An image of McDonald’s menu this week went viral because people couldn’t believe the prices depicted. Twitter user Sam Learner says he snapped the photo at a McDonald’s located at a Connecticut rest stop. In the photo, a Big Mac combo meal – with fries and a soft drink – is $17.59. Other combo […]
Tag: inflation
Older Americans are struggling to pay bills
More Americans are struggling to pay their household bills compared with a year ago, but the rise in hardship isn’t hitting all groups equally. Older workers and people over 65, who are largely retired, have experienced the sharpest rise in financial hardship among all age groups compared with a year earlier, according to an analysis […]
Only 25% of US Homes are affordable for typical buyer
Owning a home has long been seen as a pillar of the American dream. But a new report highlights just how far many Americans remain from achieving it. Middle-income households, or those with annual earnings of up to $75,000, can afford only 23% of the homes listed for sale in the U.S., according to recent […]
US inflation accelerated in April
A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high. The index, which the Federal Reserve closely monitors, showed that prices rose 0.4% from March to April, much higher than the 0.1% rise the previous month. Measured year over year, prices […]
US credit card debt to hit 1 Trillion this year
American credit card debt remains at record-breaking heights, according to fresh government data, as consumers turn to plastic amid stubbornly high prices on everyday items and housing. U.S. credit card debt was $986 billion in the first quarter of this year, according to the latest report on household debt from the Federal Reserve Bank of […]
US bank bosses call collapse ‘unimaginable’
The former bosses of two US banks that collapsed in March, sparking global fears over the state of the financial industry, say the failures were caused by “unprecedented” circumstances. The remarks come in testimony prepared for a hearing in Washington on Tuesday. Lawmakers are examining the episode amid debate over what should have been done […]
Americans are holding on to their older cars
With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle. A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would […]
US interest rates now highest in 16 years
The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points – its tenth hike in 14 months. The Fed signalled that Wednesday’s rise may be its last one for now. The moves […]
7 in 10 millenials live paycheck to paycheck
About 7 in 10 millennials in the U.S. are living paycheck to paycheck, with many struggling to pay off their bills every month, a new survey shows. The main reasons for millennials’ financial distress is heavy debt and the financial pressure of having to look after dependent family members, according to the survey from personal […]
US Growth Slows to 1.1%, Inflation Accelerates
The US economy slowed in the first three months of the year, as businesses reduced investments in the face of higher borrowing costs. The economy grew 1.1% on an annualised basis, the Commerce Department said. That was down from a rate of 2.6% in the prior quarter, despite strong consumer spending. Analysts are watching nervously […]
UPS warns of downturn in US economy
UPS says the US economy is slowing down. America’s largest trucking company said Tuesday that revenue fell 6% in the first quarter compared to a year earlier, as its operating profit fell 22%. Its earnings fell just short of Wall Street forecasts for the period. “In the first quarter, deceleration in US retail sales resulted […]
Bed, Bath & Beyond Bankrupt; closing all stores
Home goods retailer Bed Bath & Beyond filed for chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation the suffering chain would make the financial move. In a statement, Bed Bath & Beyond said it filed chapter 11 bankruptcy in New Jersey, and has begun […]