inflation

Inflation causes 54% of adult trimming or stopping retirement savings

Brandon Bell | GettyImages ‘Make a plan’ to replenish your retirement account If rapidly rising prices have interfered with your ability to save for retirement, it’s important to try to get back on track with savings as soon as you can, experts say. “Make a plan now about how and when you’ll do it,” said …

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DURHAM| ‘It’s been challenging’: 30 percent of NC households struggle to pay an energy bill, survey says: LIEAP

DURHAM, NC (WTVD) — Patricia Murray knows what it’s like to not have enough money to meet her utility bills. She’s a writer and founder of the Durham Skywriter, a community newspaper, and also works part-time as a disc jockey to make ends meet. “It’s been pretty challenging,” said Murray. “Sometimes I don’t want to …

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Larry Summers predicts Fed will need to raise interest rates more than market anticipates

Former Secretary Treasury Larry Summers said the Federal Reserve will likely need to raise interest rates more than the market anticipates as prices remain high but grew at slower rates in October. Summers told Bloomberg Television’s “Wall Street Week” with David Westin that the economy has a “long way to go” before inflation is under …

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3 Changes to Social Security in 2023 You Probably Didn’t Know

(Kayley Hagen) Social Security’s buying power has been declining for decades, but rarely have seniors felt it as much as they have this year. Record inflation has made pretty much everything more expensive, and that’s made life extremely difficult for those who have little to no personal savings to supplement their checks. But there’s some …

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Three signs from today’s jobs report suggest inflation will stay high

Friday’s jobs report showed the buzzing US economy is creating hundreds of thousands of jobs, suggesting rising prices are here to stay despite efforts by the Federal Reserve to contain them. The US added 263,000 jobs in November, according to the federal jobs report released Friday, far more than the 200,000-job gain economists expected to …

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35% of millionaires say they won’t have enough to retire, report finds

A cool $1 million is not what it used to be. There are more millionaires in the US and globally than ever before, with nearly 24.5 million millionaires nationwide as of 2022, according to the latest Global Wealth Report from the Credit Suisse Research Institute. Even so, having seven figures in the bank offers less …

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The November jobs report is the most important data for inflation this year – and not in a good way

The November US jobs report on Friday showed the US economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal had expected an addition of 200,000 jobs. Wages jumped 0.6% in November, double the expected pace. Below are some initial reactions from economists and …

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Jobs Report Keeps Federal Reserve on Track for 0.5-Point Rate Rise

Fed officials have warned in recent days that they are likely to raise rates to and hold them at levels high enough to slow economic activity and hiring to bring inflation down from 40-year highs. SHARE YOUR THOUGHTS How would you rate the Fed’s response to inflationary pressure? Join the conversation below. The employment report …

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November Employment Report Shows US Economy Added 263,000 Jobs

The November payrolls gains compared with an upwardly revised 284,000 jobs in October, the Labor Department said Friday. Payrolls grew up in leisure and hospitality, healthcare and government. Retailers and transportation-and-warehousing companies cut jobs in a sign of weak holiday hiring. Average hourly earnings grew 5.1% in November from a year earlier, the department said. …

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Austan Goolsbee Named Next President of the Chicago Fed

Austan Goolsbee, who served as a top economic adviser to former President Barack Obama, will become the next president and chief executive of the Federal Reserve Bank of Chicago, the bank said Thursday. Mr. Goolsbee, 53, is a professor of economics at the University of Chicago’s Booth School of Business. He was chair of the …

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