Economy News
Economic news covering Fed interest rate decisions, inflation data, jobs reports, GDP growth, and macroeconomic trends affecting the stock market.
Social Security Benefits at Risk of $500 Monthly Cut by 2032, New Report Finds
Social Security retirement benefits face a potential 24% cut by late 2032 if Congress fails to act, with average monthly reductions of $459-$556 across all states, per a new CRFB analysis.
US Mortgage Rates Edge Down but Buyer Demand Remains Tepid
Despite a slight dip in mortgage rates to 6.48%, homebuyer activity remains subdued, with mortgage applications falling 2.5% and list prices dropping 2.4% year-over-year.
Social Security Benefits Could Face 24% Cut by 2032 Without Congressional Action
Without Congressional intervention, Social Security benefits could be cut by 24% starting in 2032, reducing average monthly payments by $500 for millions of retirees.
National Grid Summer Aid Events Target Rising Massachusetts Power Bills
National Grid kicks off customer-assistance events in Worcester to offset summer electricity costs, pairing bill relief with grid upgrades ahead of expected high demand.
Social Security COLA Could Hit 4% in 2027, But Retirees Face Affordability Challenges
Early forecasts suggest the 2027 Social Security cost-of-living adjustment could be around 4%, the biggest since 2023, but high energy and living costs may limit its benefit.
Mortgage Rates Remain Elevated, Dampening Spring Housing Market Activity
U.S. mortgage rates remain in the mid-6% range, with the 30-year fixed at 6.53%, stifling spring home sales. Applications dropped 8.5% and new home sales fell 6.2% in April.
June Social Security Payment Schedule: 5 Key Dates for Beneficiaries
The SSA's June payment calendar includes five dates: June 1 for SSI, June 3 for early-cycle beneficiaries, and June 10, 17, 24 based on birth date.
June Social Security Payout Schedule: Key Dates for Retirees
SSI payments go out June 1, followed by Social Security checks on June 10, 17, or 24 based on birth date. The 2026 COLA boost of 2.8% is included.
US Mortgage Rates Hit 9-Month Peak, Refinancing Plunges
US mortgage rates climbed to 6.65% last week, the highest since August 2025, sending refinance demand down 18% and total applications down 8.5%.
Final May Social Security Payments Scheduled for Wednesday
Social Security sends final May payments Wednesday for birthdays 21st-31st. June SSI starts Monday. $137.4B paid in April to 75.5M recipients.
Social Security COLA for 2027 Projected at 3.9% as Inflation Pressures Mount
Social Security's 2027 COLA is projected at 3.9% after April inflation data, but rising costs may erode gains for retirees.
New Fed Chair Warsh Faces Inflation Test as Rate Hike Odds Rise
New Fed Chair Kevin Warsh faces an early test as April PCE inflation data looms and policymakers signal possible rate hikes if inflation stays above target.