US financial news summary | 12 August 2023
US Financial news: Saturday 12 August 2023
Headlines: Saturday 12 August 2023
- Consumer Price Index report released with inflation in July revealed to be 3.2%.
- Gas prices are up this summer as extreme heat hampers oil refinery operations
- 187,000 jobs added in July, unemployment falls to 3.5%
- Treasury Secretary Yellen calls US credit rating downgrade "entirely unwarranted"
- Biden administration launches new student debt repayment plan
Take a look at related AS USA news articles:
Is it a good time for Americans to buy a home?
You might not be surprised to read that most Americans do not think now is a great time to get on the property ladder. In fact, a record number feel that way, according to a survey carried out by Fannie Mae.
The same report did, however, at least show offer some positive statistics related to employment.
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Dado Ruvic / REUTERS
What are the differences, pros and cons between 401K, IRA and pension?
Employer-sponsored retirement plans like 401(k)s and pensions are becoming more and more common. There are many differences between the three main options: 401(k), IRA and pensions. So what are the distinctions between these pension programmes?
Just as a follow-up to an earlier post, a reminder of the dangers of using self-service checkouts in stores. If you're a regular user, they can save you time and the need to actually speak to someone (for some people, that's a good thing). But there are also drawbacks, as we have seen at Walmart.
Perhaps one day, all shop assistants will be replaced by machines but, until that day comes, you have the option to choose. And many people refuse to go solo.
Why are grocery prices going up so much in the US?
Grocery prices played a large role in the inflation growth seen in July, increasing by 0.3% over the month. The price of one particular iterm surged by an incredible 6.5% in just one month, driving the index up.
Prices were generally up across the board, with Oliver here to explain just what's going on.
20% of student loan borrowers to pay $500 monthly
A recent study found that about half of student loan borrowers will have to pay more than $200 a month when payments restart. About one in five will see payments of more than $500.
With debt repayment resuming in October, many borrowers are wondering how they will be able to keep up with the monthly payments.
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Setting your bills on autopay can make your life easier, as it saves you time compared to paying your bills manually. You must consider certain factors before setting it up.
Here are some situations in which using autopay can be a good idea, and others where you might want to exercise caution or reconsider using the service.
College education in the US is often considered to be expensive compared to many other developed countries. Millions of Americans are racking up thousands of dollars in student debt to finance their studies.
Here are the states where a college education can cost you less.
Car repair costs higher than ever
This is the time to be more careful with your car, because having it repaired is more costly than ever.
The price for having automobiles serviced is one thing that drove up inflation rates. According to Consumer Price Index data, the cost of fixing your car jumped almost 20 percent for June 2023 compared to the same period last year.
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The Supplemental Nutrition Assistance Program, commonly known as SNAP, is a government assistance program that provides eligible low-income individuals and families with funds to purchase food.
SNAP is the country’s biggest initiative to fight hunger, but it faced reductions as many states planned to slash benefits earlier this year. Families in a number of states saw their allotments shrinking to their pre-pandemic levels despite increasing grocery prices.
Here are four states that have seen double-digit reductions in SNAP enrollment.
S&P 500 and Nasdaq both record second straight week of declines
The S&P 500 and the Nasdaq Composite fell on Friday and posted their second straight weekly losses, as hotter-than-expected US producer prices data pushed Treasury yields higher and sank rate-sensitive megacap growth stocks.
The Dow Jones Industrial Average closed higher for the day and ended the week up 0.6%. It was the first time in 2023 that the Nasdaq fell for two straight weeks. The S&P 500 ended the week down 0.3%, with the Nasdaq 1.9% lower.
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In Florida, the delivery of benefits from the Supplemental Nutrition Assistance Program or SNAP, formerly known as food stamps, continues.
SNAP is a federal program that provides benefits to low-income families to buy food in coordination with state governments.
Florida SNAP benefits are sent between the 1st and 28th of each month, based on the 9th and 8th digits of your Florida case number (read backwards). This report gives the August payment schedule according to your case number.
Accidentally registered for the Walmart+ rewards scheme? Suffered unwanted charges at their self-service checkouts? Well, it turns out you're not alone, as a whole host of people inadvertently signed up in July during Walmart+ Week. More and more people are avoiding using self-service checkouts in stores across the United States, and this is part of the reason why.
At self-service checkouts in Walmart stores across the US, the promotion appeared on screen in a single-click prompt that presented customers with the options “Not interested” or “Add membership to cart”. Many people accidentally selected “Add membership to cart”.
If you are one of those people, you've got the chance to get your money back. Corina explains how.
Eating out has become an expensive habit for many of us. However, if you're feeling lethargic and you don't fancy cooking, specifically on a Tuesday, then one fast food chain has got your covered.
Taco Bell has revealed that "Taco Tuesday" is a phrase that no longer belongs to Taco John's. To celebrate the momentous event and to thank everyone who supported their “Free Taco Tuesday” campaign, Taco Bell is giving away a free Nacho Cheese Doritos Locos Taco to their customers every Tuesday from Aug. 15 to Sept. 5.
When getting married makes financial sense
"Getting married comes with tax benefits that unmarried couples don’t enjoy. Property you receive from your spouse, for instance, is treated as a gift for income tax purposes and therefore isn’t taxable to you".
It'll never catch on as a chat-up line but the reality is that getting married, in many instances, makes financial sense due to certain perks married couples receive. But what is the future of marriage? Many want to do it, plenty think it's outdated, lots can't afford it.
Short-term, it can cost a lot of money, but there are long-term benefits (as long as it works out).
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If you have a child who is about to enter college in the fall and you want to help them out financially so they don’t have be burdened by student debt for most of their adult life, you may want to take out a loan for them.
Student loans are the most common and best-know option but you could also apply for a Parent PLUS loan, which should offer a little bit of extra financial help.
Not familiar with those? Here's how they work.
Medical debt is a serious problem in the US, a country without a public health care system. According to research from the Kaiser Family Foundation, 41% of adults in the country face health care debt, or around 100 million people.
Get the wrong insurance or make a mistake in a filing and you could be staring down the barrel of a life-ruining bill that could throw you out of your house. We don’t want a debt to get as serious as that so let’s check out the alternatives.
Good morning and welcome to AS USA's live financial blog!
New CPI inflation data has been released for July. According to the Bureau of Labor Statistics, inflation climbed to 3.2 percent in the year leading up to July, driven by increased expenses in housing, car insurance, and food.
July witnessed a 0.2 percent increase in prices compared to the previous month, mirroring the identical 0.2 percent month-on-month rise observed in June.
Latest figures from the Labor Department show that 187,000 jobs were added in July, while the unemployment rate went down to 3.5%.