Relief Checks: Summary News 18 December
Inflation Relief: Latest News
Headlines: Sunday, 18 December 2022
- Inflation increased 0.1 percent in November & 7.1 percent year-over-year boost in prices.
- Federal Reserve continues to push up rates as inflation begins to slow
- As housing prices fall, some cities become more affordable destinations for young people.
- Some workers may not be required to pay taxes in 2023
- Workplacefatalities increased by almost nine percent from 2020 to 2021
- Thousands of workers will see a raise thanks to increases in the minimum wage that take effect in 2023
Month after month, the Social Security Administration (SSA) sends checks to retired workers, eligible Supplemental Security Income (SSI) recipients and others such as recipients of survivor benefits.
During 2022, average pay for retired workers was $1,657 per month, while married couples received around $2,753. On the other hand, the average SSI benefit was $624 and the maximum check was $841.
Although SSA sends out one check per month, some beneficiaries will receive two in December. We share the details with you.
St. Louis Fed reports on inflation
The Federal Reserve moved quickly earlier this year to increase interest rates as inflation in the market showed that it was a much stronger factor than a transitory effect of the covid-19 pandemic.
Since the rate increases began, prices have leveled off slightly, with a 0.1 percent bump being reported in November, representing a 7.1 percent increase year over year. This news was not enough for the central bank who announced another 0.25 percent increase last week.
Cargando...
The festive period is usually a lucrative time for retailers with sales seeing significant uptick from November through to the January sales.
However that trend has been turned on its head in recent years with covid-19, pandemic restrictions and the economic upheaval that has followed. Throughout much of 2022 Americans have been battling against sustained high inflation, which has devalued wages and pushed up prices.
Back in September retail analysts Sensormatic Solutions predicted the busiest shopping days of 2022, and they were as follows...
Market outlook a week before Christmas
US stocks dropped for a third straight session and suffered a second straight week of losses. The Fed hiek as well as similar interest rate rises scared investors.
Fed Chair Jerome Powell signaled more policy tightening would come next year, and the central bank projected that interest rates would top the 5% mark in 2023
Cargando...
Eight successive hikes have brought the current benchmark overnight interest rate to the 4.25-4.50 percent range. The latest increase of half a percentage was a step down from the four consecutive three-quarters of a percentage.
But interest rate change remains a blunt tool to tackle a nuanced economic issue and its use doesn’t come without some pain. However, “the worst pain would be if we failed to act,” according to the Fed chair.
We take a look at some of the consequences of the interest rate hike and how it could affect you…
Biden celebrates inflation progress
In a world where inflation is rising at double digits in many major economies around the world, inflation is coming down in America.
In fact, this new report is the fifth month in a row where annual inflation has fallen in the United States. Inflation outside of food and energy, a key measure of — that economists use, also fell.
Make no mistake — prices are still too high. We have a lot more work to do. But things are getting better, headed in the right direction.
Will the Federal Reserve methods actually deal with inflation?
The Federal Reserve is fulfilling it's remit by attempting to bring down inflation by any means necessary, announcing that there will be another interest rate hike of 0.5 percentage points. This is the fifth interest rate increase of 2022 and is a clear indicator of the Fed's proactive stance.
But is the battle against inflation worth the risk of a recession? CNBC's Jim Kramer gives his thoughts...
As we approach the end of the year, some will already be looking ahead to 2023 and the upcoming tax season in the United States. Most of the pandemic-era tax relief initiatives have now ended and we’re back to normality when it comes to tax filing.
However not everyone is required to file a return with the IRS and low earners will not have to pay tax. If your total earnings are less than the standard deduction amount then you will not be required to declare taxes.
Changes to tax deductions
- Single; or Married and filing separately - $13,850
- Married filing jointly and Surviving spouses - $27,700
- Head of household - $20,800
Come January, workers in two dozen states that get paid the minimum wage will see a raise. Three others and the District of Columbia will follow suit later in 2023.
Three states will raise their minimum wage to $15 or more joining California and the District of Columbia as well as a handful of municipalities that have already mandated the sought for level. That amount is more than twice the federal minimum wage of $7.25 per hour which has been in place since the summer of 2009.
Greg Heilman takes you through the data.
New data shows how inflation impacted personal income in 2021
As the year come to an end, the Bureau of Economic Analysis has released a new blog on how inflation impacted households in 2021 when prices really began to trend upward.
The new report shows that PCE inflation (which does not include food or energy costs), increased to varying levels across the country, with the District of Columbia seeing a 12.5 percent boost, and consumers in West Virginia only feeling a 2.0 bump.
"Real personal income increased in 48 states and the District of Columbia in 2021. The percent change in real personal income across all 50 states and the District of Columbia ranged from 7.2 percent in Nevada to –2.7 percent in Alaska," reads the blog.
Cargando...
Good morning and welcome to AS USA
You join us on the eve of the World Cup final for news on the state of the US economy.