Retirees are not reaching the retirement income replacement rate

Retirees are not reaching the retirement income replacement rate

Mstudioimages | E+ | Getty Images To maintain your standard of living in retirement, the general rule is that you must be able to replace at least 70% of the income you had while you were working. But many retirees are not meeting that retirement income goal, according to research by Goldman Sachs Asset Management. … Read more

Here are the latest tech layoffs as the industry shivers

Here are the latest tech layoffs as the industry shivers

The high-flying tech industry faces a toll as the economy slows and customers cut spending. In the past month alone, tech companies have cut nearly 50,000 jobs, reversing a hiring spree that had surged over the pandemic as millions of Americans moved their lives online. Alphabet, parent of Google, is the latest to cut its … Read more

Fed Governor Lael Brainard predicts high rates even with inflation progress

Fed Governor Lael Brainard predicts high rates even with inflation progress

U.S. Federal Reserve Vice Chairman Lael Brainard listens to a question during an interview in Washington, DC, U.S., Monday, November 14, 2022. Andre Harrer | Bloomberg | Getty Images Federal Reserve Governor Lael Brainard said Thursday that interest rates need to stay high even though there are signs that inflation is starting to subside. Echoing … Read more

Retail sales continued to slide in December as shoppers battle inflation

Retail sales continued to slide in December as shoppers battle inflation

Minneapolis CNN — It was a ho-hum end to 2022 for spending in America. U.S. retail sales continued their slide in December, falling 1.1% as inflation remained high, the Commerce Department reported on Wednesday. This is the biggest monthly decline since December 2021, and virtually every category (except building materials, groceries and sporting goods) saw … Read more

Wholesale prices fell 0.5% in December, much more than expected

Wholesale prices fell 0.5% in December, much more than expected

Prices for wholesale goods and services fell sharply in December, another sign that inflation, although still high, is beginning to subside. The producer price index, which measures final demand prices in hundreds of categories, fell 0.5% for the month, the Labor Department reported Wednesday. Economists polled by Dow Jones expected a decline of 0.1%. Excluding … Read more

UK inflation rate drops for second consecutive month to 10.5%

UK inflation rate drops for second consecutive month to 10.5%

michelle mitha | iStock/360 | Getty Images LONDON — UK inflation eased during the month, in line with economists’ expectations, as fuel, clothing and leisure costs drove the index lower. Inflation fell to 10.5% in December from 10.7% in November, Britain’s Office for National Statistics said on Wednesday. A panel of economists polled by Reuters … Read more

Forget inflation, it’s all about income

Forget inflation, it’s all about income

New York CNN — For everything there is a season and now is the time for winnings. Over the past few weeks, investors have focused on inflation and Fed policy, but now market reactions are heating up for earnings (especially misfires) and waning for economic data. What is happening: “We expect earnings to take center … Read more