Economics News

Economics

National Federation of Independent Business says tort reform would help Georgia's small businesses

The National Federation of Independent Business (NFIB), a small business association, has praised Georgia Governor Brian Kemp for his dedication to addressing lawsuit abuse. Small businesses are disproportionately affected by escalating commercial tort costs.
Economics

Auto insurance costs rose 20.6% in last year, hitting low-income households hardest

The latest report from the U.S. Bureau of Labor Statistics (BLS) reveals that auto insurance costs have surged by 20.6% over the past year, significantly outpacing the overall inflation rate of 3.1% during the same period. Studies indicate that in California, low-income and nonwhite households are disproportionately affected by inflation.

Latest News


Economics

Bankrate report finds average American driver spends 3.41% of income on car insurance

Bankrate, a consumer financial services company, recently published a report revealing that the average American driver is allocating 3.41% of their income towards car insurance. The report was compiled by Shannon Martin, a licensed insurance agent with a decade and a half of industry experience.

Economics

Report finds car insurance premiums rose by 5% nationwide in 2023

The Zebra, a digital platform that facilitates comparison of insurance policies, has reported a nationwide increase in car insurance premiums by an average of 5% in 2023. Authored by insurance analyst Ava Lynch, The Zebra's report suggests that insurance rates can surge even if a driver maintains a clean record devoid of accidents and violations.

Economics

Protective Insurance Rebrands as Progressive Fleet & Specialty Programs

Progressive Insurance, the leading commercial auto insurer in the U.S., has announced a rebranding for its large fleet commercial line coverage. Formerly known as Protective Insurance, it will now be called Progressive Fleet & Specialty Programs (Progressive Fleet). This name change reflects the integration of businesses and highlights Progressive's expanded expertise in large fleet transportation and niche insurance programs for the transportation and delivery industries.Karen Bailo, Progressive's Commercial Lines President, stated, "This announcement was part of our...

Economics

Illinois auto insurance providers raised rates by more than $1.25 billion in 2023

The Illinois Public Interest Research Group (PIRG) revealed on Jan. 18 that the ten largest car insurance providers, by market share in Illinois, increased rates by a total of more than $1.25 billion last year. The year 2023 marked the second consecutive year that rate increases exceeded $1 billion in Illinois.

Economics

Report finds businesses' cost of lawsuit risk grew twice as much as commercial revenue from 2020 to 2021

The Institute for Legal Reform (ILR), a division of the U.S. Chamber of Commerce, recently published a report detailing the rise in commercial tort costs from 2020 to 2021. The report, released in December 2023, found that these costs escalated from $291 billion in 2020 to $347 billion in 2021.

Economics

State Farm, Allstate customers in California to see double-digit auto insurance rate increase in February

Californians who have their auto insurance with Allstate and State Farm will face substantial increases in their rates beginning in February. Allstate's rates are set to rise by 30%, while those of State Farm will go up by 21%.

Economics

Biden renominates Su for Secretary of Labor despite opposition from Democrats

President Biden has renominated acting Secretary of Labor Julie Su, despite disapproval from Democrats over Su's progressive background in California. The White House released the list of Biden's nominations to be sent to the Senate for approval or rejection on January 8, 2024.

Economics

BLS report shows 7.5% increase in workplace injuries in 2022

The US Bureau of Labor Statistics (BLS) has disclosed a 7.5% increase in nonfatal workplace injuries and illnesses in the private industry for 2021-2022, amounting to 2.8 million cases. Illnesses surged by 26.1 percent, while injuries rose by 4.5 percent.

Economics

Bank of America report shows fewer homebuyers willing to wait for a better market

Bank of America's Homebuyer Insights Report indicates a shift in the preferences of prospective homebuyers. The report shows that 62% of individuals are currently willing to wait for prices and/or rates to fall before purchasing a home. This marks a decrease from the 85% reported just six months ago.

Economics

IRS announced Illinois residents affected by storms and flooding have until February 2024 to file tax returns and make payments

Some Illinois residents that reside or have a business in Cook County qualify for tax relief following a disaster declaration from the Federal Emergency Management Agency. This relief, initiated by a federal order, is set to provide specific assistance measures for both individual taxpayers and businesses affected by the disaster.

Economics

CME Group sets record with over 21 million contracts in US Treasury futures open interest

CME Group has announced a milestone with open interest in its highly liquid U.S. Treasury futures reaching a new peak of 21,428,757 contracts. These U.S. Treasury futures, benefiting from margin offsets against CME Group's existing Interest Rate products, adhere to the rules of CBOT and are listed accordingly. This significant achievement marks a major development in the financial markets.

Economics

Wells Fargo unveils expansion plans at Hudson Yards

Wells Fargo announced its intentions to enhance its office presence at Hudson Yards, aiming to foster a more collaborative and improved employee experience by acquiring additional space. The bank's plans will be carried out in collaboration with the developers of Hudson Yards and the Related Companies, with an expected completion within three years.

Economics

State Revenues Take a Hit in the Second Quarter of 2023

The Urban Institute says that State government tax revenue collections experienced a nominal decline of 12.8 percent and a real decline of 15.7 percent in the second quarter of 2023 compared to the same period the previous year. This downward trend is largely attributed to economic fluctuations and policy changes triggered by the COVID-19 pandemic.

Economics

Wells Fargo partners with team Rubicon to train Veterans to rebuild homes

Wells Fargo announced the Wells Fargo Foundation in providing a $750,000 grant to establish the Team Rubicon TRades Academy. The TRades Academy initiative aims to equip individuals with trade skills, such as contracting, electric, plumbing, and HVAC, for application in various communities, particularly in the aftermath of natural disasters, according to a press release by Wells Fargo.

Economics

New York U.S. Rep. Espaillat honors Flying Food Group for 'positive impact' in East Harlem

U.S. Rep. Adriano Espaillat (D-NY) has honored Flying Food Group for donating book bags and laptop computers to 500 students in East Harlem.

Economics

Coinbase develops foothold in Spain as expansion unfolds in Europe

Coinbase, a leading cryptocurrency exchange, has solidified its position in Spain by obtaining an Anti-Money Laundering (AML) registration from the Bank of Spain. The company announced this development at the European Blockchain Convention held in Barcelona. "Our foothold in Spain comes as part of a series of developments across Europe," said Coinbase.

Economics

Sky-high dreamer: The legacy of Flying Food Group founder Sue Gin

In 1983, Sue Gin, a real estate developer and bakery owner in Chicago, was on a Midway Airlines flight when the stewardess delivered an unsavory breakfast that was nothing more than a half-frozen sweet roll.

Economics

Wells Fargo expands LifeSync®

Wells Fargo & Company has announced that its personalized digital platform, LifeSync®, is now available to all consumer customers. Initially introduced to Wealth & Investment Management (WIM) clients earlier this year, LifeSync® can now be accessed through the Wells Fargo Mobile® app, according to a press release by Wells Fargo.