US financial news summary | 13 August 2023

IRS offers interesting news on home improvement

For those thinking of home improvements, for energy related improvements to your home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022.

The IRS will help you compare the credits and decide whether they apply to expenses you've already paid or will apply to improvements you're planning for the future.

WELFARE

SNAP payments in Florida: Who will receive more than $1,600 in August 2023

In Florida, the delivery of benefits from the Supplemental Nutrition Assistance Program or SNAP, formerly known as food stamps, continues. But who receives them and when? It's all down to the digits on your Florida case number.

Here are Corina and Gidget to explain how it all works, including the payment schedule according to your case number:

ECONOMY

Which products have risen the most in price in the US in 2023?

Last month, year-on-year inflation was 3.2% in the United States. This represented an increase compared to June when year-on-year inflation was 3%.

The housing index was by far the largest contributor to the monthly increase in inflation, although food also registered a significant increase. 

Corina and Gidget are here with more. 

TRAVEL

The top 10 most popular summer vacation destinations in the US in 2023

There are only a few more weeks to enjoy the summer sun, but there’s still time to squeeze in that much-needed vacation without leaving the country.

Traveling within the US can be a rewarding and enjoyable experience, offering a wide range of diverse landscapes and attractions to explore. To make the most of the season, beaches are a great place to go.

According to a recent report by HomeToGo, a global site that offers vacation rentals, some of the most popular summer destinations in the US can be found, unsurprisingly, in Florida.

Here are the top 10 travel spots in the country this year.

Energy Department to grant $1 billion to carbon-removing projects

The Department of Energy has announced that projects in Texas and Louisiana to remove more than 2 million metric tons of carbon emissions per year will get over $1 billion in federal grants, a key step in scaling up direct air capture (DAC) technology.

The agency also launched several new initiatives aimed at bringing the cost of the technology down to less than $100 per net metric ton of CO2-equivalent within this decade.

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and five engineering and design studies for earlier-stage hub projects.

Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. UN scientists estimate billions of tons of carbon must be sucked out of the atmosphere annually to keep in line with a global goal to cap global warming at 1.5 degrees Celsius.

(REUTERS)

BUSINESS

Where in the US is it illegal to pump your own gas?

Pumping your own gas is commonplace all over the US, but it used to be banned in many states. Now, it’s illegal to do so in only one area in the country.

Oregon recently lifted their 72-year ban on self-service stations under a new law, leaving New Jersey as the only state where motorists can’t pump their own fuel.

EDUCATION

These are the 10 states with the lowest college tuition and fees

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.

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.

FINANCE

When is it good to use autopay for your bills and when should you avoid it?

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.

ECONOMY

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 item 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. 

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 offer some positive statistics related to employment.  

SHOPPING

Why consumers should avoid using self-service checkouts at stores

Here's 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. 

Here's Elena to explain why. 

RETIREMENT

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 programs?

Oliver is here to let us know. 

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% 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%.

Economists are cautiously predicting that the Federal Reserve will hold interest rates steady.