Recently, the Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) eased to a 7.7% year-over-year increase in October 2022. This is down from an 8.2% increase in September. In addition, the CPI for all urban consumers rose by 0.4% from the same period last year, matching the increase in the previous two months.

A recession is a prolonged and pervasive reduction in economic activity. Generally speaking, multiple successive quarters of negative growth in gross domestic product—a monetary calculation of the market value of goods and services generated and sold during a set time period within a given country—constitute a recession. A recession can last for several months or years. Furthermore, recovering from this state to the nation’s previous economic peak can take years, even after a recession ends.

Most employers are concerned about their health care costs rising in 2023. According to Willis Towers Watson’s (WTW) 2022 Emerging Trends in Health Care Survey, 94% of employers reported managing health care benefits costs will be their top priority over the next two years. Employers will likely avoid shifting costs to employees because of the state of the labor market.

The Bureau of Labor Statistics (BLS) announced that the U.S. consumer price index (CPI) rose 8.2% year over year in September 2022, remaining near a 40-year high. The increase was not anticipated by experts, who expected a slowdown as the Federal Reserve (Fed) continued to hike interest rates.

Many Americans and economists think rising inflation, interest rates and housing costs may be warning signs of a looming recession. Unfortunately, if a recession does occur, more than two-thirds of Americans don’t feel prepared for it, according to a MagnifyMoney survey.

According to HR services provider ADP, salaries have been rising rapidly, nearly on par with inflation. Year-over-year pay raises increased by 7.6% leading up to August 2022, compared to an average of around 2% in early 2021. While pay has increased overall, its growth has flattened since April.

The average health benefit cost per U.S. employee is expected to increase by 5.6% in 2023, according to early results from Mercer’s National Survey of Employer-sponsored Health Plans 2022. This is significantly higher than the 4.4% projected increase for 2022 but is still lower than overall inflation. The expected 5.6% increase accounts for changes employers plan to implement to reduce their overall health care expenses.

The Bureau of Labor Statistics (BLS) announced that the U.S. consumer price index (CPI) increased 8.3% year over year in August 2022, remaining uncomfortably rapid for the month. The CPI didn’t ease as much as expected by economists, putting continued inflation-related financial pressure on consumers.

On Aug. 19, 2022, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) jointly released a final rule implementing the ban on surprise medical billing under the No Surprises Act (NSA), which was enacted as part of the Consolidated Appropriations Act, 2021 (CAA).

On Aug. 12, 2022, the U.S. House of Representatives passed the Inflation Reduction Act. President Joe Biden is expected to sign it into law shortly. While this bill is primarily aimed at fighting inflation and reducing carbon emissions, it also contains a number of reforms that will impact health coverage.

The Bureau of Labor Statistics announced that the U.S. consumer price index (CPI) rose 8.5% year over year in July 2022, a slightly slower pace from last month’s record 9.1% reading. The latest CPI number indicates that inflation pressures are somewhat easing, but it remains near record-high levels since the early 1980s.

The U.S. Senate recently passed the Inflation Reduction Act, which includes provisions aimed at addressing climate change, reducing the high costs of prescription drugs and lowering the deficit by approximately $300 billion. The $750 billion spending bill passed through the budget reconciliation process, meaning all 50 Democrats and one tie-breaker vote from Vice President Kamala Harris were all that was needed.

The Bureau of Labor Statistics announced that the U.S. consumer price index (CPI) rose 9.1% year over year in June 2022. This is the highest level since December 1981, surpassing last month’s record 8.6% reading and even economists’ predictions of an 8.8% CPI increase in June. Americans paid sharply higher prices for various goods in June as inflation kept its hold on the economy.

Health care debt is a significant issue in the United States. According to a recent report by Kaiser Family Foundation (KFF), over 100 million Americans have medical debt, most of which comes in the form of credit card balances, family loans or payment plans to hospitals and other medical providers.

Many households were stressed about their finances before the pandemic, but the past year has remained just as challenging. As a result, many Americans are still financially stressed out, which can negatively impact their mental health.