Business Update – September 20, 2023

09/18/2023

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

IRS halts new ERC processing after flood of bogus claims

The Internal Revenue Service said Thursday it’s putting an immediate stop to processing of new claims for the Employee Retention Credit after receiving a surge of questionable claims.

The UAW’s big asks, unusual strike strategy, and what this all means for you

Auto workers at GM, Ford, and Stellantis walking off the job will have ramifications for workers, consumers, and the economy.

Fed may pencil in another interest rate hike this year

A majority of economists expect the Federal Reserve to open the door to one more interest rate hikes this year and stay at peak levels longer than previously expected.

10 signs the US economy may struggle in the next year

Over the past few months, economists have been noting how the economy’s progress has shattered expectations. The next year, though, may not be so smooth sailing. Torsten Sløk, chief economist at Apollo Global Management, highlighted at the Fall 2023 Stern Economic Outlook Forum on Tuesday, hosted by the NYU Stern School of Business, some risks to the quickly improving US economy. That included the resumption of student loan payments, rising delinquency rates, and slowing economies of US trade partners.

Inflation ticks up To 3.7%—biggest monthly jump since January

Consumer prices rose 3.7% in the 12-month period ending in August, registering their largest monthly increase since January thanks largely to surging prices at the pump

How to stop Meta from using some of your personal data to train generative AI models

Facebook users are now able to delete some personal information that can be used by the company in the training of generative artificial intelligence models. Meta updated the Facebook help center resource section on its website this week to include a form titled “Generative AI Data Subject Rights,” which allows users to “submit requests related to your third party information being used for generative AI model training.”

Google search antitrust trial ready to begin: What’s at stake

The Google antitrust trial is set to begin, with the US Department of Justice and 11 states suing Google for allegedly using its market power to stifle competition. The U.S. and state allies are not seeking a monetary penalty, but rather an injunction barring Google from continuing the alleged anticompetitive practices. Such an order could have significant business implications for Google.

JPMorgan CEO warns: ‘Huge mistake’ to expect ‘booming environment for years’

JPMorgan CEO Jamie Dimon warns that the extended period of good vibes for consumers may soon come to an end, an ominous warning about the relatively comfortable stretch for Americans’ financial health even amid a flurry of worrisome headlines.

Google agrees to $93 million settlement over location tracking controversy in California

Google has agreed to pay $93 million to the state of California, settling a lawsuit that accused the tech giant of misleading consumers regarding its location tracking practices.

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