Business News
Medicare premiums rise modestly next year
Medicare has announced the “Part B” premium for 2017, and for most beneficiaries it’s a modest increase.
Next year’s tiny Social Security cost-ofliving increase means that about 70 percent of Medicare recipients will be protected from rising medical costs. For this group, the average premium will be about $109 a month.
That’s about 4 percent more than the $104.90 they paid this year.
Medicare’s Part B covers outpatient services such as office visits.
For the remaining beneficiaries, the average 2017 premium will be $134, or 10 percent higher.
On top of the basic premium, individual retirees making more than $85,000 and married couples with incomes above $170,000 pay an extra surcharge. Those range to nearly $300 at the highest income levels.
The Part B deductible will be $183.
Mortgage rates up again this week
Long-term U.S. mortgage rates rose this week for a second straight week.
Mortgage giant Freddie Mac said Thursday the average for a 30-year fixed-rate mortgage increased to 3.57 percent from 3.54 percent last week. Rates remain near historically low levels, however. The benchmark 30-year rate is down from 3.98 percent a year ago. Its all-time low was 3.31 percent
Republican nominee Donald Trump’s election as president. On Wednesday, the day the result became known, bond prices fell sharply. That sent yields higher.
Jobless applications fall to 3-month low
Fewer Americans sought unemployment aid last week, the latest sign that companies are holding onto their workers.
The Labor Department said Thursday that weekly applications for jobless benefits fell 11,000 to a seasonally adjusted 254,000. That’s down from a three-month high in the previous week. The four-week average, a less volatile measure, ticked up 1,750 to 259,750. Just over 2 million people are receiving unemployment aid, up 18,000 from the previous week.
Applications, which are a proxy for layoffs, have remained below 300,000 for 88 straight weeks, the longest streak since 1970.
Macy’s says clothing sales increase, improving outlook
Macy’s raised its sales outlook for the year after it said business improved in the third quarter, and cited stronger clothing sales that spanned the men’s, women’s and children’s sections.
The department store chain also said it struck a deal with a real-estate investor that involves redeveloping some properties. That sent its shares up more than 5 percent Thursday. Still, the company’s third-quarter earnings missed Wall Street expectations and a key revenue measure fell for a seventh straight quarter.
Macy’s had been a stellar performer after the recession but has seen sales growth slow in the past year and a half as it and other traditional department store chains face competition from online and off-price rivals. Kohl’s shares also rose Thursday as the company reported better-than-expected profit as it controlled its inventory — but sales fell.
GM may offer jobs for laid off employees
DETROIT — The head of the United Auto Workers union says about 2,000 General Motors factory workers who face layoff in January could be placed at other company factories.
GM announced Wednesday it would indefinitely lay off third-shift workers at two car factories in Ohio and Michigan because of falling demand. But there may be more jobs available at truck and SUV factories where sales are growing.
GM confirmed it’s talking to the union about jobs for laid-off workers but says nothing is finalized.