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News
Inflation is slashing middle-class incomes. Here’s where it’s worst
3+ hour, 54+ min ago (307+ words) (NEXSTAR) – You probably don’t need the data to tell you that money has gotten a little tighter for most people. Wage growth for many middle-class households isn’t keeping up with inflation, especially with the major spikes in home prices during…...
Could a flat-rate COLA help fix Social Security?
1+ day, 22+ hour ago (614+ words) (NewsNation) — One idea to strengthen Social Security’s finances would give every beneficiary the same annual dollar increase in their monthly checks. A new analysis from the Committee for a Responsible Federal Budget examined how replacing the current cost-of-living adjustment (COLA)…...
US weekly unemployment claims fall to 208,000, fewest in 10 weeks
1+ week, 2+ day ago (266+ words) The number of Americans applying for jobless aid in the week ending July 11 dropped by 8,000 to 208,000, the Labor Department reported Thursday. That’s well below the 219,000 new applications forecast by analysts surveyed by the data firm FactSet. Weekly filings for unemployment…...
Bought beef? You have just days to file a claim in $87.5 million settlement
3+ week, 6+ day ago (350+ words) (NEXSTAR) — The deadline to claim part of an $87.5 million settlement over beef products sold in more than half the U.S. over a five-year period is coming up this week. Through the agreement, the beef processors could “increase their margins and…...
Elon Musk becomes world’s first trillionaire: What that means in real terms
1+ mon, 1+ week ago (529+ words) That level of wealth, all owned by just one person, was once unfathomable. Before Friday, the trillion dollar mark was reserved for measures like the GDP (or staggering debt ) of a handful of major economies — and, in the last decade…...
Wall Street mixed in early trading as markets await government jobs data for May
1+ mon, 2+ week ago (489+ words) Trading on Wall Street was mixed again early Friday as markets waited to comb through the latest U.S. jobs data for signs that the Iran war or AI are impacting companies’ hiring. Futures for the S&P 500 lost 0.5% before the opening…...
Iran war disruptions spark higher costs and lost income in Bangladesh
2+ mon, 2+ week ago (839+ words) The 53-year-old father of four fears the strain will worsen if the war drags on, saying long hours waiting for fuel have sharply cut his income and made it increasingly difficult to support his family in Dhaka, the nation’s capital,…...
K-shaped economy showing up at the gas pump: NY Fed
2+ mon, 2+ week ago (428+ words) (NewsNation) — Soaring gas prices tied to the war in Iran are exposing a widening divide at the pump, with lower-income Americans cutting back on gas while wealthier households have barely changed their behavior. Low-income households earning less than $40,000 a year…...
The states where middle-class income is growing most – and 2 where it’s shrinking
2+ mon, 2+ week ago (262+ words) (NEXSTAR) – America may very well be stuck in a K-shaped economy, with those at the top growing wealthier, while those at the bottom of the K find their spending power shrinking every year. It can make it feel hard to achieve…...
Fed likely to leave rates unchanged at what may be Powell’s last meeting, as Warsh to advance
2+ mon, 3+ week ago (457+ words) Powell will preside over what will probably be his last meeting as chair and hold a news conference Wednesday afternoon, when he may say whether he will take the unusual step of remaining on the central bank’s board of governors,…...