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Social Security benefits to jump by 8.7% following year

Social Security benefits to jump by 8.7% following year

WASHINGTON (AP) — Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023, a famous grow nevertheless a gain that will exist eaten up inside small part by the rising cost of done every one day living.

The cost-of living adaptation — the largest inside additional than 40 years — means the signify recipient will receive additional than $140 additional a month beginning inside January, the Social Security Administration said Thursday.

While Social Security recipients welcomed the good increase, numerous said it wasn't sufficient to cover the impact of inflation.

It's "not a a large amount of help," said 85-year-old Shirley Parker, who lives inside Chatham on Chicago's South Side,

Home maintenance costs accompanied by every one one other accompanied by high grocery prices are cutting steeply into her budget. "Food is ridiculous. I go nearer not here accompanied by a bag filled of groceries — $50 — don't have concerning 10 items," she said.

The Social Security COLA was established to assist seniors accompanied by every one one other accompanied by other recipients manage the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services How well it does depends on what inflation does going forward.

A separate management report Thursday showed inflation newly accelerating. The Consumer Price Index rose 0.4 percent for September following fair 0.1 percent inside August accompanied by every one one other accompanied by is up 8.2 percent for the past 12 months. Jobless claims for unemployment benefits rose for the week.

The merchandise market opened foot on the inflation news, nevertheless recovered by middday..

The Social Security Administration said the estimated signify monthly Social Security good for all former workers will exist $1,827 starting inside January, according to an agency fact sheet.

The boost inside Social Security benefits will exist coupled accompanied by a 3% permit let fall inside Medicare Part B premiums, meaning retirees will obtain the filled impact of Social Security increase.

"This year's substantial Social Security cost-of-living adaptation is the earliest hour dated inside over a decade that Medicare premiums are not rising accompanied by every one one other accompanied by shows that we tin provide additional support to older Americans who count on the benefits they have earned," said Social Security Administration's Acting Commissioner Kilolo Kijakazi.

Colby Nelson, a spokesperson for the AARP, said the benefits grow "will provide a a large amount of needed reassurance to millions of Americans." He called the yearly cost-of-living grow "more crucial than at some hour dated while high inflation remains a strain for older Americans."

Several management indexes show that inflation hits older Americans harder than the relax of the population. Medical costs are a large small part of the burden.

The Social Security announcement comes fair weeks earlier to the midterm elections, accompanied by every one one other accompanied by at a hour dated when Democrats accompanied by every one one other accompanied by Republicans are sparring concerning high prices now accompanied by every one one other accompanied by how finest to shore up the program financially inside the future.

President Joe Biden has pledged to retain protected from danger both Social Security accompanied by every one one other accompanied by Medicare. "I'll build them stronger," he said last month. "And I'll foot your cost to exist intelligent to retain them."

William Arnone, leader administrative of the National Academy of Social Insurance, an advocacy organization for Social Security, said the Thursday announcement is "no spring for celebration," since the good will not assist all recipients catch up to the impact of inflation, mostly if cost increases convey on accompanied by inside 2023.

"There's by that hour dated indications that healthcare inflation is going to exist into with every one other accompanied by not here of the roof following year," Arnone said.

Margaret Toman, a 78-year-old inside Garner, North Carolina, who had stopped employed to lay clasp of protected from danger keeping of her mother who has since died, described the 8.7% grow while "quite stingy."

"I exist convinced by most of us who are older receiving Social Security are thankful for that Social Security," she said. "But that gratitude occasionally covers up or replaces a sure be in touch of annoyance at having paid into a system for so lengthy accompanied by every one one other accompanied by still struggling to survive."

About 70 million people — including retirees, disabled people accompanied by every one one other accompanied by children — receive Social Security benefits. This will exist the biggest grow inside benefits that infant boomers, those born inside the centre of the years 1946 accompanied by every one one other accompanied by 1964, have at some hour dated seen. The last hour dated a COLA was higher was inside 1981, at 11.2%.

Willie Clark, 65, of Waukegan, Illinois, says his budget is "real tight" accompanied by every one one other accompanied by the grow inside his Social Security disability benefits could inside attendance accompanied by him some breathing space to cover the cost of the family expenses he's been holding off on.

Still, he doubts how a a large amount of of the additional money will extremity up inside his pocket. His hire inquire inside remittance inside an apartment building subsidized by the U.S. Department of Housing accompanied by every one one other accompanied by Urban Development is based on his income, so he expects that will rise, too.

Social Security is financed by payroll taxes collected from workers accompanied by every one one other accompanied by their employers. The greatest amount of income theme to Social Security payroll taxes for 2023 is $160,200.

The financing setup dates to the 1930s, the brainchild of President Franklin D. Roosevelt, who believed a payroll tax would foster among signify Americans a sensory ability of ownership that would retain protected from danger the program from political interference.

Next year's higher payout, lacking an accompanying grow inside Social Security contributions, could place additional pressure on a system that's facing a severe shortfall inside coming years.

The yearly Social Security accompanied by every one one other accompanied by Medicare trustees report released inside June says the program's trust fund will exist unable to pay filled benefits beginning inside 2035.

If the trust fund is depleted, the management will exist intelligent to pay only 80% of scheduled benefits, the report said. Medicare will exist intelligent to pay 90% of total scheduled benefits if the fund is depleted.

In January, a Pew Research Center poll showed 57% of U.S. adults saying that "taking steps to build the Social Security system financially sound" was a top priority for the president accompanied by every one one other accompanied by Congress to address this year. Securing Social Security got bipartisan support, accompanied by 56% of Democrats accompanied by every one one other accompanied by 58% of Republicans calling it a top priority.

Inflation

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Some solutions for reforming Social Security have been proposed — nevertheless none has moved forward inside a sharply partisan Congress.

House Speaker Nancy Pelosi said Thursday the COLA announcement is a reminder that "extreme MAGA Republicans are publicly plotting new schemes to slash seniors' benefits accompanied by every one one other accompanied by lift their costs – including by menacing to spring an monetary catastrophe by holding the invoice boundary hostage for their toxic agenda."

Earlier this year, Sen. Rick Scott, R-Fla., issued a comprehensive scheme that would need Congress to go nearer up accompanied by a proposal to adequately fund Social Security accompanied by every one one other accompanied by Medicare or potentially phase them out.

Senate Minority Leader Mitch McConnell, R-Ky., publicly rebuked the scheme accompanied by every one one other accompanied by Biden has used Scott's proposal while a political bludgeon opposed to Republicans ahead of midterm elections.

"If Republicans inside Congress have their way, seniors will pay additional for prescription drugs accompanied by every one one other accompanied by their Social Security benefits will never exist secure," Jean-Pierre said.

___

Claire Savage inside Chicago accompanied by every one one other accompanied by Hannah Schoenbaum inside Raleigh, North Carolina, contributed to this report.

Follow the AP's coverage of inflation: https://apnews.com/hub/inflation

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On Thursday, Oct. 13, 2022, the U.S. management is place to announce what's inside effect sure to exist the largest grow inside Social Security benefits inside 40 years. The boost is meant to permit beneficiaries to retain up accompanied by inflation, accompanied by every one one other accompanied by prosperity of disagreement surrounds the move. (AP Photo/Andres Kudacki, File)\u003c/p>","order":6,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5001500150015,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/9f625a8c288a48988a5d8cf75464b221/","embedCaption":null,"uploaded":true,"flattenedCaption":"FILE - A male shops at a supermarket on Wednesday, July 27, 2022, inside New York. On Thursday, Oct. 13, 2022, the U.S. management is place to announce what's inside effect sure to exist the largest grow inside Social Security benefits inside 40 years. The boost is meant to permit beneficiaries to retain up accompanied by inflation, accompanied by every one one other accompanied by prosperity of disagreement surrounds the move. (AP Photo/Andres Kudacki, File)","updated":"2022-10-13T17:13:27.149119","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security Increase Explainer","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"audioMedia":[],"mediumIds":["9f625a8c288a48988a5d8cf75464b221"],"mediaCount":1,"published":"2022-10-12 15:19:52","tags":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-politics","name":"Politics","canonicalName":"politics","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-lifestyle","name":"Lifestyle","canonicalName":"lifestyle","isPr":false,"isSuppressed":true},{"id":"apf-topnews","name":"AP Top News","canonicalName":"ap-top-news","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Governmentandpolitics","name":"Government accompanied by every one one other accompanied by politics","canonicalName":"government-and-politics","isPr":false,"isSuppressed":false}],"updated":"2022-10-13 13:21:08","title":"US-Social Security Increase-Explainer","contentSponsor":null,"layoutType":"Small Photo","stackedStory":false,"notificationId":null,"eyebrow":null,"richEmbeds":[{"id":"afs:Card:386669778972","tag":null,"type":"Hub Peek","calloutText":null,"displayName":null,"leadHubLink":null,"richEmbedDetail":{"data":4,"rule":"seo","style":"Column List"},"isPermanentlyPlaced":null}],"sponsored":false,"contentBundle":null,"movieTitle":null,"immersiveUrl":null,"embedRatio":null,"embedType":null,"pullQuoteObjs":[],"dateline":null,"leadVideoAutoEmbed":false,"flattenedFirstWords":"NEW YORK (AP) — Tens of millions of older Americans are getting the biggest lift of their lifetimes. The U.S. management announced Thursday that Social Security beneficiaries will see an 8.7% incr...","isTpContent":false,"socialEmbeds":[],"isPrContent":false,"storyHTML":"\u003cp>NEW YORK (AP) — Tens of millions of older Americans are getting \u003ca href=\"https://apnews.com/article/social-security-cola-increase-8778d4aa9da4102edc79762ea622196f\">the biggest lift of their lifetimes\u003c/a>. \u003c/p>\u003cp>The U.S. management announced Thursday that Social Security beneficiaries will see an 8.7% grow inside monthly payments this upcoming year, the largest grow inside quartet decades. It's all small part of an yearly ritual where Washington adjusts Social Security benefits to \u003ca href=\"https://apnews.com/article/inflation-business-prices-consumer-aed3121e4d5e3ec37cf1591995f13ce0\">keep up accompanied by inflation\u003c/a>, or at least accompanied by one small measure of it. \u003c/p>\u003cp>Plenty of disagreement accompanies the move, known while a cost-of-living adaptation or COLA. Critics speak the facts the management uses to place the grow doesn't reflect what older Americans are actually spending, accompanied by every one one other accompanied by consequently \u003ca href=\"https://apnews.com/article/inflation-health-economy-prices-pets-5e6ab45eb6e3e316a89158bb630a9835\">the inflation they're actually feeling\u003c/a>. The grow is excessively one-size-fits-all, which means beneficiaries obtain the same lift anyway of where they exist or how large a nest ovum they may have. \u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>Here's a look at what's happening:\u003c/p>\u003cp>WHAT'S THE BIG DEAL?\u003c/p>\u003cp>More than 65 million Social Security beneficiaries will obtain an increase. The signify recipient will receive additional than $140 additional a month beginning inside January, according to estimates released by the Social Security Administration. \u003c/p>\u003cp>WHAT DO BENEFICIARIES HAVE TO DO TO GET IT? \u003c/p>\u003cp>Nothing. \u003c/p>\u003cp>WILL THIS BE THE BIGGEST INCREASE EVER?\u003c/p>\u003cp>No, nevertheless it's the heftiest inside 40 years, which is longer than the vast majority of Social Security beneficiaries have been getting payments. In 1981, the grow was 11.2%. \u003c/p>\u003cp>WHEN WILL THE BIGGER PAYMENTS BEGIN? \u003c/p>\u003cp>January. They're excessively permanent, accompanied by every one one other accompanied by they compound. That means the following year's percentage increase, whatever it ends up being, will exist on top of the new, larger remittance beneficiaries obtain following this most recent raise. \u003c/p>\u003cp>HOW BIG WAS THIS PAST YEAR'S INCREASE?\u003c/p>\u003cp>5.9%, which itself was the biggest inside almost quartet decades.\u003c/p>\u003cp>WHAT'S THE TYPICAL INCREASE? \u003c/p>\u003cp>Since 2000, it's averaged 2.3% while inflation remained remarkably tame into with every one other accompanied by not here of all kinds of monetary swings. During some of the toughest years inside that stretch, the bigger fret for the affluence was actually that inflation was running excessively low.\u003c/p>\u003cp>Since the 2008 monetary crisis, the U.S. management has announced zero increases to Social Security benefits trio times since inflation was so weak.\u003c/p>\u003cp>SO THE INCREASE IS TO MAKE UP FOR INFLATION?\u003c/p>\u003cp>That's the intent. As Americans have become painfully aware over the past year, every one one \u003ca href=\"https://apnews.com/article/inflation-russia-ukraine-covid-health-government-and-politics-999a756b89b09b65d335856cf570737e\">$1 doesn't go while a lengthy way at the grocery store\u003c/a> while it used to. \u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>HAS SOCIAL SECURITY ALWAYS GIVEN SUCH INCREASES?\u003c/p>\u003cp>No. The earliest American to obtain a monthly retirement inspect from Social Security, Ida May Fuller from Ludlow, Vermont, got the same $22.54 monthly good for 10 years. \u003c/p>\u003cp>Automatic yearly cost-of-living adjustments didn't begin for Social Security until 1975, following a rules with every one other accompanied by regulations passed inside 1972 requiring them. \u003c/p>\u003cp>HOW IS THE SIZE OF THE INCREASE SET?\u003c/p>\u003cp>It's tied to a measure of inflation called the CPI-W index, which tracks what kinds of prices are actuality paid by urban pay earners accompanied by every one one other accompanied by clerical workers. \u003c/p>\u003cp>More specifically, the grow is based on how a a large amount of the CPI-W increases from the summer of one year to the next. \u003c/p>\u003cp>IS THAT THE INFLATION MEASURE EVERYONE FOLLOWS?\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>No. People normally pay additional watching to a a a large amount of broader measure of inflation, the CPI-U index, which covers all urban consumers. That covers 93% of the total U.S. population. \u003c/p>\u003cp>The CPI-W, meanwhile, covers only concerning 29% of the U.S. population. It has been around longer than the CPI-U, which the management began compiling only following the legislation that required Social Security's yearly increases exist linked to inflation. \u003c/p>\u003cp>IS THAT WEIRD?\u003c/p>\u003cp>Yes, accompanied by every one one other accompanied by some critics have argued for years that Social Security should alter to a different measure, one that's pegged to older people inside particular. \u003c/p>\u003cp>Another experimental index, called CPI-E, is supposed to provide a better reflection of how Americans aged 62 accompanied by every one one other accompanied by above pay not here their money. It has historically shown higher rates of inflation for older Americans than the CPI-U or CPI-W, nevertheless it has not taken hold. Neither have other measures compiled by organizations outer external outside the management that hope to show how inflation affects older Americans specifically. \u003c/p>\u003cp>Recently, the CPI-E has shown a small part milder inflation than CPI-W or CPI-U.\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>WHY NOT USE ONE OF THOSE OTHER INDEXES?\u003c/p>\u003cp>To calculate the CPI-E, the management pulls from the same look at facts used to measure the broad CPI-U. But there are relatively few older households inside that facts set, meaning it may not exist the most accurate. \u003c/p>\u003cp>All indexes inside attendance accompanied by fair a rough approximation of what inflation really is. But the additional pressing exist courageous sufficient may exist that if the management switched to a different index, one that showed higher inflation for older Americans, Social Security would have to pay not here higher benefits. \u003c/p>\u003cp>That inside turn would signify a faster drain on Social Security's trust fund, which looks to sprint empty inside a little additional than a decade at its contemporaneous pace.\u003c/p>\u003cp>HOW IS THE SIZE SET FOR SOCIAL SECURITY BENEFITS?\u003c/p>\u003cp>Through a complicated formula that takes into description some factors, including how a a large amount of a employee made inside their 35 highest-earning years. Generally, those who made additional money accompanied by every one one other accompanied by those who carry on accompanied by to exist longer to begin getting Social Security obtain larger benefits, up to a point. \u003c/p>\u003cp>This year, the greatest allowed good for someone who former at filled retirement number of years is $3,345 monthly. \u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>WILL RICH PEOPLE GET THE SAME BOOST IN SOCIAL SECURITY?\u003c/p>\u003cp>Yes. Everyone gets the same percentage increase, whether they have millions of dollars inside retirement savings or are fair scraping by. \u003c/p>\u003cp>IF THE INCREASE IS BASED ON INFLATION IN URBAN AREAS, WILL PEOPLE IN RURAL AREAS GET THE SAME BOOST?\u003c/p>\u003cp>Yes.\u003c/p>\u003cp>"The COLA doesn't lay clasp of into description where you exist or your real spending patterns," said William Arnone, CEO of the National Academy of Social Insurance. \"For some people, it's an overstatement of cost of living for, say, small towns inside the Midwest versus urban areas exist fond of New York, D.C. or Chicago. With numerous older people choosing to exist inside suburban areas or rural areas, some will good more" than others from the same-sized increase.\u003c/p>\u003cp>DO BIGGER PAYOUTS NOW MEAN SMALLER PAYOUTS IN THE FUTURE?\u003c/p>\u003cp>The expected grow is great report for every one one beneficiary accompanied by every one one other accompanied by for the businesses around them that could see additional inside sales. But it excessively means the Social Security system will pay not here additional money sooner, which tin add additional strain on its trust fund.\u003c/p>\u003cp>One year of large increases driven by inflation won't drain the system by itself, nevertheless it's by that hour dated been heading inside the way of an unsustainable future. The latest yearly trustees report for Social Security said its trust funds that pay not here retirement accompanied by every one one other accompanied by survivors accompanied by every one one other accompanied by disability benefits will exist intelligent to pay scheduled benefits on a timely footing until 2035. After that, incoming money from taxes will exist sufficient to pay 80% of scheduled benefits. \u003c/p>\u003cp>WILL THIS MAKE INFLATION WORSE? \u003c/p>\u003cp>It will place \u003ca href=\"https://apnews.com/article/inflation-business-government-and-politics-4727d63afa3667d5c792a288f63b4ac2\">more money inside the hands of people\u003c/a> who mostly really need it, accompanied by every one one other accompanied by they're extremely probable to use it. That will feed additional fuel into the economy, which could retain upward pressure on inflation.\u003c/p>\u003cp>Social Security's boost, though, will have a smaller impact on the affluence than past stimulus packages provided by Washington, snarls inside inside attendance accompanied by chains caused by worldwide shutdowns of businesses or other factors that economists speak are behind the worst inflation inside decades. \u003c/p>\u003cp>SO EVERYTHING'S GOING TERRIBLY?\u003c/p>\u003cp>The chance of a recession seems to grow by the day, nevertheless numerous economists expect inflation to go nearer down while interest-rate hikes lay clasp of effect accompanied by every one one other accompanied by inside attendance accompanied by chains convey on accompanied by to improve. \u003c/p>\u003cp>Economists at Deutsche Bank, for example, expect inflation to ease from 8.2% this past August to 7.2% inside the last trio months of this year. In 2023, they see it dropping to 3.9% inside the following fifty per cent of of the year. \u003c/p>\u003cp>This is answer for numerous Social Security beneficiaries. That would signify the COLA they receive this upcoming year would exist bigger than \u003ca href=\"https://apnews.com/article/inflation-business-economy-government-and-politics-99e965cd685c48ede5b412dbb5c0e95f\">the inflation they're be in touch at the moment\u003c/a>. That would assist build up for this past year, where real inflation a lengthy way outstripped the cost-of-living grow they got inside January 2022. \u003c/p>","alertLinkDateTime":"2022-10-12 23:03:29","storyLayout":{},"reporters":[],"headlinePlacement":null,"relatedStoryEmbeds":[],"disableNativo":false,"tagIds":["Inflation","apf-politics","apf-business","apf-lifestyle","apf-topnews","Economy","Prices","Governmentandpolitics"],"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-politics","name":"Politics","canonicalName":"politics","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-lifestyle","name":"Lifestyle","canonicalName":"lifestyle","isPr":false,"isSuppressed":true},{"id":"apf-topnews","name":"AP Top News","canonicalName":"ap-top-news","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Governmentandpolitics","name":"Government accompanied by every one one other accompanied by politics","canonicalName":"government-and-politics","isPr":false,"isSuppressed":false}]}],"disclaimerText":null,"dividerColor":"#000000","expandedStoryCount":null,"feed":[],"headlineWidget":false,"hubPeekLinkText":null,"hubPeekTagId":null,"hubPeekTagName":null,"hubPeekCanonicalName":null,"hubPeekIsPr":null,"minimizedStoryCount":null,"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-politics","name":"Politics","canonicalName":"politics","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-lifestyle","name":"Lifestyle","canonicalName":"lifestyle","isPr":false,"isSuppressed":true},{"id":"apf-topnews","name":"AP Top News","canonicalName":"ap-top-news","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Governmentandpolitics","name":"Government accompanied by every one one other accompanied by politics","canonicalName":"government-and-politics","isPr":false,"isSuppressed":false}],"textColor":"#000000","layoutType":"null","customLayoutType":"null","styleName":null,"endDateTime":null,"teamLimit":25,"medalCounts":null,"medalsUpdated":null,"olympicYear":null,"notificationUrl":null,"notificationText":null,"notificationTitle":null,"notificationType":null,"notificationUpdated":null,"adUnits":{},"displayPositionHome":null,"displayPositionApp":null,"featuredCard":null,"publishedDate":"2022-10-12 15:19:54","enableTblRegion":false},{"id":"urn:publicid:ap.org:aed3121e4d5e3ec37cf1591995f13ce0","shortId":"urn:publicid:ap.org:aed3121e4d5e3ec37cf1591995f13ce0","allowAd":true,"borderColor":null,"brackets":null,"bracketsSettings":null,"cardTitle":null,"embedCardTitleColor":null,"cardHeadline":null,"cardType":"Wire Story","collectionTagObjs":null,"contents":[{"id":"urn:publicid:ap.org:aed3121e4d5e3ec37cf1591995f13ce0","shortId":"aed3121e4d5e3ec37cf1591995f13ce0","bylines":"By CHRISTOPHER RUGABER","canonicalUrl":"inflation-business-prices-consumer","contentType":"text","disableConnatix":false,"downloadSettings":{},"embedCaption":null,"embedHeight":null,"embedHTML":null,"embedLinkURL":null,"firstWords":"\u003cp>WASHINGTON (AP) — Inflation inside the United States accelerated inside September, accompanied by the cost of homes accompanied by every one one other accompanied by other necessities intensifying pressure on households, wiping not here pay gains accompanied by every one one other accompanied by ensuring that the Federal Reserve will \u003ca href=\"https://apnews.com/article/inflation-jerome-powell-unemployment-government-and-politics-96092b0d276a604b3c1e83f44b8e2ec9\">keep raising attentiveness rates aggressively.\u003c/a>\u003c/p>","hasTextOverlay":false,"headline":"Worsening inflation will pressure Fed to retain raising rates","description":null,"interactiveLinkUrl":null,"interactiveLinkUrlText":null,"language":"en","leadPhotoId":"104b31e160e646aaaa5474b212982b91","leadVideoId":null,"localLinkUrl":"https://apnews.com/aed3121e4d5e3ec37cf1591995f13ce0","localMemberName":null,"media":[{"id":"104b31e160e646aaaa5474b212982b91","type":"Photo","caption":"\u003cp>A shopper removes his purchases from his cart inside Jackson, Miss., Wednesday, Oct. 12, 2022. Any Americans hoping for reassurance from months of punishing inflation ability not see a a large amount of inside an upcoming management report on cost increases inside September. (AP Photo/Rogelio V. Solis)\u003c/p>","order":0,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/104b31e160e646aaaa5474b212982b91/","embedCaption":null,"uploaded":true,"flattenedCaption":"A shopper removes his purchases from his cart inside Jackson, Miss., Wednesday, Oct. 12, 2022. Any Americans hoping for reassurance from months of punishing inflation ability not see a a large amount of inside an upcoming management report on cost increases inside September. (AP Photo/Rogelio V. Solis)","updated":"2022-10-13T17:08:38.018990","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Consumer Prices","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"audioMedia":[],"mediumIds":["104b31e160e646aaaa5474b212982b91","ac91813f15a349239dedd5787045986e","8ce828cd18ff483cbb5798318d7219af"],"mediaCount":3,"published":"2022-10-13 04:01:25","tags":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-usnews","name":"U.S. News","canonicalName":"us-news","isPr":false,"isSuppressed":false},{"id":"UnitedStates","name":"United States","canonicalName":"united-states","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Consumerprices","name":"Consumer prices","canonicalName":"consumer-prices","isPr":false,"isSuppressed":false}],"updated":"2022-10-13 17:08:08","title":"US--Consumer Prices","contentSponsor":null,"layoutType":"Small Photo","stackedStory":true,"notificationId":null,"eyebrow":null,"richEmbeds":[{"id":"afs:Card:386669778972","tag":null,"type":"Hub Peek","calloutText":null,"displayName":null,"leadHubLink":null,"richEmbedDetail":{"data":4,"rule":"seo","style":"Column List"},"isPermanentlyPlaced":null}],"sponsored":false,"contentBundle":null,"movieTitle":null,"immersiveUrl":null,"embedRatio":null,"embedType":null,"pullQuoteObjs":[],"dateline":null,"leadVideoAutoEmbed":false,"flattenedFirstWords":"WASHINGTON (AP) — Inflation inside the United States accelerated inside September, accompanied by the cost of homes accompanied by every one one other accompanied by other necessities intensifying pressure on households, wiping not here pay gains accompanied by every one one other accompanied by ensuring that...","isTpContent":false,"socialEmbeds":[{"id":"se0:dc9655c0-2a00-11ed-cf52-d995b2a64b5b","html":"\u003ciframe title=\"More inside US exist inside be in touch financially insecure\" aria-label=\"Interactive dash chart\" id=\"ap-chart-XWQsn\" src=\"https://interactives.ap.org/embeds/XWQsn/3/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"430\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>","caption":" ","display":"se0","maxWidth":"","alignment":"middle","isHeroImage":false},{"id":"se1:21379c20-2a00-11ed-9d71-a38983b521a7","html":"\u003ciframe title=\"US purchaser inflation\" aria-label=\"Interactive dash chart\" id=\"ap-chart-l3li3\" src=\"https://interactives.ap.org/embeds/l3li3/1/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"420\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>","caption":" ","display":"se1","maxWidth":"","alignment":"middle","isHeroImage":false},{"id":"se2:d6984750-2a00-11ed-f6be-d9fd5da57ffb","html":"\u003ciframe title=\"Inflation remains stubbornly high\" aria-label=\"Grouped Bars\" id=\"ap-chart-Ndw0G\" src=\"https://interactives.ap.org/embeds/Ndw0G/3/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"608\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>","caption":" ","display":"se2","maxWidth":"","alignment":"middle","isHeroImage":false}],"isPrContent":false,"storyHTML":"\u003cp>WASHINGTON (AP) — Inflation inside the United States accelerated inside September, accompanied by the cost of homes accompanied by every one one other accompanied by other necessities intensifying pressure on households, wiping not here pay gains accompanied by every one one other accompanied by ensuring that the Federal Reserve will \u003ca href=\"https://apnews.com/article/inflation-jerome-powell-unemployment-government-and-politics-96092b0d276a604b3c1e83f44b8e2ec9\">keep raising attentiveness rates aggressively.\u003c/a>\u003c/p>\u003cp>Consumer prices, excluding volatile food accompanied by every one one other accompanied by vitality costs, jumped 6.6% inside September from a year ago — the fastest such step inside quartet decades. And on a month-to-month basis, such "core" prices soared 0.6% for a following unswerving time, defying expectations for a slowdown accompanied by every one one other accompanied by signaling that the Fed's \u003ca href=\"https://apnews.com/article/federal-reserve-interest-rate-hike-live-updates-6dab38b8235bc62bdf69b4710c6b84f5\">multiple percentage hikes\u003c/a> have yet to ease inflation pressures. Core prices typically provide a clearer painting of underlying cost trends.\u003c/p>\u003cp>Overall prices rose 8.2% inside September compared accompanied by a year earlier, down slightly from August, the management said Thursday inside its monthly inflation report. But from August to September, prices increased 0.4%, faster than the July-to-August increase. Though cheaper gasoline helped slow the broadest measure of inflation, costlier food, medical protected from danger keeping accompanied by every one one other accompanied by homes pointed to the breadth of cost pressures across the economy. \u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>"We still have no indeed indeed proof that inflation is decelerating," said Matthew Luzzetti, an economist at Deutsche Bank. "Let all all alone the understandable accompanied by every one one other accompanied by convincing proof that the Fed is looking for." \u003c/p>\u003cp>Stock markets fell sharply inside early trading, nevertheless at that hour dated rebounded accompanied by every one one other accompanied by moved higher. The \u003ca href=\"https://apnews.com/article/inflation-stock-markets-asia-tokyo-business-c97e3e584b68ea42059a04c28610962c?utm_source=homepage&utm_medium=RelatedStories&utm_campaign=position_03\">Dow Jones was up 560 points, or 1.9%, inside mid-day trading\u003c/a>. \u003c/p>\u003cp>Thursday's report represents the final U.S. inflation figures earlier to the Nov. 8 midterm elections following a military operation hour dated inside which spiking prices have fueled condition anxiety, accompanied by numerous Republicans casting clasp inside ask in remittance of on President Joe Biden accompanied by every one one other accompanied by congressional Democrats. \u003c/p>\u003cdiv id=\"afs:Card:386669778972\" content-id=\"aed3121e4d5e3ec37cf1591995f13ce0\" class=\"hub-peek-embed\">Hub peek embed (Inflation) - Compressed layout (automatic embed)\u003c/div>\u003cp>Even accompanied by widespread cost spikes, the September facts showed that the prices for numerous physical goods, including clothing, used cars, furniture, accompanied by every one one other accompanied by appliances, dropped last month. A answer element is that inside attendance accompanied by chain snarls have eased, accompanied by every one one other accompanied by numerous large retailers \u003ca href=\"https://apnews.com/article/inflation-holidays-shopping-d4c6e29ee240f162d8f8ffc67984eb56\">such while WalMart accompanied by every one one other accompanied by Target have discounted\u003c/a> some items to understandable excess stockpiles. \u003c/p>\u003cp>Yet the cost drops were not while precipitous while numerous economists expected, accompanied by every one one other accompanied by they were additional than offset by sharp increases inside services prices, including health care, auto repair accompanied by every one one other accompanied by \u003ca href=\"https://apnews.com/article/business-lifestyle-us-news-miami-florida-a4717c05df3cb0530b73a4fe998ec5d1\">housing. \u003c/a>\u003c/p>\u003cp>A measure of homes costs jumped 0.8% inside September, the largest such grow inside 32 years. The Fed's percentage hikes have led to a a large amount of higher mortgage rates — \u003ca href=\"https://apnews.com/article/inflation-business-economy-prices-mortgages-d1ad475a51108f764e4e70a780f7003d\">the signify on a 30-year fixed place of residence commend is almost 7%\u003c/a> — accompanied by every one one other accompanied by caused \u003ca href=\"https://apnews.com/article/home-sales-mortgages-mortgage-rates-0210b7efc503b8c601c756d60ba0a07f\">home sales to tumble\u003c/a> accompanied by every one one other accompanied by prices to falter. But declining house prices will lay clasp of hour dated to feed into with every one other accompanied by not here of into the government's measure. \u003c/p>\u003cp>The cost of health indemnity jumped 2.1% from August to September accompanied by every one one other accompanied by additional than 28% over the past 12 months — a record one-year increase. The cost of auto repairs surged 15% inside September from a year earlier, excessively a record high. The inside attendance accompanied by chains of numerous automobile parts are still disrupted. \u003c/p>\u003cp>"The main driver of inflation has rotated away from goods prices accompanied by every one one other accompanied by to services," said Eric Winograd, U.S. economist at AB. "Services inflation is laboriously influenced by wages, accompanied by every one one other accompanied by so it is going to lay clasp of a meaningful weakening of the labour market to convey inflation to heel."\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>Inflation inside services is excessively actuality fueled by steady purchaser demand. Though there are signs that lower-income Americans are cutting back, higher-income households still become perceptible willing to pay not here on travel, eating place meals accompanied by every one one other accompanied by services exist fond of \u003ca href=\"https://apnews.com/article/inflation-health-economy-prices-pets-5e6ab45eb6e3e316a89158bb630a9835\">veterinary care\u003c/a>. \u003c/p>\u003cp>Both Delta accompanied by every one one other accompanied by American Airlines, for example, reported strong income grow this week, driven by increased appeal from travelers. Airfares rose a brisk 0.8% from August to September.\u003c/p>\u003cdiv class=\"social-embed\" id=\"se1:21379c20-2a00-11ed-9d71-a38983b521a7\">\u003ciframe title=\"US purchaser inflation\" aria-label=\"Interactive dash chart\" id=\"ap-chart-l3li3\" src=\"https://interactives.ap.org/embeds/l3li3/1/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"420\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>\u003cp class=\"social-caption\"> \u003c/p>\u003c/div>\u003cp>Service businesses are having to fast lift wages to attract the workers they need. Those higher labour costs, inside turn, are regularly passed on to consumers inside the form of higher prices.\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>Inflation has swollen families' grocery bills, rents accompanied by every one one other accompanied by utility costs, among other expenses, causing hardships for numerous accompanied by every one one other accompanied by deepening pessimism concerning the affluence inside malice of strong position of position of employment grow accompanied by every one one other accompanied by historically low unemployment.\u003c/p>\u003cp>Kasondra Mathews is among those be in touch the squeeze. Mathews, 50, who lives near Denver, has been employed overtime while a nurse's subordinate to retain up accompanied by her hire inquire inside remittance accompanied by every one one other accompanied by grocery bills. Her hire inquire inside remittance has increased violently 5% a year for the past some years, shrinking her budget for other items. \u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>With her feminine child a older inside high educational organization accompanied by every one one other accompanied by headed inside a short hour dated to college, Mathews has found ways for her to apply to her preferred schools for free. She's excessively forgoing some visits to a college to retain away from the journey expense.\u003c/p>\u003cp>"We didn't obtain to do college tours, since we can't pay for it," she said. "I couldn't do the things you ability want to do for your senior." \u003c/p>\u003cp>As the elections near, Americans are increasingly taking a dim view of their finances, \u003ca href=\"https://apnews.com/article/inflation-biden-health-economy-only-on-ap-65540cfa0f493ca94afd1fefd69df33e?taid=6346f71c62e530000142eb5a&utm_campaign=TrueAnthem&utm_medium=AP&utm_source=Twitter\">according to a new poll\u003c/a> by The Associated Press-NORC Center for Public Affairs Research. Roughly 46% of people now report their personal monetary circumstances while poor, up from 37% inside March. That sizable permit let fall contrasts accompanied by the mostly steady readings that had lasted into with every one other accompanied by not here of the pandemic. \u003c/p>\u003cp>The September inflation numbers essentially guarantee that the Fed will lift its answer short-term percentage by three-quarters of a point for a fourth unswerving hour dated when it following meets inside early November. The Fed has by that hour dated raised its answer short-term percentage by 3 percentage points since March, the fastest step of hikes since the early 1980s. Those increases are intended to lift borrowing costs for mortgages, auto loans accompanied by every one one other accompanied by labour loans accompanied by every one one other accompanied by cool inflation by slowing the economy.\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>At their last gathering inside late September, Fed officials had projected that by early following year, they would lift their answer percentage to violently 4.5%, which would exist the highest flat inside 14 years. Some economists now predict that the Fed will have to boost rates flat higher to defeat what appears to exist an entrenched bout of inflation. The chance is that such higher borrowing costs would push the affluence into recession. \u003c/p>\u003cp>Fed policymakers said at the September gathering that inflation was "showing little sign so a lengthy way of abating," according to \u003ca href=\"https://apnews.com/article/inflation-business-economy-government-and-politics-99e965cd685c48ede5b412dbb5c0e95f\">minutes from the Fed's most recent meeting\u003c/a>. \u003c/p>\u003cp>Used automobile prices dropped 1.1% from August to September, the third unswerving decline. Wholesale used automobile prices have fallen a a large amount of faster, yet dealers have resisted passing on those declines to consumers, resulting inside a a large amount of bigger profits. \u003c/p>\u003cp>Lael Brainard, vice chair of the Federal Reserve, noted this week that retailers have excessively reported inside good physical condition profit margins, having raised prices additional than they have increased wages. \u003c/p>\u003cp>"The return of retail (profit) margins to additional normal levels could meaningfully assist lessen inflationary pressures inside some purchaser goods," Brainard said. \u003c/p>\u003cp>Some large chains have started to gash prices. But it's not understandable how a a large amount of effect on inflation that will have inside the coming months. \u003ca href=\"https://apnews.com/article/inflation-holidays-shopping-d4c6e29ee240f162d8f8ffc67984eb56\">Walmart has said it will provide precipitous discounts\u003c/a> on such items while toys, place of residence goods, electronics accompanied by every one one other accompanied by beauty. Target began offering holiday deals earlier this month. \u003c/p>\u003cp>But following jacking up prices for the past 18 months, companies are reluctant to reverse course. Until purchaser appeal slows further, forcing additional companies to lay clasp of small portion on price, costs for numerous goods will probable carry on accompanied by to exist high, economists say. \u003c/p>\u003cp>"There's a saying inside economics that prices go up exist fond of rockets accompanied by every one one other accompanied by down exist fond of feathers," said Eric Swanson, a former Fed economist who is now a professor at the University of California, Irvine. "You're type of seeing that a little bit." \u003c/p>","alertLinkDateTime":"2022-10-13 13:19:19","storyLayout":{},"reporters":[],"headlinePlacement":null,"relatedStoryEmbeds":[],"disableNativo":false,"tagIds":["Inflation","apf-business","apf-usnews","UnitedStates","Prices","Consumerprices"],"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-usnews","name":"U.S. News","canonicalName":"us-news","isPr":false,"isSuppressed":false},{"id":"UnitedStates","name":"United States","canonicalName":"united-states","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Consumerprices","name":"Consumer prices","canonicalName":"consumer-prices","isPr":false,"isSuppressed":false}]}],"disclaimerText":null,"dividerColor":"#000000","expandedStoryCount":null,"feed":[],"headlineWidget":false,"hubPeekLinkText":null,"hubPeekTagId":null,"hubPeekTagName":null,"hubPeekCanonicalName":null,"hubPeekIsPr":null,"minimizedStoryCount":null,"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-lifestyle","name":"Lifestyle","canonicalName":"lifestyle","isPr":false,"isSuppressed":true},{"id":"apf-usnews","name":"U.S. News","canonicalName":"us-news","isPr":false,"isSuppressed":false},{"id":"UnitedStates","name":"United States","canonicalName":"united-states","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Consumerprices","name":"Consumer prices","canonicalName":"consumer-prices","isPr":false,"isSuppressed":false}],"textColor":"#000000","layoutType":"null","customLayoutType":"null","styleName":null,"endDateTime":null,"teamLimit":25,"medalCounts":null,"medalsUpdated":null,"olympicYear":null,"notificationUrl":null,"notificationText":null,"notificationTitle":null,"notificationType":null,"notificationUpdated":null,"adUnits":{},"displayPositionHome":null,"displayPositionApp":null,"featuredCard":null,"publishedDate":"2022-10-13 04:01:29","enableTblRegion":false},{"id":"urn:publicid:ap.org:c97e3e584b68ea42059a04c28610962c","shortId":"urn:publicid:ap.org:c97e3e584b68ea42059a04c28610962c","allowAd":true,"borderColor":null,"brackets":null,"bracketsSettings":null,"cardTitle":null,"embedCardTitleColor":null,"cardHeadline":null,"cardType":"Wire Story","collectionTagObjs":null,"contents":[{"id":"urn:publicid:ap.org:c97e3e584b68ea42059a04c28610962c","shortId":"c97e3e584b68ea42059a04c28610962c","bylines":"By STAN CHOE accompanied by every one one other accompanied by DAMIAN J. TROISE","canonicalUrl":"inflation-stock-markets-asia-tokyo-business","contentType":"text","disableConnatix":false,"downloadSettings":{},"embedCaption":null,"embedHeight":null,"embedHTML":null,"embedLinkURL":null,"firstWords":"\u003cp>NEW YORK (AP) — Stocks are swinging sharply higher on Wall Street Thursday following erasing precipitous earlier losses caused by a worse-than-expected report on inflation, the latest place of corkscrew moves to go to with every one other accompanied by fro monetary markets.\u003c/p>","hasTextOverlay":false,"headline":"Stocks sway higher inside Wall Street's latest corkscrew moves","description":null,"interactiveLinkUrl":null,"interactiveLinkUrlText":null,"language":"en","leadPhotoId":"d5f2d906efef4bbc9269b7d11178fcf1","leadVideoId":null,"localLinkUrl":"https://apnews.com/c97e3e584b68ea42059a04c28610962c","localMemberName":null,"media":[{"id":"d5f2d906efef4bbc9269b7d11178fcf1","type":"Photo","caption":"\u003cp>FILE - An NYSE sign is seen on the ground at the New York Stock Exchange inside New York, Wednesday, June 15, 2022. (AP Photo/Seth Wenig, File)\u003c/p>","order":0,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/d5f2d906efef4bbc9269b7d11178fcf1/","embedCaption":null,"uploaded":true,"flattenedCaption":"FILE - An NYSE sign is seen on the ground at the New York Stock Exchange inside New York, Wednesday, June 15, 2022. (AP Photo/Seth Wenig, File)","updated":"2022-10-13T16:10:00.746440","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Financial Markets Wall Street","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"audioMedia":[],"mediumIds":["d5f2d906efef4bbc9269b7d11178fcf1"],"mediaCount":1,"published":"2022-10-13 05:41:11","tags":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Financialmarkets","name":"Financial markets","canonicalName":"financial-markets","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false}],"updated":"2022-10-13 16:09:28","title":"Financial Markets","contentSponsor":null,"layoutType":"Small Photo","stackedStory":true,"notificationId":null,"eyebrow":null,"richEmbeds":[{"id":"afs:Card:386669778972","tag":null,"type":"Hub Peek","calloutText":null,"displayName":null,"leadHubLink":null,"richEmbedDetail":{"data":4,"rule":"seo","style":"Column List"},"isPermanentlyPlaced":true}],"sponsored":false,"contentBundle":null,"movieTitle":null,"immersiveUrl":null,"embedRatio":null,"embedType":null,"pullQuoteObjs":[],"dateline":null,"leadVideoAutoEmbed":false,"flattenedFirstWords":"NEW YORK (AP) — Stocks are swinging sharply higher on Wall Street Thursday following erasing precipitous earlier losses caused by a worse-than-expected report on inflation, the latest place of corkscrew moves ...","isTpContent":false,"socialEmbeds":[],"isPrContent":false,"storyHTML":"\u003cp>NEW YORK (AP) — Stocks are swinging sharply higher on Wall Street Thursday following erasing precipitous earlier losses caused by a worse-than-expected report on inflation, the latest place of corkscrew moves to go to with every one other accompanied by fro monetary markets.\u003c/p>\u003cp>The S&P 500 was 1.6% higher inside midday trading, a neck-snapping turn following actuality down while a a large amount of while 2.4% inside the earlier to noon accompanied by every one one other accompanied by touching its lowest flat inside almost place of set of two years. Other markets around the world excessively veered sharply from losses to gains,.\u003c/p>\u003cp>Besides stocks, prices excessively at earliest tumbled for bonds accompanied by every one one other accompanied by cryptocurrencies unswerving away following the U.S. management released its report showing inflation is \u003ca href=\"https://apnews.com/article/inflation-business-prices-consumer-aed3121e4d5e3ec37cf1591995f13ce0?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">spreading additional widely\u003c/a> across the economy. One small portion that's closely followed by policy makers accompanied by every one one other accompanied by investors accelerated to its hottest flat inside 40 years. \u003c/p>\u003cp>That forced investors to brace for continued, large hikes to attentiveness rates by the Federal Reserve to obtain inflation under control, accompanied by every one one other accompanied by the potential recession those moves could create. The Dow Jones Industrial Average fell while numerous while 549 points inside a short hour dated following the report's release, accompanied by every one one other accompanied by the Nasdaq was down while a a large amount of while 3.2%.\u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>But the midday reversal for markets had the Dow up 522 points, or 1.8%, at 29,733, while of 11;55 a.m. Eastern time. The Nasdaq was 1.3% higher. \u003c/p>\u003cdiv id='afs:Card:386669778972' class='hub-peek-embed' content-id='c97e3e584b68ea42059a04c28610962c'>Hub peek embed (Inflation) - Compressed layout (automatic embed) \u003c/div>\u003cp>Stocks inside Europe excessively flipped from losses caused by the U.S. inflation data, while Treasury yields pulled spine a little from their initial surge. The cost of the U.S. dollar opposed to other currencies sank following at earliest jumping.\u003c/p>\u003cp>They're the latest jagged, back-and-forth moves for markets, which have been swinging sharply due to all the uncertainties concerning economies around the world accompanied by every one one other accompanied by how poorly higher attentiveness rates will exist sore them. \u003c/p>\u003cp>In the earliest few minutes of the revival, analysts could only speculate on what turned markets around.\u003c/p>\u003cp>"Hopefully it's since people have dug into the details of the inflation report accompanied by every one one other accompanied by noticed a few signs that we could obtain inflation reassurance by the extremity of the year," said Brian Jacobsen, older investing strategist at Allspring Global Investments. \u003c/p>\u003cp>"Markets have talked themselves off a ledge, so to speak, accompanied by every one one other accompanied by they're a small part additional hopeful," said Kristina Hooper, leader worldwide markets strategist at Invesco.\u003c/p>\u003cp>Most investors came into the earlier to noon by that hour dated expecting the Fed to hike its answer overnight attentiveness percentage by three-quarters of a percentage point following month, which would exist its fourth unswerving hike that was triple the usual size. \u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>But Thursday's disappointing facts caused numerous investors to expect a fifth such grow inside December, dashing hopes that the Fed may begin downshifting soon. Bets increased for the Fed to pull its overnight percentage above 5% by early following year. It started this year at inside effect zero. \u003c/p>\u003cp>Higher rates build buying a house, automobile or anything else purchased on commend additional expensive, accompanied by every one one other accompanied by the hope is that will slow the affluence accompanied by every one one other accompanied by position of position of employment market sufficient to undercut inflation. But higher rates lay clasp of a notoriously lengthy hour dated to lay clasp of filled effect, accompanied by every one one other accompanied by the Fed risks causing a recession if it ends up going excessively far. \u003c/p>\u003cp>As the day progressed, accompanied by every one one other accompanied by investors had additional hour dated to cultivate into the inflation report's details, though, analysts said they maybe saw some glimmers of hope. Even though what's called "core" inflation accelerated last month, all-inclusive inflation including food accompanied by every one one other accompanied by vitality prices slowed by a touch. \u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>"If you're at least starting to see headline CPI cool, there's hope that centre CPI will follow," Hooper said. \"There's certainly that idea procedure coming in.\"\u003c/p>\u003cp>Treasury yields pulled spine a small part from their initial, early-morning leaps, lessening a small part of the pressure on stocks. \u003c/p>\u003cp>The yield on the 10-year Treasury, which helps place rates for mortgages accompanied by every one one other accompanied by numerous other loans, rose to 3.94% from 3.90% late Wednesday. Earlier inside the day, it topped 4%.\u003c/p>\u003cp>The two-year yield, which moves additional on expectations for Fed action, rose to 4.43% from 4.29%. It crossed above 4.50% earlier inside the morning. \u003c/p>\u003cp>Higher yields amp up the pressure on the affluence not only by making loans additional costly accompanied by every one one other accompanied by slowing growth. They excessively haul down prices for stocks, cryptocurrencies accompanied by every one one other accompanied by almost every one one other investing since they signify bonds are paying additional inside interest, which pulls some dollars away from other investments. \u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>Investments seen while the riskiest, the most costly or forcing investors to carry on accompanied by to exist the longest for large grow have been the ones hit hardest by this year's rise inside rates. \u003c/p>\u003cp>The inflation report hit Wall Street fair while companies gearwheel up to report how a a large amount of profit they earned all over the summer. \u003c/p>\u003cp>If they could report large growth, that would inside attendance accompanied by some greatest support to merchandise prices flat while the worries concerning higher-for-longer rates roil markets. But analysts have been highlighting the pressures created by high inflation, high attentiveness rates accompanied by every one one other accompanied by the soaring cost of the U.S. dollar opposed to other currencies, which dilutes the dollar cost of sales made abroad. \u003c/p>\u003cp>"Earnings hour dated ability not exist bad," said Yung-Yu Ma, leader investing strategist at BMO Wealth Management, "but actuality strong sufficient to reverse this tide will exist a durable go." \u003c/p>\u003cp>Domino's Pizza jumped 10.5% for the biggest gain inside the S&P 500 following its income report. Its profit for the latest quarter fell short of analysts' expectations, nevertheless it made additional inside income than forecast. \u003c/p>\u003cp>——\u003c/p>\u003cp>AP Business Writers Joe McDonald accompanied by every one one other accompanied by Matt Ott contributed.\u003c/p>","alertLinkDateTime":null,"storyLayout":{},"reporters":[],"headlinePlacement":null,"relatedStoryEmbeds":[],"disableNativo":false,"tagIds":["Inflation","apf-business","Economy","Financialmarkets","Prices"],"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Financialmarkets","name":"Financial markets","canonicalName":"financial-markets","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false}]}],"disclaimerText":null,"dividerColor":"#000000","expandedStoryCount":null,"feed":[],"headlineWidget":false,"hubPeekLinkText":null,"hubPeekTagId":null,"hubPeekTagName":null,"hubPeekCanonicalName":null,"hubPeekIsPr":null,"minimizedStoryCount":null,"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-europe","name":"Europe","canonicalName":"europe","isPr":false,"isSuppressed":true},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Financialmarkets","name":"Financial markets","canonicalName":"financial-markets","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false}],"textColor":"#000000","layoutType":"null","customLayoutType":"null","styleName":null,"endDateTime":null,"teamLimit":25,"medalCounts":null,"medalsUpdated":null,"olympicYear":null,"notificationUrl":null,"notificationText":null,"notificationTitle":null,"notificationType":null,"notificationUpdated":null,"adUnits":{},"displayPositionHome":null,"displayPositionApp":null,"featuredCard":null,"publishedDate":"2022-10-13 05:41:15","enableTblRegion":false},{"id":"urn:publicid:ap.org:af546577f982a1c19d74f0b448a2ea53","shortId":"urn:publicid:ap.org:af546577f982a1c19d74f0b448a2ea53","allowAd":true,"borderColor":null,"brackets":null,"bracketsSettings":null,"cardTitle":null,"embedCardTitleColor":null,"cardHeadline":null,"cardType":"Wire Story","collectionTagObjs":null,"contents":[{"id":"urn:publicid:ap.org:af546577f982a1c19d74f0b448a2ea53","shortId":"af546577f982a1c19d74f0b448a2ea53","bylines":"By MATT OTT","canonicalUrl":"inflation-united-states-economy-business-unemployment","contentType":"text","disableConnatix":false,"downloadSettings":{},"embedCaption":null,"embedHeight":null,"embedHTML":null,"embedLinkURL":null,"firstWords":"\u003cp>WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose slightly last week nevertheless remains historically low flat while the U.S. affluence slows inside the midst of decades-high inflation.\u003c/p>","hasTextOverlay":false,"headline":"U.S. applications for jobless assistance rise last week","description":null,"interactiveLinkUrl":null,"interactiveLinkUrlText":null,"language":"en","leadPhotoId":"aa8ae4e60d01471fa2f2f25c6a3d0bde","leadVideoId":null,"localLinkUrl":"https://apnews.com/af546577f982a1c19d74f0b448a2ea53","localMemberName":null,"media":[{"id":"aa8ae4e60d01471fa2f2f25c6a3d0bde","type":"Photo","caption":"\u003cp>Help wanted sign is displayed inside Deerfield, Ill., Wednesday, Sept. 21, 2022. More Americans filed for unemployment benefits last week, nevertheless the labour market remains strong flat inside the face of persistent inflation accompanied by every one one other accompanied by a slowing all-inclusive U.S. economy. Jobless claims for the week extremity Oct. 1 rose by 29,000 to 219,000, the Labor Department reported Thursday, Oct. 6. (AP Photo/Nam Y. Huh)\u003c/p>","order":0,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.49986907567426,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/aa8ae4e60d01471fa2f2f25c6a3d0bde/","embedCaption":null,"uploaded":true,"flattenedCaption":"Help wanted sign is displayed inside Deerfield, Ill., Wednesday, Sept. 21, 2022. More Americans filed for unemployment benefits last week, nevertheless the labour market remains strong flat inside the face of persistent inflation accompanied by every one one other accompanied by a slowing all-inclusive U.S. economy. Jobless claims for the week extremity Oct. 1 rose by 29,000 to 219,000, the Labor Department reported Thursday, Oct. 6. (AP Photo/Nam Y. Huh)","updated":"2022-10-13T12:44:01.257464","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Unemployment Benefits","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"audioMedia":[],"mediumIds":["aa8ae4e60d01471fa2f2f25c6a3d0bde"],"mediaCount":1,"published":"2022-10-13 12:43:36","tags":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"UnitedStates","name":"United States","canonicalName":"united-states","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Unemployment","name":"Unemployment","canonicalName":"unemployment","isPr":false,"isSuppressed":false},{"id":"Joblessclaims","name":"Jobless claims","canonicalName":"jobless-claims","isPr":false,"isSuppressed":false}],"updated":"2022-10-13 12:43:20","title":"Unemployment Benefits","contentSponsor":null,"layoutType":"Small Photo","stackedStory":true,"notificationId":null,"eyebrow":null,"richEmbeds":[{"id":"afs:Card:386669778972","tag":null,"type":"Hub Peek","calloutText":null,"displayName":null,"leadHubLink":null,"richEmbedDetail":{"data":4,"rule":"seo","style":"Column List"},"isPermanentlyPlaced":true}],"sponsored":false,"contentBundle":null,"movieTitle":null,"immersiveUrl":null,"embedRatio":null,"embedType":null,"pullQuoteObjs":[],"dateline":null,"leadVideoAutoEmbed":false,"flattenedFirstWords":"WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose slightly last week nevertheless remains historically low flat while the U.S. affluence slows inside the midst of decades-high inflati...","isTpContent":false,"socialEmbeds":[],"isPrContent":false,"storyHTML":"\u003cp>WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose slightly last week nevertheless remains historically low flat while the U.S. affluence slows inside the midst of decades-high inflation. \u003c/p>\u003cp>Jobless claims for the week extremity Oct. 8 rose by 9,000 to 228,000, the Labor Department reported Thursday.\u003c/p>\u003cp>The four-week moving signify ticked up by 5,000 by to 211,500.\u003c/p>\u003cp>Considered a proxy for layoffs, applications for jobless assistance have remained historically low since the initial purge of additional than 20 million jobs at the begin of the coronavirus pandemic inside the leap of 2020.\u003c/p>\u003cp>Some recent position of position of employment facts has indicated that the position of position of employment market may exist cooling slightly, nevertheless overall, it remains the healthiest small part of an affluence that's been wobbling since early this year.\u003c/p>\u003cp>The management reported Thursday that that inflation inside the United States \u003ca href=\"https://apnews.com/article/inflation-business-prices-consumer-aed3121e4d5e3ec37cf1591995f13ce0\">accelerated inside September\u003c/a>, accompanied by the cost of homes accompanied by every one one other accompanied by other necessities intensifying pressure on families accompanied by every one one other accompanied by businesses. \u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>Four-decade high inflation has prompted the Federal Reserve to \u003ca href=\"https://apnews.com/article/inflation-jackson-wyoming-economy-prices-56ec82b99e24cab74a9ed102848930a3\">keep raising its answer attentiveness rate\u003c/a>, which is currently inside a range of 3% to 3.25%. A little additional than sextet months ago, that percentage was near zero. The sharp percentage hikes have \u003ca href=\"https://apnews.com/hub/mortgage-rates\">pushed mortgage rates up\u003c/a> to 15-year highs, accompanied by every one one other accompanied by made other borrowing costlier. The Fed hopes that higher attentiveness rates will slow borrowing accompanied by every one one other accompanied by spending accompanied by every one one other accompanied by push inflation closer to its orthodox 2% target. \u003c/p>\u003cdiv id='afs:Card:386669778972' class='hub-peek-embed' content-id='af546577f982a1c19d74f0b448a2ea53'>Hub peek embed (Inflation) - Compressed layout (automatic embed) \u003c/div>\u003cp>Fed officials have warned that the unemployment percentage will probable have to rise while small part of their fight opposed to rising prices, accompanied by every one one other accompanied by last week's jobs report probable snuffed not here some hope that the Fed would place an extremity to percentage increases when it meets inside early November. \u003c/p>\u003cp>American employers slowed their hiring inside September \u003ca href=\"https://apnews.com/article/us-jobs-report-september-2022-b91e272b3e56b1f70ef558f6029f97c5?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_02\">but still added 263,000 jobs\u003c/a> accompanied by every one one other accompanied by the unemployment percentage dropped from 3.7% to 3.5%, matching a half-century low. \u003c/p>\u003cp>The Fed is hoping that a slower step of hiring would eventually signify less pressure on employers to lift pay accompanied by every one one other accompanied by go those costs on to their customers into with every one other accompanied by not here of cost increases — a recipe for high inflation. But September's position of position of employment grow was probable excessively firm to sway the centre bank's inflation watchdogs.\u003c/p>\u003cp>The total number of Americans collecting unemployment assistance ticked up by 3,000 to 1.37 million for the week extremity Oct. 1.\u003c/p>\u003cdiv class=\"ad-placeholder\" data='autoembed'>\u003c/div>\u003cp>Another management report early last week showed that the number of \u003ca href=\"https://apnews.com/article/inflation-business-ddb0f7c3437661b74b62e03cb267aab9\">available jobs inside the U.S. plummeted\u003c/a> inside August compared accompanied by July while businesses grow less despairing for workers, briefly encouraging investors accompanied by every one one other accompanied by economists.\u003c/p>\u003cp>Earlier this month, the management reported that the \u003ca href=\"https://apnews.com/article/business-economy-prices-consumer-gross-domestic-product-3c2ba845c2282faf67abb35aea074ef2\">U.S. affluence shrank\u003c/a> for the following unswerving quarter, nevertheless so far, that has done little to cool the position of position of employment market, small part of the Fed's inflation-fighting strategy.\u003c/p>","alertLinkDateTime":null,"storyLayout":{},"reporters":[],"headlinePlacement":null,"relatedStoryEmbeds":[],"disableNativo":false,"tagIds":["Inflation","apf-business","UnitedStates","Economy","Prices","Unemployment","Joblessclaims"],"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"UnitedStates","name":"United 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States","canonicalName":"united-states","isPr":false,"isSuppressed":false},{"id":"Economy","name":"Economy","canonicalName":"economy","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Unemployment","name":"Unemployment","canonicalName":"unemployment","isPr":false,"isSuppressed":false},{"id":"Joblessclaims","name":"Jobless claims","canonicalName":"jobless-claims","isPr":false,"isSuppressed":false}],"textColor":"#000000","layoutType":"null","customLayoutType":"null","styleName":null,"endDateTime":null,"teamLimit":25,"medalCounts":null,"medalsUpdated":null,"olympicYear":null,"notificationUrl":null,"notificationText":null,"notificationTitle":null,"notificationType":null,"notificationUpdated":null,"adUnits":{},"displayPositionHome":null,"displayPositionApp":null,"featuredCard":null,"publishedDate":"2022-10-13 12:43:38","enableTblRegion":false}],"headlineWidget":false,"hubPeekLinkText":null,"hubPeekTagId":"Inflation","hubPeekTagName":"Inflation","hubPeekCanonicalName":"inflation","hubPeekIsPr":false,"minimizedStoryCount":null,"tagObjs":[],"textColor":"#000000","layoutType":"Column List","customLayoutType":"null","styleName":"Compressed","endDateTime":null,"teamLimit":25,"medalCounts":null,"medalsUpdated":null,"olympicYear":null,"notificationUrl":null,"notificationText":null,"notificationTitle":null,"notificationType":null,"notificationUpdated":null,"adUnits":null,"displayPositionHome":null,"displayPositionApp":null,"featuredCard":null,"publishedDate":"2022-07-13 15:31:34","enableTblRegion":false}},"loadedAt":{"afs:Card:386669778972-8778d4aa9da4102edc79762ea622196f":1665681672270},"expiration":120000},"content":{"loading":{},"error":{},"data":{"urn:publicid:ap.org:8778d4aa9da4102edc79762ea622196f":{"id":"urn:publicid:ap.org:8778d4aa9da4102edc79762ea622196f","shortId":"8778d4aa9da4102edc79762ea622196f","etag":"8778d4aa9da4102edc79762ea622196f_10a13aza0c0","bylines":"By FATIMA HUSSEIN","contentType":"text","disableConnatix":false,"downloadSettings":{},"embedCaption":null,"embedHeight":null,"embedHTML":null,"embedLinkURL":null,"firstWords":"\u003cp>WASHINGTON (AP) — Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023, a famous grow nevertheless a gain that will exist eaten up inside small part by the rising cost of done every one day living.\u003c/p>","hasTextOverlay":false,"headline":"Social Security benefits to jump by 8.7% following year","description":null,"interactiveLinkUrl":null,"interactiveLinkUrlText":null,"language":"en","leadPhotoId":"6e2b80b247ab475e91ae6b813ea414a3","leadVideoId":"226c7cb8ffab4aed8e31ff2286559ed7","localLinkUrl":"https://apnews.com/8778d4aa9da4102edc79762ea622196f","localMemberName":null,"media":[{"id":"6e2b80b247ab475e91ae6b813ea414a3","type":"Photo","caption":"\u003cp>Barbara Steingaszner, 83, of Alexandria, Va., right, accompanied by every one one other accompanied by Doris Askin, 84, of Mount Vernon, Va., left, amuse oneself bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023. (AP Photo/Susan Walsh)\u003c/p>","order":0,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.50028153153153,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/6e2b80b247ab475e91ae6b813ea414a3/","embedCaption":null,"uploaded":true,"flattenedCaption":"Barbara Steingaszner, 83, of Alexandria, Va., right, accompanied by every one one other accompanied by Doris Askin, 84, of Mount Vernon, Va., left, amuse oneself bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023. (AP Photo/Susan Walsh)","updated":"2022-10-13T17:13:52.586324","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"625463e2c50546c0bed7eea1fd8e1f94","type":"Photo","caption":"\u003cp>Barbara Steingaszner, 83, of Alexandria, Va., right, accompanied by every one one other accompanied by Doris Askin, 84, of Mount Vernon, Va., left, amuse oneself bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will obtain the biggest cost of living grow to Social Security inside quartet decades. 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(AP Photo/Susan Walsh)","updated":"2022-10-13T17:13:51.347999","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"6a2e67a3cc6849b8857dee55fa6005ae","type":"Photo","caption":"\u003cp>FILE - A Social Security cardboard is displayed on Oct. 12, 2021, inside Tigard, Ore. Millions of Social Security recipients will inside a short hour dated learn fair how high a boost they'll obtain inside their benefits following year. The grow to exist announced on Thursday, Oct. 13, 2022, expected to exist the highest inside 40 years, is fueled by record high inflation accompanied by every one one other accompanied by is meant to assist cover the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services(AP Photo/Jenny Kane, File)\u003c/p>","order":5,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.49987878787879,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/6a2e67a3cc6849b8857dee55fa6005ae/","embedCaption":null,"uploaded":true,"flattenedCaption":"FILE - A Social Security cardboard is displayed on Oct. 12, 2021, inside Tigard, Ore. Millions of Social Security recipients will inside a short hour dated learn fair how high a boost they'll obtain inside their benefits following year. The grow to exist announced on Thursday, Oct. 13, 2022, expected to exist the highest inside 40 years, is fueled by record high inflation accompanied by every one one other accompanied by is meant to assist cover the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services(AP Photo/Jenny Kane, File)","updated":"2022-10-13T17:13:26.882105","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"9f625a8c288a48988a5d8cf75464b221","type":"Photo","caption":"\u003cp>FILE - A male shops at a supermarket on Wednesday, July 27, 2022, inside New York. On Thursday, Oct. 13, 2022, the U.S. management is place to announce what's inside effect sure to exist the largest grow inside Social Security benefits inside 40 years. The boost is meant to permit beneficiaries to retain up accompanied by inflation, accompanied by every one one other accompanied by prosperity of disagreement surrounds the move. (AP Photo/Andres Kudacki, File)\u003c/p>","order":6,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5001500150015,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/9f625a8c288a48988a5d8cf75464b221/","embedCaption":null,"uploaded":true,"flattenedCaption":"FILE - A male shops at a supermarket on Wednesday, July 27, 2022, inside New York. On Thursday, Oct. 13, 2022, the U.S. management is place to announce what's inside effect sure to exist the largest grow inside Social Security benefits inside 40 years. The boost is meant to permit beneficiaries to retain up accompanied by inflation, accompanied by every one one other accompanied by prosperity of disagreement surrounds the move. (AP Photo/Andres Kudacki, File)","updated":"2022-10-13T17:13:27.149119","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security Increase Explainer","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"226c7cb8ffab4aed8e31ff2286559ed7","type":"YouTube","caption":"\u003cp>Millions of Social Security recipients fair received the highest boost to their benefits inside 40 years, which is fueled by record high inflation accompanied by every one one other accompanied by is meant to assist cover the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services. (October 13)\u003c/p>","order":7,"imageMimeType":"video/mpeg","imageFileExtension":".mpeg","imageRenderedSizes":[],"aspectRatio":0,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/226c7cb8ffab4aed8e31ff2286559ed7/","embedCaption":" ","uploaded":true,"flattenedCaption":"Millions of Social Security recipients fair received the highest boost to their benefits inside 40 years, which is fueled by record high inflation accompanied by every one one other accompanied by is meant to assist cover the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services. (October 13)","updated":"2022-10-13T17:13:53.543853","alignment":"middle","videoMimeType":"video/mpeg","videoFileExtension":".mp4","videoRenderedSizes":[1920],"externalId":"64fsZul_9x0","audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Understanding the Social Security good boost","jwMediaId":"iUQG4CGm","jwVideoStatus":true,"isPlayer":"JW"},{"id":"81290d00b9bb4e60ba0e8a963181933c","type":"Photo","caption":"\u003cp>US Social Security Administration office is seen inside Mount Prospect, Ill., Wednesday, Oct. 12, 2022. Millions of Social Security recipients will inside a short hour dated learn fair how high a boost they'll obtain inside their benefits following year. The grow will exist announced Thursday. (AP Photo/Nam Y. Huh)\u003c/p>","order":8,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.50012804097311,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/81290d00b9bb4e60ba0e8a963181933c/","embedCaption":null,"uploaded":true,"flattenedCaption":"US Social Security Administration office is seen inside Mount Prospect, Ill., Wednesday, Oct. 12, 2022. Millions of Social Security recipients will inside a short hour dated learn fair how high a boost they'll obtain inside their benefits following year. The grow will exist announced Thursday. (AP Photo/Nam Y. Huh)","updated":"2022-10-13T17:13:29.400258","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"d75c1fd1604a4fc7a70b68f180fb7270","type":"Photo","caption":"\u003cp>Barbara Steingaszner, 83, of Alexandria, Va., plays bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will obtain the biggest cost of living grow to Social Security inside quartet decades. (AP Photo/Susan Walsh)\u003c/p>","order":12,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5002033346889,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/d75c1fd1604a4fc7a70b68f180fb7270/","embedCaption":null,"uploaded":true,"flattenedCaption":"Barbara Steingaszner, 83, of Alexandria, Va., plays bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will obtain the biggest cost of living grow to Social Security inside quartet decades. (AP Photo/Susan Walsh)","updated":"2022-10-13T17:14:09.026904","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"47b39c8df48d4341a50f4667f2eda0cf","type":"Photo","caption":"\u003cp>Barbara Steingaszner, 83, of Alexandria, Va., right, accompanied by every one one other accompanied by Doris Askin, 84, of Mount Vernon, Va., left, amuse oneself bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will obtain the biggest cost of living grow to Social Security inside quartet decades. (AP Photo/Susan Walsh)\u003c/p>","order":13,"imageMimeType":"image/jpeg","imageFileExtension":".jpeg","imageRenderedSizes":[3000,2000,1000,800,600,400,200],"aspectRatio":1.5,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/47b39c8df48d4341a50f4667f2eda0cf/","embedCaption":null,"uploaded":true,"flattenedCaption":"Barbara Steingaszner, 83, of Alexandria, Va., right, accompanied by every one one other accompanied by Doris Askin, 84, of Mount Vernon, Va., left, amuse oneself bridge at Hollin Hall Senior Center inside Alexandria, Va., Thursday, Oct. 13, 2022. Seniors will obtain the biggest cost of living grow to Social Security inside quartet decades. (AP Photo/Susan Walsh)","updated":"2022-10-13T17:14:12.823159","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":null,"audioFileExtension":null,"title":null,"noEmbedCaption":false,"headline":"Social Security","jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"audioMedia":[{"id":"7a9bf5b41fc4432299ebaec34ce996fc","type":"Audio","caption":"\u003cp>AP Treasury Department correspondent Fatima Hussein reports that the 8.7% boost inside communal safety benefits following year is historic, fueled by record inflation.\u003c/p>","order":9,"imageMimeType":null,"imageFileExtension":null,"imageRenderedSizes":[],"aspectRatio":0,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/7a9bf5b41fc4432299ebaec34ce996fc/","embedCaption":null,"uploaded":true,"flattenedCaption":"AP Treasury Department correspondent Fatima Hussein reports that the 8.7% boost inside communal safety benefits following year is historic, fueled by record inflation.","updated":"2022-10-13T17:13:29.886604","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":"audio/mpeg","audioFileExtension":".mp3","title":null,"noEmbedCaption":false,"headline":null,"jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"2bd8b15d07ab4e1dad50f363e3f2ddd3","type":"Audio","caption":"\u003cp>AP Treasury Department correspondent Fatima Hussein reports the 8.7% Social Security bump amounts to additional money for recipients.\u003c/p>","order":10,"imageMimeType":null,"imageFileExtension":null,"imageRenderedSizes":[],"aspectRatio":0,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/2bd8b15d07ab4e1dad50f363e3f2ddd3/","embedCaption":null,"uploaded":true,"flattenedCaption":"AP Treasury Department correspondent Fatima Hussein reports the 8.7% Social Security bump amounts to additional money for recipients.","updated":"2022-10-13T17:13:30.167047","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":"audio/mpeg","audioFileExtension":".mp3","title":null,"noEmbedCaption":false,"headline":null,"jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"},{"id":"a465c36e53b3425cab8bfe6e7b8f370a","type":"Audio","caption":"\u003cp>AP Treasury Department correspondent Fatima Hussein reports the Social Security grow is coupled accompanied by a 3% permit let fall inside Medicare Part B premiums.\u003c/p>","order":11,"imageMimeType":null,"imageFileExtension":null,"imageRenderedSizes":[],"aspectRatio":0,"gcsBaseUrl":"https://storage.googleapis.com/afs-prod/media/a465c36e53b3425cab8bfe6e7b8f370a/","embedCaption":null,"uploaded":true,"flattenedCaption":"AP Treasury Department correspondent Fatima Hussein reports the Social Security grow is coupled accompanied by a 3% permit let fall inside Medicare Part B premiums.","updated":"2022-10-13T17:13:31.108299","alignment":null,"videoMimeType":null,"videoFileExtension":null,"videoRenderedSizes":[],"externalId":null,"audioMimeType":"audio/mpeg","audioFileExtension":".mp3","title":null,"noEmbedCaption":false,"headline":null,"jwMediaId":null,"jwVideoStatus":false,"isPlayer":"JW"}],"mediumIds":["6e2b80b247ab475e91ae6b813ea414a3","625463e2c50546c0bed7eea1fd8e1f94","0c85fbaf962140deace9b1ef91b881bc","9681f6e54fd8412089d240c326d17ee7","347ce02f9bbe43d68dcc59693ffbfa0f","6a2e67a3cc6849b8857dee55fa6005ae","9f625a8c288a48988a5d8cf75464b221","226c7cb8ffab4aed8e31ff2286559ed7","81290d00b9bb4e60ba0e8a963181933c","d75c1fd1604a4fc7a70b68f180fb7270","47b39c8df48d4341a50f4667f2eda0cf"],"mediaCount":14,"published":"2022-10-13 04:06:02","updated":"2022-10-13 17:12:24","tags":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-lifestyle","name":"Lifestyle","canonicalName":"lifestyle","isPr":false,"isSuppressed":true},{"id":"apf-topnews","name":"AP Top News","canonicalName":"ap-top-news","isPr":false,"isSuppressed":false},{"id":"Prices","name":"Prices","canonicalName":"prices","isPr":false,"isSuppressed":false},{"id":"Congress","name":"Congress","canonicalName":"congress","isPr":false,"isSuppressed":false},{"id":"Governmentandpolitics","name":"Government accompanied by every one one other accompanied by politics","canonicalName":"government-and-politics","isPr":false,"isSuppressed":false}],"title":"US--Social Security","contentSponsor":null,"layoutType":"Small Photo","stackedStory":true,"notificationId":null,"eyebrow":null,"richEmbeds":[{"id":"afs:Card:386669778972","tag":null,"type":"Hub Peek","calloutText":null,"displayName":null,"leadHubLink":null,"richEmbedDetail":{"data":4,"rule":"seo","style":"Column List"},"isPermanentlyPlaced":null}],"sponsored":false,"isProtected":false,"isBlocked":false,"seoTitle":null,"seoDescription":null,"contentClaimSchemaType":"Default","contentClaimSchema":{},"seoTitleUpdatedAt":null,"seoDescriptionUpdatedAt":null,"todayInHistory":null,"movieTitle":null,"immersiveUrl":null,"embedRatio":null,"embedType":null,"pullQuoteObjs":[],"dateline":null,"leadVideoAutoEmbed":false,"flattenedFirstWords":"WASHINGTON (AP) — Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023, a famous grow nevertheless a gain that will exist eaten up inside small part by the rising cost of everyda...","isTpContent":false,"socialEmbeds":[{"id":"se0:0a05dcc0-2a00-11ed-bdf6-295805bdf714","html":"\u003ciframe title=\"Big Social Security boost \" aria-label=\"Column Chart\" id=\"ap-chart-VAKQ9\" src=\"https://interactives.ap.org/embeds/VAKQ9/10/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"400\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>","caption":" ","display":"se0","maxWidth":"","alignment":"middle","isHeroImage":false}],"isPrContent":false,"storyHTML":"\u003cp>WASHINGTON (AP) — Millions of Social Security recipients will obtain an 8.7% boost inside their benefits inside 2023, a famous grow nevertheless a gain that will exist eaten up inside small part by the rising cost of done every one day living.\u003c/p>\u003cp>The \u003ca href=\"https://apnews.com/article/social-security-cola-increase-what-to-know-a36405a429b647e32e8fe6ac51f9e6e6\">cost-of living adjustment\u003c/a> — the largest inside additional than 40 years — means the signify recipient will receive additional than $140 additional a month beginning inside January, the Social Security Administration said Thursday.\u003c/p>\u003cp>While Social Security recipients welcomed the good increase, numerous said it wasn't sufficient to cover the impact of \u003ca href=\"https://apnews.com/article/inflation-business-prices-consumer-aed3121e4d5e3ec37cf1591995f13ce0\">inflation\u003c/a>.\u003c/p>\u003cp>It's \"not a a large amount of help," said 85-year-old Shirley Parker, who lives inside Chatham on Chicago's South Side, \u003c/p>\u003cp>Home maintenance costs accompanied by every one one other accompanied by high grocery prices are cutting steeply into her budget. "Food is ridiculous. I go nearer not here accompanied by a bag filled of groceries — $50 — don't have concerning 10 items," she said.\u003c/p>\u003cp>The Social Security COLA was established to assist seniors accompanied by every one one other accompanied by other recipients manage the higher cost of food, fuel accompanied by every one one other accompanied by other goods accompanied by every one one other accompanied by services How well it does depends on what inflation does going forward.\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>A separate management report Thursday showed inflation newly accelerating. The Consumer Price Index rose 0.4 percent for September following fair 0.1 percent inside August accompanied by every one one other accompanied by is up 8.2 percent for the past 12 months. Jobless claims for unemployment benefits rose for the week.\u003c/p>\u003cp>The \u003ca href=\"https://apnews.com/article/inflation-stock-markets-asia-tokyo-business-c97e3e584b68ea42059a04c28610962c\">stock market opened lower\u003c/a> on the inflation news, nevertheless recovered by middday..\u003c/p>\u003cp>The Social Security Administration said the estimated signify monthly Social Security good for all former workers will exist $1,827 starting inside January, \u003ca href=\"https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf\">according to an agency fact sheet\u003c/a>. \u003c/p>\u003cp>The boost inside Social Security benefits will exist coupled accompanied by a \u003ca href=\"https://apnews.com/article/biden-health-medicare-government-and-politics-8d0aadcb002e95dd2636852edf6973eb\">3% permit let fall inside Medicare Part B premiums\u003c/a>, meaning retirees will obtain the filled impact of Social Security increase.\u003c/p>\u003cdiv id=\"226c7cb8ffab4aed8e31ff2286559ed7\" class=\"media-placeholder\">\u003c/div>\u003cp>\"This year's substantial Social Security cost-of-living adaptation is the earliest hour dated inside over a decade that Medicare premiums are not rising accompanied by every one one other accompanied by shows that we tin provide additional support to older Americans who count on the benefits they have earned," said Social Security Administration's Acting Commissioner Kilolo Kijakazi. \u003c/p>\u003cp>Colby Nelson, a spokesperson for the AARP, said the benefits grow "will provide a a large amount of needed reassurance to millions of Americans." He called the yearly cost-of-living grow "more crucial than at some hour dated while high inflation remains a strain for older Americans."\u003c/p>\u003cp>Several management indexes show that inflation hits older Americans harder than the relax of the population. Medical costs are a large small part of the burden.\u003c/p>\u003cp>The Social Security announcement comes fair weeks earlier to the \u003ca href=\"https://apnews.com/hub/2022-midterm-elections?utm_source=apnewsnav&utm_medium=featured\">midterm elections\u003c/a>, accompanied by every one one other accompanied by at a hour dated when Democrats accompanied by every one one other accompanied by Republicans are sparring concerning high prices now accompanied by every one one other accompanied by how finest to shore up the program financially inside the future.\u003c/p>\u003cp>President Joe Biden has pledged to retain protected from danger both Social Security accompanied by every one one other accompanied by Medicare. "I'll build them stronger," he said last month. "And I'll foot your cost to exist intelligent to retain them."\u003c/p>\u003cdiv class=\"social-embed\" id=\"se0:0a05dcc0-2a00-11ed-bdf6-295805bdf714\">\u003ciframe title=\"Big Social Security boost \" aria-label=\"Column Chart\" id=\"ap-chart-VAKQ9\" src=\"https://interactives.ap.org/embeds/VAKQ9/10/\" scrolling=\"no\" width=\"100%\" style=\"border:none\" height=\"400\">\u003c/iframe>\u003cscript type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a inside e.data[\"datawrapper-height\"])for(var r=0;r\u003ct.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\u003c/script>\u003cp class=\"social-caption\"> \u003c/p>\u003c/div>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>William Arnone, leader administrative of the National Academy of Social Insurance, an advocacy organization for Social Security, said the Thursday announcement is "no spring for celebration," since the good will not assist all recipients catch up to the impact of inflation, mostly if cost increases convey on accompanied by inside 2023.\u003c/p>\u003cp>"There's by that hour dated indications that healthcare inflation is going to exist into with every one other accompanied by not here of the roof following year," Arnone said.\u003c/p>\u003cp>Margaret Toman, a 78-year-old inside Garner, North Carolina, who had stopped employed to lay clasp of protected from danger keeping of her mother who has since died, described the 8.7% grow while "quite stingy."\u003c/p>\u003cp>"I exist convinced by most of us who are older receiving Social Security are thankful for that Social Security," she said. "But that gratitude occasionally covers up or replaces a sure be in touch of annoyance at having paid into a system for so lengthy accompanied by every one one other accompanied by still struggling to survive."\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>About 70 million people — including retirees, disabled people accompanied by every one one other accompanied by children — receive Social Security benefits. This will exist the biggest grow inside benefits that infant boomers, those born inside the centre of the years 1946 accompanied by every one one other accompanied by 1964, have at some hour dated seen. The last hour dated a COLA was higher was inside 1981, at 11.2%. \u003c/p>\u003cp>Willie Clark, 65, of Waukegan, Illinois, says his budget is "real tight" accompanied by every one one other accompanied by the grow inside his Social Security disability benefits could inside attendance accompanied by him some breathing space to cover the cost of the family expenses he's been holding off on.\u003c/p>\u003cp>Still, he doubts how a a large amount of of the additional money will extremity up inside his pocket. His hire inquire inside remittance inside an apartment building subsidized by the U.S. Department of Housing accompanied by every one one other accompanied by Urban Development is based on his income, so he expects that will rise, too.\u003c/p>\u003cp>Social Security is financed by payroll taxes collected from workers accompanied by every one one other accompanied by their employers. The greatest amount of income theme to Social Security payroll taxes for 2023 is $160,200.\u003c/p>\u003cdiv class=\"ad-placeholder\">\u003c/div>\u003cp>The financing setup dates to the 1930s, the brainchild of President Franklin D. Roosevelt, who believed a payroll tax would foster among signify Americans a sensory ability of ownership that would retain protected from danger the program from political interference.\u003c/p>\u003cp>Next year's higher payout, lacking an accompanying grow inside Social Security contributions, could place additional pressure on a system that's facing a severe shortfall inside coming years.\u003c/p>\u003cp>The yearly Social Security accompanied by every one one other accompanied by Medicare \u003ca href=\"https://www.ssa.gov/oact/trsum/\">trustees report\u003c/a> released inside June says the program's trust fund will exist unable to pay filled benefits beginning inside 2035. \u003c/p>\u003cp>If the trust \u003ca href=\"https://apnews.com/article/covid-health-government-and-politics-medicare-5961f59de9a537099fc4ae462bbaa22d\">fund is depleted,\u003c/a> the management will exist intelligent to pay only 80% of scheduled benefits, the report said. Medicare will exist intelligent to pay 90% of total scheduled benefits if the fund is depleted.\u003c/p>\u003cp>In January, a Pew Research Center poll showed 57% of U.S. adults saying that "taking steps to build the Social Security system financially sound\" was a top priority for the president accompanied by every one one other accompanied by Congress to address this year. Securing Social Security got bipartisan support, accompanied by 56% of Democrats accompanied by every one one other accompanied by 58% of Republicans calling it a top priority.\u003c/p>\u003cdiv id=\"afs:Card:386669778972\" content-id=\"8778d4aa9da4102edc79762ea622196f\" class=\"hub-peek-embed\">Hub peek embed (Inflation) - Compressed layout \u003c/div>\u003cp>Some solutions for reforming Social Security have been proposed — nevertheless none has moved forward inside a sharply partisan Congress.\u003c/p>\u003cp>House Speaker Nancy Pelosi said Thursday the COLA announcement is a reminder that "extreme MAGA Republicans are publicly plotting new schemes to slash seniors' benefits accompanied by every one one other accompanied by lift their costs – including by menacing to spring an monetary catastrophe by holding the invoice boundary hostage for their toxic agenda."\u003c/p>\u003cp>Earlier this year, Sen. Rick Scott, R-Fla., issued a comprehensive \u003ca href=\"https://apnews.com/article/2022-midterm-elections-florida-donald-trump-congress-46e4862dfe2709e0408f56551c999968\">plan\u003c/a> that would need Congress to go nearer up accompanied by a proposal to adequately fund Social Security accompanied by every one one other accompanied by Medicare or potentially phase them out. \u003c/p>\u003cp>Senate Minority Leader Mitch McConnell, R-Ky., publicly rebuked the scheme accompanied by every one one other accompanied by Biden has used Scott's proposal while a political bludgeon opposed to Republicans ahead of midterm elections.\u003c/p>\u003cp>\"If Republicans inside Congress have their way, seniors will pay additional for prescription drugs accompanied by every one one other accompanied by their Social Security benefits will never exist secure,\" Jean-Pierre said.\u003c/p>\u003cp>___\u003c/p>\u003cp>Claire Savage inside Chicago accompanied by every one one other accompanied by Hannah Schoenbaum inside Raleigh, North Carolina, contributed to this report.\u003c/p>\u003cp>Follow the AP's coverage of inflation: https://apnews.com/hub/inflation\u003c/p>","alertLinkDateTime":null,"storyLayout":{},"reporters":[],"reporterKeys":["afs:Reporter:503207029672"],"headlinePlacement":null,"relatedStoryEmbeds":[],"disableNativo":false,"canonicalUrl":"social-security-cola-increase","urlUpdated":"2022-10-13 04:27:32","redirection":{},"tagIds":["Inflation","apf-business","apf-topnews","Prices","Congress","Governmentandpolitics"],"tagObjs":[{"id":"Inflation","name":"Inflation","canonicalName":"inflation","isPr":false,"isSuppressed":false},{"id":"apf-business","name":"Business","canonicalName":"business","isPr":false,"isSuppressed":false},{"id":"apf-topnews","name":"AP Top 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Social Security benefits to jump by 8.7% following year

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