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Illinois unemployment fund faces potential $8 billion deficit

[Illinois Policy, AP] Historic unemployment payouts related to the COVID-19 shutdowns left Illinois’ fund billions in the hole. State leaders did nothing to fix it, meaning there could be reduced benefits for the unemployed or higher taxes on employers trying to recover. Illinois business leaders are worried after Springfield lawmakers twice passed a state budget, […]

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The US economy is never going back to ‘normal’

New York (CNN Business) The US economy has come a long way since last year’s devastating downturn. But a return to “normal” may not be possible. The Back-to-Normal Index created by CNN Business and Moody’s Analytics stands at 93% as of June 18, a new pandemic-era high.  The index is comprised of 37 national and seven state-level indicators […]

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People are quitting their jobs at record rates. That’s a good thing for the economy.

[CBS NEWS] For two years, John White has been trying to get a permanent job at the company where he’s a contractor, but his applications to open positions there have been rejected five times. Company policy forbade contractors from working remotely during the pandemic, so even while his colleagues worked from home, White has been […]

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Brace yourself, here’s why inflation could create a ‘giant wealth transfer’ from lenders to borrowers

[MarketWatch, iStock] There’s one group of borrowers that can count themselves as ‘lucky’ during periods of inflation Higher prices for rental cars, airplane tickets and uncooked beef roasts have economists and consumers wondering whether we’re living through the start of an inflationary period.  It remains to be seen whether these price hikes are just a temporary blip resulting from […]

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Meet 2 Americans who just lost unemployment benefits as thousands of workers are cut off from $300 per week

[Business Insider] As of June 19th, a dozen states have prematurely ended their federal unemployment benefits.Those $300 weekly benefits weren’t set to expire until September, but 25 GOP-led states have opted out.Workers in Missouri and Alabama, two states where benefits ended, tell Insider they need assistance.Eight more states are ending their federal unemployment benefits today, […]

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Inflation is continuing to rise—here’s how it could affect your money

[CNBC, Twenty/20] Last month, the U.S. consumer price index, a survey of a variety of goods, rose 5% compared with a year ago. The gain was a bit more than anticipated and the largest increase since the summer of 2008, according to the Labor Department. That has Wall Street buzzing about what inflation means for markets and the economy. But […]

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From crypto to crude, markets flatline ahead of today’s monumental Fed meeting

[Fortune, Getty Images] It’s Fed day, investors. Here’s what you’ll need to know. Good morning. Global stocks and U.S. futures are pretty steady ahead of today’s big Fed decision—or, more likely, lack of one. Either way, there will still be plenty of fireworks as Jerome Powell gets grilled on inflation, growth, the labor market and bond-buying. That […]

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Americans’ inflation fears reach a fever pitch as consumer prices rise

[CNBC] Fears of inflation in the year ahead hit its highest level on record, according to a report by the Federal Reserve Bank of New York.  When inflation rises, savers may consider alternatives for stashing cash.As the economy quickly picks up steam in the wake of the Covid pandemic, Americans expect inflation to jump in the months […]

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