Inflation is causing 44% of daters to go on fewer dates.
ICYMI: Inflation Is Causing 44% Of Daters To Go On Fewer Dates |
In case you missed it, inflation is affecting the love lives of millions of Americans. Nearly half (44%) of Americans who are on the dating scene say they are going on fewer dates because of rising costs, according to a new survey from The Balance. With inflation at a 41-year high of 9.1%, it's no wonder that love is taking a back seat to other necessities like food and clothing. But while nearly all (90%) of the daters surveyed by The Balance said that inflation has impacted their dating life, it doesn't necessarily mean they're not dating at all. Of those we asked, 1 in 3 say they are more likely to meet virtually as opposed to in-person because of rising costs. For those who are meeting up outside the house, more than a third are trying to fight inflation by spending less on dates. In fact, 40% said they are more likely to suggest free activities instead of costlier outings like dinner and a movie, making it the second most common response to inflation among daters in the survey. Inflation is now forcing Americans—dating or not—to tighten their purse strings. Nearly 60% of adults in the U.S. surveyed by The Balance say they are spending less money on activities such as movies, concerts, and sporting events. -Kristin |
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The Federal Reserve's preferred measure of inflation is the Personal Consumption Expenditures (PCE) Price Index. The Fed focuses on the "core inflation" rate in the PCE Price index that excludes volatile food and energy prices. Those prices move up and down too quickly to give an accurate fix on underlying inflation. The Fed then uses that number to help it determine what action to take to keep inflation at an annual target of 2%. The PCE Price index rose 1% in June, up from May's gain of 0.6%, and 6.8% from last year, the biggest annual jump since January 1982. The "core" PCE rate rose 0.6% last month, up from 0.3% in May, and 4.8% higher than June 2021. As we have all been experiencing for months, costs are rising. Earlier this week, the Federal Reserve raised interest rates another three-quarters of a percentage point to fight these rising costs and bring the core inflation rate down to the target 2%. |
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While most estates will not have to file a federal estate tax return or pay any federal estate taxes, some states that do levy state taxes raised exemptions in 2021. If it's been several years since you last reviewed your estate plan, those strategies may potentially need to be reviewed and updated to suit today's tax environment. Here are the states where the residents (or beneficiaries of a deceased person who owns real estate in one of these states), may owe state estate taxes. |
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Another key measure of inflation jumped more than economists expected.
A report out this morning from the Bureau of Economic Analysis showed the Federal Reserve's preferred inflation metric, personal consumption expenditures (PCE), surged more than economists had expected last month, telling us all what we already knew: Costs are rising. The PCE price index increased 1% in June, up from May's gain of 0.6%, and jumped 6.8% from last year. That's its biggest annual jump since January 1982. The "core" rate, which excludes more volatile food and energy prices, rose 0.6% last month, up from 0.3% in May and was 4.8% higher than a year ago. Meanwhile, personal incomes rose by 0.6%—higher than expected. That might seem like some good news, but still leaves room for concern, as prices are rising faster than incomes, impacting our ability to save. The personal savings rate stood at 5.1%, down from 5.5% in May. The personal savings rate has been steadily declining since earlier this year when the rate stood at 5.8%. At the end of last year, that rate was nearly 9%. In other words, savings rates are shrinking as Americans are forced to shell out more money to buy necessities like groceries. And that's not a good thing. As prices rise, you may want to reevaluate your budget and adjust spending so that you're still able to save enough for an emergency, and pay down any debt you might have now as higher interest rates make borrowing more expensive. And if you're particularly concerned about job security, reconsider any large purchases you might want to make. - Kristin |
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Although they both measure inflation, there are some subtle differences between the PCE Price Index and the Consumer Price Index (CPI). For example, the PCE Price Index uses data from the Gross Domestic Product report and businesses, while the CPI uses data from household surveys the Bureau of Labor Statistics creates. It surveys around 14,500 families and collects prices for about 80,000 consumer items. The CPI includes sales taxes but not income taxes.
The "core" PCE Price Index excludes more volatile food and energy prices and is the preferred gauge of inflation for the Federal Reserve, which targets an inflation rate of 2%. If it is above 2%, the Fed will increase interest rates and use its other tools to cool consumer demand.
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