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Bank Of America To Pay Record $16.65 Billion To Settle Mortgage Claims

WASHINGTON (MCT) — Bank of America Corp. has agreed to pay $16.65 billion to end federal and state investigations into the sale of toxic mortgage securities during the subprime housing boom, the largest settlement by a single company in U.S. history, the Justice Department said Thursday. The settlement includes $9.65 billion in fines and $7 […]

Fed Minutes Signal Growing Pressure To Raise Interest Rates Sooner

WASHINGTON (MCT) — Federal Reserve officials at their last policy meeting debated an earlier-than-expected move in raising interest rates, suggesting the central bank may be shifting to a more aggressive stance in light of the recent pick-up in job growth and inflation. Although Fed officials remain divided in their assessment of the labor market, the […]

Minnesota Restaurant Chain Backs Off Employee Tip Fee

ST. PAUL, Minn. (MCT) — A Minnesota restaurant chain no longer plans to take a cut out of its servers’ tips to offset the state’s higher minimum wage. In the face of blistering community backlash, the St. Paul-based Blue Plate restaurant chain announced Wednesday that it will resume paying a 2 percent credit card fee […]

Food Stamp Use Shows Continued ‘Underemployment’ Pain

Food Stamp Use Shows Continued ‘Underemployment’ Pain

A key indicator of economic hardship — enrollment in the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps — is higher in every state than it was five years ago, even though unemployment has dropped in every state during the same period.

Cost To Raise A Child Rises To More Than $245,000

Cost To Raise A Child Rises To More Than $245,000

(MCT) — The cost for a middle-income family to raise a child born in 2013 to age 18 rose to $245,340, up 1.8 percent from the previous year, according to a government report released Monday. Housing comprised the largest expense at 30 percent, followed by child care and education (18 percent), food (16 percent), and […]

Middle-Class Shoppers More Sensitive To Back-To-School Supply Costs

Middle-Class Shoppers More Sensitive To Back-To-School Supply Costs

WEST MILWAUKEE, Wis. (MCT) — The giant pencil cutouts screaming “One Big Sale Here” throughout the Target store are a dead giveaway: This is the country’s second-biggest shopping season. And for the great majority of Americans, the annual back-to-school extravaganza is unfolding across an increasingly price-sensitive landscape. Cash-strapped, middle-class parents are being economically challenged by […]

More Than A Third Of Americans Have Saved Nothing For Retirement

More Than A Third Of Americans Have Saved Nothing For Retirement

(MCT) — More than a third of Americans have no retirement savings, and millennials feel more financially secure than other age groups despite being the least likely to have socked away any cash for their golden years, a new survey shows. Bankrate.com, a publisher of personal finance content, found that on average 36 percent of […]

Jobless Claims Jump To 6-Week High, But Remain Relatively Low

Jobless Claims Jump To 6-Week High, But Remain Relatively Low

(MCT) — Initial applications for unemployment benefits rose more than expected last week, but still hovered at pre-recession levels. Claims for jobless benefits increased 21,000 from the prior week to 311,000, the Labor Department said Thursday. Economists had expected an increase to 295,000 during the week ended Aug. 9. Last week’s applications jumped to a […]

Eurozone Economy Stalls, Adding New Worries For American Recovery

Eurozone Economy Stalls, Adding New Worries For American Recovery

(MCT) — The Eurozone’s feeble recovery came to an outright halt in the second quarter, the latest in a batch of disappointing global economic indicators that have clouded the prospects for American growth. Economic output in the 18-nation euro area stalled in the April-June period, after four quarters of tiny gains, Eurostat, the European Union’s […]

Fantasy Football May Cost $13 Billion In Lost Productivity, Firm Estimates

(MCT) — Fantasy football may cost employers more than $13 billion in lost productivity as millions of Americans who spend the season helming imaginary football teams spend work hours reviewing player statistics and managing their pretend rosters. Chicago-based outplacement consultancy Challenger, Gray & Christmas, which calculated the estimate, emphasized that it “fully acknowledges the absurdity” […]

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