Going to be a nice weekend in New York’s Finger Lakes…hope it’s just as nice wherever you are…
Here’s the good stuff that happened this week…
Jobs and increasing wages
The economy is booming…adding over a quarter million jobs in May, continuing 41 consecutive months of job gains.
Wages increased over 4% year over year, driven mostly by the service sector.
Inflation’s dropping
Fox news reported “inflation cools more than expected in May” yesterday…the producer price index fell 2/10ths of a point, the biggest drop since October. (Producer prices are inflation measures at the wholesale level – before it reaches consumers)
The biggest driver???
Gas prices plummeted 7.1%.
Medical debt
The Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans.
The rule will:
- strip medical bills from most credit reports,
- increase privacy protections,
- help to increase credit scores and loan approvals, and
- prevent debt collectors from using the credit reporting system to coerce people to pay.
The CFPB was created to help consumers, and it has been remarkably effective. Bookmark the site for help with bank issues, junk fees, mortgage problems, credit card fees, auto loans…
What does this mean for you?
More dollars in families’ pockets and more jobs + better debt ratings = happier people.
