Weekly Digest – March 20, 2024

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

How the enhanced CTC could impact tax season

Tax season is well underway, but the fate of the $78 billion Tax Relief for American Families and Workers Act, including the enhanced Child Tax Credit, is now in the hands of the Senate. It is unclear when the legislation will cross the finish line, and what impact it may have on tax filing this year.

Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio admit they got warnings on US economy wrong

Chase CEO Jamie Dimon and billionaire hedge-fund founder Ray Dalio appear to be hedging on their doom-and-gloom predictions for the US economy after warning for some time that a recession was imminent.

Unemployment rate spikes to 2-year high

The labor market showed some rare signs of weakness in February, as the unemployment rate unexpectedly rose to its highest level since the Federal Reserve began hiking rates in early 2022, though job growth was above economists’ forecasts.

Inflation comes in higher than expected for fourth straight month

Inflation was worse than anticipated in February, even as underlying metrics show signs of progress in the war against price increases.

IRS officially launches Direct File free tax-filing program

The Internal Revenue Service and the Treasury Department officially launched the Direct File pilot program for free tax filing after weeks of testing in a dozen states.

Inflation surges: rent costs skyrocket, dampening hopes for interest rate cuts

Inflation in the US has been a hot topic, with recent data indicating a higher than expected increase last month, causing a stir in the markets and raising concerns that the Federal Reserve may not lower interest rates this year. A significant factor contributing to this inflation is the rising cost of shelter, particularly rent, which has seen a significant increase over the past year.

Fed’s new neutral may be one FOMC takeaway

Next week’s Federal Reserve meeting has lost the heat it once had as a likely moment for the central bank’s first interest rate cut – but it could shine a big light on where the Fed thinks the economy is at over the long run.

Small businesses are cutting jobs. It’s a warning sign for the US economy.

Economic pressures are trapping small businesses in a cycle that makes it even more difficult to compete with larger, more established businesses. New data from Intuit shows that businesses with nine or fewer employees, which account for 13 million jobs nationwide, actually decreased their employment last month, shedding more than 23,000 jobs and signaling that this key portion of the economy needs focused attention.

Capital gains hikes at center of Biden’s tax agenda

President Joe Biden’s budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year.

Drone Delivery: Revolutionizing Industries and Transforming Experiences

Drone delivery, once a concept of science fiction, is now on the brink of becoming a reality. As we move into 2024, the technology is ready to scale, with implications that could transform both businesses and consumer experiences.

America’s record oil boom

The US is the largest crude oil producer in the world, pumping out nearly 13 million barrels on average every day in 2023, an all-time record, according to new data from the US Energy Information Administration.