Fed cuts economic-growth forecast but plans rate increase

June 18th, 2015  // News

Federal Reserve officials said they expect slower growth in the economy than previously anticipated but indicated they still plan to raise interest rates in coming months. Policymakers predicted the U.S. will have its lowest annual growth since 2011. The central bank left its key interest rate close to zero. Read more

U.S. debt will climb to 107% of GDP by 2040, CBO concludes

June 17th, 2015  // News

Health care spending and an aging population are expected to increase U.S. government debt to 107% of economic output by 2040, according to the Congressional Budget Office. This year, government debt is equal to 74% of gross domestic product. Read more

Smaller companies trail in adoption of updated COSO guidelines

June 16th, 2015  // News

Small public companies are lagging their larger counterparts in adopting the updated guidelines issued by the Committee of Sponsoring Organizations of the Treadway Commission two years ago, according to data compiled by Audit Analytics. Only two-fifths of companies with less than $75 million in freely traded shares are using the guidelines, compared with 84% of the largest companies. Read more

Most CFOs say no to counteroffers as retention method

June 15th, 2015  // News

Seventy-eight percent of CFOs don't like the idea of extending counteroffers to employees who have job offers elsewhere. Retention strategies should be more proactive than reactive, CFOs say, starting with competitive pay and benefits and including a transparent culture. Read more

U.S. households, nonprofits post record net worth for Q1

June 12th, 2015  // News

The net worth of U.S. households and nonprofit groups increased $1.6 trillion in the first quarter, reaching a record $84.9 trillion, according to the Federal Reserve. The value of households' stocks and mutual funds climbed $487 billion, while the value of residential real estate gained $503 billion. Read more

U.S. budget deficit continued to narrow in May

June 11th, 2015  // News

The U.S. budget deficit tightened in May, with the government posting an $82 billion deficit, down 37% year-over-year, the Treasury Department says. The deficit has been narrowing for the past 12 months. Read more

Staffing issues reemerge as top concern for CPA firms

June 10th, 2015  // News

Workload compression during consecutive challenging tax seasons has helped contribute to a growing talent shortage for accounting firms seeking qualified staff, according to the biennial PCPS CPA Firm Top Issues survey. Finding and retaining staff ranked as top issues in the survey for the first time since before the last recession. Read more

Expectations for U.S. economic growth weakening

June 9th, 2015  // News

Two separate surveys underscore dimming expectations of U.S. growth this year. The Business Roundtable's second-quarter survey says CEOs expect 2.5% expansion in gross domestic product, down from 2.8% in the previous survey. Separately, the National Association for Business Economists has revised its growth expectation for the economy downward to 2.4%. Read more

Low income might set up U.S. for housing downturn

June 8th, 2015  // News

The U.S. housing market might be drifting toward another crisis as more people lack income or savings to buy. The rate of homeownership is lower than the level 20 years ago, and the Urban Institute predicts the rate will keep falling for 15 years. The trend appears unnoticed by policymakers. Read more

U.S. employers added 280,000 jobs last month

June 5th, 2015  // News

The U.S. economy added 280,000 jobs to nonfarm payrolls in May, according to the Labor Department. It was the largest increase since December and exceeded the 225,000-job uptick that economists polled by Reuters had expected. The unemployment rate climbed to 5.5%, suggesting that more people entered the labor force. Read more





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