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.
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IRS Announces 2023 Tax Brackets Amid Inflation
With 2023 now within view, the Internal Revenue Service (IRS) has announced the tax brackets that will be used for the new tax year. While these adjustments are an annual tradition, this round of increases comes after a year where inflation has topped 8%. In turn, this latest round of raises is larger than usual.…
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Year over Year Inflation is Highest in These U.S. Cities
Following a tumultuous two years that saw the United States economy crater before building back in the face of a pandemic, the biggest economic story of the past several months has been inflation. According to the latest Bureau of Labor Statistics report, the Consumer Price Index (CPI) rose 8.2% between September 2021 and September 2022…
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American Consumers Added $67.1 Billion to Credit Card Debt in Q2
As 2022 rolls on, American consumers are now piling on more credit card debt. According to the latest Credit Card Debt Study from WalletHub, credit card debt among U.S. adults increased by $67.1 billion during the second quarter of 2022. That marks the largest increase seen during a Q2 and is 50% higher than the…
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Nationwide Average Gas Price Falls for 10th Consecutive Week
After hitting record highs earlier this summer, Americans have been getting a bit of relief at the pump as the average price per gallon of gas has continued to recede. Last week, the national average gas price came in at $3.86 per gallon — down 5.1¢ from the week prior. This marked the 10th straight…
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Month-Over-Month U.S. Inflation Flat in July 2022
For months, the top economic story has been inflation. In turn, the debuts of new inflation reports have become appointment viewing for economists and other observers. On that note, today’s release came with a bit of surprise and, overall, good news. According to the latest Bureau of Labor Statistics Consumer Price Index report, overall index…
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July Report: U.S. Economy Regains Jobs Lost During Pandemic
In March of 2020, following a month that saw unemployment fall to 3.5%, the United States economy shed 459,000 jobs. This was followed up by a massive 20.5 million job loss in April, bringing unemployment to 14.7%. Now, 27 months later, the U.S. has returned to that February 2020 high. According to the latest Bureau…
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U.S. Economy Adds 372,000 Jobs in June
In the face of recession fears, the United States jobs market continued to add jobs last month. According to a new Bureau of Labor Statistics report, the economy gained 372,000 jobs in June. As noted by CNN Business, that well outpaces the 272,700 jobs the economists surveyed had anticipated. Meanwhile, the unemployment rate stayed steady…
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Inflation Hits Fresh 40-Year High in May 2022
As many Americans are surely aware, the price of goods in the United States has been on the rise. This issue has been blamed on many factors, including supply chain issues, the war in Ukraine, labor shortages, and more. Regardless of the reasons behind it, the upward trajectory has not stopped. In fact, the latest…
