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US GivingTuesday raises $3.1B for charities in tough economy

04:10  01 december  2022
04:10  01 december  2022 Source:   msn.com

EXPLAINER: Rail strike would have wide impact on US economy

  EXPLAINER: Rail strike would have wide impact on US economy OMAHA, Neb. (AP) — American consumers and nearly every industry will be affected if freight trains grind to a halt next month. One of the biggest rail unions rejected its deal Monday, joining three others that have failed to approve contracts over concerns about demanding schedules and the lack of paid sick time. That raises the risk of a strike, which could start as soon as Dec. 5. It wouldn’t take long for the effects of a rail strike to trickle through the economy. Many businesses only have a few days’ worth of raw materials and space for finished goods. Makers of food, fuel, cars and chemicals would all feel the squeeze, as would their customers.

NEW YORK (AP) — GivingTuesday raised a record $3.1 billion in 24 hours for charitable causes in the U.S. earlier this week, as the event that started as a hashtag in 2012 celebrated its 10th anniversary and its status as a staple of fundraising for nonprofits.

FILE - U.S. $100 bills are seen on July 14, 2022, in Marple Township, Pa. Giving Tuesday raised $3.1 billion in 24 hours for charitable causes in the U.S. on Tuesday, Nov. 29, 2022, as the event that started as a hashtag in 2012 celebrated its 10th anniversary and its status as a staple of fundraising for nonprofits. (AP Photo/Matt Slocum, File) © Provided by The Associated Press FILE - U.S. $100 bills are seen on July 14, 2022, in Marple Township, Pa. Giving Tuesday raised $3.1 billion in 24 hours for charitable causes in the U.S. on Tuesday, Nov. 29, 2022, as the event that started as a hashtag in 2012 celebrated its 10th anniversary and its status as a staple of fundraising for nonprofits. (AP Photo/Matt Slocum, File)

Despite the difficult economic year that many households have experienced, with inflation in the costs of basic goods, gas and housing, people were still willing to give, said Asha Curran the CEO of GivingTuesday.

EXPLAINER: Rail strike would have wide impact on US economy

  EXPLAINER: Rail strike would have wide impact on US economy Occurred on November 4, 2022 / USA: "I was sitting at my desk working. Lawn care guy was across the street doing my neighbor's yard and blew the leaves from their yard into mine. My wife was upset and had a battle with him and their leaf blowers."

“That’s really what we saw yesterday," she said Wednesday night. "That whatever it is that people are experiencing, they were as generous as they had the capacity to be.”

GivingTuesday estimated that giving increased about 15% from 2021′s $2.7 billion, outpacing inflation. Donations were tallied using an array of data sources that includes major community foundations, companies that offer fundraising software, the payment processor PayPal and large grantmakers like Fidelity Charitable and Vanguard Charitable. Their methodology for compiling the estimate seeks to eliminate duplicate data points, Curran said.

In another measure of the resilience of donations, Fidelity Charitable said Tuesday that for the first time since 2018, the value of grants from its donor advised funds exceeds the value of investments going into the funds.

The Fed's own economists are sounding the recession alarm — and warning that more interest-rate hikes could tank the US economy

  The Fed's own economists are sounding the recession alarm — and warning that more interest-rate hikes could tank the US economy Federal Reserve's staff economists said pressure on consumer spending, overseas turmoil, and higher borrowing costs have made a recession more likely.The central bank's staff flagged rising pressure on consumer spending, trouble overseas, and higher borrowing costs as near-term headwinds, the minutes from the Fed's November meeting show.

The organization said this year was the largest amount donated on the Tuesday after Thanksgiving as long as they've tracked it.

The hashtag to promote fundraising on the Tuesday after Thanksgiving started in 2012 as a project of the 92nd Street Y and the organization GivingTuesday became an independent nonprofit in 2020. The organization has also launched a campaign to raise $26 million over five years to expand their database of giving.

In the tenth year of nonprofits and donors marking the day, Curran said, people continue to show incredible generosity.

“They give in a multitude of ways. It does not always have to do with money. It often has to do with community. It is very collective. It has a lot to do with people feeling like they are a fractal of a larger whole,” Curran said. “And yesterday was just one more reaffirmation of that.”

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Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

China trade shrinks amid virus pressure, interest rate hikes .
BEIJING (AP) — China’s imports and exports shrank in November under pressure from weakening global demand and anti-virus controls at home. Exports sank 9% from a year ago to $296.1 billion, worsening from October’s 0.9% decline, customs data showed Wednesday. Imports fell 10.9% to $226.2 billion, down from the previous month’s 0.7% retreat in a sign of a deepening Chinese economic slowdown. The country’s global trade surplus narrowed by 2.5% from a year earlier to $69.9 billion.Trade had been forecast to weaken as global demand cooled following interest rate hikes by the Federal Reserve and central banks in Europe and Asia to rein in surging inflation.

usr: 2
This is interesting!