US financial news summary | 15 August 2023
Headlines: Monday 14 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%
- 20% of student loan borrowers to pay $500 monthly when payments resume, according to study
- S&P 500 and Nasdaq Composite post second straight weekly losses
New York and California for retirees
New York was the most expensive state to live in, making it difficult for reitrees to move to the state.
California is similarly as expensive. Expensive houses are a major factor, placing it 49th place in affordability, following New York.
Choosing where to retire is not an option for many people. A Census Bureau report from 2022 found only 6.2 percent of people over the age of 65 move in a given year.
But if you were to move in retirement, what are the options? Bankrate has been studying people’s options for each state.
Massachusetts' free school meals
Governor Maura Healey recently made it official: Massachusetts public school students in grades K-12 will be eligible for free lunches regardless of their financial status.
This comes after an extra 4% on earnings over $1 million.
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At the beginning of the covid-19 pandemic, the federal government expanded a policy to allow schools to provide meals at no cost to all students, regardless of your income.
This measure was in effect for the 2020-21 and 2021-22 school years. Though Congress did not extend the policy for the 2022-23 school year, several states have passed laws to continue offering free school meals.
20% of student loan borrowers to pay $500 monthly when payments restart
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.
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.
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)
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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.
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.
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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:
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.