Weekly Digest – January 31, 2024

Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy.

By the numbers: U.S. Economy grows faster than expected for year and final quarter of 2023

The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported fourth quarter real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023 exceeding expectations.

2023 Child Tax Credit: Who qualifies and what it’s worth

The child tax credit (CTC) allows eligible parents and caregivers to reduce their tax liability and might even result in a tax refund. However, not everyone can claim the credit, and credit amounts can differ for those who can.

Whether or not the Fed cuts rates is not the right question

The article argues that the focus shouldn’t be on whether the Federal Reserve will cut interest rates, but rather on the broader economic context. The question [should] be, “If they don’t cut, then why are they not cutting as they suggested in their dot plots?”

US Manufacturers to temper investment pace after vibrant 2023

U.S. manufacturers are expected to slow down their capital spending in 2024 following a robust 2023 as still-elevated borrowing costs and demand concerns temper a lingering desire to upgrade operations.

Fed’s inflation battle hinges on convincing Americans price hikes are done

The way inflation has fallen toward the Federal Reserve’s goal with little cost to jobs has many convinced the central bank has won the battle. Victory, however, requires persuading people that price increases are a thing of the past.

US economy brushes aside recession fearmongering with strong Q4 performance

The U.S. economy grew faster than expected in the fourth quarter amid strong consumer spending, and shrugged off dire predictions of a recession after the Federal Reserve aggressively raised interest rates, with growth for the full year coming in at 2.5%.

Reuters poll shows that Global economy outlook at odds with aggressive rate cut bets

Global growth is set to stay resilient this year and only pick up pace a bit in 2025, according to a Reuters poll of economists, a stable outlook at odds with still-relatively aggressive interest rate cut bets in financial markets.

With the start of tax season, here are 8 things to do before you file

Come Monday, the IRS has started accepting and processing 2023 federal income tax returns. Here are eight things that can make the experience of preparing and filing your taxes as easy, efficient and inexpensive as possible.

20 ways business drives innovation and improves lives

Improvements in transportation, the internet, e-commerce, and many other aspects of our everyday lives result from people in business driving innovations. The US Chamber of Commerce takes a closer look at 20 examples of how these business teams are making a difference every day.

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