US financial news summary | 25 October 2023
Headlines: Wednesday 25 October 2023
- United Auto Workers union expands more than month-long strike
- Housing sales fall to the lowest level in more than a decade
- Five biggest US banks expected to lay off 20,000 workers this year
- The different kinds of stocks explained
- Americans’ net worth increased by 37% during the pandemic
- SSI beneficiaries will see their first 2024 COLA-applied check in December
Check out some of our related news articles:
Readers always froth to find out the net worth of politicians and celebrities. However, depsite it being difficult to pin-down and quite nebulous, it can also be applied to pretty much anyone. Not as interesting, sure, but still worth looking at nonetheless.
The Federal Reserve has published its Survey of Consumer Finances for the last three years. Page 11 of the survey goes into detail about household net worth. On the whole, these values have grown a lot since the previous survey.
The details of the UAW, Ford agreement
- Immediate 11% wage increase
- 25% wage increase over the life of the contract
- By end of the contract worker pay will have risen 33% to over $40 an hour
- Lowest-paid temporary workers would see raises of more than 150% over the contract term
- Lower-pay tiers at Ford scrapped
The United Auto Workers union have been on strike since September. The organisation has been pushing for increased pay and greater protections for staff, including the removal of lower-tier payments for workers. It seems they have got their wishes, at least in part.
A deal has been struck between the union and Ford, one of the motor companies at the centre of strikes. It looks pretty promising for the workers, who have achieved nearly all of what they set out to receive. Here is what is included...
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Some New York state residents may benefit from a one-time refund check of up to $250, which should arrive at the end of this month.
This is possible thanks to new Schenectady County legislation, which will provide a payment in the form of a refund for homeowners in the county in New York.
Some people get Medicare parts A and B automatically, while others must register for the service.
The Social Security Administration offers an online portal to sign up to those who want to avail of the health insurance plan.
Medicare participants will have just over seven weeks to take advantage of open enrollment to sign up or change their coverage.
Here’s what to know if you plan to avail of this health insurance plan.
The last Social Security payment of the month is coming. Find out who will receive a check for up to $4,555 this Wednesday, October 25.
A new month is approaching and with it a new round of SNAP payments. Find out the schedule for each state in November 2023 along with dates and amounts.
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As bank customers move online and make fewer trips to their local branches, many national financial institutions are closing down locations. This is not a new trend. Insider Intelligence reported that between 2017 and 2021, nine percent of all branches — around 7,000 locations— shut their doors.
The branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance. For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.
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The Medicare premiums and deductibles for parts A, B, C, and D for 2024 have been released by the Centers for Medicare and Medicaid Service (CMS).
Read more on how the prices for each part are changing in 2024.
Prospective homeowners have been having an impossible time finding houses to buy because of the lack of supply and high mortgage rates, but those looking to rent might have better luck finding a place to live.
Here are 15 areas where rent has gone down compared to last year, for 0-2 bedroom properties.
Barclays to lay off dozens of consumer bank employees
Barclays Plc is laying off dozens of staff in its US consumer banking division as part of a global drive to cut costs, a source familiar with the situation told Reuters.
The redundancies account for about 3% of employees in the bank's US consumer division, said the source, who declined to be identified discussing personnel matters. The staff were informed earlier this week, the person said.
Non-sufficient funds fees are leveled by some banks when you don’t have enough money in your account to complete a transaction.
Here’s how to avoid these charges.
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The Virginia General Assembly this year passed a law that gives taxpayers with tax obligations a tax refund of up to $200 or $400.
This was made possible after the state’s governor, Glenn Youngkin, signed a bipartisan state budget that includes $1 billion in tax relief.
Find out if you are qualified for the amount, and how to go about requesting the refund.
UAW strikes GM's Escalade factory
The United Auto Workers union on Tuesday stopped work at a General Motors assembly plant in Texas that builds the automaker's profitable full-size sport utility vehicles, in another significant expansion of the strike.
By striking GM's Arlington assembly plant, home to GM's profitable Chevy Tahoe, Chevy Suburban, GMC Yukon and Cadillac Escalade large SUVs, the UAW has now shut down three of the most profitable car factories in the world. Workers at Ford's Kentucky Truck heavy-duty pickup factory and Chrysler-owner Stellantis' Ram pickup plant in Sterling Heights, Michigan, are already on picket lines.
Rite Aid, heavily indebted and facing a plethora of lawsuits, filed for Chapter 11 protection and will close hundreds of stores nationwide.
Find out if your neighborhood Rite Aid is closing up shop.
One of the keys to boosting your lifetime earnings is getting a top-notch education. Attending the right university can open the doors to increased economic success.
The British newspaper The Times is seen as an authority on how prestigious a university is and their latest rankings have just been released.
Find out the best in the world and which ones are in the United States.
How Do Tax Brackets Work?
To determine your tax liability, you first calculate your taxable income. This is done by subtracting deductions and exemptions from your total income.
Once your taxable income is determined, it is matched to the appropriate tax bracket. As your income increases and moves into higher tax brackets, you pay a higher percentage of your income in taxes on each additional dollar earned within that bracket.
Tax brackets are an essential component of the progressive tax system used in many countries, including the United States. They determine the rate at which individuals or businesses are taxed based on their income.
The goal is to distribute the tax burden more equitably, with those who earn more paying a higher percentage of their income in taxes.
The younger generation has been dealt a bad hand. They have been affected by: the 2008 financial crisis, the burgeoning student debt disaster, covid-19, and rampant housing costs. In short, what money has been saved has been ripped away from them.
Studies have shown that 3 in 4 Gen Zers are hesitant to set long-term goals because of finances while 2 in 3 think they will never have enough money to retire.
US finance news, live updates: Welcome!
Good morning and welcome to AS USA's daily live blog for Wednesday, 25 October 2023, bringing you the latest US financial news.
We’ll be looking at the major stories affecting Americans like the Social Security 2024 COLA that will boost benefits for the over 70 million recipients of monthly payments from the agency. Also changes to SNAP benefits and when they will be paid.
Likewise, how inflation is still being felt by consumers across the country, how high prices have affected tax brackets, and what the Federal Reserve's next steps will be.