Business Update – September 11 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Reality check: What’s up with the economy?
Most of the economic numbers are actually looking pretty good. Our unemployment rates are near a 50-year low, interest rates have been dropping, and the Federal Reserve says it will drop the prime interest rate even more this month. Wages, disposable income, and personal wealth are all up! So, if all these economic indicators are so good, why do so many Americans feel as though the economy is bad?
Third estimated tax payment deadline nears
The IRS reminds taxpayers that the deadline for submitting the third quarter estimated tax payment is approaching on September 16, 2024. This applies to individuals such as gig workers, retirees, sole proprietors, and S corporation shareholders who expect to owe $1,000 or more in taxes for the year.
Beige Book
The August 2024 Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.
US economy adds 142,000 jobs, unemployment ticks down slightly
Signs point to continued weakening in the labor market, but the unemployment rate is still lingering around historically low levels.
US firms see weaker employment growth as economy slows, Fed survey shows
U.S. economic activity expanded more slowly from the middle of July through late August and businesses pulled back on hiring, signals that underscore why the Federal Reserve is set to begin to lower interest rates later this month. The U.S. central bank’s latest temperature check on the health of the economy also showed that inflation pressures increased at a modest pace, with input costs viewed by all but one of the Fed’s 12 districts as generally easing.
Prospects for strong U.S. economy continue
Tatiana Bailey discusses the outlook for the US economy.
America is pumping so much oil that gas could be below $3 by Thanksgiving
The oil market is in another tailspin. Producer group OPEC+ is scrambling to stop the bleeding. And gas prices are falling fast, with more to come. All of this is music to the ears of drivers.
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