Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy. IRS warns tax refunds will be much lower this year Inflation-hit Americans who filed their taxes early have received, on average, smaller tax refunds this year, according to data published by the Internal Revenue Service (IRS). How a government shutdown would impact your money: Student loans, Social Security, investments, and more If we were to manage our finances like the US government, we’d pay our utility bills just hours before service was shut off. Sometimes, only aft ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The US economy is crushing it compared to other rich countries The US economy is expected to outpace Canada and Germany in 2024 despite inflation and interest rate hikes. Growth is fueled by consumer spending and business investments, while the Fed’s aggressive rate increases aim to control inflation. The Super Bowl is expected to smash betting records. Nearly 68M US adults plan to wager Nearly 68 million American adults — about 1 in 4 — plan to bet on this year’s Super Bowl, set ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed’s Powell sees lower rates on the horizon as inflation ebbs, economy bounces ahead Federal Reserve Chair Jerome Powell, in a sweeping endorsement of the U.S. economy’s strength, said on Wednesday that interest rates had peaked and would move lower in coming months, with inflation continuing to fall and an expectation of sustained job and economic growth. IRS to boost enforcement workforce by 40 percent by year-end 2024 The Internal Revenue Service (IRS) intends to raise its en ..read more

Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy. By the numbers: U.S. Economy grows faster than expected for year and final quarter of 2023 The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported fourth quarter real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023 exceeding expectations. 2023 Child Tax Credit: Who qualifies and what it’s worth The child tax credit (CTC) allows eligible parents and caregivers to reduce their tax liability and migh ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Top 8 Global Business Trends for 2024 The U.S. Chamber of Commerce’s International team carefully tracks the top geopolitical, economic, and policy trends affecting global business. Here are eight to watch in 2024. How copyright lawsuits could kill OpenAI Late last year, the New York Times sued OpenAI and Microsoft, alleging that the companies are stealing its copyrighted content to train their large language models and then profiting off of it. Depending on who you ask, wha ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why the U.S. may extend its run as the world’s leading economy The U.S., China and India may take turns leading the global economy this century, according to an analysis from the Centre for Economics and Business Research. US economy starting to look ‘more like the 1970s,’ JPMorgan Chase’s Jamie Dimon says Despite a generally optimistic outlook for the U.S. markets in the new year, the head of one of the country’s biggest banks is seemingly not convinced the Federal Res ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Poll finds fewer Americans expecting economic slowdown now Most Americans continue to rate the economy negatively, but sentiment has been slightly improving of late, and Americans now think the longer-term outlook appears more stable. Initial US employment reports overstated by 439,000 jobs in 2023 The government erased 439,000 jobs through November 2023, a closer look at the numbers from the Bureau of Labor Statistics shows. That means its initial jobs results were inflated by 4 ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed keeps interest rates flat again—but barely budges on 2024 rate cut forecasts The Federal Reserve opted to hold interest rates at the same level they’ve sat since July, as the central bank’s impactful rate-hiking cycle appears all but over, though the Fed remains coy about doing a complete 180 degree turn. US business activity picks up in December- S&P Global survey U.S. business activity picked up in December amid rising orders and demand for workers, which could further ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Americans feeling inflation’s impact on living standards, opportunities A CBS News poll reveals that inflation is significantly impacting Americans, even amid stronger jobs reports and economists’ talk of “soft landings,” people say they still pay more attention to their own experiences than to macroeconomic measures — and an overwhelming number say their incomes aren’t keeping pace. US budget gap is $47 billion more than previous year The Congressional Budget Office (CBO) announ ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US economy grows 5.2% in third quarter; higher interest rates eroding momentum The U.S. economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending. Jerome Powell says Fed ‘won’t hesitate’ to raise interest rates again if warranted Federal Reserve Chair Jerome Powell on Friday kept the possibility of ano ..read more