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☆ Costlier credit: Some retailers' cards now carry APRs of more than 30%
▼ + stars: | 2022-11-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN Business —There has long been a threshold that few issuers of store-branded credit cards have been willing to surpass: the 30% annual percentage rate. At least a half-dozen major retail credit cards — including those for Kroger, Bloomingdale’s, Macy’s, Shell, Exxon Mobil and Wayfair — recently bumped up their maximum APRs to more than 30%, according to Matt Schulz, chief credit analyst for LendingTree. And that credit is getting costlier as high inflation is forcing American consumers to rack up more debt. The increases come amid robust consumer demand and higher prices for everything from mortgages to food to fuel. “Credit cards are like power tools,” Rossman said.

☆ Premarket stocks: What midterm elections could mean for the US economy
▼ + stars: | 2022-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN Business —Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. Biden’s stock market record is the second worst since Jimmy CarterThe stock market under President Biden started with a boom, but as we head into midterm elections, markets are going bust, reports my colleague Matt Egan. By contrast, Biden’s two immediate predecessors headed into their first midterm election with stock markets surging.

☆ US consumers borrowed $25 billion more in September
▼ + stars: | 2022-11-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN Business —American consumers borrowed another $25 billion in September, according to newly released Federal Reserve data, as higher costs led to further dependence on credit cards and other loans. “Generally speaking with cards, it’s getting harder to get a credit card,” Schulz said in an interview with CNN Business. According to the October 2022 senior loan officer opinion survey, standards tightened for approval of credit card loans while demand increased. That’s likely showing up in this consumer credit data, he said. “Any time you have credit card debt growth, it can either be a sign of confidence or a sign of struggle — it’s usually both,” he said.

☆ Stocks are down big this year. Here's how you can use losses to your advantage — and other strategies to keep in mind — to pay as little tax as possible next year.
▼ + stars: | 2022-11-03 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

One of the most common strategies is tax loss harvesting, said Tanya Taylor, the founder and CEO of Grow Your Wealth and former financial regulator with the New York Federal Reserve. "You're capitalizing on some of the gains but you won't need to pay taxes on it because you can offset it against the loss," Taylor said. Investors should also consider gains made outside of the stock market when thinking about tax loss harvesting, said Ryan McKeown, a financial advisor at Wealth Enhancement Group. Below are the 2022 income tax brackets. Tax FoundationAnother strategy investors can use to minimize their 2022 tax bill is to donate stock to charity, both McKeown and Freifeld said.

But that higher inflation has already been baked into many tax and wage figures that will change in 2023. Income tax bracketsThe IRS tax brackets corresponding to your marginal tax rates are also shifting upward — by 7% — thanks to inflation. But many banks, especially those that are online-only, are also paying out more money through higher interest rates for high-yield savings and certificate of deposit accounts. California is the largest state that will see a cost of living adjustment next year, with the minimum wage rising to $15.50 for all establishments. California's increase is limited by a statute that declares the minimum wage cannot increase by more than 3.5% each year.

☆ Insana: Signs emerge that the big drivers behind this hot inflation reading are starting to cool
▼ + stars: | 2022-10-14 | by ( Ron Insana | ) www.cnbc.com time to read: +2 min

People shop in a supermarket as inflation affected consumer prices in New York City, June 10, 2022. Whether the financial markets have correctly priced in "peak inflation" and a potential Federal Reserve pivot is a topic for another day. But there is ample evidence that the inputs that drove inflation higher, especially in the goods sector, are heading back to Earth. A disinflation checklist may be in order here, despite what appears to be more sticky inflation in services and wages. Let's start with what some, myself included, believe to be the root cause of this most recent inflation spike, the pandemic-induced disruption of global supply chains.

☆ Supply chain snarls loosen for U.S. companies, but plenty of problems remain
▼ + stars: | 2022-10-13 | by ( Timothy Aeppel | ) www.reuters.com time to read: +5 min

Some parts of his supply chain have clearly improved, said the vice president of global supply for Graco Inc (GGG.N), the Minneapolis-based maker of fluid handling equipment such as paint sprayers. But the complex nature of global supply chains means that companies like Graco are still struggling, since the shortage of just one part can hobble them. The COVID-19 pandemic set off a crisis in global supply chains, which is showing signs of healing. This suggests falling prices for some goods and services are still far from working their way fully through the economy. The regional bank’s Global Supply Pressure Index tracks data on shipping costs, delivery times, backlogs and other statistics into a single measure compared to historic norms.

☆ Gig worker rule comes at bad time for gig economy
▼ + stars: | 2022-10-11 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

President Joe Biden’s administration is seeking to turn some independent contractors into employees. Shares of Uber, Lyft and DoorDash were down approximately 7% by noon in New York. Analysts expect Uber, DoorDash and Lyft to earn EBITDA margins of just 5% to 7% of revenue this year, according to Refinitiv. A gig worker rule comes at the worst possible time for America’s gig economy. The rule would require companies that rely on so-called gig workers to designate them as employees, making them eligible for more benefits and legal protections.

☆ I am not worried about the stability of the U.S. banking system, says former New York Fed President
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI am not worried about the stability of the U.S. banking system, says former New York Fed PresidentWilliam Dudley, former president of the New York Federal Reserve, joins 'Squawk on the Street' to discuss the Fed trajectory for bringing down inflation, the consequences of Fed tightening on unemployment, and the stability of the U.S. banking system.

On paper, the average hourly wage Americans have earned has steadily climbed over the past year, from $30.76 to $32.36. According to the U.S. Bureau of Labor Statistics, Americans have effectively experienced a 12-month pay cut of $0.31 per hour. Combined with a decrease in hours worked, Americans' inflation adjusted average weekly pay has decreased by only $13.20 from one year ago. The BLS released data Tuesday showing that monthly inflation had picked up 0.1%, while annualized inflation had climbed 8.3%. "Clearly the high inflation is undermining Americans’ purchasing power," Mark Zandi, chief economist at Moody's, told NBC News.

☆ Autos rebound fuels U.S. manufacturing output gain in March
▼ + stars: | 2022-04-15 | by ( ) www.reuters.com time to read: +4 min

Overall industrial production increased 0.9% last month, keeping pace with February's upwardly revised pace, the Federal Reserve said on Friday. Manufacturing, which accounts for 11.9% of the American economy, has benefited from a shift in spending to goods from services during the COVID-19 pandemic. Even as consumer spending shifts back toward services in the months ahead as COVID caseloads ease, "vehicle sales have brighter prospects this year than other categories of durable consumer goods." Capacity use for the manufacturing sector increased to 78.7% in March, the highest level since 2007, from 78.1% in February. Its Empire State Manufacturing Index rose to a four-month high of 24.6 after a reading of negative 11.8 in March.

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