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Small Business News | Amazon’s new AI tool, AmEx launches Sync Program

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Amazon is testing an artificial intelligence tool allowing sellers to generate product descriptions and other listing information.Amazon developing artificial intelligence tool for product descriptions
Amazon is testing a new artificial intelligence tool that will help sellers write product descriptions as well as other content. Similar to ChatGPT, the new feature will generate listings based on keywords provided by users. Amazon has already made the tool available to select sellers as development wraps up soon. However, Amazon warns that human supervision is still needed to ensure compliance with the platform’s strict content guidelines. Read More

The Bureau of Labor Statistics reported on August 10th that the consumer price index, CPI, rose 3.2% from July 2022, a clear indicator that inflation is losing its grip on the U.S. economy. 
Sung Won Sohn, chief economist at SS Economics

July CPI report reveals inflation rose 3.2% annually
Inflation continued to cool in July as consumer prices rose only 0.2%, which is right in line with what Dow Jones forecasted. Core prices grew at an annual rate of 4.7%, that’s the smallest gain in nearly two years. More than 90% of the month’s inflation was driven by rising house and rent costs. Given the positive signs, analysts expect the Federal Reserve to pause interest rate hikes in their next meeting. Inflation remains more than double the Fed’s target rate of 2%. Read More

American Express launches Sync Program, providing a new set of B2B APIs for fintechs
Todd Manning, vice president of the Global Commercial Services team at American Express

American Express launches Sync Program, providing a new set of B2B APIs for fintech companies
American Express has launched the Sync Program to help businesses collaborate with technology firms in the U.S. The new initiative allows tech developers in finance and other industries to integrate virtual credit cards into their corporate software solutions. Users will be able to conduct business-to-business payments and analyze data while receiving support from a dedicated representative. The company is also partnering with Plaid, a data solutions firm, to ensure client information is stored safely and securely. Read More

The NFIB said the U.S. small business confidence rose to an eight-month high in July, as concerns about inflation fell.
Image Source: The National Federation of Independent Business

U.S. small business confidence reached an 8-month high in July
Confidence among small business owners rose to an eight-month high in July, as inflation concerns eased and capital investments rose. The National Federation of Independent Business reported a 0.9-point increase in its optimism index, placing scores at their highest level since November 2022. Entrepreneurs are also planning to hire more staff in the coming months as they look to grow their businesses. However, pricing concerns and cooling demand continue to leave some companies worried that profits may decline in the near future. Read More

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