Stocks remained mostly flat Thursday with some slight losses after the weekly jobless claims showed a rise in the number of people filing first-time unemployment claims. Lori Bettinger, president of BancAlliance, joins CBS News at the closing bell to discuss how the markets are bracing for tomorrow's monthly jobs report.
So far this year, 10,000 Arizonans learned they have to pay back their unemployment to the Arizona Department of Economic Security, due to no fault of their own.
The median household income is about $65,000, according to the most recent Census Bureau data. And while this can give a sense for what a typical American family is earning, income quintiles can shed light on the disparity between the … Continue reading → The post Income Thresholds to Be a Top Earner in America's Largest Cities – 2022 Edition appeared first on SmartAsset Blog.
The government's tax agency is encouraging a new generation of alcohol drinkers.
- The Economist
The zero-covid policy is just one
- Fox News
Global restaurant industry data from OpenTable shows that cities such as Minneapolis, San Francisco and Seattle are struggling to recover from the pandemic. Florida cities are booming.
- Motley Fool
Stimulus is coming in several different ways, including tax rebates, grants, and direct cash payments. Between late September 2022 and late January 2023, eligible residents of the Centennial State can expect a tax rebate of $750 (or $1,500 for joint filers). Georgia is calling their stimulus a "cost-of-living tax refund."
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Most Read from BloombergApple Targets Sept. 7 for iPhone 14 Launch in Flurry of New DevicesCovid’s Harmful Effects on the Brain Reverberate Years LaterBiden Called Cheney After Her Loss to Trump-Backed ChallengerAfter 2,240% Run, Tesla Visionary Leaves UK Fund Bleeding MoneyStock Market Plunge Punished 401(k) MillionairesFormer Treasury Secretary Lawrence Summers said that predictions f
The number of people who applied for unemployment benefits dipped to 250,000 in mid-August and appear to have stabilized after a steady increase during the summer.
Brian Moynihan is still mostly optimistic about where the U.S. economy is headed, but there are two things that could still trip Americans up.
- Business Insider
High oil prices will drive Saudi Arabia's economy to grow at its fastest rate in nearly a decade, the IMF said Wednesday.
The tortoise of Japan may be far behind the hare in the West, but Tokyo is pacing itself for steady multiyear growth.
Gas prices are finally starting to fall back down to earth in much of the country. According to AAA, the national average is down to $4.189 per gallon as of Aug. 2. Fuel costs started to climb just as...
Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting. While not explicitly hinting at a particular pace of coming rate increases, beginning with the Sept. 20-21 meeting, the minutes released on Wednesday showed U.S. central bank policymakers committed to raising rates as high as necessary to tame inflation - even as they began to acknowledge more explicitly the risk they might go too far and curb economic activity too much. "Participants agreed that there was little evidence to date that inflation pressures were subsiding," the minutes said.
- Motley Fool
Will Social Security's next cost-of-living adjustment (COLA) make 2022's seem negligible? There's reason to believe it might. Granted, it's too soon to land on a solid estimate because we need third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to calculate that number precisely.
The development potentially signals that the stream of tens of billions of dollars from income earned from its bond portfolio that it has been sending annually to the U.S. Treasury may slow as the Fed shrinks its balance sheet. It should not affect the ability to implement monetary policy as directed by the Federal Open Market Committee, according to minutes of the July 26-27 meeting. The negative income would be shown as a deferred asset on the Fed's balance sheet, which "would be extinguished over time as net income turned positive again in later years."
- Business Insider
A soft landing of the economy is increasingly likely as inflation is set to be cut in half later this year, JPMorgan says
"We feel the uptick in risk appetite is justified on a more fundamental basis," JPMorgan's Marko Kolanovic said.
- Motley Fool
On Tuesday, President Joe Biden signed into law the Inflation Reduction Act. It won't happen immediately, but the new legislation addresses the sky-high cost of prescription medications by allowing Medicare to negotiate prices with pharmaceutical companies. Slowly, beginning with 10 prescription drugs, prices will drop.
- USA TODAY
U.S. drivers are finally finding some relief at the pump. But how low could gas prices go? Here's what we know.
- ABC News
The Internal Revenue Service does not plan to use the nearly $80 billion it's set to receive in funding from the Inflation Reduction Act to hire 87,000 new agents in order to target middle class Americans, a Treasury Department official told ABC News and documents verify, rejecting a claim widely circulated by Republican lawmakers and right-wing media personalities. A sizable portion of the money will go toward improving taxpayer services and modernizing antiquated, paper-based IRS operations, according to Treasury and the IRS, in an effort to update an agency well documented as being chronically starved of resources for decades. In a letter to IRS Commissioner Charles Rettig, Treasury Secretary Janet Yellen said that the agency also is planning on hiring auditors who can enforce the tax laws against high-income Americans and corporations, not the middle class, along with employees to provide customer service to taxpayers.
2023 Social Security COLA Estimate Dips Slightly After April CPI Report but Still Sees Highest Adjustment in 41 Years
A slight deceleration in the U.S. inflation rate in April led one senior citizens advocacy group to lower its 2023 cost-of-living adjustment estimate for Social Security recipients, though it's still...