Tuesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines.
Survey: Most Americans oppose raising retirement age
A Quinnipiac University national poll of adults found that 78% of respondents are opposed to proposals that would raise the full retirement age for Social Security benefits from 67 to 70.
The trustees who oversee Social Security and Medicare have reported that the surplus in the trust fund that’s used to pay out a portion of benefits will run out sometime in 2034.
Also, the top personal financial concern for respondents between the ages of 50 to 64 was saving for retirement.
Poll: 8% of workers don’t feel recognized
Although Labor Day’s core mission is to celebrate workers’ contributions to America, 46% in a recent poll said they feel “somewhat recognized” at work, while 8% said they don’t feel recognized at all.
That’s according to a recent OnePoll survey of 2,000 American adults ahead of Labor Day.
The Gen X and Boomer generations, however, had similar worries when it came to lack of job security and wage gaps.
Regarding pay disparities, 73% of all adults agree the gender wage gap is still very real.
Credit card, car loan defaults hit 10-year high
Americans are defaulting on their credit cards and auto loans at levels not seen since the financial crisis.
This year, credit card delinquencies have hit 3.8%, while 3.6% have defaulted on their car loans, according to credit agency Equifax.
Low- and middle-income earners have been especially hit hard by soaring prices on everything from rent, groceries, and new and used cars.
Ukraine grain deal will not be renewed
The Ukraine grain deal is not being renewed even though talks to do so took place over the weekend.
The leaders of Russia and Turkey, instead, confirmed plans to send 1 million tons of Russian grain via Turkey to African nations concerned the disruptions would raise food prices. Uncertainty about the future of supplies from Ukraine has contributed to weeks of volatility in global wheat prices.
Stock Update
The Dow closed more than 100 points higher to kick off September. The latest jobs report showed the unemployment rate ticked higher to 3.8% in August, reaching its highest level in more than a year.