Weekly Digest – May 22 2024

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

US small business sentiment rebounds in April

U.S. small-business confidence increased in April and the share of owners planning to raise prices was the smallest in a year, but persistent labor shortages continued to exert cost pressures for owners, a survey showed on Tuesday.

Are we getting a ‘hard landing’ after all?

Is 2024 the year America gets the recession economists expected in 2023? It’s a growing concern. A “worse-than-expected” jobs report this month could signal an economic slowdown that “threatens to downshift the nation’s brisk economic growth,” said The Associated Press.

Core inflation hit 3-year low in April—but remains well above historic target

Inflation was less painful than expected in April, bolstering the case for the Federal Reserve to soon bring down interest rates as the U.S. economy tiptoes the path to a soft landing.

Phoenix is beating the rest of the country on inflation — on paper anyway

Consumer price increases in Arizona’s biggest city are within striking distance of the Fed’s 2% target. It’s largely thanks to cooling rents, which take awhile to turn up in federal data.

IRS warns about more tax scams

The IRS issued a consumer alert Tuesday about scams involving the fuel tax credit, the sick and family leave credit, and household employment taxes that it said have led thousands of taxpayers to file inflated refund claims.

Who benefits from US tariffs on Chinese imports? Experts weigh in

The trade war between the United States and China continued this week with its latest salvo – a move that comes amid a heated race for the White House.

Small business optimism

Small business optimism grew for the first time this year but inflation continues to be a top concern for business owners, data from the National Federation of Independent Business (NFIB) showed.

IRS Interest rates

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024.

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