Morning Business Report: US economy shows strength despite rising corporate bankruptcies

(LILAMAX)- The U.S. economy shows strength on the surface, but recent data suggests underlying challenges. Corporate bankruptcies have surged this summer to their highest levels since 2020. According to S&P Global, 71 public and private companies filed for bankruptcy last month, up from 63 in June.

In the entertainment sector, Paramount Pictures plans to increase film production, with “Top Gun 3” a priority. CEO David Ellison told Bloomberg the studio could produce up to 20 movies a year, plus additional content for Paramount+ streaming. The company says it will not raise streaming prices despite securing exclusive UFC rights.

On Wall Street, the Dow rallied 400 points for a second consecutive day, while the S&P 500 closed at another record high. Traders are now pricing in a near 100% chance of a rate cut at the Federal Reserve’s September meeting.

Financial literacy remains a concern for many Americans. New survey data from Credit One Bank highlights gaps in credit knowledge, from managing cards to understanding credit scores. The bank’s Chief Credit Officer emphasized that it’s never too late to improve your credit.

In lighter news, Olive Garden offers 25-cent wine samples for guests 21 and older with their meals, according to USA Today. Some states even offer the sample for free. The chain ranks among the top 10 casual dining restaurants for wine programs, offering a broad selection at reasonable prices.