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Experts say the economy is getting better, but consumers don’t feel that way. Here’s why.
Americans are still worried about their financial stability even as their recession fears lessen. High prices at the grocery store and consumers’ memories of their pre-pandemic budgets may be playing a role. Here’s what financial and economic experts have to say about what economic indicators tell us about people’s perception of the economy. The Consumer […]
Fed declines to cut interest rates, saying it’s not clear inflation has slowed enough yet
The Federal Reserve declined Wednesday to cut interest rates, saying it remains uncertain inflation is slowing enough, but some economists warned the financial regulators risk waiting too long to make cuts. Fed Chairman Jerome Powell said the Fed has a lack of sufficient data that inflation is slowing enough to justify taking the pressure off […]
Looking toward November, Biden targets ‘shrinkflation’ in State of the Union speech
The White House retweeted Cookie Monster about it. The president made his own Super Bowl video about it. And then President Joe Biden made it a point in his State of the Union speech: “Shrinkflation” must be stopped. Biden said Thursday during his annual address that he is taking on corporations that are making more […]
When will housing affordability improve? Spoiler alert: It will take some time
Inflation is slowing and job growth has surged, but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates. Home prices across the U.S. rose 5.5% over the past year as of December 2023 and they are projected to increase 2.8% year over year […]
Fed keeps interest rates same, as expected, with changes likely months away
The Fed held key interest rates steady again Wednesday, as expected, and signaled that a decision that could affect everything from credit card rates to the housing market to new business creation could still be months away. It was the fourth consecutive time the central bank has left the rate unchanged since its September 2023 […]
Overdraft fees, late fees could be slashed as White House continues attack on junk fees
The cost of overdrawing your bank account could ease considerably under a rule proposed recently by the Consumer Financial Protection Bureau. The proposed regulation is in line with a larger effort that the Biden administration has championed the past few years to crack down on “junk fees,” which are tacked onto everything from ticket prices […]
As more states add paid family leave, advocates say there’s a need for federal policy
When the Minnesota legislature was debating a paid sick leave bill last year, business owners argued that such a law would not allow them to provide as many employee “perks” or be as “adaptive” to employee needs as they say they would be without such a requirement.? But a half dozen witnesses made a case […]
December jobs report: Wages up, hiring steady as job market ends year strong
Friday’s jobs data showed a strong, resilient U.S. labor market with wages outpacing inflation — welcome news for Americans hoping to have more purchasing power in 2024. The December jobs report unveiled another unemployment rate below 4%, as it has for two years, at 3.7%, the same as it was for November. The economy added […]
States, Biden administration push efforts to aid renters, keep people housed
Maine’s housing authority received $35 million in 2023 — the first time in 54 years it has received a direct appropriation from the state budget — to help build more affordable rental housing for communities that have struggled to keep up with high housing prices. The state’s program provides funding to developers for affordable housing […]
The US avoided a recession in 2023. What’s the outlook for 2024?
Next year is packed with potential shifts in the economy but many economists and investment analysts expect that the country will likely avoid a recession in 2024 even as growth slows in the first half of the year. States Newsroom talked to economists about their expectations for some key metrics as well as their concerns […]
Census Bureau’s proposed changes threaten to undercount people with disabilities, advocates say
The Census Bureau has proposed a major change to disability questions on its annual American Community Survey that advocates say will reduce the number of people who are counted as disabled by 40%, including millions of women and girls. The change in available data could affect federal funding allocations and the decisions government agencies make […]
Retailers pare back their seasonal hiring to prepare for ho-hum holidays
Black Friday shoppers may notice longer lines and fewer retail associates in some of their favorite stores than in past holiday seasons as retailers scale back seasonal hiring over concerns about consumer spending. JCPenney is hiring 12,000 fewer workers than last year. Macy’s 3,000 fewer. Meanwhile a Walmart executive said the retail giant has been […]