By Alice Seeley On April 12, The Bureau of Labor Statistics announced that U.S. inflation reached a new four-decade high of 8.5% in March. This is the sixth month in a row that inflation is above 6%. Inflation increased by 1.2% increase from the 7.9% reported in February. This is the biggest gain in one month since 2005. The record-high jump in inflation was driven [...]
By Alice Seeley On April 7, The U.S. House of Representatives passed a $55 billion COVID relief bill. The bill passed by a 223-203 vote, sending it to the Senate. In a shocking turn of events, six Republicans voted yes on the bill, and four Democrats voted no. This bill will add $42 billion to the Restaurant Revitalization Fund, a [...]
By Alice Seeley With gas prices at a record high, more consumers than ever are interested in buying an electric vehicle to save money. Potential buyers of electric vehicles are being placed on waiting lists that can last for weeks or months as demand and supply shortages drive prices higher and higher. Global supply chain [...]
By Alice Seeley On March 6, the Biden administration announced it is once again extending the pause on federal student loan payments, interest, and collections until Wednesday, August 31. For the past two years, the federal government has paused payments and interest on federal student loans. This pause was scheduled to end Sunday, May 1. However, President Joe [...]
By Alice Seeley The Bureau of Labor Statistics recently reported that more than 4.4 million Americans willingly left their jobs in February, amounting to around 2.9% of America's workforce and about 100,000 more than quit in January. Before March 2021, the percentage of Americans who willingly left their jobs never exceeded 2.5 percent. Since March of 2021, that percentage has not been [...]
By Alice Seeley Exxon Mobil Corp announced on April 4 that its first-quarter production results could be a record high since 2008, with an increase between $1.9 billion and $2.7 billion over last quarter's $6.6 billion. U.S. oil prices increased by one-third during that time frame. Exxon's official results will be released on Friday, April 29. Exxon does [...]
By Alice Seeley According to new data released by the Commerce Department, U.S. Consumer spending increased at a slower rate than expected, rising by 0.2% in February due to current inflation. After price adjustment for inflation, U.S. consumer spending on goods decreased by 0.4% from the prior month. There was also a significant decrease in [...]
By Alice Seeley On March 29, The U.S. Consumer Financial Protection Bureau (CFPB) released an in-depth report on credit card late fees, which found that credit card companies earned $12 billion in late fees in 2020 alone. According to the report, the average consumer is charged $26 for late fees penalties in addition to interest when the [...]
By Alice Seeley On March 28, the Justice Department announced its endorsement of U.S. antitrust bill the "American Innovation and Choice Online Act." This antitrust bill forbids major digital companies such as Amazon, Apple, and Google from favoring their own products and services over competitors. The bill would extend current U.S. antitrust laws and clarify what Congress defines as [...]
By Alice Seeley New Balance announced on March 28 the opening of a new 80,000-square-foot manufacturing factory in Methuen, Massachusetts, after spending $20 million on renovations. New Balance received close to $1 million in tax credits from the state of Massachusetts to open the factory after it agreed to employ at least 60 people in the new factory. The company will also [...]
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