Massive Arizona income tax cut going into full effect
The flat tax plan eliminates the state’s old graduated income tax scale, which started at 2.59% and had a maximum tax of 4.5% for income over $159,000 a year for a single person. All taxpayers will now pay a maximum of 2.5%.
Senate OKs stopgap to avert government shutdown, send aid to Ukraine
Congress is moving quickly to avoid a government shutdown. The Senate on Thursday passed a short-term spending bill that would finance federal agencies into mid-December.
Fewer people request US unemployment benefits amid solid hiring, high inflation
Applications for unemployment benefits last week saw their lowest number of claims since April. If the number continues to drop, the Federal Reserve could raise interest rates higher than it plans to slow the economy.
Ian brings more damage to Florida's already unstable insurance market
Florida’s property insurance market was already strained under billion-dollar losses, insurer insolvencies, and skyrocketing premiums. Then came Hurricane Ian.
Costco CFO says hot dog combo price might remain $1.50 forever
Costco CFO Richard Galanti said the company's gas and travel sectors allowed the company to make up for loss at the food court.
Dick's Sporting Goods announces plans to hire up to 9,000 for holidays
A slew of companies have already announced their seasonal hiring plans.
Butter shortage drives up prices ahead of holiday baking season
The average price of butter in August jumped 24.6% compared to a year ago, U.S. labor statistics show. Here’s what is driving the increase.
US housing recession could send home prices tumbling 20%, economist says
Home prices have already declined 5% from their May peak.
Federal interest rate hikes are here: How will it impact your finances?
Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though.
Fed hikes rate by three-quarters of a point in continued fight against inflation
The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.
Existing home sales drop to lowest level since 2020
Sales of previously owned houses fell in August for the seventh consecutive month as rising interest rates pushed potential homebuyers out of the market.
Gallup: More than half of U.S. workers are ‘quiet quitting’
A poll shows that the workplace has gotten worse for younger employees, particularly those under 35 years old.
EXPLAINER: How the strong U.S. dollar can affect everyone
After rising again Friday, the dollar is near its highest level in more than two decades against a key index measuring six major currencies, including the euro and Japanese yen.
Redfin predicts sharpest turn in housing market since 2008 crash
After two years of record high sales, data shows the housing market is starting to cool down.
Here's how inflation can show up on your restaurant bill
Restaurants, in particular, have been hit hard by the pandemic and inflation. Wholesale food costs for things like eggs, butter, and flour have skyrocketed over the past 12 months.
Typical monthly payment for a new vehicle hits record $743
The new-car market has been hit by the semiconductor shortage and supply chain disruptions for over a year, resulting in lower production and higher prices.
Tentative railway labor deal reached, averting strike, Biden says
The tentative railway labor agreement averted a nationwide strike that could have been devastating to the economy.
Social Security cost-of-living increase could be largest in 40 years, estimate says
For the average retiree who got a monthly check of $1,656 this year, an adjustment of 8.7% would boost the payment by $144.10, according to an advocacy group’s estimate.
Union members reject deal 2 days before deadline to avoid massive rail strike
A potential strike could impact shipments of everything from clothes to cars, hurting businesses nationwide as they deal with ongoing supply chain problems. The deadline to avoid a strike is Friday.
Inflation Reduction Act impact on Phoenix: Will it actually help struggling households?
The White House is positive about its plan to fight inflation through the Inflation Reduction Act, but it's a message that's a tough sell for many in Phoenix as residents appear to be struggling more than they did during the COVID-19 pandemic.