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Every Friday, we summarize the Week’s “Useful News”. A handful of quotes from major (and often expensive) news sources. Minute.
Here’s a rundown of what happened this week.
US automakers’ EV plans hinge on American-made batteries (February 6, Wall Street Journal) The recently passed Inflation Reduction Act provides incentives for North American-made batteries and penalties for auto companies that source batteries abroad. This has led to a wave of new projects in the US, from cell manufacturing plants to new ventures mining raw materials.
The plan is to build more than 10 battery plants over the next five years, mostly in the Midwest and South near existing assembly plants.
Households are using up the rest of their pandemic savings (February 6, Wall Street Journal) As of mid-January, Americans had used up about 35% of the extra savings they had accumulated during the pandemic, according to Goldman Sachs estimates. I predict.
Housing market shows signs of thaw (February 6, Wall Street Journal) Mortgage applications have increased by about a quarter since the end of last year. A measure of signed real estate contracts rose in December after six months of decline.
Surprise surge in used-car prices fuels Fed inflation fears (February 8, Bloomberg) An unexpected surge in used-car prices last month has fueled growing discontent among US auto buyers, undermining hopes that inflation will ease even if the Fed passes the Fed. There is a possibility hiking interest.
Average used car prices rose 2.5% in January from December, making up for some of last year’s 15% drop…
The baby boom generation’s retirement crisis is here. Why the richest generation is struggling. (February 8, MarketWatch) According to 2019 data from the Employee Benefit Research Institute (EBRI), the median nest egg for households with heads aged 60 to 65 and household incomes between $71,000 and $126,000 is about 150,000. was a dollar. For those in the top quartile of income (around $126,000 and above), median retirement savings increases to $535,000. An improvement, but not a guarantee of retirement funding for 20+ years.
U.S. unemployment insurance claims rise for first time in six weeks (February 9, Bloomberg) U.S. unemployment claims rose for the first time in six weeks but remain historically low, highlighting the resilience of the job market despite heightened economic uncertainty.
Labor Department data showed that the number of first-time unemployment claims in the week ending February 4 increased by 13,000 to 196,000.
Russia announces oil production cuts to retaliate against sanctions (February 10, Bloomberg) Russia announced next month that it will cut crude oil production by 500,000 barrels per day. Threats to retaliate against Western sanctions have sent oil prices soaring.
Oil prices surged on the news, with Brent eclipsing previous losses, rising 2% to $86.50 a barrel at 8:50 am in London.
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I founded Money Talks News in 1991. I am a CPA and also licensed in equities, commodities, options principal, mutual funds, life insurance, securities regulator and real estate.