Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
More relief for drivers in the U.S., gas prices are dipping lower for the 7th week in a row. The average price for gas in the U.S. is $3.67 a gallon for regular unleaded. Crude oil prices are down 25%, now at a five-month low. It reached its all-time high of $147.27 in July. Analysts … Read more
Inflation rates in the U.S. have risen faster than economists have predicted. According to the Bureau of Labor Statistics of the U.S. Department of Labor, the Consumer Price Index for All Urban Consumers (CPI-U) rose at a rate of 5.6 percent for the twelve-month period through July of 2008. This is the fastest leap in … Read more
According to the U.S. Department of Labor, the unemployment rate rose to 5.7 percent for July, the highest it’s been in four years. Non-farm payroll employment continues to trend down, at a loss of 51,000 jobs. Employment continues to fall for occupations in construction, manufacturing, and certain service-providing industries, while mining and health care jobs … Read more
The White House expects a record-breaking federal deficit. The federal budget deficit for fiscal 2009 is estimated to top a record-high of $482 billion, according to a Bush administration report released on Monday. The last highest deficit record was set in 2004, in the amount of $413 billion. Earlier deficit projections for 2009, released in … Read more
The new federal minimum wage of $6.55 an hour goes into effect today, which amounts to a $.70 pay raise for the roughly two million American workers who must make ends meet on minimum wage. This increase is the second in a three-year plan to increase the federal minimum wage; minimum wage workers can expect … Read more
In the midst of a weak economy, high gas prices, falling real estate values, and a slowing job market, we also have to tighten our budget for the rising cost of food. Many have already noticed their grocery bills edging upward; food prices have already risen over 5% this year, increasing at the fastest rate … Read more
Gas prices, here in my town, have hovered just over $4/gallon for months, hitting a high last month at around $4.09. It was actually quite surprising to see a gas price sign for $3.99/gallon last night. Though any relief is better than no relief, we’re still paying over a dollar a gallon more than we … Read more
The Federal Reserve and Treasury announced plans on Sunday to lend a hand to mortgage giants, Fannie Mae and Freddie Mac, by temporarily extending their long-standing credit lines if needed. The two companies would be able to borrow funds from the Fed at a rate of 2.25%, the same rate given to commercial banks and … Read more
The Federal Reserve has tightened lending standards with new rules for home mortgages. These new mortgage rules are meant to protect American consumers from the types of irresponsible mortgage lending practices that have been blamed for leading us to the country’s worst real estate market crisis in decades. “The proposed final rules are intended to … Read more
Unfinished business in the wake of the housing bust My neighborhood is still under construction. The back of the subdivision has unfinished gravel roads, and some of them are still dirt. Empty, weed-grown lots abound, scattered with a few finished houses on a few paved roads. “Lot available” signs dot the land on what used … Read more
