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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 in December 2023 and they are projected to increase 2.8% year over year by […]
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 to […]
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 […]
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 about what could […]
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%. The change in available data could affect federal funding allocations and the decisions government agencies make about accessible housing, public transit, and […]
Spending on health care in US rises to $4.5 trillion in 2022; a return to pre-pandemic growth rates
After skyrocketing in the first year of the COVID-19 pandemic and then tempering almost as dramatically a year later, health care spending in the U.S rose just over 4% in 2022, hitting $4.5 trillion, the federal government announced Wednesday. The annual growth in the nation’s health care spending appears to be returning to pre-pandemic trends, […]
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 hiring “throughout […]
Local leaders call for auto workers’ gains to spread to EV plants, Southern Black workers
Local Black elected leaders aligned with racial and economic justice groups want to build on the labor gains made through the United Auto Workers’ six-week strike. The union’s tentative deals with the big three automakers include major wins such as a 25% rise in pay and getting rid of the two-tier worker system. More than […]
Borrowers weigh personal, professional options as student loan payments resume
Justin Brown, a father of a 2-year-old who lives with his wife in the St. Louis area, has $20,000 in student loan debt. Before the pause on loan payments at the start of the pandemic in 2020, he paid $300 a month. But now that Brown has a family, his financial responsibilities have grown — […]
Women workers could bear economic brunt as federal child care funding ends
A huge chunk of pandemic relief funding that kept child care programs afloat for the past few years is set to run out Saturday, and policy advocates say the economic impact will be profound — with the ripple effect hurting labor force participation and consumer spending at a time when the country is still trying […]
Student debt relief scams on the rise. Here’s what borrowers need to know
Complaints about student debt relief scams are increasing as the date approaches for borrowers to restart payment on their student loans after more than a three-year pause. Consumer protection advocates say that the Biden administration’s student debt relief efforts, the subsequent halting of those policies by the courts, and the restart of student loan payments […]