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Business Update – August 16, 2023

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

If the US economy is so good, why are small business owners so pessimistic?

There are 33m small businesses in the US, with about 6m of them employer-owned. Each of these people has their own reasons for feeling less confident about the economy. According to the most recent monthly data from the National Federation of Independent Businesses optimism among small business owners is at a 10-year low.

Fed officials are divided, but holding rates steady in September seems likely

Federal Reserve officials meet next month to determine whether to raise interest rates for the 12th time to cool the economy or hold them steady. Some officials think the Fed has already raised its benchmark lending rate enough to curb inflation, but others think it’s too soon to tap the brakes.

US Steel rejects a $7.3 billion offer from rival Cleveland-Cliffs; considers alternatives

United States Steel Corp. said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers.

TIGTA faults IRS cybersecurity program on 3 out of 5 metrics

The Treasury Inspector General for Tax Administration said the IRS cybersecurity program should not be considered fully effective, as three out of five of the criteria outlined in the agency’s framework were considered to be “not at an acceptable maturity level.”

Some people ineligible for Facebook settlement payment

As Facebook prepares to shell out millions of dollars in a settlement to users, some Americans will not qualify for these payments.

Colorado warns hackers stole 16 years of public school data in ransomware attack

Colorado’s state government has warned students and teachers that hackers may have accessed their personal information — dating as far back as 2004/

How business leaders can get involved in promoting and growing their region

While business expansion into new territories is a common goal for entrepreneurs, many still have a desire to promote and grow the region where they started out. As business leaders, 16 members of Forbes Business Council share community efforts they were involved in to help promote and grow their region, as well as the benefits on a personal and professional level.

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