ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Paul Davidson | Economics and Jobs Reporter
| | | | | A help-wanted sign is displayed at a gas station in Mount Prospect, Ill. Nam Y. Huh, AP |
Happy Friday, Daily Money readers! It's Paul Davidson bringing you the day's top headlines. |
The June employment report showed that the U.S. economy added 209,000 jobs last month, a slowdown from the recent trend and the smallest gain since December 2020. |
But that's largely because of the outsize payroll increases during the recovery from the COVID-19 recession as the nation recouped the 22 million jobs lost early in the health crisis. The June total was still solid and the unemployment rate dipped to 3.6%, modestly above a five-decade low. |
Annual wage growth ticked up to 4.4%, likely giving the Federal Reserve enough reason to hike interest rates again later this month to fight high inflation after pausing in June, economists say. |
What do you need to earn to feel rich? More than you think. |
Americans have a pretty high bar when it comes feeling wealthy, or even just financially secure. |
They say they would need to make an average $233,000 a year to feel financially secure and $483,000 a year to feel rich, according to a new Bankrate survey. Both far surpass average annual U.S. earnings of $75,000 in 2021, based on Census Bureau figures. |
Sixty-three percent of survey respondents blame high inflation for making them feel less than financially secure while 48% cite the broad economic environment and 36% point to rising interest rates. |
📰More stories you shouldn't miss📰 |
Subway is giving away up to 1 million 6-inch subs on Tuesday to nudge customers to try its new freshly sliced deli meats. |
To get a free sandwich from its new Deli Heroes selections, go to a Subway from 10 a.m. to 12 p.m. local time on Tuesday. The first 50 customers who ask for a free sub will get one. The promotion highlights the chain's $80 million investment in new deli meat slicers. |
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