Morning Report: IRS issues fifteen billion in refunds
The IRS has issues nearly eight million refunds, adding up to about fifteen billion dollars. As of February third, the average amount for a refund was $1,963. This is down from the average of $2,201 last February. The average refund amount may change again before the April 18th deadline as the IRS continues to process more returns.
A new report from Redfin shows the rent situation is gradually improving for young adults. With rental price growth slowing, the market is more forgiving for young adults taking on new leases. Even some of the hottest rental markets are now seeing price declines.
High cost of living continues to put American households under severe financial strain. Sky-high grocery bills, rent, utilities, and gas prices increased in January. Housing, which jumped up by eight percent, was “by far the largest contributor” to the monthly rise of inflation. According to the AAA, gas prices also increased in January by thirty cents. Egg prices followed suit and skyrocketed by a whopping seventy percent.
Amazon has intentions of “doubling down” on its physical grocery business when the company lands on the format it likes. Executives told the Financial Times that the company was “experimenting with selection, checkout formats, assortment, price points.”