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September 2022 Fed Meeting: Rate Hikes Continue as Inflation Persists

The Federal Open Market Committee (FOMC) has announced a 0.75% increase of the benchmark federal funds rate for the third consecutive meeting. Broad price increases have been a big challenge facing the U.S. economy in 2022, and the Fed has responded by rapidly tightening monetary… Continue reading

by September 22, 2022
Income Equality Rallied in 62 of 100 Largest Metros as Pandemic Was Underway — Metros Where It Improved, Worsened the Most

Despite the destructive impact the COVID-19 pandemic has had on the economy, the latest MagnifyMoney study reveals one silver lining: Income equality improved across the majority of the 100 largest U.S. metros. According to LendingTree senior economist Jacob Channel, it’s likely due to the pandemic…. Continue reading

by September 19, 2022
Child Care Challenges Cost Americans $359 Million in Lost Wages Every Week

Finding child care is often a difficult and costly hurdle for working families with children. Parents increasingly report that child care costs strain their monthly budget. Even after making arrangements, plans may fall through and emergencies may spring up, forcing parents to leave early, take… Continue reading

by August 22, 2022
Average Bank Account Balance in U.S.

American households have an average bank account balance of $41,600, according to the latest data from the Federal Reserve Survey of Consumer Finances. In the earliest days of the COVID-19 pandemic, the U.S. personal savings rate hit a record 33.8%. That rate, which measures the… Continue reading

by August 17, 2022
67% of Workers Would Rather Stay With Their Current Company If Given New Opportunities (and Other Career Insights)

The Great Resignation has been in the news for more than a year, but many workers have stayed put — and intend to remain so. Despite headlines about workers leaving jobs en masse, only 29% of American workers have switched jobs in the past two… Continue reading

by August 15, 2022
July Savings Index: Americans Pull Money From Savings at Highest Rate in 2022

Many Americans are increasingly fearful that the economy is approaching a recession. For many, that means it’s time to start saving again. The latest MagnifyMoney Savings Index indicates that 42% of consumers saved money in July, up from this year’s 35% low in June. But… Continue reading

by August 1, 2022
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