Business Update – March 13, 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

US economic activity increased slightly in recent weeks, Fed survey shows

There was an uptick in U.S. economic activity from early January through late February while inflation and the jobs market presented conflicting signals on how quickly they will cool further, a U.S. Federal Reserve survey showed on Wednesday, underscoring the complicated picture for central bankers as they seek to fully tame pricing pressures.

Biden signs $460 billion spending package, averting Government shutdown

President Joe Biden on Saturday signed a package of six government funding bills, narrowly averting a partial government shutdown, though a second tranche of bills has yet to be finalized ahead of a looming March 22 deadline.

Fed’s Powell: Still too early for interest rate cuts

Americans shouldn’t get their hopes up for interest rate cuts to come any time soon, Federal Reserve Chairman Jerome Powell testified Wednesday to Congress, striking a typically cautious tone as expectations of growth-stimulating rate cuts pull back dramatically.

Slower, but strong US job growth expected in February

U.S. job growth likely slowed in February after two straight months of robust gains, but the labor market probably remains too strong for the Federal Reserve to consider cutting interest rates by June as currently anticipated by financial markets.

House Panel unanimously advances Bill that could ban TikTok

The House Committee on Energy and Commerce on March 7 unanimously approved two bills to secure Americans’ data and compel social media giant TikTok to divest from its Chinese ownership.

What should I do if I didn’t pay my taxes?

Vox’s “On the Money” series breaks down the complexities of tax season. The guide offers insights into tax filing, explaining brackets and deductions.

Welcome to the housing market’s ‘new normal’ — 7% mortgage rates and all

As the busy spring season nears, buyers and sellers are starting to make peace with high rates rather than hold out for sweeter deals. Mortgage rates are high and housing inventory is tight, but some experts see the market’s deep freeze starting to thaw this spring.

The IRS faces a major problem: Nonfilers

The Internal Revenue Service is well-known (some may say “infamous”) for auditing tax returns for accuracy and pursuing tax debtors for payments. However, there is a third compliance area that has been deprioritized in recent years: filing compliance. Taxpayers who exit the tax system by not filing a required return have emerged as a growing and under-the-radar problem for the IRS.

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