The Social Security cost-of-living adjustment for 2022 could be 6.1% thanks to inflation, according to a new estimate. That would be the biggest increase since 1983, according to non-partisan advocacy group The Senior Citizens League, which calculated the increase. The new estimate comes as the Consumer Price Index in June increased 5.5% from a year earlier, the largest gain since August 2008. Higher food and energy prices were among the culprits that helped push the inflation measure higher.
Federal Reserve Chairman Jerome Powell said yesterday that the economy needs to improve more before the central bank will change its ultra-easy monetary policy. In remarks prepared for the House Financial Services Committee, the central bank chief noted improvements but said the labor market in particular is still well below where it was before the pandemic hit. On inflation, Powell said it “has increased notably and will likely remain elevated in coming months before moderating.” But he stuck to his oft-stated belief that the current surge is temporary and will be offset as conditions return to normal.
Oregon Tool said Wednesday its owners — American Securities and P2 Capital Partners — had sold the company to the California investment firm Platinum Equity. Neither the Milwaukie company, known until earlier this year as Blount International, nor its buyers disclosed the value of the sale or how it is being funded. Oregon Tool — best known for selling chainsaws, saw parts and mowing blades — said it expects the transaction to be done by quarter four of 2021.