2024 Social Security COLA Increase May Be Higher Than Expected
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
2024 Social Security COLA Increase May Be Higher Than Expected
2024 Social Security COLA Increase , May Be Higher Than Expected.
On Sept.
13, the Senior Citizens League
said that the 2024 cost of living
adjustment (COLA) will probably be 3.2%.
On Sept.
13, the Senior Citizens League
said that the 2024 cost of living
adjustment (COLA) will probably be 3.2%.
The increase would amount to another $57 a month for the average recipient, the group estimates.
The COLA is calculated "based on the
Consumer Price Index for Urban Wage Earners
and Clerical Workers (CPI-W)," NBC News reports.
.
That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics.
.
That data, which includes inflation readings for July, August and September, is published by the Bureau of Labor Statistics.
.
In July and August of this year, the
CPI-W rose 3.6% and 3.4%, respectively.
In 2022, inflation reached a 40-year high.
The Federal Reserve has increased the
benchmark U.S. interest rate to be at its highest level in over 20 years in an attempt to cool inflation.
While the Fed's tactics have somewhat
slowed the economy this year, inflation
is still higher than it was in the 2010s.
Because of this, the Senior Citizens League says
that benefit amounts aren't enough to keep up with the
rising "cost of goods and services," NBC News reports.
.
For example, anyone who retired before 2000
would require $500 more in benefits each month to reclaim "the purchasing power they had in 2000," NBC News reports.
Target Is Lowering Prices , of 5,000 Items.
On May 20, the retailer said it's
cutting prices on common goods to
help people save money, NPR reports. .
Items like "milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more" will see price reductions, Target said.
We know consumers are feeling
pressured to make the most of
their budget, and Target is here
to help them save more. , Executive Vice President Rick Gomez, via statement.
1,500 items have already seen price cuts,
and more cuts will be made over the summer.
Examples of lower prices in some areas include Thomas' Plain Bagels dropping from $4.19 to $3.79.
Clorox Scented Wipes dropping from $5.79 to $4.99 .
and Good & Gather Unsalted Butter
dropping from $3.99 to $3.79.
In March, the personal consumption expenditures (PCE) price index was
up 2.7% year-over-year, NPR reports.
The Federal Reserve uses the
PCE to help measure inflation.
Typically, the agency likes the PCE to be at 2%
Credit: Wibbitz Top Stories Duration: 01:30Published
Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isnβt, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
In this elections, with the political arena witnessing a tough fight between Rahul Gandhi and Annie Raja of the CPI, Wayanad becomes the focal point of the clash.. DNA
Congress leader Rahul Gandhi holds a spirited roadshow in Wayanad, Kerala, ahead of filing his nomination papers for the Lok Sabha elections. Thousands of supporters join him, while CPI candidate Annie Raja also files her nomination. Criticism arises, questioning Rahul's decision to contest against Raja instead of confronting the BJP directly. The electoral dynamics in Wayanad reflect intricate alliances and fierce rivalries.
#Congress #RahulGandhi #LokSabhaElections #Wayanad #KeralaElections #CPI #AnnieRaja #BJP #Amethi #CongressParty #Worldnews #Oneindia #Oneindianews
~HT.99~PR.152~ED.194~
A 'Karate Kid' series OG was shocked to learn his character's name has skyrocketed in popularity for babies ... and he hopes that means no more random insults.. TMZ.com
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