Other News

Here’s how much you have to earn to live comfortably across the US

Depending on where you live in the United States, the amount needed to live comfortably varies greatly. While a $45,000 salary might be sufficient for a family of three in South Dakota, you would need close to $60,000 on average to keep up in Hawaii, Connecticut, Massachusetts and New York, and a whopping $68,000 a year to get by in Washington D.C. That’s according to data from MIT’s living wage calculator, which determines the minimum amount necessary to meet basic needs without relying on outside help. The model takes into account factors such as child care and health insurance, in addition to food and other regular costs. To illustrate how these numbers vary across the U.S., Zippia mapped out what a living wage would be, or how much you would need to earn to live “comf...

Non-manufacturing sector accelerates, reaching 12½-year high

The rate of growth in the economy’s service sector perked up in January after its pace eroded in the prior two months. The Institute of Supply Management said its index of non-manufacturing activity hit 59.9 in January, well above the 56.5 expected by a survey of Reuters economists. Non-manufacturing economic activity had slipped to 55.9 in December. While the index of 17 non-manufacturing industries, such as real estate and food services, showed slowing growth in the past two months, the service sector has still seen continued expansion for eight consecutive years. In October, the ISM non-manufacturing survey recorded a 60.1 reading — the highest level since its debut in 2008. A reading above 50 for the index indicates expansion in the service sector, and a reading below 50 signals ...

Avon names Unilever’s Zijderveld as CEO after a long search

US cosmetics maker Avon Products on Monday named Unilever executive Jan Zijderveld as its chief executive, days after shareholders piled pressure on the company to find a new CEO quickly. Zijderveld’s appointment caps a nearly six-month search for a new boss at New York-based Avon after Sheri McCoy said in August she was stepping down. The shareholders, led by Shah Capital, Barington Capital and NuOrion Partners, said last week they were “extremely disappointed” with Avon’s inability to address falling shareholder value and to hire a new chief executive quickly. They also asked the company to explore options including selling itself. On Monday, a spokeswoman for the group said the shareholders welcomed Zijderveld’s appointment but reiterated the need for more ...

New bipartisan bill would protect young immigrants and fund border security, but neglects the wall

Two senators are introducing compromise legislation that would help achieve legal status for hundreds of thousands of immigrants who entered the U.S. illegally as children. The bill calls for bolstering border security by 2020. But it does not explicitly provide money for a border wall with Mexico, the focus of President Donald Trump‘s immigration policies. The plan is a more modest approach than Trump has sought for protecting “Dreamers,” young immigrants helped by the Obama-era Deferred Action for Childhood Arrivals program. It lacks Trump’s demands for limiting the relatives that “Dreamers” can sponsor for citizenship, and ending a visa lottery aimed at admitting more immigrants from diverse places including Africa. The measure is by Republican Sen. J...

New Fed chairman Jerome Powell has his hands full as he takes office

Jerome Powell will have his hands full now that he has become chairman of the Federal Reserve. Powell, who was sworn in Monday, is the 16th person to hold the position. He faces an immediate set of challenges: a wobbly stock market, rising interest rates and the fallout from one of his predecessor’s final acts — the removal of four Wells Fargo board members. Powell, 65, took the oath of office at 9 a.m. ET, succeeding Janet Yellen, who left the position Friday after serving a four-year term. President Donald Trump chose not to reappoint Yellen and instead turned to Powell, a former Fed governor expected mostly to continue to current Fed path. “I am humbled and honored by this opportunity to serve the American people,” Powell said in a statement. “ “My colleagu...

A decade after recession, a jump in U.S. states with wage gains

The kind of pay raises for which American workers have waited years are now here for a broadening swath of the country, according to a Reuters analysis of state-by-state data that suggests falling unemployment has finally begun boosting wages. Average pay rose by more than 3 percent in at least half of U.S. states last year, up sharply from previous years. The data also shows a jump in 2017 in the number of states where the jobless rate zeroed in on record lows, 10 years after the financial crisis knocked the economy into a historic recession. The state-level data could signal an inflection point muffled by national statistics. Over the past four years, the U.S. economy added 10 million jobs and the overall unemployment rate fell to its lowest level since 2000. Yet wages have disappointed....

A decade after recession, a jump in US states with wage gains

The kind of pay raises for which American workers have waited years are now here for a broadening swath of the country, according to a Reuters analysis of state-by-state data that suggests falling unemployment has finally begun boosting wages. Average pay rose by more than 3 percent in at least half of U.S. states last year, up sharply from previous years. The data also shows a jump in 2017 in the number of states where the jobless rate zeroed in on record lows, 10 years after the financial crisis knocked the economy into a historic recession. The state-level data could signal an inflection point muffled by national statistics. Over the past four years, the U.S. economy added 10 million jobs and the overall unemployment rate fell to its lowest level since 2000. Yet wages have disappointed....

Janet Yellen calls stock market, real estate valuations ‘high’ in last interview before exit as Fed chief

Janet Yellen ended her long career at the Federal Reserve with concerns over how high the stock market has surged under her watch. The S&P 500 has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank back in 2004. Yellen said in an interview with CBS News that market valuations are the source of some concern as she prepares to head into private life following a 14-year Fed career, the last four as the chair. She spoke as the market finally took a breather from what has been a breathtaking move higher, with the Dow industrials falling 666 points Friday. “Well, I don’t want to say too high. But I do want to say high,” she said. “Price-earnings ratios are near the high end of their historical...

Cramer’s Exec Cut: Tackling taxes

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No progress on ‘Dreamers’ as another US government shutdown looms

The U.S. Congress made no notable progress toward a deal on the status of 700,000 “Dreamer” immigrants, with President Donald Trump saying on Friday that one “could very well not happen” by a deadline next month. The U.S. House of Representatives plans to vote on Tuesday on legislation to keep federal agencies operating beyond Feb. 8. Whether the lack of progress signaled the possibility of another federal government shutdown next week was unclear, but it worried the Dreamers, young people who were brought illegally into the United States as children. Trump said last year that he would end by March 5 a program that was set up by former President Barack Obama to protect the Dreamers from deportation, and he urged Congress to act before that date. No action has result...

If the S&P 500 drops below this level, traders will start to get really worried

The sell-off: Is there a catalyst for a deeper correction? The S&P is only 3.9 percent from its historic high, but traders are already debating whether there could be a deeper correction coming. For the moment, the bears have the upper hand. They cite: 1) The surge in wages (up 2.9 percent year-over-year, highest since 2009). 2) A sudden acceleration in bond yields (from 2.5 percent to over 2.8 percent in three weeks), that is already affecting key areas of the market (the Homebuilding ETF (XHB) is down 10 percent in the past week and a half). 3) A dollar that has stabilized and showing signs of strengthening. 4) Investor sentiment that is at multiyear extremes (The BofA Merrill Lynch Bull & Bear indicator is at the highest level since March 2013; the Goldman Bull/Bear Market Indic...

Alex Rodriguez: My 2018 ‘game plan’ for real estate investing

When I bought my first duplex in 2003, I believed that real estate investing would reward a thoughtful, steady mindset. That hasn’t changed, even after the market forces we’ve all lived through over the past decade. Today, my companies manage over 13,000 apartment units in 10 states, and it’s taken a lot of patience (and some trial and error) to deliver consistent returns. At January’s National Multifamily Housing Conference in Orlando, I had the chance to talk with hundreds of industry experts at all levels about outlook for 2018. My three takeaways: The multifamily workforce sector is still a worthy investment. 2017 was a good year for multifamily housing, and the keyword on the ground for 2018 is “stable.” There’s still a lot of potential in the...