The “singles tax”

As if being single wasn’t bad enough already, single people in the US pay $7,000 more in rent annually in what’s known as a “singles tax.” Conversely, a couple living together can save $14,000 a year on average by splitting the rent. (Read More). Couples are moving in together to save money, but 42% regret it (Read More) -a new study finds that 64% of couples aren’t financially compatible (Read More). A majority of 18 to 29 year olds are now living with their parents for the first time since the Great Depression (Read More). Many are likely dealing with their own great depression after moving back in with their folks.

CONSUMER

TOP STORIES

Inflation sure isn’t stopping Americans from spending. US Households spent 5.1% more than the previous year and 2.2% more in January than in December (Read More). Looks like those MLK Day sales were too good to pass up. Goldman Sachs predicts that Americans will’ve burned through 65% of their pandemic savings by the end of this year (Read More). About 70% of US consumers now plan to cut back on nonessential spending. 15% plan to stop completely as the recession continues (Read More). Between 2017 and 2022, the number of customers who had shopped, or were willing to shop secondhand, reportedly increased from 52% to 93% (Read More). No wonder you can’t find anything good at a thrift store anymore.

Recipients of enhanced SNAP grocery benefits will get at least $95 less per month, starting in March. (Read More)

Higher bills are leading Americans to delay medical care (Read More). Despite the fact that the number of people with medical debt on their credit reports fell by 8.2 million — or 17.9% — between 2020 and 2022 (Read More)

Only 25% of Gen Zers are comfortable talking about their salary and savings (Read More). Ironically, 100% of them are comfortable TikTok’ing about it. 91% of workers 18-to-24-years-old say they’re stressed and 98% say they are burnt-out (Read More).

MARKET

TOP STORIES

Next week, the Supreme Court will hear arguments from the case Gonzalez v. Google. The decision will determine whether companies like Google or Microsoft can be held legally responsible for misleading content generated by AI search models (Read More).

The IRS raised the long-term capital gains tax brackets for 2023 due to inflation. Meaning you could be paying less taxes even with the same salary — which is ”going to be pretty significant.” (Read More)

If you’re a fan of inflation, you’re in luck! Consumer Price Index figures released by the Labor Department for January showed an inflation rate of 6.4% year over year, an increase of 0.5% compared to December (Read More)

A new SEC regulation will close loopholes that allow corporate execs to get away with insider trading starting April 1. (Read More) Corporate execs are likely doing as much insider trading as they can before the deadline.

The CFPB provided general guidance on how digital mortgage comparison platforms may be operated in a manner that violates RESPA and other laws (Read More)

Bad news for 56 year olds: Social Security funds are set to start running a shortfall in 2032, one year earlier than previously expected (Read More)?

The city of San Francisco this week moved closer to creating a public municipal bank. (Read More)

For Members Only Federal Credit Union debuted this month, one of the few credit unions sponsored by a fraternity or sorority with the goal to foster the development of generational wealth for the Black women (Read More)

Retail investors are pouring a record $1.5 billion per day into the stock market (Read More)

Retail sales went up by 3% in January, beating experts’ estimates and marking the biggest jump since March 2021 (Read More). Quarterly earnings reports suggest that for the most part big brands haven’t suffered from raising prices on their customers (Read More) though Hasbro fell a worse-than-expected 17% last quarter, and it swung to a $128M loss after posting a profit the year before (Read More).

US single-family home building fell 27.3% YoY January (Read More)

Since 2019, the average price for a new automobile in the US has increased by 30% to $50k (Read More)

The average credit card interest rate offered in the U.S. over the last three months of 2022 stood at 21.6%, a jump from about 18% a year prior (Read More)

The US DOJ is likely to sue to block the pending $3.8B merger between JetBlue Airways and Spirit Airlines (Read More)

GoDaddy said its network suffered a “multi-year security compromise” that resulted in hijacked customer websites and accounts. (Read More)

Shopify, which acts as the bones of many e-commerce websites and operations, disappointed with first-quarter guidance in an earnings report (Read More). Meanwhile, the platform added new blockchain tools for digital collectibles, experiences, fandom and more (Read More).

Airbnb just booked its first annual profit in its near-15-year history, minting a whopping $1.9bn in 2022. (Read More) Coincidentally $1.9bn is how much the average Airbnb costs after host and cleaning fees.

r/WallStreetBets’ founder Jaime Rogozinski is suing Reddit for ousting him as moderator and over the trademark rights to the brand (Read More)

Subway confirmed that its shareholders are considering a sale of the company at a reported $10B+ valuation. (Read More)?

Apple has meanwhile pushed back the targeted launch date for a new mixed-reality headset from April to June. (Read More)

HGTV stars behind the home and lifestyle brand Magnolia are exploring options including the sale of a minority stake after fielding interest (Read More)

Microsoft officially retires Internet Explorer after nearly three decades. (Read More) The web browser is looking forward to golfing and spending more time with its family.?

Johnson v. NCAA is just one of three major legal and political processes in motion that could ultimately kill amateurism in college sports (Read More)

Snoop Dogg released the Death Row catalog exclusively on TikTok for the first week (Read More).