In its proposed 2017 budget released yesterday, the White House Office of Management and Budget pegged the credit union tax exemption at $26.8 billion over 10 years. The estimate includes a projection of steady growth in the credit union industry, with the taxpayer subsidy growing from $1.7 billion last year to an estimated $3.6 billion by 2025.
U.S. consumers plan to spend an average of $677 on holiday gifts this holiday season, up 3.4% from $654 last year.
The University of Michigan Consumer Sentiment Index increased 3.4% in December compared to the month prior, landing at 74, according to preliminary results for the month.
The U.S. economy added 227,000 nonfarm jobs in November. The unemployment rate was little change at 4.2%.
More than half of U.S. small businesses are financially unhealthy, with a majority of those companies carrying revolving debt on their debit cards, according to a survey by J.D. Power.
The House voted in favor of the Prove It Act, which would strengthen federal standards that require regulatory agencies to consider the economic effects of regulation on businesses.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised.
