US business news live updates: Social Security benefits, SNAP payments and financial aid tips
US Finance News
Headlines: Wednesday 6 September 2023
- Employment report: 736,000 people enter job market, unemployment at 3.8%
- Labor force participation rate ticked up to 62.8% in August, highest rate since February 2020
- Job openings fell in July to a more than 2-year low, pointing to slowdown
- Social Security payment increase due to COLA projected to be 3%
- US quarterly growth slower than expected in Q2
- Minimum wage in Florida set to increase in September
- Minimum wage in California and Illinois to go up in 2024
- New requirements to receive SNAP benefits in 2024 to take effect soon
Temporary Assistance for Needy Families (TANF) benefits provide financial assistance to families.
White House touts enrollment in “most affordable student loan repayment plan ever”
In August, President Biden announced the official launch of a new income-driven student loan repayment plan. SAVE, Saving on a Valuable Education, promises to cut the amount borrowers have to pay each month from their disposable income to just 5%. It will also shorten the path to student debt forgiveness to as little as 10 years’ worth of payments.
The White House launched its new plan to reduce monthly student loan repayments for borrowers which will also provide a shorter path to debt forgiveness.
In order to claim Social Security disability benefits those applying should be aware of the requirements imposed by the SSA like the five-year rule.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/YPR7NKNNXZOMPFBPWLHSLJAJ7A.jpg)
President Joe Biden signed the Fiscal Responsibility Act into law in June, and one of the most salient points of the measure was the change in work requirements for some recipients of the Supplemental Nutrition Assistance Program.
As the program currently stands, there are already work requirements in place for most able-bodied adults without dependents, or ABAWD, from the ages of 18 to 49.
The modifications will begin on Thursday, Sept. 1, 2023, although the new policieswill be implemented gradually.will
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/5R4X3UYMRRKV3KUJD2VZFGJW3I.jpg)
A new month is here and with it comes a new round of SNAP payments going out.
Here are the benefit payment datesfor September 2023 in each state.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/72U4Z5QXGNDW7LC6WWAJKIID4E.png)
The Supplemental Nutrition Assistance Program, formerly known as food stamps, is a federal program that, in coordination with state governments, provides benefits to low-income families to buy food.
This program is administered by each state, so some aspects of the benefits may vary, such as the program’s name. In the case of the state of California, SNAP is known as CalFresh. These payments are sent during the first 10 days of each month based on the last digit of each beneficiary's case number.
This is the California SNAP benefit payment schedule for September 2023.
The application period for federal student loans has ended. You need to have submitted a Free Application for Federal Student Aid, or FAFSA, by the end of June 2023.
The only other option for getting a student loan is a private loan. These can be applied for and ratified within hours if you meet the requirements.
The Federal Reserve has slowed the pace of monetary tightening to tame inflation, but policymakers are “looking at the broader picture” to determine future rate hikes.
Here's what the experts think will happen at the policymakers' meeting in September.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/DOUINVE3CJKKTILNKQ44HP7STQ.jpg)
The COLA represents an increase in Social Security payments. Each month, the Social Security Administration sends different checks, including those for retired workers and survivors (children, spouses, widows, widowers or parents of a deceased beneficiary). These recipients are the people who will benefit from a new cost of living adjustment.
Here is the date on which the amount of the COLA increase will likely be announced.
Can immigrants apply for unemployment benefits?
Under current state and federal systems, undocumented workers are not eligible to receive unemployment benefits. On the other hand, those who have a green card, beneficiaries of Deferred Action for Childhood Arrivals (DACA) or asylum beneficiaries can apply for unemployment benefits.
If you are not a US citizen and applying for Unemployment Insurance benefits, each state’s employment departments must verify that you are legally authorized to work in the United States.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/PB3U4ABTFYYPOGWLY7VFN2TILA.jpg)
Stocking your pantry is not such an easy feat when trying to be healthy. The truth is that not all the foods sold there are good for your health, especially those which are characterized by being fresh products but which are sold packaged in these types of stores.
According to a report by Huffpost, these are the five foods that nutrition experts do not recommend buying in supermarkets.
Mortgage demand drops to 27-year low
After rising sharply for several weeks, mortgage interest rates pulled back slightly last week.However, the drop was not enough to revive mortgage demand.
Total mortgage application volume fell 2.9% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Any American who has worked for at least 10 years and paid the corresponding taxes may be eligible for monthly Social Security payments, once you’ve reached the minimum age to claim.
The average Social Security payment in 2023 is $1,827, however, depending on a series of factors, you could possibly get much larger payments. Here’s how…
Social Security has been around for nearly 90 years, primarily providing monthly payments to retired workers whose benefit depends on a set of factors. The maximum amount that could be received is determined by the age at retirement.
Here are the maximum amounts that recipients can receive in 2023...
Wall St. slips as Treasury yields rise, oil prices boost energy sector
Wall Street's three major averages closed lower on Tuesday with the Dow leading declines as Treasury yields rose along with oil prices and investors assessed prospects for the Federal Reserve's interest rate path.
While all three main stock indexes had logged gains in the previous week on hopes for a less hawkish Fed, that sentiment had faded by Monday.
Treasury yields rose after economic data showed resilience and Fed Governor Christopher Waller said it suggests that the central bank need not change rates any time soon.
(REUTERS)
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/DXECHX4MWVGHNK427QRIUWW3VE.jpg)
Many Social Security beneficiaries are waiting for the announcement regarding the latest cost of living adjustment (COLA) as this will mean an increase in payments to boost purchasing power.
Find out by how much benefits will rise in 2024.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/6UW55VKVY5PHXL4PX3MLMSMCO4.jpg)
The Social Security Administration has begun sending out payments for the month of September. Some beneficiaries will receive two payments this month.
Here's who will receive them and the exact payment dates.
US employers struggling to get workers back in the office
At the onset of the covid-19 pandemic, workers were sent home by the droves to carry out their jobs remotely. It’s been over three years since that mass adaptation of work-from-home policies and bosses want their employees back at the office.
While companies have been trying to woo workers back in the US, they haven’t had the same success as their counterparts in other parts of the world. Some big names are dropping the carrot and grabbing the stick such as Amazon. The tech giant’s boss recently said that “it’s probably not going to work out" at the company for those who can’t be in the office three days a week.
Likewise, Facebook set 5 September as a start date for employees to begin returning to the office three days a week or face termination.
So why are American workers dragging their feet to go back to the office compared to employees in other parts of the world? Irina Anghel at Bloomberg News explains…
The US has a growing demographic time bomb. At the 2020 census the population stood at 331 million people, growing 7.4% since 2010. This was the slowest increase since the great depression and will be compounded by the aging population.
You would think that efforts would be made to address this issue, either with increased immigration or by making it cheaper for new parents to raise children.
On the contrary, the US has eye-wateringly expensive childcare.
Regardless of whether you are single or not, the amount you would need to earn to make ends meet in the United States can vary significantly based on various factors, including location, lifestyle, and individual preferences.
The cost of living also varies widely across different states and cities, with urban areas generally having higher living expenses compared to rural areas.
However, single people face certain challenges that are born of their civil status.
Good morning and welcome to AS USA's live financial blog!
As September gets well underway, follow along as we bring you the latest news on SNAP benefits, Social Security updates, and student loan repayment plans.
We'll also be reporting on other financial news affecting US consumers as the job market cools, consumers ramp up spending, and the Federal Reserve prepares to decide if interest rates will be increased once again at their next meeting.