Forbes Daily: Consumer Sentiment And Spending Defied Expectations In June

Forbes

2 days ago

You might have to say goodbye to free snacks in the office thanks to the One Big Beautiful Bill Act.
Food and drinks were some of the many perks companies have offered as they try to lure workers back to the office. But the just-signed legislative package would allow a tax deduction that employers previously used for providing meals and snacks to expire in most cases. Congress seems to think the savings are worth it: The Joint Committee on Taxation found that eliminating the deduction will raise $32.5 billion over the next decade.
Even without the tax break, free food is a major draw. In a 2023 survey, 80% of workers said catered meals encourage them to come into the office.
Transportation Secretary Sean P. Duffy speaks during a press conference at Los Angeles Union Station in February 2025. Allen J. Schaben / Los Angeles Times via Getty Images
California is suing the Trump Administration over its claw back of $4 billion in federal funds awarded for a high-speed rail system in the works, the latest difficulty facing the country's costliest infrastructure project. Transportation Secretary Sean Duffy said a compliance review determined the California High-Speed Rail Authority 'cannot meet its obligations under the grant agreement,' but Governor Gavin Newsom claimed the decision was politically motivated.
Microsoft released an emergency software patch Sunday in response to 'active attacks' on businesses, government agencies and universities using its SharePoint server. The vulnerability only impacts companies using Microsoft's software to host their own servers, and customers relying on Microsoft's 365 cloud services have not been affected. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.
Americans appear to be less worried about price hikes, as consumer sentiment reached a five-month high last month, according to the University of Michigan's monthly survey released Friday. Inflation was higher than economists expected in June, and those polled in the survey still see a 'substantial risk' of worsening inflation in the future. TECH + INNOVATION
AI chatbot Grok has touted shifting viewpoints on disgraced financier Jeffrey Epstein in recent days, including apologizing for 'overly definitive or inflammatory posts' about Epstein's demise that preceded a system update. It's showing in real time how the flagship product of Musk's AI firm, which recently won a $200 million contract with the Pentagon and was last valued at $80 billion, is evolving and influencing discourse on X. MONEY + POLITICS
Attorney General Pam Bondi during a Cabinet Meeting with President Trump at the White House in Washington, on July 8, 2025. Tom Brenner for The Washington Post via Getty Images
At President Donald Trump's direction, Attorney General Pam Bondi vowed to ask the court to unseal grand jury documents related to Epstein—but it could take months for any documents to actually be released, if they're permitted to come out at all. Grand jury proceedings are typically secret, and files from them can only be released in limited circumstances. Over the weekend, Trump continued to blast 'troublemakers and radical left lunatics' who he predicted would still want 'more, more, more.'
MORE: Senator Dick Durbin (D-Ill.) alleged in a series of letters that FBI agents were directed to 'flag' anything in the government's documents on Epstein that mentioned Trump. Democrats have urged the FBI and DOJ for more information about their refusal to publicly release more evidence, after Bondi previously said the public would see 'the full Epstein files.'
Trump sued billionaire media magnate Rupert Murdoch and the Wall Street Journal's publisher Dow Jones & Co. on Friday, after it published a report alleging the president sent a suggestive letter to late sex offender Epstein on his 50th birthday. Trump filed the lawsuit in the Southern District of Florida alleging libel, assault and slander against Murdoch, Dow Jones and the two reporters behind the Journal's story. TRENDS + EXPLAINERS
The recently-approved spending package changes controversial reporting requirements for gig workers and those who use payment apps like PayPal for business by changing the reporting thresholds for several tax forms. That should translate to fewer forms for taxpayers, as there are around 16.5 million self-employed individuals in the U.S., or 10.4% of the total workforce. But no matter the threshold, all taxable income must be reported on your tax return. DAILY COVER STORY The Best Places To Retire Abroad In 2025
Portugal, and its capital of Lisbon, encourages U.S. retirees who can show yearly income of $17,000 for a couple. MERTEN SNIJDERS/THE IMAGE BANK/GETTY IMAGES
A growing number of Americans are interested in retiring abroad, in search of lower costs, a different lifestyle and less toxic politics.
A record 712,000 Americans living abroad were receiving Social Security benefits at the end of 2024, up 21% in a dozen years.
In many cases, the day-to-day living economics are compelling. And that's on top of a growing number of countries, including Greece, Portugal and Costa Rica, that have recently relaxed rules that used to keep retirees from bringing in extra income by working. New 'digital nomad' visas allow American expats to stay for an extended period, while working remotely for employers in other countries.
To help you get started on research, Forbes offers its list of The Best Places to Retire Abroad in 2025, highlighting 96 places in 24 different countries in four continents, plus islands. Ten of the 24 are in Europe.
In making our picks, we considered relative cost of living, healthcare quality and costs, ease of getting back to see relatives, crime and political instability and social isolation, especially if English isn't widely spoken. We also weighed the current ease or difficulty of getting permission to stay in a country.
The list includes places like Malta, a five-island nation with terrific beaches, a temperate climate and low crime, and Belize, the only Central American country with English as its official language.
WHY IT MATTERS 'Retiring abroad is certainly not for everybody,' says William P. Barrett, a Forbes senior contributor and veteran journalist who has been compiling these lists for more than a decade (and who has lived abroad). 'But when you look at what's going on in the U.S. today—everything from rising living and health care costs to a political environment that many of all ideological stripes find unsettling—a foreign option looks a lot more appealing than in the past. And then there's also the change of pace and opportunity to experience different cultures often in beautiful settings—in many cases, at a discount!'
'No doubt more folks dream about doing this than actually do it. One reason might be that it takes a lot of research. One purpose of the list is to give folks a road map and a head start.'
MORE Your Guide To Planning A Foreign Retirement FACTS + COMMENTS
June is typically a slow month for retail, but consumers spent more than expected last month as shoppers appear to be in a 'wait-and-see' mindset amid broader economic uncertainty. Retailers have been on pins and needles this year as tariffs are still expected to raise prices:
4.1%: The year-over-year increase in seasonally-adjusted retail sales from April through June, the Census Bureau reports
$4.2 trillion: Total retail sales for the first half of 2025, up 3.6%
67%: The share of shoppers who started back-to-school shopping in early July STRATEGY + SUCCESS
If you've repeatedly been told that 'something's coming' in response to questions about your career growth, your job might be stringing you along. Keep an eye out for managers who are constantly changing or being vague about the timeline for a promotion, and whether others are being promoted around you. Ask for a documented plan with clear dates, and if the company can't provide that, it may be time to move on. VIDEO
A billionaire pop star starred in the new Smurfs movie, though the film still opened to lackluster box office returns this past weekend. Which musician is it?
A. Taylor Swift
B. Rihanna
C. Katy Perry
D. Beyoncé
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.