Morning Business Report: IRS furloughs thousands as shutdown drags into second week
About 34,000 IRS employees are being furloughed, according to the agency.
(LILAMAX)- About 34,000 IRS employees are being furloughed, according to the agency. Another 40,000 workers, or roughly 53.6% of its workforce, will remain on the job.
The furloughs come as the tax agency was already facing staffing shortages following mass layoffs that reduced its workforce by about 25%, from around 100,000 to about 75,000. Work on preparing for next year’s tax-filing season will continue, but numerous operations will be halted, including audits and call center operations.
Meanwhile, National Economic Council Director Kevin Hassett warned Monday that the government shutdown could cost the U.S. economy approximately $15 billion a week.
Disney is reportedly raising theme park ticket prices. The Disney-focused news outlet MickeyVisit.com says ticket prices will go up at both Disney World in Florida and Disneyland in California, citing higher labor costs and park expansions.
The S&P 500 and Nasdaq closed at record highs as the federal government shutdown entered its second week.
America’s top-selling vehicle, the Ford F-150 pickup, is facing a major production setback. A fire at a supplier providing aluminum for the truck will pause production for several months. Business Insider reports Ford ordered most employees back to the office four days a week starting in September. Some workers received emails warning they could be fired if they failed to badge in more often.
Domino’s Pizza is giving itself a major makeover — and debuting a new two-second jingle created for TikTok and Instagram. The pizza chain says it’s also updating its look with brighter shades of red and blue on uniforms and signs.
