High mortgage rates and elevated housing prices remain major roadblocks for home buying, pushing builder sentiment to fall again in October, the 10th consecutive month. The rapid slump in the housing market is likely to continue well into 2023 as the Federal Reserve continues tightening its monetary policy. The weakened housing market is still facing… Continue reading Housing Market Slump Forecast Continues Into Late 2023
Social Security Administration Boosts 2022 COLA Payment By 8.7% As Inflation Pressures Surge
The U.S. Social Security Administration lifted its cost-of-living adjustment for 2023 by 8.7%, the most in more than four decades, as inflation continues to surge in the world’s biggest economy. The U.S. Social Security Administration lifted its cost-of-living adjustment for 2022 by the most in more than four decades Thursday as inflation continues to boost… Continue reading Social Security Administration Boosts 2022 COLA Payment By 8.7% As Inflation Pressures Surge
Mortgage Rates Near 7% As Fed Aims To Cool ‘Red Hot’ U.S. Housing Market
“Application volumes for both refinancing and home purchases declined and continue to fall further behind last year’s record levels,” the Mortgage Bankers Association said Wednesday. Mortgage rates jumped to the highest levels in more than sixteen years last week, data from an industry group indicated Wednesday, as borrowing costs edged towards the 7% mark amid… Continue reading Mortgage Rates Near 7% As Fed Aims To Cool ‘Red Hot’ U.S. Housing Market
Three Stocks That Can Thrive in a Recession: Morningstar
Many economists say a recession is likely by the end of this year. So which stocks can do well during a downturn? Morningstar investment specialist Susan Dziubinski offers some guidelines. “First, recession-proof companies typically provide goods and services that consumers will continue to pay for no matter what’s going on in the economy,” she wrote… Continue reading Three Stocks That Can Thrive in a Recession: Morningstar
Uber, Lyft Whacked Over New Gig Worker Labor Proposals
A new proposal announced by the Department of Labor (DOL) Tuesday attempts to clarify rules on classifying workers as independent contractors or employees. But the measure is being seen as a serious threat to gig-industry companies such as Uber, Lyft and DoorDash. According to the DOL, many workers have been the victims of misclassification, meaning… Continue reading Uber, Lyft Whacked Over New Gig Worker Labor Proposals
Costco Credit Card Secrets Members (and Investors) Should Know
Costco (COST) does not follow the same rules as other retailers. The membership-based warehouse club has a relentless focus on offering members the lowest prices possible. That allows it to do things that customers at its rivals would see as negatives. The warehouse club, for example, spends very little money or effort on merchandising. It… Continue reading Costco Credit Card Secrets Members (and Investors) Should Know
Government Debt Rises: You Can’t Blame Biden (or Trump)
U.S. government debt has exploded from $370 billion to $31 trillion since 1970, with our leaders unwilling to raise taxes to match spending increases. It hasn’t mattered which party is in the White House: both have found it difficult to lift taxes but easy to boost spending. The presidents during the 1970-2022 period include: ·… Continue reading Government Debt Rises: You Can’t Blame Biden (or Trump)
Consumer Savings Shrink to 2008 Lows
The American consumer is accumulating less money each month and tapping into their savings to pay for basic necessities and bills such as utilties, adding to fears of a recession. The personal savings rate in the U.S. for August was down to 3.5%, which is flat compared to July’s rate, according to the Bureau of… Continue reading Consumer Savings Shrink to 2008 Lows