Author: Press Room

Social Security recipients are on track to receive a more modest cost-of-living adjustment (COLA) next year as once red-hot inflation continues to cool off.  The Senior Citizens League, a nonpartisan group that focuses on issues relating to older Americans, estimated the adjustment could be about 3%, based on March inflation data, which showed the consumer price index climbed just 0.2% from the previous month and is up 5% from last year, the lowest pace since May 2021.The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, which…

Mass layoffs across Big Tech continue to dominate headlines, and workers in information services are projected to be the most at risk of losing their jobs in the next few months, according to a new “job loss risk index” from The Conference Board, a think tank and business membership organizationBased on the current economy, the three sectors facing the highest layoff risks in the coming months include:Information servicesTransportation and warehousingConstructionThe index calculates each industry’s layoff risk based on six factors, including: its exposure to labor shortages; sensitivity to monetary policy; job function and education levels required; the state of its…

Today’s homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they’ve found their tipping point.After years of government intervention following the great recession and the first years of the Covid-19 pandemic that kept mortgage rates artificially low, today’s buyers have a skewed view of what “normal” mortgage rates are.The majority of potential homebuyers, 71%, say they will not accept a 30-year fixed mortgage rate over 5.5%, according to a survey done in March by John Burns Research and Consulting. The current rate, however, is around 6.4%.In addition, 62% of buyers said they believed that a…

In the future, when teenagers want to sign up for an account on Facebook or Instagram, they may first need to ask their parent or guardian to give their consent to the social media companies. That, at least, is the vision emerging from a growing number of states introducing — and in some cases passing — legislation intended to protect kids online. For years, US lawmakers have called for new safeguards to address concerns about social platforms leading younger users down harmful rabbit holes, enabling new forms of bullying and harassment and adding to what’s been described as a teen…

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As Bitcoin (BTC) swiftly approaches the critical $31,000 resistance zone, investors and traders alike are eagerly awaiting its next move. The world’s leading cryptocurrency has demonstrated remarkable resilience, with its value continuing to surge despite various market challenges. Will it manage to blast up higher, shattering expectations and setting new milestones, or will the resistance prove too formidable to overcome? In this analysis, we will delve into the factors influencing Bitcoin’s price trajectory and provide valuable insights into its potential future performance. Stay tuned to get a comprehensive understanding of the complex dynamics at play in this ever-evolving market.US Retail Sales Slump…

Taylor Swift may never walk Cornelia Street again, but that’s not stopping fans from visiting her old apartment after reports that she and Joe Alywn have called it quits. “Cornelia Street,” the ninth song off Taylor Swift’s seventh studio album, “Lover,” alludes to an apartment the star once lived in in New York City’s West Village, as well as the early days of her relationship with whom many believe to be actor Joe Alwyn.”‘I rent a place on Cornelia Street,’ I say casually in the car,” Swift sings in the first verse, and it’s pretty literal. The pop superstar did rent 23 Cornelia…

Barry Diller warned publishers to prepare to fight in order to get paid for AI’s use of their work. He said they should “absolutely institute litigation” over how AI uses published content. Diller made the comments at the Semafor Media Summit in New York. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Media mogul Barry Diller blared alarms over the popularity of generative AI technology like OpenAI’s ChatGPT, warning publishers that they should sue to prevent such tools from cannibalizing their content.The chairman of…

Hedge funds and other parts of the shadow banking system should face greater scrutiny after last month’s upheaval in US government bonds, the country’s top markets regulator has said, reflecting concerns that speculative investors pose a risk to financial stability.Gary Gensler, chair of the Securities and Exchange Commission, told the Financial Times that taming risks from speculative funds and other so-called non-bank financial institutions was now “more important than ever”.He added he wanted a better understanding of how bets by such asset managers — often highly leveraged — can spill out across asset classes and into the real economy.Gensler’s comments…

President Joe Biden on Friday recounted his spontaneous meeting with the priest who delivered last rites to his son Beau during a visit to a holy shrine in Ireland. “It was incredible to see him. It seemed like a sign,” Biden said during remarks in Ballina, adding that the encounter had come “out of the blue.” The unplanned meeting with Fr. Frank O’Grady made for an emotional moment during a sentimental return to Ireland for the president, who was exploring his family roots. While Biden was planning to learn more about his long-ago ancestors who departed here during the famine,…