The Social Security Administration announced they will raise Social Security and Supplemental Security Income (SSI) benefits by 5.9% for approximately 70 million Americans – 64 million Social Security beneficiaries and 8 million SSI recipients. This adjustment is set to take effect with benefits that Social Security beneficiaries receive beginning in January 2022.
The Labor Department reported that nonfarm payrolls rose by a disappointing 195,000 in September 2021. The consensus had been for an increase of 500,000. This was a deceleration from August when jobs grew by an upwardly revised 366,000 (originally reported as 235,000) and from July when jobs increased by 1,091,000, up from 1,053,000 as originally reported.
The Labor Department reported that nonfarm payrolls rose by a weaker than expected 235,000 in August 2021. The consensus had been for an increase of 725,000. This was a sharp deceleration from July when jobs grew by 1.1 million and June when jobs increased by 962,000. Through August, monthly job growth has averaged 586,00 per month. Nonfarm payrolls are now up by 17.0 million since April 2020 but remain down by 5.3 million or 3.5% from pre-pandemic levels of February 2020.
Two of the nation’s most influential economic thinkers, Paul Krugman and Lawrence H. Summers, will face-off in person at this year’s NIC Fall Conference during a lively main stage debate. Both have strong, often differing opinions about the economy and the path forward. The discussion will be moderated by Angela Mago, president Key Commercial Bank & KeyBank Real Estate Capital.