US financial news summary | 30 July 2023
Headlines: Sunday 30 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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The Federal Reserve held interest rates steady at 5%-5.25% during their June meeting following an aggressive campaign of rate hikes intended to control rising inflation. However, they increased them again by 0.25% points last week, taking rates to their highest decade this century.
They are aimed to suppress the spending power of people by forcing people out of work, thus tempering inflation. This only works if consumer spending is driving inflation, but is that really the case?
Rent for public housing is determined by:
The formula used in determining the Total Tenant Payment is the highest of the following, rounded to the nearest dollar:
- 30 percent of the monthly adjusted income. (Monthly Adjusted Income is annual income less deductions allowed by the regulations);
- 10 percent of monthly income;
- welfare rent, if applicable; or
- a $25 minimum rent or higher amount (up to $50) set by an HA.
These housing units are owned and operated by federal, state, or local housing authorities, and they aim to provide safe and affordable housing options for those who cannot afford market-rate housing.
Public housing units can be apartments, townhouses, or single-family homes located in specific housing developments or communities. The rent for these units is typically set at a lower rate based on the tenant’s income, making them more affordable for low-income households.
A reverse mortgage allows homeowners aged 62 and older allowing them to access a portion of their home equity while continuing to live in their home. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, a reverse mortgage works in the opposite way—the lender makes payments to the borrower.
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.
AI and automation likely to kill jobs sooner due to covid-19 says study
The onset of the pandemic expedited the process of job displacement that was already foreseen due to automation.
As per a recent study conducted by the McKinsey Global Institute, nearly nine million workers underwent occupational shifts between 2019 and 2022, representing a 50% surge compared to the preceding three years, as reported in USA Today.
The majority of these transitions involved individuals leaving low-wage positions in fields like food services, customer service, office support, and production. In contrast, the report highlights a growth in high-wage roles within sectors such as science, technology, health care, business, legal, and management.
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+.
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...
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..
In the wake of the Federal Reserve's recent move to raise interest rates, our focus will be on examining its implications and how it is aimed at tackling inflation in the United States.
We will also be providing real-time coverage of crucial topics like SNAP benefits, IRS refunds, and Social Security benefits.