Credit Card Debt On the Rise Amid High Inflation & Interest Rates
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Credit Card Debt On the Rise Amid High Inflation & Interest Rates
Credit Card Debt , On the Rise Amid , High Inflation & Interest Rates.
NBC reports that the combined impact of inflation and
rising interest rates have pushed consumers into $43
billion in credit card debt in the second quarter of 2023.
NBC reports that the combined impact of inflation and
rising interest rates have pushed consumers into $43
billion in credit card debt in the second quarter of 2023.
According to data from WalletHub, U.S. consumers took
on more than triple the average amount of new debt
since after the Great Recession in 2007 and 2008.
The personal finance website's data showed that
total credit card debt and debt per household both
increased by approximately 8% compared to 2022.
At the end of June, the average household's
credit card debt was at $10,170 and on the rise.
.
Comparatively, WalletHub's all-time high debt
reading was at $12,412 for each household.
NBC reports that the Federal Reserve has driven
rates to the highest they've been in over 20 years,
now standing in the range of 5.25% to 5.5%, .
NBC reports that the Federal Reserve has driven
rates to the highest they've been in over 20 years,
now standing in the range of 5.25% to 5.5%, .
Bill Adams, the chief economist at Comerica, says that
many Americans have diminished whatever financial
cushion they were able to amass during the pandemic.
Pandemic-era savings are largely
spent down for most middle-income
and lower-income households, Bill Adams, Chief economist at Comerica, via NBC.
NBC reports that the end of the pause on
federal student loan payments has increased
the financial woes of many borrowers.
The restart of student loan
payments for those higher-income,
young and middle-age professionals
could be a big drag on consumer
spending by that cohort, Bill Adams, Chief economist at Comerica, via NBC
A show set in the same universe as 'The Office' has received a series order from Peacock. The project is co-created by 'The Office's' Greg Daniels and 'Nathan For You' co-creator Michael Koman. Like NBC's former Emmy-winning comedy starring Steve Carell, the series will also be a mockumentary. It features Domhnall Gleeson and Sabrina Impacciatore leading the ensemble cast. Production will begin in July.
Credit: The Hollywood Reporter Duration: 01:16Published
NBC has handed out a series order to the multicamera comedy 'Happy's Place,' starring Reba McEntire. 'Happy's Place' sees McEntire play Bobbie, a woman who inherits her father's restaurant and is less than thrilled to discover that she has a new business partner in the half-sister she never knew she had. The series reunites McEntire with the team behind her 2001 sitcom, 'Reba,' including showrunner Kevin Abbott, and co-star Melissa Peterman.
Credit: The Hollywood Reporter Duration: 01:38Published
Walmart Reverses Course, , Closes Down Its , Walmart Health Division.
NBC reports that Walmart has announced
it will close all 52 of the doctor-staffed
health clinics the company operates.
The announcement comes as
part of the company's decision to
shut down its Walmart Health Initiative.
Clinics that will close down are located in
Arkansas, Florida, Georgia, Illinois and Texas. .
On April 30, the company also said it would
begin winding down its virtual care service.
The decision to end the Walmart Health Initiative
will not reportedly impact Walmart
pharmacies and vision centers.
Walmart said that it will work to direct current patients
to other providers covered by their insurance
networks to ensure they continue to receive care.
NBC reports that the news comes as a swift
reversal of Walmart's plan to expand its number
of doctor-staffed clinics to 70 by the end of 2024.
Through our experience managing
Walmart Health centers and
Walmart Health Virtual Care,
we determined there is
not a sustainable business
model for us to continue, Walmart statement, via NBC.
Other nontraditional health care
providers have also been forced to
reconsider their plans in recent years. .
Last month, Walgreens announced that it would
close 140 of the company's primary care clinics,
along with plans to shut down 20 more.
Credit: Wibbitz Top Stories Duration: 01:30Published
Law Enforcement Hiring , Increased in 2023 , Following Years of Decline.
NBC reports that police departments in the United States
have seen their first increase in ranks, changing course
on a historic exodus of officers in recent years.
According to a recent survey,
2023 saw more officers sworn in
than any of the previous four years. .
At the same time, the survey by the Police Executive
Research Forum (PERF) also found that fewer law
enforcement officers resigned or retired in 2023. .
Law enforcement numbers had been declining following
the COVID pandemic and nationwide protests against
police brutality following the death of George Floyd. .
Law enforcement numbers had been declining following
the COVID pandemic and nationwide protests against
police brutality following the death of George Floyd. .
I just think that the past four
years have been particularly
challenging for American policing.
And our survey shows we’re
finally starting to turn a corner, Chuck Wexler, Executive director of PERF, via NBC.
NBC reports that declining numbers left
many police departments with a shortage of
officers, which resulted in slower response times.
Chuck Wexler, executive director of PERF, warns that many police departments are still struggling to recruit and retain officers.
According to Wexler, law enforcement , "isn't out of the woods yet.".
At least a dozen smaller police departments in
the nation have been forced to disband, leaving those
municipalities reliant upon state or county police forces.
NBC reports that in addition to increased pay and
benefits, many police departments have chosen to
change application requirements to increase hiring
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk , Loses Appeal of , 'Twitter Sitter' Provision .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
On April 29, the Supreme Court denied billionaire
Elon Musk's challenge to the terms of a Securities
and Exchange Commission agreement. .
NBC reports that the SEC requirement
would require a lawyer to review
the Tesla CEO's social media posts. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
In his appeal, Musk argued that the SEC's requirement,
which has been dubbed the 'Twitter sitter' provision,
unlawfully imposed conditions on his freedom to comment. .
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC requirement stems from Musk's tweets in 2018 that
claimed he was taking Tesla private, which shocked the
market and caused shares in the company to surge.
The SEC deemed the tweets
"materially false and misleading,"
and in clear violation of securities laws.
At the time, Musk agreed to settle the issue
with the SEC, which included his signing off
on the so-called "Twitter sitter" provision.
NBC reports that Musk has since said
the restrictions are unconstitutional and that
he was coerced into signing the SEC agreement.
According to court papers, lawyers
representing Musk have accused the SEC
of waging an "ongoing campaign" against Musk.
Musk's legal team claim the provision , "restricts Mr. Musk’s speech even
when truthful and accurate.".
It extends to speech not
covered by the securities laws
and with no relation to the conduct
underlying the SEC’s civil action, Elon Musk legal team, via NBC.
In response, the SEC said in court papers
that Musk waived his right to appeal
when he signed off on the settlement.
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
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
FTC to Decide , Whether Noncompete Agreements , Should Be Banned.
After receiving over 26,000 public comments about the issue, the Federal Trade Commission is set to deliver its verdict on April 30, NPR reports. .
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
Approximately one in five Americans, spanning minimum wage workers to CEOs, are subject to noncompete agreements, the FTC estimates. .
The Biden administration says that these types of agreements hurt workers by decreasing wages.
The White House also argues that these
agreements harm the U.S. economy because entrepreneurship isn't allowed to freely flourish. .
FTC Chair Lina M. Khan issued a statement when
the proposed ban was initially introduced.
The freedom to change jobs is
core to economic liberty and to
a competitive, thriving economy, FTC Chair Lina M. Khan, via statement.
Noncompetes block workers from
freely switching jobs, depriving
them of higher wages and better
working conditions, and depriving
businesses of a talent pool that
they need to build and expand, FTC Chair Lina M. Khan, via statement.
Businesses argue that noncompete agreements are essential for safeguarding investments and proprietary information.
Those businesses also question whether
the agency has the power "to regulate
such agreements," NPR reports. .
If the FTC votes to issue a final rule, enforcement wouldn't occur for 180 days,
and legal challenges would likely ensue.
Credit: Wibbitz Top Stories Duration: 01:31Published
Millennials Want a 4-Day Workweek, , Poll Indicates.
Redfield and Wilton Strategies recently conducted a poll for 'Newsweek' to find
out how Americans feel about the idea of moving toward a four-day workweek.
4,000 U.S. voters were
surveyed between April 6 and 7.
63% were in favor of a four-day workweek.
46% think the model makes
employees more productive.
Out of all age groups surveyed,
millennials accounted for 74% of those
who want to work less hours.
Of that 74%, 44% "were strongly in favor of a shorter working week," 'Newsweek' reports.
50% of people born in 1964 and before supported a four-day workweek.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The sad reality is, Americans now
work more hours than the people
of most other wealthy nations, Bernie Sanders, via March 2024 health committee hearing.
Lisa Countryman-Quiroz, CEO of non-profit JVS, called a 5-day, 40-hour workweek outdated.
The five-day workweek was created in a
different time. It served its purpose, but
today's world is more fast-paced and
technology-driven than our workplace
predecessors could have imagined, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
Since implementing a
four-day workweek, our
results have been incredible. , Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
We've found our employees are more
productive, report better work-life balance,
and experience less burnout. Incredibly, our
turnover rate has been cut nearly in half, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
The grants will bring solar energy
to over 900,000 households in both
low- and middle-income communities. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
NBC reports that solar power has gained
traction as a clean energy source that could
help reduce U.S. reliance on fossil fuels.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
49 of the new grants will be awarded at
the state level, six more will serve Native American
tribes and another five are multi-state awards.
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
Officials say that the latest environmental
announcements are part of an effort to energize
young voters ahead of his upcoming reelection campaign.
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda.
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Federal Reserve , Announces Pause On Rate Hikes , Amid Easing Inflation.
On September 20, the Federal Reserve paused its string
of interest rate hikes as it waits to see if its efforts
over the past..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Consumers , Optimistic Despite , Rising Gas Prices.
CNN reports that American consumers
remain optimistic that inflation is easing,
despite rising gas prices.
CNN reports that American..
Credit: Wibbitz Top Stories Duration: 01:31Published
End of Pandemic Benefits , Caused Alarming Jump in , Childhood Poverty Rates.
On September 12, the United States Census
Bureau released new data showing that
child poverty more than doubled in..
Credit: Wibbitz Top Stories Duration: 01:30Published
!['The Office' Follow-Up Series Picked Up at Peacock | THR News Video [Video]](https://video.newsserve.net/300/v/20240509/1375034518-The-Office-Follow-Up-Series-Picked-Up-at.jpg)
![Reba McEntire Comedy 'Happy's Place' Ordered Up to Series on NBC | THR News [Video]](https://video.newsserve.net/300/v/20240508/1375030678-Reba-McEntire-Comedy-Happy-Place-Ordered-Up.jpg)
![Walmart Reverses Course, Closes Down Its Walmart Health Division [Video]](https://video.newsserve.net/300/v/20240430/1374181960-Walmart-Reverses-Course-Closes-Down-Its-Walmart-Health.jpg)
![Law Enforcement Hiring Increased in 2023 Following Years of Decline [Video]](https://video.newsserve.net/300/v/20240429/1374090804-Law-Enforcement-Hiring-Increased-in-2023-Following-Years.jpg)
![Elon Musk Loses Appeal of 'Twitter Sitter' Provision [Video]](https://video.newsserve.net/300/v/20240429/1374080272-Elon-Musk-Loses-Appeal-of-Twitter-Sitter-Provision.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![Fears of Potential Iranian Attack Drive US Stocks Down Nearly 500 Points [Video]](https://video.newsserve.net/300/v/20240412/1372522960-Fears-of-Potential-Iranian-Attack-Drive-US-Stocks.jpg)
![Federal Reserve Posts Massive $114 Billion Loss in 2023 [Video]](https://video.newsserve.net/300/v/20240327/1371091068-Federal-Reserve-Posts-Massive-114-Billion-Loss-in.jpg)
![Biz Pulse: Upward Trend in Equity Markets, US Federal Reserve Announcement and Gold Price| Oneindia [Video]](https://video.newsserve.net/300/v/20240322/1370292644-Biz-Pulse-Upward-Trend-in-Equity-Markets-US.jpg)
![FTC to Decide Whether Noncompete Agreements Should Be Banned [Video]](https://video.newsserve.net/300/v/20240423/1373526476-FTC-to-Decide-Whether-Noncompete-Agreements-Should-Be.jpg)
![Millennials Want a 4-Day Workweek, Poll Indicates [Video]](https://video.newsserve.net/300/v/20240422/1373469894-Millennials-Want-Day-Workweek-Poll-Indicates.jpg)
![Biden Looks to Energize Young Voters With Earth Day Solar Energy Grants [Video]](https://video.newsserve.net/300/v/20240422/1373447144-Biden-Looks-to-Energize-Young-Voters-With-Earth.jpg)
![March Retail Sales Exceeded Expectations [Video]](https://video.newsserve.net/300/v/20240416/1372826444-March-Retail-Sales-Exceeded-Expectations.jpg)
![Federal Reserve Announces Pause On Rate Hikes Amid Easing Inflation [Video]](https://video.newsserve.net/300/v/20230920/1358209668-Federal-Reserve-Announces-Pause-On-Rate-Hikes-Amid.jpg)
![US Consumers Optimistic Despite Rising Gas Prices [Video]](https://video.newsserve.net/300/v/20230915/1358031618-US-Consumers-Optimistic-Despite-Rising-Gas-Prices.jpg)
![End of Pandemic Benefits Caused Alarming Jump in Childhood Poverty Rates [Video]](https://video.newsserve.net/300/v/20230912/1357917295-End-of-Pandemic-Benefits-Caused-Alarming-Jump-in.jpg)
