Top Financial News Headlines from Around the Web
Today’s top headlines feature big changes in Wall Street and small changes to Americans’ pay stubs. One headline highlights how unemployment affects working individuals during holidays.
Holidays don’t stop Americans from checking work emails
A new report shows 59 percent of workers admit to checking their emails on holidays, such as Thanksgiving and Christmas Day, CNN Money reports. Some check in to keep up with their work loads amid unemployment fears, while others admit to using work as a distraction from awkward family gatherings.
Third-quarter economic growth surpasses projections
Economic growth in the U.S. exceeded last month’s projection of 2 percent, reaching 2.5 percent during the third quarter as consumer spending picked up, Bloomberg reports. While the Fed expects the economy to continue its slow recovery, it did express concerns over the high unemployment rate, which is not likely to see rapid improvement in the coming months.
Banks face nearly 300 civil cases from FDIC
The Federal Deposit Insurance Corporation opened 80 civil cases against former bank directors surrounding losses, in addition to 191 cases accusing a variety of financial players of fraud and mortgage malpractice, Fox Business reports. The FDIC hopes to recoup losses incurred by failing banks due to poor management and mortgage practices.
Industry experts caution holiday shoppers against retail cards
As Black Friday approaches, more financial professionals encourage shoppers to rethink signing up for retail credit cards to secure holiday discounts. The downside of retail cards – higher interest rates, fees and credit score damage – could linger beyond the holiday season, according to Credit.com.
Americans brace for smaller paychecks
The expiration of the Making Work Pay tax credit at the end of the year will result in lower paychecks and a higher tax liability for nearly 110 million Americans, CNN Money reports. Congress is debating whether to extend the benefit, however discussion over the Bush tax cuts have taken center stage, making it unlikely the Making Work Pay credit will be restored.