Business Update – April 03, 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2% rate last quarter.
AT&T informs users of data breach and resets millions of passcodes
AT&T said it has begun notifying millions of customers about the theft of personal data recently discovered online. The telecommunications giant said Saturday that a dataset found on the “dark web” contains information such as Social Security numbers for about 7.6 million current AT&T account holders and 65.4 million former account holders.
Federal Reserve issues FOMC statement
The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
Small business hiring woes show signs of easing as economy stays strong
Hiring woes may be easing for small businesses. The CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17% in February as the U.S. economy stays strong despite high interest rates. The CBIZ index tracks hiring among thousands of companies with 300 or fewer employees across the U.S.
What the Baltimore bridge collapse means for the US economy
The collapse of the Francis Scott Key Bridge on Tuesday is a reminder that the economy remains vulnerable to sudden supply-chain shocks, experts say. While the disaster is unlikely to have a tangible effect on headline GDP growth or inflation, it could affect specific sectors, drive up shipping and trucking costs, and affect employment in Baltimore, they say.
US economy continues to shine with help from consumers, labor market
The U.S. economy grew faster than previously estimated in the fourth quarter, boosted by strong consumer spending and business investment in nonresidential structures like factories and healthcare facilities.
Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets
The Internal Revenue Service reminds taxpayers they’re generally required to report all earned income on their tax return, including income earned from digital asset transactions, the gig economy and service industry as well as income from foreign sources.
Federal Reserve expected to cut rates
The U.S. Federal Reserve looks on track to cut interest rates as the presidential campaign season heats up, potentially delivering President Joe Biden a boost as polls show Americans dislike his handling of the economy.
America’s lithium laws fail to keep pace with rapid development
Washington’s drive to make the United States a major global lithium producer is being held back by a confusing mix of state regulations that are deterring developers and hampering efforts to break China’s control of the critical minerals sector.
Fast-food companies seeing low-income diners pare orders
Runaway prices at U.S. fast-food joints and restaurants have made people skittish down the income ladder and executives at chains including McDonald’s and Wendy’s recently said they worry about losing business from those on the tightest budgets.
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