US Financial News: news summary | 29 July 2023
Headlines: Saturday 29 July 2023
- Federal Reserve has announced a 0.25% hike in interest rates for July
- Inflation in the US was at 3% in June, as Fed bids to cut rate to 2%
- Initial unemployment claims fell by 9,000 in week ending 15 July, to 228,000
- June jobs report showed that US added 209,000 jobs last month
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In late June, the Supreme Court decided to strike down the student loan forgiveness program proposed by President Joe Biden. It would have forgiven up to $20,000 in student loan debt for up to 40 million borrowers.
Following the decision of the highest court, the president announced a series of measures and new plans to help students and their families. As its implementation continues, borrowers should prepare for the resumption of loan payments.
Here's everything you need to know..
What happens if the US economy keeps growing?
The United States has exceeded all expectations over the past year with growth remaining high despite a series of interest rate hikes. The post-pandemic bounce-back was remarkable but continued growth has caused trouble, evidenced by the sky-high rate of inflation recorded over the past two years.
Speaking to CBS News Lori Bettinger, president of Bancalliance, outlines what this could mean for the US economy...
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Beneficiaries of the SNAP food assistance scheme can get half-price membership of the Walmart+ rewards programme, which includes discounts on selected products and a subscription to the streaming service Paramount+.
AI and automation likely to kill jobs sooner due to covid-19 says study
Automation was already expected to wipe out millions of jobs, but the pandemic hastened this process.
According to USA Today, nearly nine million workers switched occupations during the health crisis from 2019 to 2022, 50% more than in the prior three years, per a new study by McKinsey Global Institute.
Most left low-wage jobs in food services, customer service, office support and production. Meanwhile, high-wage positions grew in fields such as science, technology, health care, business, legal and management, says the report.
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A new month is coming up and that means one important thing to all SNAP recipients: the arrival of a new payment.
Although the SNAP program is a form of assistance offered by the federal government, payments are administered by the state governments. This means that each state is required to issue its own coupons, which is why in some places the requirements and payment dates vary.
These are the payment dates for the month of August in each state of the country.
Meta shares rally after AI-boosted engagement and ad sales
Meta shares surged nearly 8% as a rosy revenue forecast showed that artificial intelligence was helping the social media giant boost engagement and ad sales even in an uncertain economy.
The Facebook owner was set to add about $60 billion to its market value after strong second-quarter earnings encouraged 18 analysts to lift their target price on a stock that has already more than doubled this year.
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The Social Security Administration issues millions of payments monthly to program beneficiaries who are mostly retired workers. However, there are some people with disabilities who may be eligible for Supplemental Security Income payments or Social Security Disability Insurance.
Whatever your case may be, if you are a Social Security beneficiary, the administration will send your payment automatically each month according to the check distribution schedule.
Here is the timetable which shows who will receive a payment of up to $914 dollars on August 1.
Survey: We have no idea how much we'll need to retire
Many Americans have no idea how much they need to have saved for retirement, according to a survey by the nonprofit Transamerica Center for Retirement Studies (TCRS), in collaboration with the Transamerica Institute.
According to Yahoo Finance, based on median numbers, workers surveyed estimate they will need $500,000 by the time they retire in order to feel financially secure.
Estimated needs vary by generation with baby boomers estimating they will need $750,000, Generation X and millennials estimating $500,000, and Generation Z estimating $250,000.
Approximately 1 in 5 workers across generations estimate they will need to save $2,000,000 or more including baby boomers (24%), Gen X (22%), millennials (21%), and Generation Z (17%).
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In June of last year, the price of gasoline in the United States reached a record after registering the highest price in history.
Subsequently, the price began to fall. However, this week, fuel prices reached their highest level in months, recording eight-month highs. On July 27, the average price of gas in the country was $3.714, the highest level since November of last year.
Why has the price of gas gone up so much? Will its price keep rising? Here is the explanation for the increase.
Win $50K in sandwiches by legally changing your name to 'Subway'
Subway fans now have the ultimate way to show their love for the sandwich, and win something nice along the way. All they have to do is legally change their name, per USA Today.
The chain is offering free Subway sandwiches for life (depending on how much Subway you eat) to a fan who agrees to legally change their first name to Subway. Interested parties can enter the contest beginning Aug. 1 at SubwayNameChange.com.
Subway will select one winner and provide them with $750 to cover the cost of legally changing their name, as well as $50,000 in Subway gift cards.
Each year, all Social Security benefits increase, thanks to the cost-of-living adjustment. The COLA is not a fixed amount, as the Social Security Administration calculates the necessary increase based on changes in the Consumer Price Index for Salaried Workers in Urban Areas and Clerical Workers (CPI-W).
This adjustment is made annually so as maintain the purchasing power of the beneficiaries. Although in real terms, the increase is usually not enough in relation to inflation.
Find out the estimated COLA adjustment for 2024.
US finance news: welcome
We'll be looking at the aftermath of the Federal Reserve's decision to raise interest rates in a bid to curb inflation in the US.
You can also follow our live blog for news on SNAP benefits, IRS refunds and Social Security benefits.