More older Americans are leaving the workforce, and a new report suggests rising stock market wealth could be helping drive the trend.
More older Americans are leaving the workforce, and a new report suggests rising stock market wealth could be helping drive the trend.
(LILAMAX)- More older Americans are leaving the workforce, and a new report suggests rising stock market wealth could be helping drive the trend.
According to Bank of America Securities, the labor force participation rate among Americans 55 and older never fully recovered from its pandemic-era decline and has continued to fall.
The bank says the trend could be connected to the more than 35% increase in the S&P 500 over the past two years, which has boosted the wealth of Americans with significant investments.
Meanwhile, supermarkets across the country are closing underperforming locations as competition in the grocery industry increases.
Kroger has announced store closures, while Safeway is also closing a number of locations after parent company Albertsons announced plans to reduce its footprint. Discount chains Aldi and Lidl have added to competition in the U.S. grocery market.
On Wall Street, stocks finished mixed after July inflation data came in without major surprises. Artificial intelligence-related stocks moved higher following strong earnings from some companies in the sector.
A new survey is also highlighting the financial pressure parents face during back-to-school season.
The Talker Research survey, conducted on behalf of Beyond Finance, found nearly one in 10 parents surveyed have gambled in an effort to get money for their children’s school supplies. Others reported selling belongings or taking out loans to cover back-to-school expenses.
Drivers are also facing higher costs at the pump.
The national average for regular gasoline reached $4.03 per gallon Wednesday, according to AAA. That’s about 16 cents higher than a month ago and marks the highest gasoline prices on record for this time of year.
