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Could this meeting have been an email? Employees are over meetings. Now companies are too

Before the pandemic, Logikcull had an office in downtown San Francisco and, like most tech companies, it had a lot of meetings. After the pandemic, the company bought out the office lease and 110 employees scattered across 40 states and four countries.  Just as other companies were adding online… Read More »Could this meeting have been an email? Employees are over meetings. Now companies are too

Wage growth is cooling — but workers still have bargaining power, economists say

KEY POINTS The pace of wage growth seems to be decelerating, according to the February jobs report issued Friday — but workers still have bargaining power in a cooling but strong job market, economists said. “Workers have a very strong negotiating position,” Mark Zandi, chief economist of Moody’s… Read More »Wage growth is cooling — but workers still have bargaining power, economists say

Biden Fires $6.9 Trillion Salvo to Open Budget Showdown With GOP

(Bloomberg) — President Joe Biden unveiled a $6.9 trillion budget proposal on Thursday, a defiant opening salvo in high-stakes negotiations with congressional Republicans over the debt ceiling and government funding. The proposal, certain to be rejected by the Republican-controlled House of Representatives, showed little inclination… Read More »Biden Fires $6.9 Trillion Salvo to Open Budget Showdown With GOP

Economic optimism is still low but improving; concerns about inflation remain

After hitting a historic low at the end of 2022, the outlook on the U.S. economy rebounded somewhat in February 2023, but concern about inflation remains high, according to the first-quarter Business and Industry Economic Outlook Survey released Thursday by AICPA & CIMA, together as the Association… Read More »Economic optimism is still low but improving; concerns about inflation remain

US Companies Added More Jobs Than Expected as Demand for Workers Remained Elevated

US companies added more jobs than expected in February, underscoring persistent demand for labor that’s keeping wage growth elevated. Private payrolls rose 242,000 last month after an upwardly revised 119,000 increase in January, according to figures out Wednesday from ADP Research Institute in collaboration with… Read More »US Companies Added More Jobs Than Expected as Demand for Workers Remained Elevated

Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated

KEY POINTS Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected. Citing data earlier this year showing that inflation has reversed the deceleration it showed in late 2022, the central bank leader warned of tighter monetary… Read More »Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated

U.S. factories contract for a fourth straight month, ISM shows, but there might be a silver lining

The numbers: A key barometer of American factories was negative for the fourth month in a row at 47.7%, as manufacturers cut back on production to cope with a slower U.S. economy. The change in the ISM index has been corrected. The Institute for Supply Management’s manufacturing… Read More »U.S. factories contract for a fourth straight month, ISM shows, but there might be a silver lining

NY Times: IRS Decision Not To Tax State Stimulus Payments Carries Fiscal Cost

New York Times, I.R.S. Decision Not to Tax Certain Payments Carries Fiscal Cost: More than 20 state governments, flush with cash from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending residents one-time payments. This year, the Biden administration added a… Read More »NY Times: IRS Decision Not To Tax State Stimulus Payments Carries Fiscal Cost

US consumer confidence retreats, house price inflation cools further

(Reuters) – U.S. consumer confidence unexpectedly fell in February, with the decrease concentrated among lower-middle-income households, though Americans grew more upbeat about the labor market. The survey from the Conference Board on Tuesday also showed consumers apprehensive about buying big-ticket items like motor vehicles and… Read More »US consumer confidence retreats, house price inflation cools further

1 in 6 retirees are mulling a return to work. What to consider before ‘unretiring’

KEY POINTS For some retirees, heading back to work has emerged as an aspiration. Roughly 1 in 6 retired Americans say they are mulling over whether to get a job, according to a recent study from Paychex. On average, those “unretiring” individuals have been out of the workforce for four… Read More »1 in 6 retirees are mulling a return to work. What to consider before ‘unretiring’

Faster Inflation Portends Higher Fed Peak Rate in Latest Economists’ Survey

Inflation that is proving increasingly stubborn will prompt the Federal Reserve to raise interest rates to an even higher peak level and hold them there through the year, according to economists surveyed by Bloomberg this month. Forecasters boosted their projections for the Fed’s preferred inflation… Read More »Faster Inflation Portends Higher Fed Peak Rate in Latest Economists’ Survey

Supreme Court rules Helix Energy oil rig worker who makes $200,000 is entitled to overtime

KEY POINTS The Supreme Court ruled Wednesday that an offshore oil rig worker who earned more than $200,000 annually — and whose company classified him as a “bona fide executive” — is entitled to overtime pay for having worked more than 40 hours per week. A lawyer for Helix Energy Solutions Group had… Read More »Supreme Court rules Helix Energy oil rig worker who makes $200,000 is entitled to overtime

Retail sales jump 3% in January, smashing expectations despite an inflation increase

KEY POINTS Sales at retailers rose far more than expected in January as consumers persevered despite rising inflation pressures. Advance retail sales for the month increased by 3%, compared with expectations for a rise of 1.9%, the Commerce Department reported Wednesday. Excluding autos, sales rose 2.3%,… Read More »Retail sales jump 3% in January, smashing expectations despite an inflation increase

New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed up refunds

WASHINGTON — In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. Previously, taxpayers who filed… Read More »New IRS feature allows taxpayers electronically filing amended returns to choose direct deposit to speed up refunds

Are State Tax Refunds And Rebates Federally Taxable? It Depends.

Federal taxability of state-issued stimulus payments is causing frustration for taxpayers and tax professionals. Indeed, whether or not state-issued stimulus payments are federally taxable may be the most asked question of this filing season. For California’s taxpayers, the frustration and confusion boiled over into the… Read More »Are State Tax Refunds And Rebates Federally Taxable? It Depends.

Treasury Secretary Janet Yellen rejects recession fears, says the economy is ‘strong’

Data last week showed that the unemployment rate stands at a 53-year low. Treasury Secretary Janet Yellen rejected recession fears in an interview with “Good Morning America” on Monday, saying the economy remains “strong and resilient.” A blockbuster jobs report last week showed that the economy added 517,000 jobs in January,… Read More »Treasury Secretary Janet Yellen rejects recession fears, says the economy is ‘strong’

SEC Considers Easing Climate-Disclosure Rules After Investor Pushback

Wall Street regulator is revisiting how proposals would affect financial reporting The Securities and Exchange Commission is considering a softening of planned rules requiring companies to disclose the effects of extreme weather and other costs related to global warming when the regulator completes its climate-change… Read More »SEC Considers Easing Climate-Disclosure Rules After Investor Pushback

January job growth is forecast to slow slightly, but the impact of big corporate layoffs is uncertain

KEY POINTS Economists expect slightly slower, but still strong job growth in January, while the impact of corporate layoff announcements is unclear. According to Dow Jones, the consensus forecast calls for 187,000 new nonfarm jobs in January, down from 223,000 that were created in December.… Read More »January job growth is forecast to slow slightly, but the impact of big corporate layoffs is uncertain

Corporate Layoffs Spread Beyond High-Growth Tech Giants

Dow, IBM, and SAP say they will lay off thousands of workers as belt-tightening becomes the new business priority Dow Inc., DOW 1.46%increase; green up pointing triangle International Business Machines Corp. IBM -0.04%decrease; red down-pointing triangle and SAP SAP -0.78%decrease; red down-pointing triangle SE joined the string of companies outlining plans to cut thousands of jobs to prepare for… Read More »Corporate Layoffs Spread Beyond High-Growth Tech Giants

IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023

WASHINGTON — The Internal Revenue Service announced today that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, and accurate… Read More »IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023

Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros

KEY POINTS Few things are more frightening for everyday taxpayers than a possible IRS audit. But experts say tax exams may be different from what’s portrayed in the movies. In the Oscar-nominated film “Everything Everywhere All at Once,” a Chinese-American couple (played by Michelle Yeoh and Ke… Read More »Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros

A growing number of Americans face potentially crippling credit-card debt

Americans are piling on credit-card debt just as interest rates are reaching historic highs.  Multiple polls show American consumers sinking deeper into credit card debt. A new survey from Bankrate, the consumer finance company, found 46 percent of cardholders carrying credit-card balances from month to month, up… Read More »A growing number of Americans face potentially crippling credit-card debt

3 Mistakes Business Owners Can’t Afford to Make When Planning Their Exit Strategy

Getting an early start on laying the groundwork for your exit is imperative. Empowering others to make decisions and delegating responsibilities also play key roles. If you’re a small-business owner approaching retirement, it’s important to start thinking about how to avoid common small-business exit strategy… Read More »3 Mistakes Business Owners Can’t Afford to Make When Planning Their Exit Strategy

FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

Agency estimates new rule could increase workers’ earnings by nearly $300 billion per year The Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers, a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from… Read More »FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

KEY POINTS Given today’s ongoing high inflation, many Americans worry they may not have put away enough money for retirement. They fear that sharp increases in food and energy prices and transportation and medical care costs could significantly affect their retirement savings. Yet there’s another… Read More »Life expectancy can have a greater impact than even record-high inflation on how long your retirement savings will last

IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

WASHINGTON — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed,… Read More »IRS sets January 23 as the official start to the 2023 tax filing season; more help is available for taxpayers this year

Consumer prices fell 0.1% in December, in line with expectations from economists

KEY POINTS Inflation closed out 2022 in a modest retreat, with consumer prices in December posting their biggest monthly decline since early in the pandemic, the Labor Department reported Thursday. The consumer price index, which measures the cost of a broad basket of goods and services, fell 0.1%… Read More »Consumer prices fell 0.1% in December, in line with expectations from economists

When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

KEY POINTS Starting this month, more than 65 million Social Security beneficiaries will receive benefit checks that include a record-breaking 8.7% cost-of-living adjustment. Social Security benefits are slated to increase by more than $140 per month on average, according to the Social Security Administration. The average… Read More »When Social Security beneficiaries can expect the first checks of 2023 to include an 8.7% cost-of-living adjustment

Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them

KEY POINTS Phishing is on the rise, and anyone who uses email, text messaging, and other forms of communication is a potential victim.  These attacks, in which a cybercriminal sends a deceptive message that’s designed to fool a user into providing sensitive information such as… Read More »Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them

Credit card interest rates are heading to 20% on average — here’s the best way to pay down high-interest debt

KEY POINTS Credit card interest rates reached record highs last year and there is still more to come in 2023, according to Greg McBride, chief financial analyst at Bankrate.com. Credit card rates are now more than 19%, on average — an all-time high — after rising at the… Read More »Credit card interest rates are heading to 20% on average — here’s the best way to pay down high-interest debt

US economic growth revised up to 3.2% in the third quarter in a show of resiliency

Third-quarter GDP was previously reported to have increased by 2.9% The U.S. economy grew at a faster pace in the third quarter than previously reported as American consumers continued to spend even in the face of painfully high inflation and rising interest rates. Gross domestic product, the… Read More »US economic growth revised up to 3.2% in the third quarter in a show of resiliency

The average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most

KEY POINTS Amid record-high inflation, stretching Social Security benefit checks became more difficult in 2022. Even as a 5.9% cost-of-living adjustment went into effect in January, the record-high annual benefit increase still fell short, according to new research from The Senior Citizens League. The average retiree benefit… Read More »The average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most

88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit

KEY POINTS The ranks of employers offering a Roth savings option to 401(k) investors continue to grow, giving more workers access to its unique financial benefits. About 88% of 401(k) plans allowed employees to save in a Roth account in 2021, up from 86% in… Read More »88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit

Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak

The Federal Reserve is going slower but aiming higher. The Fed raised its key short-term interest rate by half a percentage point Wednesday, dialing back from recent outsize hikes as it draws up an end game in its aggressive campaign to tame soaring inflation. But the central bank… Read More »Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak

‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know

KEY POINTS SEATTLE — If you’re living together before marriage or committed long-term without plans to tie the knot, you’ll need to prepare for the future — or you may face challenges later, experts say. There are “rising rates of cohabitation,” with many couples skipping… Read More »‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know

As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

KEY POINTS As inflation has kept prices high in 2022, Social Security beneficiaries may look forward to a record-high cost-of-living adjustment in 2023. “Your Social Security benefits will increase by 8.7% in 2023 because of a rise in the cost of living,” the Social Security Administration states… Read More »As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements

Taking required minimum distributions? How to reduce the sting of selling in a down market

KEY POINTS The deadline is fast approaching for mandatory retirement plan withdrawals, which may force some retirees to sell assets in a down market. But experts say there may be ways to reduce the negative effects. Required minimum distributions, known as RMDs, are yearly amounts… Read More »Taking required minimum distributions? How to reduce the sting of selling in a down market

‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

KEY POINTS American consumers are tapping the brakes on spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according to the CEOs of two of the largest American banks. After two years of pandemic-fueled, double-digit growth in Bank of America card volume, “the rate of growth… Read More »‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

Renewing a year-end tradition, companies are throwing holiday parties again to bring employees back together

KEY POINTS After two years of Covid-related cancellations and the desire of many companies to bring remote workers back together, the office party is staging a comeback. About 42% of companies say they are planning an in-person holiday party this year, up from just 13%… Read More »Renewing a year-end tradition, companies are throwing holiday parties again to bring employees back together

The US economy adds 263,000 jobs in November, better than expected as hiring remains solid

November jobs report provides critical insight into the health of the US labor market U.S. job growth rose faster than expected in November, as the labor market remained resilient in the face of higher interest rates, scorching-hot inflation, and mounting recession fears. Employers added 263,000 jobs in… Read More »The US economy adds 263,000 jobs in November, better than expected as hiring remains solid

Fed Chief Jerome Powell Signals Slowdown in Rate Hikes: What the Experts Are Saying

Federal Reserve Chair Jerome Powell signaled that the central bank will slow its pace of rate hikes(opens in new tab) next month, but stressed that borrowing costs will remain high for the foreseeable future in a bid to halt the worst inflation(opens in new tab) in four decades. In… Read More »Fed Chief Jerome Powell Signals Slowdown in Rate Hikes: What the Experts Are Saying

Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

The Federal Reserve on Friday confirmed what many investors were saying for some time: the $24 trillion Treasury market has been experiencing low levels of market liquidity in recent months. The central bank has been rapidly increasing interest rates since March as part of a… Read More »Fed warns of ‘low’ market liquidity in $24 trillion Treasury market, in latest financial stability report

Newly released IRS Data Book numbers confirm the decline in audit rates

Along with frustrating backlogs, declining audit rates have been the topic of many accountant discussions regarding how IRS budget constraints have affected taxpayers. The latest IRS statistics confirm the declining audit numbers. On May 26, 2022, the IRS released its Data Book, 2021 (Publication 55-B). The Data… Read More »Newly released IRS Data Book numbers confirm the decline in audit rates

Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

KEY POINTS The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the fourth time in a row on Wednesday, marking an unprecedented pace of rate hikes. The U.S. central bank has raised the benchmark short-term borrowing rate a total of six times this year,… Read More »Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

FASB seeks input on proposed changes to accounting for joint ventures

FASB issued a proposed Accounting Standards Update (ASU) on Thursday that is intended to provide investors and other allocators of capital with more “decision-useful information” in a joint venture’s separate financial statements and to reduce diversity in practice in this area of financial reporting. The proposed… Read More »FASB seeks input on proposed changes to accounting for joint ventures

63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

KEY POINTS With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report. Almost half of those earning more than $100,000 say they are just getting by. As rising prices continue to… Read More »63% of Americans are living paycheck to paycheck — including nearly half of the six-figure earners

U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

KEY POINTS Gross domestic product rose 2.6% in the third quarter versus the estimate of 2.3%. A narrowing trade deficit and increases in consumer spending and government outlays boosted the number. A sharp pullback in housing subtracted from the number, part of a broader decline… Read More »U.S. GDP accelerated at a 2.6% pace in Q3, better than expected as growth turns positive

SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

The Securities and Exchange Commission on Wednesday adopted two final rule packages. The first rule, approved in a 5-0 vote, requires mutual funds and exchange-traded funds to provide investors with concise, tailored shareholder reports that highlight key information, such as fund expenses, performance, and portfolio holdings.… Read More »SEC OKs mutual fund, ETF shareholder report, and executive compensation clawback rules

Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Hopeful economic signs compete with challenges to profits including inflation, rising rates, and a strong dollar Early results from the third-quarter earnings season haven’t provided much comfort to jittery investors. While some corporate leaders noted glimmers of hope for consumers and the economy, many have reported a host… Read More »Early Earnings Reports Worry Investors Already Battered by Stock Selloff

Consumer spending was flat in September and below expectations as inflation takes its toll

KEY POINTS Retail and food services sales in total were little changed in September against the estimate for a 0.3% gain. Excluding autos, sales rose 0.1%, vs. the estimate for spending to be unchanged. The numbers are not adjusted for inflation, indicating that consumer spending… Read More »Consumer spending was flat in September and below expectations as inflation takes its toll

IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions, and credits for 2023, and—no surprise—today’s four-decade-high inflation has translated into some big hikes. Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers.… Read More »IRS Sets Higher 2023 Tax Brackets, Standard Deductions, And Other Inflation Adjustments

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

Americans nearing retirement know the advice all too well: When it comes to Social Security, good things come to those who wait. And those who can’t wait? Their benefits get slashed. Those reduced benefits can add up. If you take Social Security before full retirement… Read More »Should I take Social Security at 62 or wait? Here are 3 smart reasons to start getting paid ASAP

The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

‘Retirement risks faced by workers are greater than ever before’ Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s… Read More »The number of baby boomers and Generation X who plan to work past age 70—or forever—is stunning

Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

KEY POINTS Eighty-four percent of adults say they are concerned that a recession is on the horizon, a new survey shows. Additionally, 74% said their concerns about inflation have increased. If you are worried about job loss during a recession, be sure to make arrangements… Read More »Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

KEY POINTS Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced. The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades. Amid record-high inflation, Social Security beneficiaries will… Read More »Social Security cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years

‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

KEY POINTS JPMorgan Chase CEO Jamie Dimon said the U.S. economy was “actually still doing well” at present and consumers were likely to be in better shape compared to the 2008 global financial crisis when the world tips into recession. “But you can’t talk about the economy… Read More »‘This is serious’: JPMorgan’s Jamie Dimon warns U.S. likely to tip into recession in 6 to 9 months

PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

The biggest U.S. banks are expected to report weaker third-quarter profits as the economy slowed and volatile markets put the brakes on dealmaking. Four of the nation’s largest lenders – JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N), Citigroup Inc (C.N), and Morgan Stanley (MS.N) – will report third-quarter… Read More »PREVIEW U.S. banks’ Q3 profits set to shrink on economic risks, deal slump

Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

With new laws from Colorado to Rhode Island, employers are under growing pressure to publicly share how much a job pays. Last week, California became the largest state to join the push for salary transparency when Gov. Gavin Newsom signed the measure, which takes effect next year. Though it was not… Read More »Making salaries public: More employers are sharing how much jobs pay. Will it close the wage gap?

Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

KEY POINTS Nonfarm payrolls increased by 263,000 for the month, short of the Dow Jones estimate of 275,000. The unemployment rate was 3.5%, down 0.2 percentage points as the labor force participation rate edged lower. Average hourly earnings rose 5% from a year ago, slightly… Read More »Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong auto Draft

‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

Governments around the world are determined to bring down inflation whatever the cost, but a growing chorus of voices is pointing out that aggressive monetary policies could have some serious and long-lasting consequences on the world economy. Central banks in the U.S., Europe and the U.K. have pursued relentless monetary tightening policies… Read More »‘Excessive’ policy choices could trigger an economic downturn even worse than the 2008 recession, UN agency says

CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

Financial decision-makers lowered their expectations for real growth in gross domestic product during the third quarter amid concerns over inflation and trouble finding skilled labor, according to the results of The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal… Read More »CFOs See Higher Costs and Lack of Skilled Labor; Reduce Outlook for Growth

ESG funds are ‘definitely at a crossroads’: EY executive

When the United Nations (UN) first laid out principles for environmental, social, and corporate governance (ESG) investing in 2006, then-Secretary General Kofi Annan hailed the considerations as critical to underpinning “responsible investing” in the financial markets. Amid growing scrutiny from conservative lawmakers and accusations of greenwashing at some of… Read More »ESG funds are ‘definitely at a crossroads’: EY executive

The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

From the best of times to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. Investors faced with high inflation and rising interest rates have ditched high-flying growth stocks and turned to safer, more profitable alternatives. The… Read More »The IPO market went from ‘boom to bust in 2022. Here’s what’s driving the massive slowdown

Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

KEY POINTS The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation. Everything from mortgages and credit cards to student and car loans will be impacted by another major rate hike. Here’s what it could mean for your monthly expenses. The Federal… Read More »Here’s what the Federal Reserve’s third 75 basis point interest rate hike means for you

Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage points and signaled additional large increases were likely even though they are raising the risk of recession. Fed officials voted unanimously to lift their benchmark federal-funds rate to a range between 3% and 3.25%, a level last… Read More »Fed Raises Interest Rates by 0.75 Percentage Point for Third Straight Meeting

Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.25% from 6.01%. Applications to refinance a home loan, which are usually very sensitive to big rate swings, actually rose 10% for the week, although… Read More »Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

One surprise that hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job. Don’t miss Mitt Romney says a billionaire tax will trigger… Read More »Boomer’s remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) really regret in retirement

Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Stocks fell and government bond yields rose to multiyear highs Tuesday ahead of the next decision by the Fed’s rate-setting committee  Stocks fell Tuesday ahead of the Federal Reserve’s next policy decision as investors grappled with the impact of rising rates on corporate earnings and valuations. The… Read More »Rising Interest Rates Squeeze Stocks on Both Sides, Constraining Earnings, Multiples

Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

Higher rates and shrinking margins are among key concerns Goldman likes companies with the highest returns on capital After a hotter-than-expected inflation print and FedEx Corp.’s shocking profit warning, top Wall Street strategists see mounting risks for US earnings and equity valuations. Both Morgan Stanley’s Michael J. Wilson… Read More »Morgan Stanley, Goldman Sachs Warn of Mounting Risks for US Earnings

There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

KEY POINTS The Social Security cost-of-living adjustment for 2023 could be 8.7%, according to a new estimate from The Senior Citizens League. An increase that high would be the biggest cost-of-living adjustment in four decades, surpassing this year’s 5.9% cost-of-living adjustment. There is still one… Read More »There could be a record high Social Security cost-of-living adjustment in 2023, but it’s not set in stone: 3 things to watch

IRS delays in processing NOL refund claims cost taxpayers millions in interest

The Internal Revenue Service’s backlog is having an impact in many areas, including the handling of noncorporate applications for refund claims on net operating losses. The Internal Revenue Service’s continuing backlog is having an impact in many areas, including the processing of noncorporate applications for… Read More »IRS delays in processing NOL refund claims cost taxpayers millions in interest