Category: Economic News

Consumer Price Index Sees Largest 12 Month Increase in 30+ Years

Amid the United States' continued efforts to recover from the pandemic and get Americans back to work, one of the biggest economic stories in recent months has involved inflation. Anecdotally, many consumers have reported seeing prices on essentials rise, impacting their personal finances. Now, the Bureau of Labor Statistics' October Consumer Price Index shows that prices are not only increasing but are doing so at levels not seen in three...

IRS Increases 401(k) Contribution Limit for 2022 Tax Year

As the new year approaches, the Internal Revenue Service (IRS) has announced some changes to its retirement account contribution limits as part of its regular cost‑of‑living adjustments. Most notably, this includes an increase in the total amount employees can contribute to their 401(k) during the tax year. Additionally, income limits for IRAs and the Saver's Credit have been adjusted upwards as well. Next year, the employee contribution limit for 401(k)...

Millions of Americans Expecting to Purchase Vehicles This Labor Day

Like many American holidays, Labor Day is often tied to various sales at numerous retailers. In particular, the September date has long been associated with auto sales as dealerships look to offload the current year models ahead of new arrivals. Sure enough, a survey from the personal finance site WalletHub finds that a large number of consumers will be looking to buy vehicles this holiday weekend. Extrapolating the survey's findings,...

GasBuddy Data Shows Gas Prices Continue to Rise Nationwide

With more Americans hitting the road once again, motorists may be noticing rising gasoline prices. In fact, new data from the gas price tracking tool GasBuddy shows that the average price at the pump increased yet again last week. According to the latest figures compiled by the app (using data collected from more than 150,000 stations across the nation), the average gas price climbed to $3.18 per gallon. With this...

LendingTree Highlights Best and Worst Metros for First-Time Homebuyers

Current first-time homebuyers seeking an affordable abode may find their search to be a bit perilous these days. Due to an overall lack of inventory, prices for homes that are for sale have reached record highs. Nevertheless, the site LendingTree has just released its rankings of the best and worst metro areas for first-time buyers. The latest report was compiled using data from more than 100,000 LendingTree users during the...

Home Sales Soften as House Prices Reach Record Highs

With home prices continuing to soar and listings remaining low, it seems as though some buyers are backing away. According to the latest Redfin data, the median home sale price reached $358,766 last week to mark a new record high. What's more, the figure is up 24% year over year. Meanwhile, the median asking price for newly listed homes was up 14% YOY at $363,450. However, this was actually down...

Americans Paid Down $56.5 Billion in Credit Card Debt During Q1 2021

Even as the United States economy continued to be weighted down by the pandemic, many Americans still managed to pay down a significant amount of their household credit card debt. According to the latest data from the personal finance site WalletHub, U.S. consumers cut a total of $56.5 billion in credit card debt during the first quarter of the year. This sum was 51% more than the first quarter average...

Employee Retirement Plan Participation in 2020 On Par with 2019

It goes without saying that 2020 was an unprecedented year that changed the lives of nearly all Americans. This includes several financial impacts that arose as lockdowns went into effect and as businesses' sales suffered. Nevertheless, Bank of America's 2021 Financial Life Benefits Impact Report (which looks at figures from the year prior) shows that many employees continued saving for retirement despite the challenges. According to the latest report, 58%...