Category: Economic News
The macro economy has a large impact on your personal finances. To help you manage your money better we track the import economic trends. Stay up to date so you can be prepared to adjust your personal finance strategies.
Economic News
Economic News
United States Economy Added an Estimated 216,000 in December
The United States economy closed out 2023 with yet another impressive jobs report. About the report: According to the latest Bureau of Labor Statistics report, the U.S. economy gained 216,000 jobs in the last month of 2023. That easily beat the 175,00 jobs expected by economists surveyed by Bloomberg. Meanwhile, the unemployment rate was flat month-over-month, sticking at 3.7% (economists had anticipated it to tick up). While December's figures were...
Economic News
IRS Announces 2024 Tax Brackets, Adjusted Standard Deduction
The Internal Revenue Service (IRS) has released its latest inflation adjustments for the next tax year, including updated tax brackets and standard deduction figures. About the updates: As it does nearly every year, the IRS has updated the tax bracket figures for the 2024 tax year. Next year's marginal tax rates will retain the same basic tiers (10%, 12%, 22%, 24%, 32%, 35%, and 37%) that were installed in 2018....
Economic News
U.S. Economy Adds 150k Jobs in October, Unemployment Ticks Up
This morning, the United States Bureau of Labor Statistics released its initial jobs report for October 2023. About the report: Headlining today's report, the U.S. economy added an estimated 150,000 jobs last month. That's below the 170,000 jobs that economists surveyed by Wall Street Journal forecasted. But, it's expected that the figures would have been closer to 180,000 jobs if not for the auto workers strike in October. Despite that added...
Economic News
Report: 401(k) Balances Rise, Hardship Withdrawals Increase
A newly-released report looking at 401(k) account balances at Bank of America shows that, while overall balances are trending upward, more people are also requesting hardship distributions. About the report: According to the BofA report, the average 401(k) account balance at the end of last quarter was $82,300. That's up by $7,250 so far in 2023, representing a 9.6% increase. In the second quarter, the average contribution came in at...
Economic News
U.S. Gas Prices Surge Week Over Week
Americans setting off on late-summer road trips are likely to encounter higher prices at the pump due to a confluence of factors. The latest figures: According to the newest data from GasBuddy, the national average for a gallon of gasoline rose 16.5¢ from one week prior. Currently, the average is $3.72 per gallon based on price data from more than 150,000 stations across the country. Similarly, the price of diesel...
Economic News
United States Economy Adds 209,000 Jobs in June 2023
The Labor Department has released its June 2023 jobs report, which also includes some amendments to previously results. About the report: According to the U.S. Bureau of Labor Statistics, the economy added 209,000 jobs in June. Although this continued a 30-month streak of added jobs, June's figure was the lowest since December 2020. It's also lower than the 240,000 jobs economists surveyed by the Wall Street Journal expected. What's more,...
Economic News
