Business Update – February 7, 2024

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 enforcement personnel by 40 percent by the end of this fiscal year, with revenue agents seeing the largest workforce increase.

Five new retirement numbers to know in 2024

The new year has brought some new math for anyone running their retirement planning numbers.

The 20 best states for saving

If you are thinking about putting away some money, where you live can make quite a difference, as some states are more conducive to saving than others.

U.S. economy added 353,000 jobs in January, much better than expected

Job growth posted a surprise increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth.

Federal Reserve issues FOMC statement

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.

Mother of all breaches reveals 26 billion records: what we know so far

The supermassive leak contains data from numerous previous breaches, comprising an astounding 12 terabytes of information, spanning over a mind-boggling 26 billion records. The leak, which contains LinkedIn, Twitter, Weibo, Tencent, and other platforms’ user data, is almost certainly the largest ever discovered.

Inflation-focused Fed shoots down Wall Street’s hopes of March cut

Investors hoping for imminent rate cuts by the Federal Reserve received a sobering reminder of the U.S. central bank’s focus on fighting inflation, after Chairman Jerome Powell poured cold water on bets policymakers would lower borrowing costs in March.

House passes sweeping, bipartisan bill with expanded child tax credit and business tax breaks

The House passed a sweeping, bipartisan tax bill Wednesday that would expand the child tax credit for American families and reinstate some tax cuts for businesses.

Layoffs hit 10-month high as financial and tech companies slash 39,000 jobs

January was one of the largest months for layoffs in almost 15 years, a new report by Challenger, Gray & Christmas said Thursday, as more than 82,000 people, largely in the technology and financial services sectors, were let go from their jobs.

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