US financial news summary | 10 september 2023
US financial news: live updates
Headlines: Sunday 10 September 2023
- Gas prices could spike 35-55¢ per gallon in the Corn Belt
- Home-sale prices rise 4.5% as supply as mortgage applications slump
- Employment report: 736,000 people enter job market, unemployment at 3.8%
- Labor force participation rate ticked up to 62.8% in August, highest rate since February 2020
- Job openings fell in July to a more than 2-year low, pointing to slowdown
- Social Security payment increase due to COLA projected to be 3%
- US quarterly growth slower than expected in Q2
- Minimum wage in Florida set to increase in September
- Minimum wage in California and Illinois to go up in 2024
- New requirements to receive SNAP benefits in 2024 to take effect soon
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Eligibility for unemployment insurance depends on immigration status during two time periods: first, the time the worker applies for and receives benefits, known as the “benefit period”; and second, the time the worker performed the work, known as the “base period.”
Generally speaking, workers must have valid work authorization during the base period, at the time they apply for benefits, as well as for the entire period during which they are receiving benefits.
Under current state and federal systems, undocumented workers are not eligible to receive unemployment benefits.
The application period for federal student loans has ended. You need to have submitted a Free Application for Federal Student Aid, or FAFSA, by the end of June 2023.
The only other option for getting a student loan is a private loan. These can be applied for and ratified within hours if you meet the requirements.
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The COLA represents an increase in Social Security payments. Each month, the Social Security Administration sends different checks, including those for retired workers and survivors (children, spouses, widows, widowers or parents of a deceased beneficiary). These recipients are the people who will benefit from a new cost of living adjustment.
Here is the date on which the amount of the COLA increase will likely be announced.
The Fed has slowed the pace of monetary tightening to tame inflation, but policymakers are “looking at the broader picture” to determine future rate hikes.
Here's what the experts think will happen at policymakers' September meeting.
Home-sale prices jump 4.5%, the biggest increase in almost a year
During the pandemic mortgage rates dropped to historic lows falling below 3%. However, as the Federal Reserve has tightened monetary policy implementing the most aggressive rate hikes in four decades to stamp out inflation, mortgage rates have also risen.
For the week ending Thrusday 7 September the weekly average stood at 7.12% for a 30-year fixed-rate mortgage. The higher mortgage rate along with elevated prices has homeowners who locked in ultra-low rates reluctant to sell. That has aggravated a supply crunch in the market which in turn has helped drive up prices once again.
The median home-sale price rose 4.5% year over year during the four weeks ending September 3 according to recent Redfin data. This in turn in reducing homebuying demand with mortgage applications dropping to a nearly three decade low.
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Some Social Security beneficiaries will receive two payments in September.
Starting in July, Walmart began cutting the starting salary of certain new employees.
The Social Security Administration has shared the Social Security benefit payment schedule for 2024.
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Starting next month, there will be new eligibility criteria for Americans wishing to receive SNAP food stamps.
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Montana residents may be able to claim a rebate of up to $675 on property taxes. We bring you the lowdown on eligibility and how to apply.
Gas prices spiking in the Corn Belt
GasBuddy, which tracks the price of filling up around the US and Canada, on Thursday warned that gas prices could jump between 35 and 55 cents in the Corn Belt. Des Moines, Iowa has seen prices spike by 50 cents as of Saturday morning. The disruption is expected to be brief after which prices should begin to ease once again.
Every year the Social Security Administration announces a cost-of-living adjustment increase for monthly benefit payments, but when does it take effect?
The Hispanic community within the United States is one of the most notable in terms of the number of people and its cultural influence. Many of those who make up the community have families with several generations living in the country, which makes it easier for the social and economic growth of many of the people belonging to said group.
Here are the top ten places for Hipanic entrepreneurs to get a new business off the ground.
Washington State provides a tax refund of up to $1,200 through the Working Families Tax Credit for certain eligible taxpayers. Here are the details.
Walmart, to apologize for a technical error, is offering customers a $5 gift card who were charged double sales tax in Alabama. Here’s how to claim yours…
One can retire, with enough money, at any age but if you want to claim Social Security you have to be at least 62.
Welcome to AS USA's live financial blog!
Follow along as we bring you the latest news on SNAP benefits, Social Security updates, and student loan repayment plans.
We'll also be reporting on other financial news affecting US consumers as the job market cools, consumer spending slows, and the Federal Reserve prepares to decide if interest rates will be increased once again at their next meeting.