By Abby Schultz

U.S. charitable giving made a comeback in 2024. Donations to nonprofits climbed 6.3% to a record $592.5 billion, according to a report from the Giving USA Foundation. Accounting for inflation, giving rose 3.3% -- the first time donations have outpaced inflation in three years. Individual giving soared 8.2%, to $392 billion -- 5.1% when adjusted for inflation -- while corporate philanthropy rose 9.1%, to $44 billion -- 6% with inflation.

The U.S. stock market, which rose some 20%, was a big factor behind the surge, says Una Osili, associate dean for research and international programs at the Lilly Family School of Philanthropy, the report's author. "People give when they feel economically and financially secure, " Osili says.

That was a return to "normalcy." The atypical years began with a 2017 change in U.S. tax law that discouraged itemizing deductions, including charitable contributions. A report last year by the Lilly Family School found that change led to a $20 billion drop in giving. Before donations could recalibrate, the pandemic hit, followed by inflation.

Since 2020, megagifts -- $600 million or more in 2024 -- have been a big part of individual giving. Last year, such gifts hit $11.7 billion, up from $8.1 billion in 2023. The biggest recipient for giving: religious groups, though up only 1.9%. The biggest upticks went to groups that benefit society, international affairs, and educational nonprofits. May the good times continue.

Write to Abby Schultz abby.schultz@barrons.com

Last Week

Markets

U.S. attacks on Iran nuclear sites sent oil up and triggered cancelled flights and a "Worldwide Caution" alert for Americans. On Monday, President Donald Trump tweeted out a cease-fire. Energy and defense stocks fell but the Nasdaq 100 hit a high and the S&P 500 neared one. Leaked defense assessments questioned the success of the U.S. strike. But stocks rallied as Trump floated naming a new Federal Reserve chief early, said the July 9 tariff deadline "could" be extended, confirmed a rare-earths deal with China, then abruptly ended trade talks with Canada. On the week, the Dow industrials rose 3.8%, the S&P 3.4%, and the Nasdaq Composite 4.3%.

Companies

Tesla's robo-taxi service began in Austin, Texas, with 10 vehicles; European sales fell for the fifth straight month. Vanguard said it will cut fees in half for its European bond funds. Microsoft targeted its Xbox unit for layoffs, fresh off its $69 billion Activision Blizzard deal. Nvidia edged past Microsoft in market value. NATO agreed to raise defense spending to 5%.

Deals

The Wall Street Journal reported that Bank of New York Mellon approached Northern Trust about a merger; Northern demurred...The Federal Trade Commission approved Omnicom and Interpublic's $13.5 billion merger after the two ad firms agreed not to boycott media sites because of political content... Shell rejected making a bid for BP....Barron's reported that nuclear plant operator Holtec International will seek an initial public offering in several months..

Next Week

Tuesday 7/1

The Institute for Supply Management releases both its Manufacturing and Services Purchasing Managers' Indexes for June. Consensus estimate for the Manufacturing PMI, released on Tuesday, is for a 48.8 reading. The Services PMI, released on Thursday, is expected to come in at 50.5. This compares with readings of 48.5 and 49.9, respectively, in May.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The consensus call is for 7.3 million job openings on the last business day of May, nearly 100,000 less than in April.

Thursday 7/3

The BLS releases the jobs report for June. Economists forecast a 110,000 increase in nonfarm payrolls, after a 139,000 gain in May. The unemployment rate is expected to rise to 4.3% from 4.2%. While traders see the Federal Reserve's next interest-rate cut as likely to happen at the September meeting, an especially weak jobs report could put a July rate cut into play. Jobs growth has averaged 123,800 a month so far this year, compared with 191,900 the previous two years.

Friday 7/4

Equity and fixed-income markets are closed in observance of Independence Day.

The Numbers

42.1

Number of crypto scam complaints per 100,000 in Mississippi, tops in the U.S. South Dakota had the least, at 5.

400 K

The number of American manufacturing jobs that remain unfilled as baby boomer workers exit.

13%

Fall in online and in-store spending by 18-to-24-year-olds, year over year from January to April.

$11 B

Net outflows from long-dated U.S. bond funds in the second quarter, most since early in the pandemic.

Write to Robert Teitelman bob.teitelman@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 27, 2025 19:04 ET (23:04 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.