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Millions more workers would receive overtime pay under proposed Biden administration rule
Salaried workers who have been ineligible for overtime pay would benefit from a proposed Biden administration regulation. The Department of Labor’s new rule would require employers compensate full-time workers in management, administrative, or other professional roles for any overtime worked if they make less than $55,068 annually. Currently, the salary threshold is $35,568. The change […]
Consumers seeing relief in some food prices as inflation continues to slow
Consumers are getting some relief from higher prices as core inflation, which excludes food and energy, continues to show signs of cooling – an encouraging sign for the U.S. economy, according to economists. The Department of Labor’s report on Thursday showed the consumer price index rose 0.2 percent in July, in line with expectations, and […]
States, cities turn to community organizations to battle wage theft
About five years ago, most of Minneapolis’ Subway, Little Caesars, and McDonald’s franchise restaurants did not comply with city wage standards. Now workers at each of the locations that violated the law receive the required minimum wage and time off when they’re sick. This is all thanks to a co-enforcement program, where the city’s labor […]
States see record low unemployment across the US
Across much of the country, the jobs market is as strong as it’s ever been, and Black women, young people, and people with disabilities are among the workers benefiting, recent U.S. Bureau of Labor Statistics data show. Twenty states reported an unemployment rate under 3 percent in April, while 15 states saw record lows, led […]
Fast federal response to pandemic key to US economic recovery, economists say
The public health emergency declaration ended on Thursday, and with it some of the policies that helped the U.S. recover from the many of the economic effects of the coronavirus pandemic. Although COVID-19 is still a public health threat, the national economic crisis it created has subsided with the U.S. economy back to its pre-pandemic […]
Fed’s fault-finding on bank failures could lead to stronger regulations
New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC, and Government Accountability Office released reports blaming mismanagement of risk, including overreliance on […]
Here’s where gas prices are headed (for now) and why
This story was updated on April 28 at 7:20 p.m. to correct the number of barrels of crude oil the United States produced each day in January. Higher temperatures. Higher gas prices. Drivers across the country have seen that seasonal given play out in recent weeks. The national average for a gallon of regular gas […]
Long COVID is hurting business; workplace accommodations could help
Three years after the start of the pandemic, millions of working age people still suffer from long COVID-19 and some lawmakers and advocates, including people with long COVID, say not enough is being done to protect their well-being and ensure they can continue to be employed. Proposed federal legislation, better workplace accommodations, and more federal […]
Mortgage rates are stabilizing but that may not be enough to help house hunters
Home prices are cooling off and mortgage rates fell last week, but the fallout from recent bank closures could continue to make it hard for some Americans to buy homes, economists say. Mortgage rates fell to 6.32 percent for a 30-year fixed rate mortgage, Freddie Mac data released on Thursday shows. Last fall, the 30-year […]
Powell signals higher interest rates. Here’s why Friday’s jobs report will affect Fed’s decision.
Federal Reserve Chairman Jerome Powell said this week that interest rate increases could be higher and come faster if Friday’s unemployment data shows the nation’s labor market isn’t cooling off. Stock indexes fell after his comments. That’s been a familiar pattern over the past year as the federal bank has tried to combat inflation. A […]
Child poverty dropped to a record low last year. A new report shows how to keep it that way.
The expanded child tax credit that families received in 2021 helped reduce child poverty across the country, but particularly in the South where families lack a sufficient safety net, according to a paper released on Wednesday. The report by the Hamilton Project, the Brookings Institution’s economic policy initiative, comes as some Democrats appear ready to […]
Families are taking a hit as pandemic aid ends, inflation continues
Forty million people in the U.S. are having difficulty affording household expenses, and a little more than 25 million people say they sometimes or often do not have enough to eat, according to the U.S. Census Bureau’s most recent Household Pulse survey data. The survey is designed to collect data on household experiences during the […]