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Democrats call for raising FDIC insurance limits at Senate hearing
WASHINGTON — Members of the Senate banking committee explored the pros and cons of reforming deposit insurance on Thursday, which has been a topic of debate among policymakers since the aftermath of bank collapses earlier this year. The Federal Deposit Insurance Corporation (FDIC) insures each depositor for up to $250,000 — a fact that took on […]
Economy adds more jobs in June even as hiring slows
Although hiring inched down in June, the U.S. labor market is still showing signs of strength, with unemployment falling and earnings continuing to rise, the latest jobs report from the U.S. Department of Labor showed. The economy added 209,000 jobs as the unemployment rate fell in June to 3.6% from 3.7% in May. “In excess […]
States, cities turn to community organizations to battle wage theft
About five years ago, most of Minneapolis’ Subway, Little Caesars and McDonald’s franchise restaurants did not comply with city wage standards. Now workers at each of the locations that violated the law receive the required minimum wage and time off when they’re sick. This is all thanks to a co-enforcement program, where the city’s labor […]
Wage growth remains high, jobs are steady and inflation is falling so why are people worried?
Economists have been predicting a recession for months, but the labor market has remained resilient, wage growth is higher than before the pandemic, and inflation continues to drop, now at 4% compared to 9.1% in June of last year. Despite this good news, consumers don’t feel confident about the future, according to the consumer confidence […]
Half a million people in less than a dozen states have lost Medicaid coverage since April
More than 500,000 people across 11 states have lost their Medicaid coverage since the unwinding of a policy that allowed people to stay in the program throughout the pandemic. The data, reported by the states and tracked by health policy researcher KFF, show that of the five states providing data on people who lost Medicaid […]
States see record low unemployment across the U.S.
Across much of the country, the jobs market is as strong as it’s ever been, and Black women, young people and people with disabilities are among the workers benefiting, recent U.S. Bureau of Labor Statistics data show. Twenty states reported an unemployment rate under 3% in April, while 15 states saw record lows, led by […]
Fed’s fault-finding on bank failures could lead to stronger regulations
New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but they could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC and Government Accountability Office released reports last week blaming mismanagement of risk, including […]
Credit bureau CEOs face tough questions at Senate hearing; Democrats push to remove medical debt
WASHINGTON — U.S. senators grilled the executives of three major credit reporting bureaus Thursday on whether their practices are transparent and fair to consumers, with Democrats frequently pressing the CEOs to remove medical debt from the reports. Ohio Democratic Sen. Sherrod Brown, chair of the Senate Committee on Banking, Housing, and Urban Affairs, said all […]
Here’s where gas prices are headed (for now) and why
Higher temperatures. Higher gas prices. Drivers across the country have seen that seasonal given play out in recent weeks. The national average for a gallon of regular gas is $3.64 on April 27, up 21 cents over the previous month, according to AAA. The good news is that gas is 50 cents below where it […]
Long COVID is hurting business; workplace accommodations could help
Three years after the start of the pandemic, millions of working age people still suffer from long COVID-19, and some lawmakers and advocates, including people with long COVID, say not enough is being done to protect their well-being and ensure they can continue to be employed. Proposed federal legislation, better workplace accommodations and more federal […]
High mortality rate of homeless highlighted in new report
Barb Anderson, director of Haven House in Jeffersonville, Indiana, works with homeless people to place them into housing. It’s a job that has shown her firsthand the severe health issues facing unhoused people in southern Indiana, where many people live in tents in the woods and under bridges. She is currently working with an older […]
Mortgage rates are stabilizing but that may not be enough to help house hunters
Home prices are cooling off and mortgage rates fell last week, but the fallout from recent bank closures could continue to make it hard for some Americans to buy homes, economists say. Mortgage rates fell to 6.32% for a 30-year fixed rate mortgage, Freddie Mac data released on Thursday shows. Last fall, the 30-year fixed […]