S. Chamber of Commerce)
N.J. Chamber of Commerce on Gender Equality in the Workplace
"The goal is to provide our audience with what other industries are doing to recruit and retain women at work, to see what kind of innovative policies they’re putting in place, for our (member companies) that may want to do similar things at their places of work," said Patricia Teffenhart, the N.J. Chamber’s senior vice president of strategic initiatives. (U.S. 1)
NJ Chamber Virtual Discussion Series on Diversity, Equality & Inclusion
Tomorrow, July 28:
Women in the Workplace: Lessons from the Navy
U.S. Navy Commander Evita Salles, a native of Neptune, N.J., will join us for an exclusive conversation about the Navy's innovative strategies to support the recruitment, retention and advancement of women. This event is part of our series focused on creating more equitable work environments for women and to uplift the voices of women in the workplace everywhere. For complimentary registration, click here. (N.J. Chamber of Commerce)
Looking to Get Vaccinated? Here's an Easy Way to Find COVID-19 Vaccines Near You.
Just punch in your area code. You can even search for a specific vaccine. (
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Business Resources
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
The Best Tool for Your Business - Membership in the N.J. Chamber
The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.
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The New Jersey Chamber of Commerce is staying on top of pandemic and economic recovery developments. For news media requests, please email Scott Goldstein.
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