Business Update – May 08 2024

05/06/2024 | Your_CFO

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

How small businesses impact our economy

Every year since 1963, U.S. presidents have issued a Small Business Week proclamation to recognize the contributions of entrepreneurs and small business owners. The theme of Small Business Week 2024, “Building on the Small Business Boom.”

Five indicators that show the US economy is still firing on all cylinders despite slowing GDP

The US economy is firing on all cylinders despite a slowdown in first-quarter GDP growth, according to Carson Group global macro strategist Sonu Varghese.

Why hiring managers are widening their gaze away from the Ivies

Covid, technology, and a changing workforce have led employers to cast a wider net for collegiate talent, even as they sour on Ivy League grads.

Which of these 12 tax dodges will be taken away?

The 2017 tax cuts are expiring. Reformers are lying in wait. Your investment strategy now should reflect the odds of law changes later.

No sign of stagflation in U.S. economy says Fed chair Jerome Powell

Even as inflation remains stubbornly high and some signs of slowing growth emerge, today’s economy can’t be compared to the problems of the 1970s, Powell said.

FTC sued over ban on noncompete agreements

The U.S. Chamber of Commerce and other business groups are suing the Federal Trade Commission, accusing the regulator of overstepping its authority with its new rule banning noncompetes—a clause prohibiting employees of a business from engaging in a similar profession or trade competitively against the employer.

The Fed indicated rates will remain higher for longer. What does that mean for you?

Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target.

The U.S. labor market is shifting toward skilled labor as white-collar hiring slows

America’s job market increasingly appears to be splitting into two tracks, economists say, alongside a steady demand for skilled workers and a flagging interest in hiring more “knowledge-based” professionals. The evidence can be found in the data, which shows higher unemployment for workers in business services and a lower one for people who work in manufacturing.

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