Morning Business Report: Social security recipients to receive 8.7% increase next year

Fear of looming recession is pushing the country’s biggest banks to prepare for the worst.

Social security recipients will receive sharpest increase to their benefits in four decades next year in an effort to offset inflation. It plans to increase 8.7% in 2023 for 70 million eligible Americans.

73% of American business owners believe their business can survive economic downturns. Only 40% felt the same in Europe.