Inflation relief checks by state news summary | 1 November 2022
Headlines: Tuesday, 1 November 2022
- Dow Jones slipped Monday but had best results since 1976 up shy of 14%, boosted by record oil profits
- Inflation in Europe hits record high of 10.7%
- The economy and healthcare costs are a top concern for midterm voters.
- US registers 2.6% GDP growth in Q3
- NYC salary transparency law to take effect 1 November
- Mortgage rates fall below 7% after reaching 20-year high
- California confirms the next round of inflation relief checks was sent out on Friday
- White House moves to create new rules to protect consumers from "junk fees"
- Some still may be eligible to receive the $3,600/$3,000 child tax credit
- Final deadline to claim stimulus checks approaching
- The student debt forgivenessapplication deadline, when is it?
Larry Downing / Reuters
Mortgage rates today, October 27 | Fixed and adjustable-rate (ARM) | Annual Percentage Rate (APR)
An essential part of the American dream is owning a home, but housing is one of the largest expenses in the US with down payments varying from city to city.
An essential part of the American dream is owning a home, but housing is one of the largest expenses in the US with down payments varying from city to city.
More jobs available than unemployed to fill them
The US Bureau of Labor Statistics (BLS) will release unemployment information for October later this week on 4 November The most recent report showed the unemployment rate edging down slightly to 3.5% as well as the number of people unemployed shrinking to around 5.8 million.
The BLS reported today that on the last day of September the number of job openings increased to 10.7 million nearly two jobs for every person that is out of work.
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Starting today, the 4 million private-sector workers in New York City, will benefit from a new law which will provide more transparency in the labor market and help to close racial and gender wage gaps.
Free File tool closes in November
The IRS has confirmed that the Free File tool will only remain open until 17 November 2022, meaning that anyone yet to receive their payment has less than a month to file a tax return and trigger the payment.
Anyone with an income of less than $73,000 is able to utilise the Free File resource to submit their tax information and find out whether they are eligible for additional support. Full details of what you may be entitled to will have been outlined in the letter from the IRS.
The quickest and easiest way to get your outstanding entitlement is to submit your tax return electronically and to opt for a direct deposit payment of rebates and credits.
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US President Joseph Biden levied his fury on to gas companies as high prices for consumers have led to record profits, reenergising calls for more action to be taken while millions could suffer this winter.
The oil industry “has not met its commitment to invest in America and support the American people,” Biden said, “profits so high it is hard to believe.”
The US president said he will look at taking action against “war profiteers” if they refuse to invest their profits into the country.
Unemployment dropped even lower in 49 states in September
The Bureau of Labor Statistics has reported that all states but Mississippi saw sizeable decreases in their unemployment population. Mississippi also saw an increase, but at 1.2 percent, it was the lowest in the country.
Which states have added the most jobs?
When looking at the number of jobs added,
Over the year ended September 2022, Texas (+721,800), California (+712,600), and Florida (+463,300) saw the largest increases. Meanwhile, as a percent of jobs gained, Texas (+5.6 percent), Louisiana (+5.2 percent), and Florida (+5.1 percent) saw the largest jumps.
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Next year Social Security recipients will receive a hefty cost-of-living adjustment (COLA) increase to their benefits, which will be worth an extra $1,752 over the course of next year for the average claimant
The IRS will also provide an annual adjustment to income thresholds, standard deductions and credit amounts. We take a look at the new figures for standards for the over 65s...
Latest information on student loan forgiveness
President Biden's plan to enact widespread student loan forgiveness hit some troubles last month when a federal appeals court issued a temporary block on the program.
However the White House remains confident that the legal challenge is little more than a hiccup and students are now able to claim the debt relief using the studentaid.gov online portal. Here's the information you need to claim your payment, which could begin to arrive in the coming weeks.
One of the most important roles in the healthcare industry is that of nursing assistants, who provide the care required to help patients with everyday tasks. Certified Nursing Assistants, sometimes known as nursing aides, work as part of a healthcare team alongside licensed practical/vocational and registered nurses.
The requirements for the role vary in different states, with each authority imposing their own education program and competency exam. Once you have gained these qualifications, you will become a Certified Nursing Assistant.
Inflation a top issue for midterm voters
There's now just a week to go until Election Day 2022, with a series of vital midterm races that could determine the future of the country and the remainder of President Biden's time in the White House. Throughout 2022 inflation has remained dangerously high, reducing consumers' purchasing power and leaving millions of households unable to cover the cost of essential purchases. As such, inflation and the economy more broadly looks set to be the crucial issue in the midterms.
Nearly two-thirds support inflation relief checks
The economy looks like being one of the most significant issues in the 2022 midterm elections, with the two parties at odds over how to address current pressures. Inflation has caused real pain for Americans during this year and numerous states have authorised one-off relief payments to help residents.
Democrats are broadly behind the plan but the Republicans have warned that injecting more money will only serve to fuel inflationary pressures further. In a recent poll conducted by Newsweek, 63% of respondents said that they approve of the sending of inflation relief checks.
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Households across the nation reeling from rising prices that receive Social Security benefits will get a big boost to their finances come the new year. The Social Security Administration announced its 2023 COLA and it was a whopper.
At 8.7 percent, it is the fourth largest in the history of the annual cost-of-living adjustments and the biggest since 1981. This will equate to an average increase of well over $100 for the typical claimant, making a huge different to housheold finances.
We take a look at when you can expect your 2023 COLA increase to take effect...
Watch out for student loan forgiveness scams
More than 40 million student loan borrowers are expected to be eligible for federally-funded forgiveness that could wipe up to $20,000 off their outstanding debts. President Biden is hoping that the support will be actioned in the coming weeks, but FAFSA has warned claimants to be wary of scams targetting these very programs.
Here's what you need to know to protect yourself from fraudsters looking to take advantage...
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When will my California inflation relief check arrive?
The state of California instituted a huge inflation relief program over the summer, offering one-time payments worth up to $1,050 per person. The widespread program is expected to see payments sent to more than 18 million Californians, but that huge scale means that the distribution process will take some time.
The state is actioning the support in a series of waves that will continue into January 2023, so don't fret if you have not yet received yours. Last Friday the Governor's Office confirmed that the next batch of check had been sent out.
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The sending of relief checks and tax refunds continues in the United States to help residents cope with the high rate of inflaiton recorded in 2022. From California to Georgia, eligible residents are receiving one-off payments worth up to $1,050 per person to help with the increased price of household essentials.
Several states in the US approved the sending of payments as inflation continues at the highest levels in the last 40 years. We share with you where stimulus checks will be sent before Thanksgiving.
Inflation relief checks for Georgia residents
About a month ago, Georgia began sending direct payments to residents who are enrolled in a welfare program like SNAP and WIC. The state will send a one-time $350 payment to hundreds of thousands of households around the state to help them keep up with inflation.
The funds will be delivered as a virtual gift card. However, some people began reporting issues using the cards. The state responded saying that cards may be declined by retailers who do not accept giftcards or if the payment is not processed as a debit transaction, which requires a pin.
The first to see their cards in the mail are those who have email as their preferred mode of communication with the state.
Inflation relief tax rebate for Virginians
The State of Virginia pass a one-time tax rebate of $250 for individual taxpayers and $500 for married couples that file jointly. In order to qualify residents will have to file tax return in by 1 November 2022 and have a tax liability. Today's youre last day to get it in so make sure you don't miss out on hundreds of dollars of support.
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Goldman Sachs posts positive outlook
There has been a lot of talk of gloom and doom for the US economy recently and while the Dow Jone is down slighty on Monday the markets look set to break a two-month losing streak. GDP also rose for the first time in the third quarter after posting negative growth in the previous two.
Other optimism in the air comes from Goldman Sachs global investment research sentiment indicator which has gone into the positive for the first time in 34 weeks.
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Russia continues to fuel inflationary pressures globally
Russia has withdrawn from the United Nations-brokered Black Sea Grain Initiative, in large part due to hostilities in Ukraine, which is having 'immediate, harmful impacts' on global food security. Food prices have risen on uncertainty around the deal, according to US State Department spokesperson Ned Price.
Most notably, the price of wheat incrased by around 5% and feed and fertilizer prices also rose. Moscow announced on Saturday that it was suspending its role in the UN-backed initiative that escorts cargo ships through the Black Sea, but ships carrying grain continued to sail from Ukrainian ports on Monday.
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Inflation relief news from AS USA!
Good morning and welcome to AS USA, where we will be bringing you the latest financial news and information from the United States. We have updates on the inflation relief checks being distributed in parts of the country and news on the latest GDP figures.