A record 4.8% of Americans took hardship withdrawals from their 401(k)s in 2024, up from 3.6% in 2023, signaling growing financial strain, according to Vanguard. The most common reasons were preventing foreclosure and covering medical bills. The rise is partly due to expanded automatic enrollment in retirement plans and relaxed withdrawal rules. While hardship withdrawals offer emergency relief, they come with penalties and permanently reduce … Continue reading More Americans tapping 401(k)s to pay for financial emergencies

Auto loan delinquencies have hit a 30-year high, with 6.56% of subprime borrowers at least 60 days behind on payments in January, according to Fitch Ratings. Rising car prices, high borrowing costs, and inflation are driving more repossessions, while serious delinquencies (90+ days) reached 3% in Q4, the highest since 2010. The economic slowdown, Trump’s trade wars, and financial strain on lower-income borrowers are fueling … Continue reading Americans Behind on Car Payments at Highest Rate in Decades

Job cuts surged in February, reaching 172,017—the highest in nearly five years—driven by Trump’s push to shrink the federal workforce. Federal layoffs totaled 62,242 across 17 agencies, partly due to Elon Musk’s efforts with Trump’s support. Retail and tech sectors also saw major cuts, with Macy’s and Forever 21 leading retail layoffs. Despite concerns over trade wars and government downsizing, some companies announced 34,580 new … Continue reading Layoff announcements soar to the highest since 2020

The U.S. trade deficit surged 34% in January to a record $131.4 billion as companies rushed to import goods ahead of Trump’s tariffs. Imports hit a record $401.2 billion, while exports rose 1.2%. Trump imposed steep tariffs on Canada, Mexico, and China, prompting swift retaliation. He temporarily exempted automakers from tariffs on Mexico and Canada, but Canada refused to lift its own retaliatory duties. Canada’s … Continue reading US Trade Deficit Surges to a Record Ahead of Trump Tariffs

The U.S. Treasury Department announced it will not enforce penalties under the Corporate Transparency Act, which requires business entities to disclose their real beneficial owners. This decision follows opposition from the Trump administration and legal challenges. The Treasury stated it will focus enforcement on foreign reporting companies, aiming to support U.S. taxpayers and small businesses, Reuters has reported. The act was designed to combat money … Continue reading US Treasury Department says it will not enforce anti-money laundering law

Kroger CEO Rodney McMullen has resigned immediately following an investigation into his personal conduct, which was found to be inconsistent with the company’s ethics policies. The investigation revealed no issues related to the company’s operations or finances. Ronald Sargent, a Kroger board member since 2006, will serve as interim CEO. McMullen, with nearly five decades at the company, had been CEO since 2014, CNN has … Continue reading Kroger’s CEO abruptly resigns after probe into personal conduct

Taiwan Semiconductor Manufacturing Company (TSMC) will invest $100 billion to expand chip production in the U.S., bringing its total U.S. investment to $165 billion. This funding will support the construction of five new fabrication facilities in Arizona. The move aligns with President Trump’s efforts to make the U.S. a hub for artificial intelligence and semiconductor manufacturing, critical for economic and national security, NBC News has … Continue reading Trump announces $100 billion investment in U.S. from TSMC