Biden set to announce delayed plan for student-loan relief
The plan, expected to be revaled Wednesday, would likely eliminate student debt entirely for millions of Americans and wipe away at least half for millions more.
Inflation
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Lowe’s becomes latest employer to give workers inflation bonuses
The home improvement retailer said it was offering hourly employees $55 million in bonuses to help offset the sting of inflation, which has remained near 40-year highs all summer.
U.S. retail sales flat in July as households spent more cautiously
Consumers remained wary of spending much on non-essentials: Sales were down 0.5% at department stores and 0.6% at clothing stores.
Walmart easily tops sales expectations as shoppers seek discounts
With inflation hovering near levels not seen in 40 years, higher-income Americans turned to Walmart to cut costs on groceries while its lower-income customers swapped out deli meats for less expensive hot dogs and canned tuna.
Amazon to raise seller fees for holidays amid rising costs
It’s the second fee hike imposed on merchants this year by the online retail behemoth. In April, the company added a 5% “fuel and inflation” surcharge to offset rising gas costs and inflation.
Biden signs major climate, health care legislation
The measure is expected to be paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
Delayed raises and renovations: Small businesses face new uncertainties
The percentage of small-business owners citing an increasingly uncertain economic outlook rose sharply in July, while overall optimism remains near historic lows, according to data released last week by the National Federation of Independent Business.
Experts: Inflation Reduction Act unlikely to have impact on inflation
The legislation, which is headed for final approval Friday in the House and will then be signed into law, won’t directly address some of the main drivers of surging prices—from gas and food to rents and restaurant meals.
U.S. wholesale inflation shows first month-to-month decline in 2 years
Inflation at the wholesale level still jumped 9.8% in July compared with a year earlier, suggesting that inflation will remain at painful levels for months to come.
U.S. inflation slows from a 40-year peak, but remains high
Wednesday’s report raised hopes that a modest slowdown in inflation might enable the Federal Reserve to raise short-term interest rates by less than had been anticipated when it meets in late September.
Postal Service to request rate increase due to inflation, DeJoy says
Inflation is going to add more than $1 billion to the U.S. Postal Service budget, necessitating a request for another rate increase in January, Postmaster General Louis DeJoy said Tuesday.
U.S. inflation likely to stay high even as gas prices fall
Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show a small slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.
Employment market shows signs of cooling amid rate hikes
Job openings have been edging lower since April as rising inflation tightens its grip on businesses and crimps consumer spending.
Inflation weighs on back-to-school buying for many families
This back-to-school shopping season, parents—particularly in the low to middle income bracket—are focusing on the basics while also trading down to cheaper stores amid surging inflation, which hit a new 40-year high in June.
Inflation, wage data suggest U.S. prices will keep climbing
An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest such jump in four decades. Much of the increase was driven by energy and food.
U.S. consumer spending barely rose in June as inflation picked up
Businesses have already noticed changes in consumer behavior as inflation erodes workers’ discretionary incomes.
U.S. economy shrank 0.9% last quarter, its 2nd straight drop
The decline that the Commerce Department reported Thursday in the gross domestic product—the broadest gauge of the economy—followed a 1.6% annual drop from January through March.
Fed unleashes another big rate hike in bid to curb inflation
The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next.
Fed set to impose another big rate hike to fight inflation
When it ends its latest policy meeting Wednesday afternoon, the Fed is expected to impose a second consecutive three-quarter-point hike in its benchmark interest rate, raising it to a range of 2.25% to 2.5%.
Indiana House proposes larger, costlier taxpayer ‘refund’ plan
House and Senate Republicans in the Indiana General Assembly remain on a collision course over how to provide inflation relief for Hoosiers after committees from both chambers passed bills that take vastly different approaches.