How fed rate hikes affect your finances, Employers are vigorously hiring, and more business news ICYMI

Check out this week’s Business Briefs, an encompassing look at top business news this week from the Associated Press, with a special spotlight on national business and the economy.

Salary transparency laws aim to combat pay disparities

NEW YORK (AP) — Starting this week, job-seekers in New York City will have access to a key piece of information: how much money they can expect to earn for an advertised opening. New York will require employers as of Nov. 1 to disclose “a good faith salary range for every job, promotion, and transfer opportunity advertised,” according to the city’s Commission on Human Rights. Similar salary transparency laws are being adopted by a small but growing number of cities and states across the country in an effort to address pay disparities for women and people of color.

Full story here:

On election eve, the state of the US economy is a blurry one

WASHINGTON (AP) — Help-wanted signs are everywhere. Employers are posting nearly two job openings for every unemployed American. Hiring is on track for its second-strongest year in government records dating to 1940. And the economy grew solidly over the summer. From certain angles, the nation’s economic picture looks like a healthy one. But the scene is being photo-bombed by an unsightly intruder: Chronically high inflation. Surging prices are straining family budgets and inflicting hardship on the most economically disadvantaged households. What’s more, the Federal Reserve’s drive to tame inflation through much higher interest rates is raising the risk of a recession by next year. With voting underway in the midterm congressional elections, America’s economy is in a confusing place.

Full story here:

How steep fed rate hikes affect your finances

NEW YORK (AP) — Mortgage rates continue to jump, home sales slump and credit cards and auto loans increase. Savings rates are slightly juicier, though. As the Federal Reserve rapidly increases interest rates, many economists say they fear that a recession remains inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation. Wednesday, the Federal Reserve is expected to raise its key short-term rate by three-quarters of a point for a fourth straight time, even as its previous rate increases are being felt by households at all income levels.

Full story here: 

Inflation puts tighter squeeze on already pricey kids sports

Sticker shock in youth sports is nothing new, but the onslaught of double-digit inflation across America this year has added a costly wrinkle on the path to the ballparks, swimming pools and dance studios across America. It has forced some families to scale back the number of seasons, or leagues, or sports that their kids can play in any given year, while motivating league organizers to become more creative in devising ways to keep prices down and participation up. Everyone from football coaches to swim-meet coordinators are struggling to to find less-expensive ways of keeping families coming through the doors.

Full story here:

US employers are hiring briskly even in face of rate hikes

WASHINGTON (AP) — America’s employers kept hiring vigorously in October, adding 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation. Hiring was brisk across industries, though the overall gain declined from 315,000 in September. The unemployment rate rose from a five-decade low of 3.5% to a still-healthy 3.7%. The government also said average hourly pay, on average, rose 4.7% from a year ago, a smaller year-over-year gain than in September. A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates at the fastest pace since the 1980s to try to bring inflation down from near a 40-hear high.

Full story here: