Spending Remains High As Americans Burn Through Savings
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Spending Remains High As Americans Burn Through Savings
Spending Remains High , As Americans Burn Through, Savings.
'Newsweek' reports that Americans' robust economic activity
in the third quarter came despite dwindling incomes
and savings amid high inflation and borrowing costs.
In Q3, the U.S. economy expanded by
almost 5% due to increased spending,
according to the Bureau of Economic Analysis.
In Q3, the U.S. economy expanded by
almost 5% due to increased spending,
according to the Bureau of Economic Analysis.
'Bloomberg' economist Eliza Winger
called it a "frenzy of summer
spending on travel and entertainment.".
However, 'Newsweek' reports that
the increased spending has taken
a toll on household pocketbooks.
Savings dropped to $776.9 billion in Q3,
falling from $1.04 trillion in Q2.
Meanwhile, personal income fell to $199.5 billion
in Q3, down from $239.6 billion in Q2.
At the same time, disposable income
rose by just 1.9%, compared
to a 6.1% increase in Q2.
.
According to government data, consumers spent billions
on retail and food services in Q3 and expect to continue
spending during the upcoming holiday season.
According to government data, consumers spent billions
on retail and food services in Q3 and expect to continue
spending during the upcoming holiday season.
Earlier this week, American Express
predicted that travel and entertainment
spending would remain robust.
.
Earlier this week, American Express
predicted that travel and entertainment
spending would remain robust.
.
September saw sales of new single-family
homes increase by over 12% compared to
August and jump by almost 34% compared to 2022
Speaking in the Oval Office, Biden said passions were running high on both sides and the stakes of the election were enormous but that violence was not the answer, adding "We can do this".
Credit: euronews (in English) Duration: 02:23Published
In a critical prime-time address, President Joe Biden urges Americans to reject political violence and resolve their differences peacefully following the attempted assassination of former President Donald Trump. Highlighting the importance of civility in political discourse, Biden calls for unity and condemns the normalization of violence. Watch his powerful message and join the discussion on how we can heal as a nation.
#BidenSpeech #RejectViolence #Unity #TrumpAssassinationAttempt #PoliticalDiscourse #AmericanDemocracy #DonaldTrumpAssassination
President Joe Biden's asking Americans not to jump to conclusions about the man who shot Donald Trump ... urging people not to make assumptions about his.. TMZ.com
Middle-Aged Americans Are, Underprepared for Retirement, , Study Finds.
'Newsweek' reports that people in the United States
who are approaching retirement age may be critically
underprepared when it comes to their savings.
According to Prudential Investments, Americans around
the age of 55 are facing a "midlife retirement crisis,"
lacking the funds for a comfortable post-working life. .
A recent survey by the major insurance
provider found the average retirement
savings of a 55-year-old to be $47,950. .
This falls significantly short of the recommended
goal of having eight times a person's annual
income saved by the time they reach 55. .
According to the survey, 57% of 55-year-olds
said they expected to outlive the funds
they have currently managed to save.
That's compared to 59%
of 65-year-olds and
52% of 75-year-olds.
The survey also found that one-third of 55-year-olds
and 43% of 65-year-olds have already been forced
to postpone retirement due to inflation.
Attention today is rightly centered on
the approximately 11,000 65-year-olds
entering retirement every week, but we
must also focus as an industry on the
opportunity to help a slightly younger
generation of workers entering the
critical 10-year countdown to retirement, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
Further, the financial futures
of certain cohorts—such as
women—are especially precarious, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
The upside is that, with the right
planning and strategy to protect
their life's work, we can ensure
this generation is well-prepared
to live not only longer, but better, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Discover what hypergamy is and why it's becoming popular in modern dating. Learn how this trend impacts relationships and personal aspirations, based on insights from a recent survey of 2,000 Americans.
#Hypergamy #ModernDating #RelationshipGoals #DatingTrends #PersonalAspirations #AmericanCouples #AmericanYouth
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported. .
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economy’s core — private
domestic sales to domestic
purchasers — showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend. .
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2. .
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%. .
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
Credit: Wibbitz Top Stories Duration: 01:30Published
The Group of Seven “likely” abandoned the US plan to expropriate Russia’s frozen central bank assets due to a “veiled threat” from Saudi Arabia, Bloomberg has reported. The US and UK had been pushing for outright seizure of around $280 billion in Russian sovereign funds, which the West had frozen in 2022 citing the Ukraine conflict. The EU, where most of the immobilised assets are held, was reluctant to see the euro endangered by the possible backlash.
#SaudiArabia #PutinSupport #MohammedBinSalman #PutinMohammedBinSalman #MBSBiden #G7Putin #G7 #RussianAssets #BidenAdministration #Geopolitics #InternationalRelations #EconomicSanctions #GlobalTensions #SaudiInfluence #FinancialStrategy #RussiaUkraineConflict #DiplomaticMove #MiddleEastPolitics
~HT.178~PR.152~ED.101~GR.124~
Apple Is Reportedly Building , a Dedicated Passwords App.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
The new app will be called Passwords, Engadget reports.
The app will be revealed at the
Worldwide Developers Conference in June.
While Apple already offers password
services via the iCloud Keychain.
it can be tedious to find
or change passwords with it.
A dedicated passwords app would make the whole process easier and likely encourage some people to stick with Apple.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Such categories include "accounts, WiFi networks and Passkeys," CNBC reports. .
Users will be able to
import passwords from other apps.
Two-factor verification codes
will also be supported.
It's not clear if Passwords will let you
store files and images as its rivals do.
Credit: Wibbitz Top Stories Duration: 01:30Published
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