Federal Deficit Hit $1.8 Trillion for 2024, CBO Says

October 15, 2024 Issue

The U.S. budget deficit topped $1.8 trillion in the latest fiscal year, driven by higher spending on interest and programs for older Americans, as the government faces a persistent gap between federal outlays and tax collections. In all, the government collected $4.92 trillion in revenue and spent $6.75 trillion in the year that ended Sept. 30, according to the Congressional Budget Office, which issued its estimates ahead of the official administration tallies expected later this month. MORE

Source: WMC

US Job Growth Surges in September; Unemployment Rate Falls to 4.1%

U.S. job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year. MORE

Source: MN Chamber

US Inflation Reaches Lowest Point in 3 Years, Though Some Price Pressures Remain

Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race. Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. MORE

Source: WMC

Dockworkers’ Union to Suspend Strike Until Jan. 15 to Allow Time to Negotiate New Contract

The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports reached a deal Thursday to suspend a three-day strike until Jan. 15 to provide time to negotiate a new contract. MORE

Source: MN Chamber

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Delayed Farm Bill Punted Until After Election with Congress Stuck on How to Pay for It

Sweeping legislation that would set food and farm policy for the next five years is in limbo, waiting for lawmakers to decide its fate after the election. The latest deadline for the farm bill passed unceremoniously at midnight on Sept. 30, without a push from lawmakers to pass a new farm bill or an extension. Congress will have to scramble in the lame-duck session set to begin Nov. 12 to come up with some agreement on the farm bill before benefits run out at the end of the year — which if allowed to happen eventually would have major consequences. MORE

FDA Outlines its Developing Systematic Post-Market Review Process for Chemicals in Food

On Sept. 25, the U.S. Food and Drug Administration held a public meeting to discuss the ongoing development of an enhanced, systematic process for the post-market assessment of chemicals in food, during which new details about FDA's approach were revealed. MORE

Source: CLFP

Consumer Brands Backs Data-Based Food Additives Reviews

The Consumer Brands Association applauds the FDA's efforts to establish a science and data-based post-market review process for food additives, and Sarah Gallo, senior vice president of product policy and federal affairs for Consumer Brands, said such an approach could help prevent the establishment of a patchwork of state laws that could overcomplicate the issue and stifle the industry's innovation efforts. MORE

Source: CBA

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California is First State to Ban ‘Sell By’ Phrase on Food Packaging

California Gov. Gavin Newsom (D) signed legislation to standardize quality and safety date labels on food products to reduce food waste and better inform consumers. Starting July 1, 2026, food labels will use “best if used by” to indicate quality and “use by” to indicate a food item’s safety. The law also makes California the first state to prohibit the use of the term “sell by.” MORE

Source: ABC of WI

Private Label: An Increasingly Effective Retail Lever

In only a few years, private label has undergone a transformation, shedding its negative, "white label" pre-pandemic connotations for a premium, value-driven option that can deliver on price, quality and taste. MORE

Source: CLFP

Lakeside Foods Helping Victims of Hurricane Helene

Lakeside Foods teamed up with other members of the Midwest Food Products Association to collect and deliver shelf-stable food items to those affected by Hurricane Helene. In one such effort, Riffey Transload and Lakeside Foods cooperated in the collection of 14,000 pounds of canned vegetables (12,240 individual cans), picked up at the Lakeside Foods warehouse in Poynette. “It’s heartbreaking to see the devastation residents in North Carolina are facing, and we’re proud to do our part to help support relief efforts,” said Joe Yanda, President & CEO of Lakeside Foods. MORE

Source: Lakeside Foods

Goldilocks Report? Minnesota Tax Collections Show Economy Not Too Cold, Not Too Hot

The monthly report for September posted Thursday by Minnesota Management and Budget that covers the first three months of the fiscal year that began July 1 shows collections were $234 million or 3.2% more than the state expected in its last official forecast in February. That’s real money in the bank. Feel free to add to that figure the $494 million in collections above forecast (1.7% above forecast) that came into the state government between February and the end of the 2024 fiscal year on June 30. Keep in mind that the two-year state budget is $71 billion. MORE

Source: Fluence Media

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Walz Announces $52 Million to Expand Broadband to nearly 8,000 MN Homes and Businesses

Governor Tim Walz today announced $52 million in grants to expand broadband access to an estimated 7,700 homes and businesses. “Investing in broadband infrastructure benefits businesses and communities across the state,” said Governor Walz. “By connecting thousands of Minnesotans to businesses, education, and health care through broadband, we’re making Minnesota the best place to work, live, and do business.” Earlier this year, Governor Walz announced over $50 million to expand broadband access to an estimated 8,900 homes and businesses throughout Minnesota. MORE

Source: Fluence Media