Pension funding gap narrowed in June

July 7th, 2015  // News

The pension deficit for companies listed on the Standard & Poor's 1500 index dropped more than 9% in June to reach $346 billion, according to Mercer. That suggests the pension deficit is $158 billion lower than it was at the end of last year. Read more

Greek voters resoundingly reject rescue criteria

July 6th, 2015  // News

Greeks voted overwhelmingly against accepting international creditors' bailout terms. Prime Minister Alexis Tsipras said he was open to resuming negotiations with lenders. However, it wasn't clear how European leaders would respond. German Chancellor Angela Merkel and French President Francois Hollande have called for an EU summit Tuesday to deal with the matter. Read more

Employment grew by 223,000 jobs in June

July 2nd, 2015  // News

U.S. companies added 223,000 jobs to nonfarm payrolls last month, and the unemployment rate dropped to 5.3% from 5.5%, Labor Department data show. Professional and business services, retail and health care sectors posted some of the largest employment gains. Read more

Fresh look at U.S. wages adds impetus to call for higher rates

July 1st, 2015  // News

An indicator from the Federal Reserve Bank of Atlanta may provide an additional spur for the central bank to begin raising interest rates. The new index is based on Census Bureau data on households and will be published monthly. It suggests wage-and-benefit costs are rising at a faster clip, with the median wage up 3.3% in the 12 months through May. Read more

Obama moves to widen eligibility for overtime pay

June 30th, 2015  // News

President Barack Obama has proposed a rule to make overtime pay available to millions of workers. Congressional action is not required. Supporters and critics expect the rule to be challenged in court and possibly in Congress. Read more

Loose monetary policy masks need for structural reform

June 29th, 2015  // News

The Bank for International Settlements said central banks' loose monetary policies are hiding an urgent need for structural reform. A need to keep interest rates at abnormally low levels since the financial crisis reflects much bigger problems. Major challenges include low productivity, excessive debt and risk in the financial system and unbalanced economic expansion, the BIS said. Read more

More Americans delaying major life decisions for financial reasons

June 26th, 2015  // News

Fifty-one percent of Americans are putting off major life changes such as retirement and home ownership due to financial reasons, an AICPA survey found. That's up from 31% in 2007. Read more

Q1 GDP revised upward to 0.2% contraction

June 25th, 2015  // News

Gross domestic product shrank an annualized 0.2% in the first quarter, according to the Commerce Department, an upgrade from a 0.7% decline reported earlier. Poor weather, traffic disruption at West Coast ports, spending cuts in the energy sector and a strong dollar drove the contraction. Read more

PCAOB to propose new plan for identifying audit engagement partners

June 24th, 2015  // News

The Public Company Accounting Oversight Board plans to propose identifying the engagement partner in a new form that auditors could file with the PCAOB, the board's chairman, James Doty, said. Read more

Number of Americans with no emergency savings soars

June 23rd, 2015  // News

Nearly 30% of Americans report they do not have savings for an emergency, marking the highest level in five years, according to A lack of growth in income is likely the reason. Read more

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