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U.S. regional bank PNC Financial Services beat analysts’ estimates for quarterly profit on Friday, but reported a 6 percent rise in operating expenses as it invested in marketing and retail banking. A strengthening U.S. economy pushed borrowing by businesses higher while keeping loan losses low and interest income rose 5.2 percent to $2.47 billion. PNC’s
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The number of Americans filing for unemployment benefits unexpectedly rose last week but remained near a 49-year low, and the increase appeared unlikely to dislodge the view that the U.S. labor market remains strong. Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 214,000 for the week ended Oct. 6, the Labor
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Retirees who are collecting Social Security retirement benefits have reason to cheer: Your Social Security checks will be larger next year. The Social Security Administration announced that the cost-of-living adjustment for 2019 will be 2.8 percent. That is in line with the 2.8 percent increase the Senior Citizens League, a non-partisan organization, predicted last month.
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Barry Sternlicht, CEO of global investment group Starwood Capital, told CNBC there are a number of negative factors that are contributing to his unease about the state of U.S. economy. “The economy’s not quite as strong as the number indicated,” he told CNBC’s Jim Cramer on “Mad Money” on Wednesday evening after the market rout
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Tens of thousands of people’s financial futures were thrown into question when they were denied public service loan forgiveness. The program allows certain not-for-profit and government employees to have their federal student loans cancelled after 10 years of payments. One in four American workers are in public service and could, in theory, be eligible, according
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Federated Investors’ top market watcher isn’t worried the rate surge will permanently derail the historic stock market rally. According to Phil Orlando, the 10-Year Treasury note yield will retreat from seven-year highs in the coming days, and stocks will return to another record breaking leap higher. “We’re not the least bit concerned with Treasury yields
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