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Social Security payments will be affected soon by a cost of living change
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Approved, National, The Street

Social Security payments will be affected soon by a cost of living change

By Caitlin Cahalan | The Street Sixty-eight million Americans receive Social Security Insurance (SSI) payments each month, and most retirees (58%) note that Social Security is a significant source of income in retirement. Therefore, it is crucial that these payments cover basic expenses, especially during times of stubborn inflation. The federal government provides a Cost of Living Adjustment (COLA) to ensure that the purchasing power of Social Security payments isn’t diminished by inflation and the rising cost of living. The past few years of consistent inflation have prompted the Social Security Administration to seriously reevaluate the current COLA. While the COLA is adjusted annually, years of sustained inflation typically prompt higher adjustments. READ THE FULL STORY AT...
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Wall St up as rate-cut hopes hold firm after inflation data
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Approved, Colorado Springs Gazette, National

Wall St up as rate-cut hopes hold firm after inflation data

By Johann M Cherian and Purvi Agarwal | Colorado Springs Gazette Wall Street's main indexes rose on Friday and were set for monthly gains after a key inflation report reiterated moderating price pressures, cementing bets for an interest-rate cut at the U.S. Federal Reserve's upcoming meeting in September. The Personal Consumption Expenditure index, the central bank's preferred inflation gauge, rose 2.5% in July on an annual basis compared to an estimate of 2.6%, according to economists polled by Reuters. On a monthly basis, it rose 0.2% as expected. Among rate-sensitive megacaps, Amazon.com and Microsoft gained 1.3% and 0.7%, respectively. Chip stocks rose; Broadcom added 3.4% and Advanced Micro Devices climbed 1.4%, aiding the Philadelphia SE Semiconductor index's 2.2% rise. ...
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Rent on the rise: Report shows annual increase in Denver
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Approved, kdvr.com, Local

Rent on the rise: Report shows annual increase in Denver

By Spencer Kristensen | KDVR Data released from the rental website Zumper has revealed that the price of rent is increasing nationally. Rent for a one-bedroom apartment has increased by 1.6% across the U.S. with a median price of $1,534. While two-bedroom apartments have jumped up by 2.7% and cost $1,915. Locally, no Colorado city appeared in the top 20 cities in this list, with Denver missing out coming in at the 21st spot. Denver had a median one-bedroom price of $1,850 which is a 1.6% uptick in price from last year and two-bedroom median prices at $2,470, which was also a 1.6% increase. Only three Colorado cities could be found in the top 100 cities: Denver ranked 21, Aurora ranked 34, and Colorado Springs ranked 68. READ THE FULL STORY AT KDVR
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Workers on Labor Day say inflation ‘erasing’ American dream, snuffing out hard work
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Approved, National, Washington Examiner

Workers on Labor Day say inflation ‘erasing’ American dream, snuffing out hard work

By Paul Bedard | Washington Examiner People are depressed about the economy going into Labor Day and the final election push, believing that inflation under the Biden-Harris administration has erased their dreams. In a couple of new surveys, respondents said that the dream of buying a house has been snuffed out by rising prices and that most of their daily hard work has been eaten away by inflation. A WalletHub survey provided to Secrets on Wednesday said, “74% of people think inflation is erasing their hard work.” While most believe that they are doing better than Labor Day 2023, they apparently also feel that they are moving backward and working harder. READ MORE AT THE WASHINGTON EXAMINER
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Bringing back the speakeasy, ‘Lincolns’ opens in Denver with super-secret location
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Approved, kdvr.com, Local

Bringing back the speakeasy, ‘Lincolns’ opens in Denver with super-secret location

By Maddie Rhodes | Fox 31 News A new bar just opened in downtown Denver as a basement lounge with drinks costing only $5, and that’s including tax. The only catch is the bar is hidden, so you’ll have to find it yourself. The bar, known as Lincolns, has no extra hidden fees for the $5 drinks. It keeps it honest, just like Abraham Lincoln, hence the name, owner Mark Ohlson told FOX31. “Lincolns is where the lawyer, hipster, electrician and college student all meet in agreement around what the value of a dollar is,” Ohlson said. READ THE FULL STORY AT FOX 31 NEWS
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Stocks mixed as markets digest Middle East tension
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Approved, National, The Street

Stocks mixed as markets digest Middle East tension

By Rob Lenihan | The Street The S&P 500 returns to flat after ticking higher in early action. The tech-heavy Nasdaq is down 0.8%. Investors seem to be digesting a tension-filled weekend in the Middle East. Hezbollah launched over 300 missiles at Israel, despite Israel launching hundreds of airplanes to strike an airfield in a bid to prevent the attack. Unsurprisingly, oil has made the biggest move higher. Crude oil prices are up 3.4% to $77.35 per barrel, and the United States Oil Fund  (USO) , which tracks West Texas Intermediate crude oil prices, is up 3.3%.  Big oil stocks also responded by trading higher. ExxonMobil  (XOM)  gained 2% while Warren Buffett favorite, Occidental Petroleum  (OXY)...
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Colorado attorney general files lawsuit against RealPage for allegedly driving up rent prices
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Approved, State, Westword

Colorado attorney general files lawsuit against RealPage for allegedly driving up rent prices

By CATIE CHESHIRE | Westword Colorado Attorney General Phil Weiser has joined attorneys general from seven other states in suing software company RealPafe for an alleged illegal price-fixing scheme that has pushed rent prices up across the country. RealPage sells software to landlords, who in turn share sensitive data such as rent invoices, lease terms and vacancies. Then RealPage puts the data into an algorithm that delivers price recommendations to those same landlords. But instead of competing against each other to provide the best services or best price, landlords work together through RealPage to set rents as high as they can, according to the lawsuit. “A significant number of landlords then effectively agree to outsource their pricing function to RealPage with auto acce...
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Fed Chair Powell signals rate cuts as stocks test record highs
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Approved, National, The Street

Fed Chair Powell signals rate cuts as stocks test record highs

By Martin Baccardax | The Street U.S. stocks moved firmly higher in early Friday trading, while Treasury yields and the dollar were largely unchanged, as investors reacted to a key speech from Federal Reserve Chairman Jerome Powell that could clarify the central bank's plans for autumn rate cuts.  Bond market are rallying hard on the back of Powell's Jackson Hole address, but bets on an outsized 50 basis point rate cut in September are moving only modestly higher, with the bulk of the odds from the CME Group's FedWatch pointing to a 25 basis point reduction.  Benchmark 10-year Treasury note yields were last marked 5 basis points lower from prior to Powell's remarks at 3.801%, while rate-sensitive 2-year notes fell 6 basis points to 3.935%. READ MORE ON THE STREET...
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When Fed Chair Powell speaks to central bank Friday in Jackson Hole, he might disappoint
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Approved, National, The Street

When Fed Chair Powell speaks to central bank Friday in Jackson Hole, he might disappoint

By Jake Smith | The Street Federal Reserve Chairman Jerome Powell will take the stage at the central bank's annual retreat in Jackson Hole Friday with renewed confidence that inflation is receding and the economy is poised, albeit delicately, for a so-called soft landing. That knowledge, cemented by recent data, a resilient stock market and fading recession risks, will likely form the tone of his keynote address to attendees at the central bank's symposium in the northwest Wyoming resort town, which will be tracked by investors on Wall Street and around the world. READ THE FULL STORY AT THE STREET
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‘Weaker than reported’ U.S. economy created 818,000 fewer jobs than first accounting
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Approved, Fox Business, National

‘Weaker than reported’ U.S. economy created 818,000 fewer jobs than first accounting

By Megan Henney  | Fox Business U.S. job growth during much of the past year was significantly weaker than previously reported, according to new data published Wednesday. The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs. It marks the largest downward revision since 2009. READ THE FULL STORY AT FOX BUSINESS
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