Personal finance live updates: Social Security recipients, Child Tax Credit, Tax Refund deposit date, Inflation affects wages… – AS USA
Finance, benefits and money: latest news
Headlines
– 49 states saw a decrease in their unemployment rate from 2020 to 2021
– Gas prices up on average 37 percent ($2.54 to $3.48)compared to this time last year.
– Looking to apply for financial aid? Remember to check the deadline for submitting the FAFSA.
– Social Security Administration announces that it will reopen 1,200 local offices, helping seniors and low-income households.
– While the Dow Jones Industrial Average is down around 3 percent compared to this time last month, defense and weapons manufacturers, like Haliburton (+5.0 %), Lockheed Martin (+15.0%), are in the green.
Helpful links and Information
– Do SNAP benefits expire?
– How long should you expect to wait for your tax return?
– Could gas prices increase more after Russian invasion?
Related news articles:
What does the US import and export from Russia?
The trade relationship between the Russia Federation and the United States, while larger than any point in history, is still considerably lower than each country’s major trade partner.
Russia is the 40th largest export market for the US, and the 20th largest important market relied on for imports.
How can people be expected to foot the bill for war?
A key component of Putin’s arsenal against Ukraine is economic. Now, Russia doesn’t have a particularly strong economy, more so after the economic sanctions levied upon it by the west. But, it has an ace in the hole.
The war is driving up the cost of oil and energy, something Russia has in abundance. The price of both oil and natural gas has risen sharply in the last two weeks as Russian exports have become closed off. And for economies already reeling under the pressure from the pandemic, trouble is sure to follow.
In this clip West Virginia Sen. Joe Manchin said he would be willing to pay substantially more for fuel. Of course he wouldn’t mind; the extra funding he has been receiving in the last year precludes him from having any real financial worry. But for the average American, who has been seeing wages fall in real terms since the financial crisis of 2008, how much more economic woe can they take?
California gasoline hits record $4.94 amid Russia oil fallout
California, already paying record prices for motor fuel, is set to shell out even more with the Golden State more exposed to surging oil prices than the rest of the country in the wake of Russia’s invasion of Ukraine.
Diesel prices at the pump rose to a record high $5.185 a gallon on Thursday, according to auto club AAA. The state’s gasoline also rose to fresh record of $4.94 a gallon while San Francisco prices topped $5, AAA said.
Brent crude futures have surged around 20% in the days since the Ukraine war started, signaling that retail fuel prices could rise further. Meanwhile, high fuel prices continue to drive gains in inflation which has become a liability for the Biden Administration.
Inflation from oil prices beginning to bite Europe – will the US follow suit?
“This is amplifying the inflationary pressure we’re seeing, through oil and energy, food input, input into fertilisers and other more materials. It’s making that situation more problematic. It’s also negative for economic growth,” said Nicolai Tangen, chief executive of Norway’s $1.3tn oil fund.
He said in January that 2022 would be a bad year for investors, and it already is considering the shock on markets that the war in Ukraine has had.
US weekly jobless claims fall; service industry activity slows further
Reuters – The number of Americans filing new claims for unemployment benefits dropped to their lowest level this year last week, while layoffs declined sharply in February, indicating that the labor market recovery was gaining steam.
But the upbeat labor market outlook was overshadowed by a survey on Thursday showing services industry activity slowed for a third straight month in February, with a measure of employment in the sector contracting for the first time since June 2021.
Where does the US get its oil by country 2022? How much oil does the US import each year?
The Russia invasion of Ukraine has sparked a surge in the price of oil, both due to the threat of disruption to production and because of the economic sanctions being levied on Russia.
The price rise could have big consequences in the States because the US is a net importer of crude oil, leaving its people at the whim of price fluctuations. It will come as no surprise that the rising price of oil will put further strain on US inflation, something people can ill afford considering its rise in the last year.
Today, March4, our team at AS USA will be bringing you all the latest news and information on the 2022 tax season, including information on IRS delays, the enhanced Child Tax Credit, and other benefits and credits that you should keep in mind when submitting your 2021 tax return.
We will keep you apprised of what steps are being taken to combat inflation and the effect rising prices are having on pocket books and erroding the 2022 COLA increase to Social Security and wage gains made in the tight labor market.
Additionally, we will be tracking closely any impact that US sanctions on Russia could have on consumers here.
