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Our Great Virginia
Sean H. & Jocelin A.
July 11, 2024 • Estimated Reading Time: 10 minutes
TLDR
MARKET RECAP → The S&P 500 (VOO) pulled back from its record high as investors shifted away from this year's big tech winners, including Nvidia (NVDA) and Meta Platforms (META).
JUNE INFLATION REPORT: POSITIVE SIGNS →📉 Inflation rose just 0.2% in June, signaling a potential easing of price pressures and bringing some relief to consumers and investors alike.
VIRGINIA’S BUSINESS RANKING SHUFFLE →📈 Virginia jumped to No. 2 in CNBC’s 2023 Top States for Business due to top-notch education but got dinged by high business costs, while Governor Youngkin focused on cutting expenses and prepping industrial sites to compete with North Carolina's booming economy.
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TODAY’S TOP NEWS
June Inflation Report: Positive Signs
📉 Mild Increase: Inflation in June came in at 3% year over year, offering a welcome respite from steeper price hikes. This figure came in below expectations, signaling a potential easing of inflationary pressures.
🛒 Core Prices Stable: Core prices, excluding volatile food and energy sectors, also saw a 3.3% uptick. This stability in core inflation suggests that underlying price trends are beginning to level off.
📊 Yearly Outlook: The overall inflation rate held steady in June. This consistent annual rate reflects a broader trend of moderating inflation, which could influence future monetary policy decisions.
TODAY’S TOP NEWS
Virginia’s Business Ranking Shuffle
📈 Top But Costly: Virginia was rated America's best state for education, contributing to its climb to No. 2 in CNBC’s 2023 Top States for Business. However, high business costs prevented it from reclaiming the top spot from North Carolina, which has led for two years straight.
🏗️ Infrastructure and Growth: Virginia scored well in business friendliness, education, and access to capital but lagged in cost of doing business. The state government has been focusing on improving industrial site readiness to attract large projects, though the high cost of living remains a challenge.
💰 Political Push for Improvement: Governor Glenn Youngkin emphasized lowering business and living costs as crucial for competitiveness. Despite recent economic successes, including new manufacturing plants, the state needs further investment to match the growth seen in states like North Carolina.
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