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☆ Forget Gen Zers and Taylor Swift concerts. It's boomers who are flashing their dollars.
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The hope of avoiding a recession in the US heated up this year despite interest rates skyrocketing over the past 18 months. They also have more of a buffer than from the economic impact of inflation and higher interest rates than younger generations. AdvertisementAdvertisementWhile high interest rates and soaring prices for homes in recent years are terrible for young buyers, they are increasing the wealth of older Americans. Lance McMillan/Toronto Star via Getty ImagesMeanwhile, higher rates are helping older Americans grow their wealth in other ways. So older Americans who, in the past, would have been forced to sacrifice higher returns for safer investments can now get both.

Persons: boomers, —, Taylor Swift, Tim Robberts, Ed Yardeni, Yardeni, they'll, they've, Lance McMillan, Neil Howe, demographer, Howe Organizations: Boomers, Service, Census Bureau, Labor, Images, Yardeni Research, New, Toronto Star, Getty, Treasury Locations: New York

☆ Cost of living in 9 Georgia cities, ranked from cheapest to most expensive
▼ + stars: | 2023-09-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

Atlanta had the highest Cost of Living Index score among nine Georgia cities, a research group found. However, all nine of those areas fall below the national average on the Cost of Living Index. The Cost of Living Index is based on several categories, including healthcare and grocery items. Prices of different services and expenses are also included, based on C2ER data that was shared with Insider. Insider also looked at cities in California, Colorado, Florida, and Texas using the Cost of Living Index data.

Persons: —, C2ER Organizations: Atlanta, Service, for Community, Economic Research Locations: Georgia, America's, Atlanta, C2ER . Georgia, Savannah, Columbus, California , Colorado , Florida, Texas

☆ Analysis: Sizzling rally in US energy stocks has room to run, bulls say
▼ + stars: | 2023-09-21 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. Bullish investors argue that energy stocks are still cheap by historical standards - and far less richly valued than other areas of the market. The energy sector currently trades at a forward price to earnings ratio of 12.2, well below its historical median forward P/E of 15.3, according to LSEG Datastream. Parts of the market appear skeptical energy stocks have much further to run. "That should result in a ... smoother ride for energy stocks than we’ve been accustomed to."

Persons: Bing Guan, LSEG, Charles Lemonides, Baker Hughes, Savita Subramanian, Brent, Bjarne Schieldrop, Rodney Clayton, we’ve, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: Exxon, Mobil, REUTERS, Energy, West Texas, Federal, drillers, U.S . Energy, Administration, Global, Citi, Brent, SEB Research, Macquarie, Duff, Phelps Investment Management, Thomson Locations: Beaumont , Texas, U.S, Saudi Arabia, Russia, China

☆ Here's the inflation breakdown for August 2023, in one chart
▼ + stars: | 2023-09-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Anadolu Agency | Anadolu Agency | Getty ImagesInflation rose in August on the back of higher gasoline prices, according to the consumer price index. Gasoline was the largest contributor to inflation in August, accounting for more than half of the increase, according to the BLS. This pared-down measure — known as "core" CPI — fell to an annual rate of 4.3% in August from 4.7% in July. On a monthly basis, core inflation rose slightly, to 0.3% in August from 0.2% in July. The increase in monthly core CPI "is a little bump in the road," said Kayla Bruun, senior economist at Morning Consult.

Persons: Andrew Hunter, Hunter, Kayla Bruun, " Bruun, Greg McBride, Ben Bernanke, Olivier Blanchard, Scott Olson Organizations: Anadolu Agency, Getty, Capital Economics, U.S . Bureau of Labor Statistics, CPI, AAA, BLS, Transportation, U.S . Department, Morning, Bankrate, U.S . Federal Reserve, Peterson Institute for International Economics Locations: Virginia, U.S

☆ Cost of living in 21 Texas cities, ranked cheapest to most expensive
▼ + stars: | 2023-09-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

Plano had the highest Cost of Living Index score among 21 Texas cities. Most of those 21 urban areas were less expensive than the national average. Harlingen, Texas, was the least expensive among the 21 Texas locations with scores. The Council for Community and Economic Research, or C2ER, creates a quarterly Cost of Living Index. The following shows how the 21 Texas urban areas with data for the second quarter ranked among each other, based on the Cost of Living Index from C2ER.

Persons: Austin didn't Organizations: Plano, Service, for Community, Economic Research Locations: Texas, Harlingen , Texas, Wall, Silicon, Plano, Dallas, Houston, Abilene, Florida, California

☆ Cost of living in 10 of California's major cities, ranked cheapest to most expensive
▼ + stars: | 2023-09-02 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

It's more expensive to live in San Jose, California, than Bakersfield, California. The Council for Community and Economic Research looked at 274 urban areas for the second quarter of 2023. The Council for Community and Economic Research, or C2ER, publishes a quarterly Cost of Living Index for US urban areas. According to the press release, there were 274 urban areas that participated in the second quarter of this year. A score of 100 means it's equivalent to the national average for the 274 urban areas.

Persons: Jose Organizations: for Community, Economic, Service, Economic Research, Index, Manhattan Locations: San Jose , California, Bakersfield , California, California, Wall, Silicon, Jose, San Francisco

☆ US stocks climb as slipping bond yields ease pressure on markets
▼ + stars: | 2023-08-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Monday saw stocks gain modestly as bond yields retreated from August highs. But a larger rally could be complicated by a higher-for-longer interest rate regime. Equities gained as the 10-year Treasury yield retreated from August highs above 4.3%, although last week's central bank symposium reaffirmed a higher-for-longer interest rate regime. Markets think the Fed will keep rates steady at its policy meeting next month, but see about 50% odds that the central bank raises interest rates by a quarter of a percentage point in November. Upcoming inflation data this week will further inform investors about the potential path of monetary policy.

Persons: Jerome Powell, nonfarm payrolls Organizations: Service, Treasury, Federal Locations: Wall, Silicon

☆ Cost of living in 10 of Florida's major cities, ranked cheapest to most expensive
▼ + stars: | 2023-08-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Miami-Dade County is the most expensive urban area in Florida among the 10 places on the list. A composite index of 100 for a city means its cost living is equal to the national average. AdvertisementAdvertisementBelow is how expensive it can be to live in 10 urban areas in the Sunshine State. We also included some of the average prices of goods and services for the first quarter of this year. Did you move to one of these Florida places for the cost of living or did you decide to move out of Florida?

Persons: C2ER Organizations: Miami, Council for Community, Economic, Service, Sunshine State Locations: Dade County, Florida, Wall, Silicon, Sunshine, Manhattan , New York

☆ A man who 'hopes he runs out of money' before he dies explains why you may not need as much cash to retire as you think
▼ + stars: | 2023-08-20 | by ( Liz Knueven | Stephanie Hallett | Personal Finance Reporter | ) www.businessinsider.com time to read: +6 min

Bill Perkins wants to spend every penny before he dies, he explains in his book "Die With Zero." He thinks most people are saving too much for retirement, given that a lot of it goes unused. Instead of leaving a large inheritance, he'd rather use his money on experiences, helping his children while they're starting out, and spending the money on his needs. While some people did use up their money, many retirees actually see their net worth increase with time. "Retirees with less than $200,000 saved up for retirement ... had spent down only one quarter of their assets 18 years after retirement."

Persons: Bill Perkins, Perkins, doesn't, Get, it's, overspending Organizations: Service, Federal, Board, Medicare Locations: Wall, Silicon

☆ Americans are growing optimistic about inflation
▼ + stars: | 2023-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —With inflation continuing to slow, US consumers are taking notice — and they’re feeling more optimistic. That was due to inflation’s steady retreat in recent months and consumers feeling more cheery about the economy’s future. Consumers’ economic outlook for the year ahead jumped 28% over last month. More action from the Fed is centered on core inflation remaining stubbornly high and not decelerating as fast as the headline number. The optimism reflected in the survey means US consumers have faith that inflation will eventually slow to a sustainable level, which the Fed defines as 2% inflation.

Persons: ”, Joanne Hsu, Brian Moynihan, Joe Biden’s, Jerome Powell, Powell Organizations: DC CNN, University of Michigan, Consumers, Commerce Department, Federal, Bank of America, CNN, European Central Bank, Market Committee, Fed Locations: Washington, April’s, ”

☆ First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision
▼ + stars: | 2023-06-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. The upward revision helps undercut widespread expectations that the U.S. is heading toward a recession. Consumer spending, as gauged by personal consumption expenditures, rose 4.2%, the highest quarterly pace since the second quarter of 2021. Core PCE prices, which exclude food and energy, rose 4.9% in the period, a downward revision of 0.1 percentage point. That was a decline of 26,000 from the previous week and well below the estimate for 264,000.

Persons: Dow, Scott Hoyt, Hoyt Organizations: Commerce Department, Gross, Social Security, Moody's, Federal, Fed, Labor Department Locations: U.S, department's

☆ Futures slip as investors brace for tech earnings, economic data
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

Market heavyweights including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), whose shares have supported markets this year, are scheduled to report results this week. Whether the rally continues could depend on the companies beating already-lowered first-quarter estimates. Of the 88 S&P 500 companies that reported results through Friday, nearly 76% beat analysts' first-quarter profit estimates, as per Refinitiv IBES data, above the long-term average of 66.3%. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 19.5 points, or 0.15%. The regional bank, whose shares have sunk 88% this year triggered by the U.S. banking crisis, is set to report results after market closes on Monday.

☆ Jerome Powell's testimony is rattling markets. Here's what 4 strategists are saying about the Fed's hawkish stance.
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

On the first day of testimony to lawmakers, Jerome Powell said the Fed will likely raise rates higher than expected. Traders are pricing in higher odds of a 50 basis-point move this month after Powell's comments. Charlie Ripley, senior investment strategist, Allianz Investment Management"Unsurprisingly, Chairman Powell delivered a message with hawkish undertones in his testimony to Congress. Higher rates and inflation should prove a headwind for P/E expansion, so investors should expect total return to derive from earnings and income." Jeffrey Roach, chief economist, LPL Financial"Rates will likely be higher than expected, but inflation is still the wild card as the Fed remains data-dependent.

☆ Americans are about to put the brakes on spending, and that's got Wall Street analysts on alert. Here's why, and what it means for stocks.
▼ + stars: | 2023-03-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +6 min

Here's why spending is likely to slow down, and why it could mean more turmoil for markets. Retailers and others believe that consumer expenditure is likely to fall, after kicking off the first weeks of 2023 on the rise. Meanwhile, the Fed's preferred PCE inflation gauge showed a 1.8% jump in consumer expenditure that month, compared with December. It's fair to say most analysts weren't expecting consumer spending data to be so resilient in January — and some suggest those figures might be overblown. A dip in consumer spending might signal the beginning of a sustained drop in demand in the US.

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Balance transfer fee: Many balance transfer cards charge a fee per transfer. Learn more: How 0% APR cards work and how to complete a balance transferWhat credit score is required for 0% APR credit cards? Most 0% APR credit cards are reserved for consumers with good (670-739) or excellent (740 and greater) credit. 8 things to know before applyingWhat's the best way to use a 0% APR credit card? When you apply for a credit card (including a 0% APR card), you'll have a hard credit pull on your credit report, which typically comes with a dip of a few points in your credit score.

☆ Janet Yellen now sees a chance the US economy will avoid a recession as inflation is coming down
▼ + stars: | 2023-02-24 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Janet Yellen has turned more upbeat about the the US economy in view of the tight labor market. It could see a "soft landing", the Treasury Secretary said, after previously flagging recession risks. "The economy is fundamentally in good shape, and inflation is coming down," she said Friday, per Bloomberg. But Yellen suggested it will pull off a "soft landing" and bring down inflation without sparking a severe and prolonged downturn. "The economy is fundamentally in good shape, and inflation is coming down if you measure it on a 12-month basis," she added.

☆ Brace for a home improvement slump as consumers battle inflation, debt, and pressure on house prices, Home Depot warns
▼ + stars: | 2023-02-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Home Depot warned the boom may be over as higher prices and borrowing costs squeeze consumers. Here's a closer look at the US home improvement boom, and why Home Depot warned this week it might be over. Why might the home improvement boom be over? The upshot is that consumers are spending less on goods, battling rising prices and borrowing costs, and feeling less wealthy. Against that challenging backdrop, Home Depot warned on Tuesday that it anticipates flat sales and a 5% drop in diluted earnings per share.

☆ The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1
▼ + stars: | 2022-12-17 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

As it turns out, $1 million may not be enough to sustain you through retirement in certain states. But in a few states, $1 million in savings likely won't last that long, according to recent data from personal finance site GOBankingRates. In Hawaii, $1 million in retirement savings would only cover your living expenses for it about 10 years. It's not just the Aloha state where $1 million likely won't go as far as you hope. Here are the top 10 states where $1 million in retirement savings would run out the fastest.

☆ Inflation boosts U.S. household spending by $433 a month, on average, Moody’s finds
▼ + stars: | 2022-11-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Hourly earnings fell 2.8%, on average, in the year to October after accounting for inflation, according to the BLS. Your personal inflation rate depends on the types of goods and services you buy, and other factors such as geography. The Moody's estimate of inflation's dollar impact analyzes October's annual inflation rate and typical household outlays as outlined by the Consumer Expenditure Survey. "There's no one silver bullet," Joseph Bert, a certified financial planner who serves as chairman and CEO of Certified Financial Group, told CNBC. Joseph Bert certified financial planner and chairman of Certified Financial Group

Ascentxmedia | E+ | Getty ImagesAdd this to the list of challenging questions for retirement savers: Should I contribute to a pre-tax or Roth account? The key difference between a pre-tax and Roth accountThe tax code offers a financial benefit to Americans who contribute to a qualified retirement account like a 401(k) plan or individual retirement account. The core difference between a pre-tax and Roth account is when savers reap those benefits — and when their taxes come due. In a pre-tax account, savers get an upfront tax benefit. The opposite is true of a Roth account: Savers pay tax upfront when they contribute money, but don't pay income tax on withdrawals in retirement.

☆ The typical U.S. household is spending $445 more a month due to inflation. Here's how to reduce the bite
▼ + stars: | 2022-10-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Hourly earnings fell 3%, on average, in the year to September after accounting for inflation, according to the BLS. The inflation impact on households' wallets isn't uniform, though. Your personal inflation rate depends on the types of goods and services you buy, and other factors like geography. The Moody's estimate of inflation's dollar impact analyzes September's annual inflation rate and typical household outlays as outlined by the Consumer Expenditure Survey. They can also reassess monthly subscriptions — to clothing and streaming services, for example — which can often serve as "money drains," Maloon said.

☆ Consumers spent big on having fun in 2021
▼ + stars: | 2022-09-09 | by ( Alicia Wallace | Cnn Business | ) edition.cnn.com time to read: +1 min

Minneapolis (CNN Business) After spending 2020 cooped up as a fast-spreading, deadly virus limited most aspects of everyday life, American consumers splurged in 2021, shelling out an average of $3,568 on entertainment, according to data released Thursday from the Bureau of Labor Statistics. That's up 22.7% from 2020, and surpasses 2019 levels by just over 15%. The amount that US consumers spent on items like campers, boats, concert tickets, sporting events, pets, toys and televisions is the highest on record and the biggest gain among spending categories. The amount consumers spent on housing was also the highest on record, up more than 9% from 2019. Overall spending for the year outpaced income growth with spending levels 9.1% above 2020's and 6% higher than in 2019.

☆ In the war on recession, Uncle Sam wants YOU — to party, party, party
▼ + stars: | 2022-08-25 | by ( Desmond Lachman | ) www.businessinsider.com time to read: +8 min

Eventually the slowing demand spreads out across the economy: lower wages, higher unemployment rates, less consumer spending, and fewer homebuyers. This conventional view on the inevitability of a recession is highly plausible and should not be dismissed lightly. This soaring demand for goods coupled with crippled supply led to a shortage of goods — and sent prices soaring. And while concerns about the economy and the possibility of a recession have increased, people have kept spending. But as price inflation of goods cools, the shift to spending on services can keep the economy going.

The Capital One Quicksilver Cash Rewards Credit Card is a great choice for consumers looking for a no-annual-fee credit card that has a generous welcome bonus. Like the Capital One SavorOne Cash Rewards Credit Card mentioned above, the Quicksilver card's bonus provides a 40% return. Best for airline and hotel loyalistsFAQsWhat is a credit card sign-up bonus? A credit card sign-up bonus is an incentive to entice consumers to open a new credit card and make purchases with the card. Our final picks are weighted heavily toward the highest five-year returns since it's generally wise to hold onto a credit card for years.

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