ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Today, we offer competing views of how the economy is faring on election eve. |
With fewer than 10 days remaining before the election, the economy has continued to line up in Vice President Kamala Harris' favor, Paul Davidson reports. |
Gas prices and mortgage rates are down. Inflation-adjusted incomes are up. Consumer confidence is tepid, but well above the threshold that historically has signaled a recession. |
In past presidential races, those kinds of economic vital signs have reliably foreshadowed victory for the incumbent party in the White House. |
Putting "fun" back into low- and middle-income Americans' budgets could be years away, Medora Lee reports, because of the cumulative effect of inflation. |
Even with annual inflation cooling to the lowest level since February 2021 and wages rising faster, low- and middle-income Americans are barely covering their essentials, economists say. |
When inflation slows, it only means prices aren't rising as quickly, not that prices are declining. So, Americans continue to pay higher prices for everyday needs. |
And about those credit cards. . . |
Interest rates are coming down, but credit card rates remain stubbornly high. |
The average credit card rate is 20.51%, Bankrate reports. That's a hair below the all-time record, 20.79%, set in August. |
Card rates are so high, in part, because of the Federal Reserve. The central bank raised rates dramatically in 2022 and 2023 to fight surging inflation. But that's not the only reason. |
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Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Key economy measures like gas prices and mortgage rates give Harris an edge in the election, computer says. But inflation may make this time different | | | | The inflation shock of 2021-22 will have a lasting impact on how low- and middle-income Americans spend money, economists say. | | | | Interest rates are coming down, but credit card rates remain stubbornly high. We'll explain why. | | | | People can grow their wealth without having to be experts. | | | | How do you ask about the endless kid fundraisers? How do you say no to those requests? | | | | The Department of Transportation's new refund rules for delayed and canceled flights are now fully in effect. Here's what to know. | | | | USA TODAY asked Disney Experiences Chairman Josh D'Amaro about some big changes that aren't sitting well with some park fans. | | | | The holidays can be a stressful time for your wallet. These tips will help you not break your budget this holiday season. | | | | Retirees in these states should celebrate having no state taxes while also being aware of the federal tax implications. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
