Business Update – March 06, 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Forecasters raise expectations for 2024 U.S. economy
This year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey recently released.
The U.S. is set to pay more on interest on its debt than defense
Americans are familiar with the impact of higher interest rates, which are making it more expensive to carry credit card debt or buy homes and cars. But the federal government is also getting walloped: Spending on interest on U.S. debt is now the fastest growing part of the budget, and even projected to overtake national spending on defense this year.
Small business owners report growing optimism about the U.S. economy
Small business owners are feeling better about the U.S. economy as inflation cools and recession fears subside, according to a new survey. Indeed, economic optimism among smaller employers is at a 22-year high, PNC Financial Services Group found in polling small and midsize business owners.
Gas prices hit four-month high—here’s why analysts expect more price surges
The national average price for a gallon of gasoline hit a four-month high on Wednesday, and analysts expect it to keep rising as oil prices trend upward, refineries struggle with capacity and states transition to a more expensive summer fuel blend.
FED Monetary Policy Report
The Federal Reserve’s Monetary Policy Report to Congress provides a detailed review of monetary policy, economic conditions, and financial developments. It includes the Fed’s outlook for future economic performance and its decisions on interest rates, aiming to foster maximum employment and price stability.
Tax policy wonks rejoice, wealthy households cringe at IRS audit push
With the IRS ramping up audits and enforcement actions against wealthy tax dodgers, financial advisors, certified public accountants and other practitioners say clients should be on alert.
FTC and Partners kick off National Consumer Protection Week
As part of National Consumer Protection Week (NPCW), the Federal Trade Commission and its partners, including consumer organizations, national advocacy organizations, and other federal, state, and local government agencies will participate in several virtual and in-person events on issues such as avoiding scams, protecting people against identity theft, and reporting fraud for people in all communities.
US economy on firmer footing heading into first quarter
U.S. economic growth in the fourth quarter was lowered slightly, but its composition was much stronger than initially thought, which bodes well for the near-term outlook even as activity got off to a weak start because of freezing temperatures.
Why US housing inflation relief may be short-lived
U.S. Federal Reserve officials say they are confident housing inflation will finally cool in coming months, a key and long-awaited component of their effort to control overall price increases and secure their turn to interest rate cuts.
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