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The Street
  • 1 year ago
TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and how much more retirees will be getting come 2025.

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Transcript
00:00I'm Remy Blair reporting from the New York Stock Exchange.
00:03Here's what we're watching today on the street.
00:05Wall Street cooled off on Thursday just one day
00:08after the Dow and S&P 500 set new record highs.
00:11Persistent inflation and a weakening labor report
00:14contributed to the drop-off.
00:16Investors are now looking ahead to the September
00:19Producer Price Index report slated for Friday.
00:22And investors will also get earnings reports
00:24from several big banks including J.P.
00:26Morgan Chase and Wells Fargo.
00:28In other news, the Social Security Administration
00:31has unveiled its 2025 Cost of Living Adjustment, or COLA.
00:35The 2025 COLA will increase by 2.5%,
00:38the smallest annual hike since 2021.
00:42That 2.5% translates to about $50 per month,
00:45bringing the average monthly benefit for retirees
00:48up to $1,976 a month.
00:52Married couples who both collect Social Security benefits
00:55will see their payments rise by about $75 a month.
00:59The new benefits will kick in starting in January 2025.
01:03Despite the increase, many retirees feel it's not enough
01:06to keep up with the effects of inflation
01:08despite cooling prices.
01:10The CEO of AARP agreed, saying in a statement, quote,
01:14there is more we must do to ensure older Americans
01:17can continue to count on Social Security.
01:20AARP continues to call on Congress
01:22to take bipartisan action to strengthen Social Security
01:26and secure a long-term solution that Americans can rely on.
01:30More than 72 million Americans
01:31currently receive Social Security benefits.
01:34That'll do it for your daily briefing
01:36from the New York Stock Exchange.
01:37I'm Remy Blair with The Street.
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