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    As the U.S. birth rate falls, immigration reform may be ‘the answer hiding in plain sight,’ analyst says

    Year-end Planning

    The U.S. birth rate fell slightly in 2022 and still hasn’t recovered to pre-pandemic levels, which was already below the “replacement rate” to maintain the current population.
    Some policy experts point to immigration reform to boost tax revenue and bolster the economy.
    “The biggest hurdle has been polarization and politicization of immigration,” said Silva Mathema, director for immigration policy at the Center for American Progress.

    Demonstrators call for immigration reform near the White House on Feb. 14, 2022.
    Nicholas Kamm | AFP | Getty Images

    As the U.S. fertility rate continues to fall, there are growing concerns about the long-term economic impact: A smaller population means less tax revenue, which could reduce funding for programs such as Social Security and Medicare.
    But immigration policy reform could be one solution, some experts say.

    Lea este artículo en español aquí.

    The U.S. birth rate fell slightly in 2022 compared with 2021, with roughly 3.7 million babies born nationwide, and the birth rate still hasn’t recovered to pre-pandemic levels, according to an initial analysis from the Centers for Disease Control and Prevention.  
    A growing concern for economists, the U.S. fertility rate has generally been below the replacement rate — which is needed to maintain the current population — since 1971 and has consistently been below the replacement rate since 2007. 

    More from Year-End Planning

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    “The tax base is shrinking, and allowing immigrants to come in lawfully is an easy solution to that,” said Jackie Vimo, senior economic justice policy analyst at the National Immigration Law Center. “It’s the answer hiding in plain sight.”
    In 2022, foreign-born U.S. residents — including legally admitted immigrants, refugees, temporary residents and undocumented immigrants — represented about 18% of U.S. workers, up from 17.4% in 2021, according to the U.S. Bureau of Labor Statistics.
    A pathway to citizenship for undocumented immigrants would offer eligible workers better education and employment opportunities while boosting federal tax revenue, Vimo said.

    Reform could offer ‘huge benefits’ to tax base

    Depending on the scope of changes, immigration policy reform could provide “huge benefits” to the U.S. tax base and economy, said Silva Mathema, director for immigration policy at the Center for American Progress.
    In a 2021 report, the organization modeled the economic impact of four scenarios involving a pathway to legalization and citizenship for undocumented immigrants. 
    The most comprehensive option — a pathway to citizenship for all undocumented immigrants — would increase the U.S. gross domestic product by a total of $1.7 trillion over 10 years and create 438,800 new jobs, according to the report. Eligible workers would earn $14,000 more annually after 10 years.

    “Immigrants currently without a pathway to citizenship pay billions in taxes, even though they don’t benefit from many of the programs they pay into,” such as Social Security and Medicare, Vimo said.
    Undocumented immigrant-led households paid an estimated $18.9 billion in federal taxes and $11.7 billion in combined state and local taxes in 2019, according to the American Immigration Council.
    However, other experts caution that growing the U.S. population through expanded immigration may not boost tax revenue as expected because there’s little control over the ages of new residents.

    Immigrants currently without a pathway to citizenship pay billions in taxes, even though they don’t benefit from many of the programs they pay into.

    Jackie Vimo
    Senior economic justice policy analyst at the National Immigration Law Center

    “You will have a bigger economy, and you will have more tax revenue, but you will also have more people,” said Steven Camarota, director of research for the Center for Immigration Studies. “There’s no evidence your per capita GDP will go up.”

    The challenges of ‘common-sense policy’

    It’s been nearly 40 years since the country made significant changes to immigration policy. The Immigration Reform and Control Act of 1986 “reset the clock and undocumented immigration” but didn’t address future inflows or ways for people to enter the country lawfully, Vimo said.
    “That’s the problem we’ve been facing for decades now,” she said. “And unfortunately, there hasn’t been a political environment in Washington to implement what is common-sense policy.”
    While nearly three-fourths of Americans say it’s “unacceptable” for people to immigrate illegally to the U.S., 56% support making legal immigration easier and 55% support a pathway to citizenship for undocumented immigrants who are already here, according to a 2021 survey of 2,600 U.S. adults by the Cato Institute.
    “The biggest hurdle has been polarization and politicization of immigration,” Mathema said. More

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    5 ways to reduce credit card debt ahead of the holiday shopping season

    The average consumer carries about $6,000 in credit card debt — a 10-year high.
    A higher credit score can help you qualify for the lowest rates on credit cards and personal loans.
    For many consumers, a 0% interest balance transfer card is the best way to pay off credit card debt.

    Eleganza | E+ | Getty Images

    About half of holiday shoppers have already started making purchases or plan to begin by Halloween, according to a recent Bankrate survey.  Most of them will use credit cards to pay for at least some of their purchases, the survey shows.
    “A couple of years ago, early holiday shopping was all about the supply chain mess,” said Bankrate senior industry analyst Ted Rossman. “Now, I think the motivation is more financial.”

    Many consumers are anticipating the effect of inflation on what they’re buying, he said, and they’re stressed about the cost of holiday shopping. But it’s also important to consider the rising cost of carrying credit card debt.

    More from Your Money:

    Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.

    Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high.
    Many Americans are also carrying more card debt month to month.
    “Part of what’s pushing debt higher is people struggling to make ends meet in the midst of high inflation,” said Matt Schulz, senior credit analyst at LendingTree. “They look at their credit card as a de facto emergency fund.”
    But consumers are paying an exorbitant price for having that credit. 

    The average credit card rate is now about 21%, according to the Federal Reserve Bank of St. Louis. Yet Lending Tree finds the average interest rate on new card offers is 24.45%, the highest level since the firm started tracking credit card rates in 2019. Additionally, 1 out of 3 of the 200 cards it has reviewed has a rate of 29.99% or higher. 
    Here are five strategies to start paying off credit card debt before you begin holiday shopping: 

    1. Know what you owe

    First, get a handle on your debt and what you owe. Find out the interest rate you’re paying on the total balance on each credit card. If you know how much you owe and what you’re paying to borrow that money, it will be easier to come up with a plan to reduce your debt. 

    2. Review your credit report and score

    You can get free access to your credit reports online from each of the three major credit rating agencies — Equifax, Experian and TransUnion — at annualcreditreport.com to help you regularly manage your finances. 
    Check for errors, including accounts that aren’t yours or that you didn’t authorize, or incorrect information on credit card limits or loan balances. You can dispute these errors directly online on the credit agency’s websites.

    While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Often when you get your score, it also will give you the risk factors that are affecting your score and what you can work on to improve it. 
    Paying your credit card bills on time and using 10% or less of the available credit are important factors in raising your score. Higher scores can help you qualify for lower-rate cards or cards with promotional offers of 0% interest.

    3. Consider consolidating your debt

    One of the best ways to get rid of credit card debt is to consolidate it by using a 0% interest balance transfer card, but you may need to already have a credit score of 700 or higher to get one. 
    A 0% interest balance transfer card offers 12, 15 or even 21 months with no interest on transferred balances. You may be charged a 3% to 5% fee on the amount that you transfer, so crunch the numbers to make sure it is worth it. 
    For many consumers, it’s the “best weapon” for reducing credit card debt, Schultz said. “The ability to go up to 21 months without accruing any interest on that balance is really a game changer,” he added. “It can save you a lot of money. And it can dramatically reduce the time it takes to pay that balance off.”

    If you get a 0% interest card, be aggressive about paying off as much of the balance as you can with no interest during that introductory period. Generally, after that, it will adjust to a much higher interest rate.
    Another way to consolidate debt is with a personal loan. Currently, such loans come with an average annual percentage rate of about 12%, although a good credit score could garner you a rate as low as 8%. Only borrow enough money to pay off your credit card debt, not to spend more. 
    “You work with a lender,” said Rod Griffin, senior director for public education and advocacy at Experian. “They give you a personal loan that pays off those credit card debts that are a relatively low interest rate, usually over a long, longer term, but it can reduce your payments.
    “And all those credit card account payments would then be paid and reported as paid in full,” he added. “That’s key.” 

    4. Work with your card issuer

    If you don’t qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.
    Just make the call. A recent Lending Tree survey found about three-quarters of consumers who asked the issuer for a lower interest rate on their credit card in the past year got one — and they didn’t need a great credit score to get it. 
    If you’re really cash strapped, you could also try working out a debt settlement directly with the creditor. Your goal is to get the creditor to agree to settle your account for an amount that is less than what is owed because at least some payment is better than none. However, there may be some negative consequences, like a tax hit on the amount of debt that you don’t pay that has been forgiven. 

    Oleksandra Yagello | Moment | Getty Images

    Be wary of using debt settlement programs offered by outside companies. With a debt settlement company, instead of paying your creditor, you make a monthly payment into a separate bank account set up by that company.
    Once there is enough money in that account, that company will use the funds to negotiate with creditors for a lump sum payment that is less than what you owe. These programs can take years and you can wind up paying hefty fees, experts say.  
    “So you may be better off using those payments toward your existing debts and reducing those credit card payments yourself as opposed to paying a debt settlement firm,” Griffin said.

    5. Pick a repayment strategy and stick to it

    Once you have lowered the interest you’re paying on your credit card debt, you need to figure out how much you can truly afford to pay every month, every two weeks or every pay period. 
    Figure out how much you must pay for committed expenses such as rent or mortgage, utilities, food and transportation, as well as debt payments, including student loans and credit card bills. 
    Commit to putting a certain amount of your pay toward paying down your credit card debt — at least the minimum balance due on each card.
    If you have multiple cards to pay off, figure out whether you are going to prioritize paying off the highest-interest debt, known as the “avalanche method,” or paying off the smallest to largest balances, known as the “snowball method.”
    If you still prefer to use a credit card for daily expenses, make sure to pay it off in full every month while you’re paying down the balance on other cards. That’s known as the “island approach:” using different cards for different purposes with the goal of getting the lowest possible interest rate, rewards or cash back on each of them, for example. 
    One repayment strategy isn’t necessarily better than the other, but you need to have a plan — and stick to it.
    “There’s no quick fix,” said Griffin. “It takes time to get into debt; it takes time to dig your way out of debt.” The best solution “is usually the slow and steady, have a plan, pay it off over time and change your behaviors,” he added.
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    How to donate to help victims of the Israel-Gaza crisis

    People looking to help those affected by the Israel-Gaza crisis can consider donating to charities working on the ground.
    People want to make sure they’re giving their money to legitimate charities that are making a difference, experts say.
    Here’s what to know about giving smartly and safely.

    Image Source | Image Source | Getty Images

    People looking to help those affected by the Israel-Gaza crisis can consider donating to charities working on the ground.
    Here’s what to know.

    Verify charities to avoid scams

    Look for organizations ‘with a clear plan’

    Laurie Styron, CEO and executive director of CharityWatch, said her organization looks for charities that already have a presence in the affected region and a history of helping people there.
    “If it’s not an organization with a clear plan, your donation could just sit there,” Styron said.
    The folks at CharityWatch have put together a list of top-rated charities providing aid during the Israel-Gaza crisis. The list includes Doctors Without Borders, which has had medical programs in Gaza for more than 20 years, Styron said. “So they’re going to be able to mobilize quickly.”

    There are a lot of innocent people suffering.

    Laurie Styron
    CEO of CharityWatch

    Another charity on its list is the American Jewish Joint Distribution Committee, which is currently providing a wide range of emergency services to victims in Israel.
    Meanwhile, Charity Navigator’s list of charities focusing on the Israel-Gaza crisis includes only organizations that are at least three years old, show a three- or four-star rating and have a track record of positive results in their region, among other requirements. Its list includes American Friends of Magen David Adom, known as the Israeli Red Cross, and the Palestine Children’s Relief Fund, which works specifically in Gaza.
    “There is a very big need,” said Shlomi Zidky, CEO of Round Up, a fundraising platform that has also gathered a network of verified charities helping victims in Israel.
    Aid organizations are “the main lifelines for people,” Zidky said, adding that they are getting people food, medical and psychological support and other vital resources.

    Create a plan for giving

    Many donors may be unsure where to put their money of late with the barrage of violence and natural disasters, including the Ukraine war and the earthquake in Afghanistan, Styron said.
    “The more people impacted, the more overwhelmed people become, and they can get desensitized and not act,” Styron said.

    That can be especially true when an issue is politically fraught, like with the Israel-Gaza crisis.
    “What people need to remember is that whatever side you align yourself with, there are a lot of innocent people suffering,” she said. “Give what you can afford.”

    Donations may reduce taxable income

    Eligible donations can be deducted from your adjusted gross income if you itemize deductions on your taxes.
    For 2023, the standard deduction is $13,850 for single filers or $27,700 for married couples filing together.
    You either claim the standard deduction or your total itemized deductions, including charitable gifts, medical expenses, state and local taxes and more — whichever is more.
    Since most filers take the standard deduction, you’re less likely to see a tax benefit from smaller gifts to charity, but it depends on your total combined itemized deductions.
    — Additional reporting by CNBC’s Kate Dore.
    Correction: Donors are looking to help victims of an earthquake in Afghanistan. An earlier version misstated the natural disaster.
    Join CNBC’s Financial Advisor Summit on Oct. 12, where we’ll talk with top advisors, investors, market experts, technologists and economists about what advisors can do now to position their clients for the best possible outcomes as we head into the last quarter of 2023 and face the unknown in 2024. Learn more and get your ticket today. More

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    A recession may still be in the forecast, experts say. Here’s how to make sure you’re prepared

    The possibility of an economic downturn has been the talk of 2023.
    While the feared downturn has not happened yet, experts are still on guard.
    Here’s how you can be ready, too.

    Shoppers along the Magnificent Mile shopping district in Chicago on Aug. 15, 2023.
    Jamie Kelter Davis | Bloomberg | Getty Images

    A recession has been in the forecast for much of 2023.
    Yet an economic downturn — formally defined as two consecutive quarters of declining GDP growth — has yet to happen.

    “A recession is obviously going to happen at some point,” said Jack Manley, global market strategist at JPMorgan Asset Management. “But the timing of that is not set in stone.”
    Most economists — 61% — put a recession at a less than 50% probability in the next 12 months, according to the latest report from the National Association for Business Economics released this week.
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    Yet 39% of respondents put the risk of a formal downturn within that time period at more than 50%, the survey found. Of those who expect a recession, half said they would expect it to begin in the first quarter.
    “We are still expecting the economy to slow down considerably and then get into a recession in the first two quarters of next year,” said Eugenio Aleman, chief economist at Raymond James.

    That outlook is based on expectations consumers may pull back on spending while the housing market may face stress, Aleman said. In addition, new conflict in the Middle East may affect both oil prices and the supply chain.
    Those factors may prompt the Federal Reserve to keep interest rates higher for longer, Aleman said.

    The probability of a recession has crept up in the past few months along with negative headlines, Manley said, citing the autoworkers strike, a looming federal government shutdown that was temporarily averted, uncertainty around the Federal Reserve and broader geopolitical issues.
    Those worries may prompt consumers to pull back heading into the biggest spending time of the year, Manley said.
    “Our confidence is so crushed because of all of these bad headlines, because of this wall of worry,” Manley said.
    “There is the chance that we don’t spend as much as we probably would have been planning on before all of these bad headlines,” he said.

    A recession is obviously going to happen at some point. But the timing of that is not set in stone.

    Jack Manley
    global market strategist at JPMorgan Asset Management

    For many consumers, elevated price growth has made it feel like a recession is already here, surveys show.
    Whether a recession is coming or not, these are financial advisors’ top tips for how to prepare now.

    1. Stress-test your finances

    Much of how a recession may affect you comes down to whether you still have a job, Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services, told CNBC.com earlier this year. Glassman is also a member of CNBC’s Financial Advisor Council.
    An economic downturn may also create a situation where even those who are still employed earn less, he noted.
    As such, it’s a good idea to evaluate how well you could handle an income drop. Consider how long, if you were to lose your job, you could keep up with bills, based on savings and other resources available to you.
    “Stress-test your income against your ongoing obligations,” Glassman said. “Make sure you have some sort of safety net.”
    Notably, job growth was strong in September, according to the latest government data.

    2. Boost emergency savings

    Akinbostanci | E+ | Getty Images

    Even having just a little more cash set aside can help ensure an unforeseen event like a car repair or unexpected bill does not sink your budget.
    Yet surveys show many Americans would be hard pressed to cover a $400 expense in cash.
    Experts say the key is to automate your savings so you do not even see the money in your paycheck.
    “Even if we do get through this period relatively unscathed, that’s all the more reason to be saving,” Mark Hamrick, senior economic analyst at Bankrate, recently told CNBC.com.
    “I have yet to meet anybody who saved too much money,” he added.
    Another advantage to saving now: Rising interest rates mean the potential returns on that money are the highest they have been in 15 years.

    3. Reduce your debt balances

    If you have credit card debt, you’re not alone.
    Balances topped $1 trillion for the first time in the second quarter.
    While higher interest rates are pushing up how much you fork over for debts, you can control that by paying down your balances, Matt Schulz, chief credit analyst at LendingTree, previously told CNBC.com.

    “For inflation to grow this quickly is something that is really rattling to people,” Schulz said.
    But certain moves may help you to control your personal interest rate, he said.
    If you have outstanding credit card balances you’re carrying from month to month, try to lower the costs you’re paying on that debt, either through a 0% balance transfer offer or a personal loan.
    Alternatively, you may try simply asking your current credit card company for a lower interest rate.

    4. Be opportunistic

    Fears of an economic downturn or market turbulence can provide an opportunity for investors who are willing to take risks, according to Kamila Elliott, a CFP and co-founder and CEO of Collective Wealth Partners in Atlanta.
    If you’re five years away from retirement or even closer, now is the time to sit down with a trustworthy financial planner to make sure you’re on track, Elliott, who is a member of the CNBC Advisor Council, told CNBC.com earlier this year.
    For those who are further away from retirement — with that goal 10 to 30 years from now — this may be a time to take more risks because you have time to ride out any market volatility, Elliott said.
    The average market return tends to bounce back, which can result in meaningful progress over time.
    Elliott said it reminds her of a famous quote from legendary investor Warren Buffett: “Be fearful when others are greedy and greedy when others are fearful.”
    “We take that philosophy looking at our investments whenever there’s fear and there’s risk there’s also, oftentimes, opportunity,” Elliott said.
    Join CNBC’s Financial Advisor Summit on Oct. 12, where we’ll talk with top advisors, investors, market experts, technologists and economists about what advisors can do now to position their clients for the best possible outcomes as we head into the last quarter of 2023 and face the unknown in 2024. Learn more and get your ticket today. More

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    Here are 3 ways to avoid paying more than what you actually owe on your credit cards

    The average credit card interest rate for existing accounts is at 22.77%, the highest it has been in 30 years, according to a report by WalletHub.
    Despite using automated payments to avoid missing due dates, cardholders can still end up paying late fees and interest charges on top of actual balances.
    Here’s how to avoid paying more than what you actually owe.

    Getty Images

    Given record-high interest rates, now is not the time to be taking on more credit card debt.
    The Federal Reserve is expected to further hike interest rates before the end of the year, and the average credit card interest rate is already at an all-time high. The average rate for existing accounts is at 22.77%, the highest it has been in 30 years, according to WalletHub.

    Automated payment options can help credit card holders bypass late payment fees. While cardholders who use automated payment features typically set them for more than the minimum due, they also tend to pay off less of their monthly balance than customers making manual payments, according to a 2022 study.
    Such cardholders will end up paying more in interest in the long run if they don’t pay their statement balance in full each month, experts say.
    “You can set it up for a lower payment,” said Sara Rathner, credit cards expert and writer at NerdWallet, referring to a monthly automated card payment. “If you still have a balance, [that] will roll over as long as it’s unpaid.” But that unpaid balance will be subject to interest charges.
    More from Personal Finance:What workers on strike need to know about unemploymentFrom Amazon to Target: What to know about early holiday salesHoliday shoppers brace for more financial strain this year
    Avoid paying more in interest and fees by setting up your credit card automated payments to cover the entire statement balance, experts say. If you check your account online, you may also see a “current” balance that includes newer charges, but you only have to pay the statement balance in full each month to avoid interest charges.

    If you can’t pay your statement balance in full, be sure to make smaller payments on a regular basis to keep current and chip away at your overall balance, said Nick Ewen, director of content at The Points Guy. Not doing so can mean hefty late fees in addition to accrued interest.
    You usually can pay off your statement or current balance whenever you like. “There’s no penalty charge on your card if you pay your statement balance before the due date,” Ewen added.
    Here are some of the best practices cardholders should consider:

    1. Move the due date closer to your payday

    Ask your lender if you can change your card payment due date to a few days after your paycheck is deposited, said Rathner. This way, you’re aware of how much money is available in your checking account before a scheduled automatic card payment goes through and you won’t overdraft your account, she added.
    Log into your credit card account online or call a customer service agent to find out what features you have available to facilitate this.

    2. Watch out for penalty APRs

    Zero percent annual percentage rate offers are usually good for 12 to 18 months. However, if a cardholder does not make a minimum payment, the card issuer can revoke the 0% APR offer and push the customer into an APR of 29% or higher, said Ewen.
    Make sure to read the fine print and make all the payments to keep the offer rate. Additionally, pay off the full balance before the promotion expires. Otherwise, you will be hit with interest charges at that point, he added.

    3. Consider a balance transfer or product change

    If you’re carrying credit card debt, consider doing a balance transfer, said Ewen. Some credit cards offer a 0% APR for balance transfers for, as an example, a one-time fee of 3% to 5% or $5, he said. If you transfer a balance from one card to another for a 12-month 0% APR, you have a year to pay off the balance as long as you pay it off by the time the introductory special is over.
    Additionally, if the terms change with one of your existing credit cards, most larger credit card companies will offer you a product change, said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners in Irvine, California.
    Instead of closing the affected card, move to another card from the issuer that has no annual fee, she added. This is helpful if you have a high-fee credit card and want to keep the overlying credit line high.
    “It doesn’t require credit pool and reduces credit card expenses,” said Sun, a member of CNBC’s Advisor Council. Call the provider and see if a product change is available.
    Join CNBC’s Financial Advisor Summit on Oct. 12, where we’ll talk with top advisors, investors, market experts, technologists and economists about what advisors can do now to position their clients for the best possible outcomes as we head into the last quarter of 2023 and face the unknown in 2024. Learn more and get your ticket today. More

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    $1.73 billion Powerball jackpot is the second-largest ever. Why prizes are getting bigger more often

    Year-end Planning

    The Powerball jackpot surged to an estimated $1.73 billion without a winning ticket on Monday.
    The next winner has two payout options: an annuity worth $1.73 billion or a lump sum valued at $756.6 million.
    Experts say there are a few reasons why lottery grand prizes have grown in recent years.
    The next Powerball drawing is Wednesday at 10:59 p.m. ET.

    Justin Sullivan | Getty

    More from Year-End Planning

    Here’s a look at more coverage on what to do finance-wise as the end of the year approaches:

    One reason for more frequent large Powerball jackpots is a 2015 change to the game’s matrix, according to J. Bret Toyne, executive director of the Multi-State Lottery Association, which runs Powerball. 
    Powerball players must correctly choose all six numbers to win the grand prize — five white balls and one red ball for the jackpot.
    In 2015, Powerball added more numbers for the white and red balls, which decreased the chance of hitting the jackpot. Currently, there is roughly a 1 in 292 million chance of winning the grand prize, compared to the previous odds of about 1 in 175 million, Toyne said.

    Plus, the game added a Monday drawing in 2021, he said. Without a jackpot winner, the estimated grand prize keeps rolling over until a player chooses all six numbers.

    Higher interest rates have boosted jackpots

    Another reason for bigger lottery jackpots over the past couple of years has been rising interest rates, said Akshay Khanna, CEO of Jackpot.com, which sells state lottery tickets.
    Similar to savings accounts, higher interest rates allow jackpots to grow more quickly over time, he said. “The higher the interest rates, the more you’re earning on that pool of capital.”

    Of course, this may shift once the Federal Reserve reverses its policy and begins cutting interest rates.
    In the meantime, more online sales options and the “media frenzy” as jackpots grow have also contributed to higher grand prizes, Khanna said. “The combination of these two things is really driving these higher and higher jackpots, particularly in the last two years,” he said.
    Wednesday’s Powerball drawing comes less than three months since a single ticket sold in California won the game’s $1.08 billion jackpot. Meanwhile, the Mega Millions jackpot is back down to $48 million and the odds of winning that prize are roughly 1 in 302 million. 
    Join CNBC’s Financial Advisor Summit on Oct. 12, where we’ll talk with top advisors, investors, market experts, technologists and economists about what advisors can do now to position their clients for the best possible outcomes as we head into the last quarter of 2023 and face the unknown in 2024. Learn more and get your ticket today. More

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    More than 3 million financially insecure Latinas live in states where abortion is or may be banned, study finds

    Your Money

    Over a year ago, the Supreme Court overturned Roe v. Wade, the landmark 1973 case that paved the right to abortion.
    About 3,030,600 economically insecure Latinas live in the 26 states where abortion is either banned or is likely to be banned, according to a recent report.
    That is almost half the nearly 6.7 million Latinas who live in those states, representing the largest group of women of color affected by the court’s decision.

    Aldomurillo | E+ | Getty Images

    Over a year ago, the Supreme Court overturned Roe v. Wade, the landmark 1973 case that paved the right to abortion, leaving millions of women grappling with the fallout — and Latinas are particularly likely to be affected.

    Lea este artículo en español aquí.

    More than three million Latinas who live in the 26 states where abortion is either banned or likely to be banned are economically insecure, meaning their family income is below 200% of the federal poverty line, according to a new report by the National Partnership for Women and Families and the National Latina Institute for Reproductive Justice.

    More from Women and Wealth:

    Here’s a look at more coverage in CNBC’s Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.

    That’s almost half the nearly 6.7 million Latinas who live in those states, representing the largest group of women of color affected by the court’s decision.
    Financially insecure women are more likely to be affected by state bans and restrictions, the report notes, because they are likely to lack funds to travel to another state for abortion care. Lack of abortion access also increases the chance they would be pushed into deeper poverty.

    “A sound economy requires folks to be able to have freedom and access to what they need in order to make the best decisions,” said Lupe M. Rodríguez, executive director of the National Latina Institute for Reproductive Justice. “The economy is made up of all of us.”
    “The effects of folks not being able to make decisions for themselves and not being able to participate in the economy fully has effects on everybody,” she added.

    ‘The economic insecurity is an additional barrier’

    Women who work low-income jobs are less likely to have the necessary funds to travel to another state for the treatment, experts say.

    “The economic insecurity is an additional barrier,” said Shaina Goodman, director of reproductive health and rights at the National Partnership for Women and Families.
    Roughly 1.4 million Latinas in these 26 abortion-restricted states work in service occupations, according to the report. These jobs are less likely to provide benefits such as paid sick time, and the scheduling isn’t flexible for health appointments, the report found.

    Twenty-six states have banned or further restricted abortion services by providers such as Planned Parenthood since the Supreme Court overturned the landmark Roe v. Wade case.
    Michael B. Thomas | Getty Images News | Getty Images

    At large, Hispanic women or Latinas are over represented in low-wage occupations, such as servers and cleaners. This leads them to have one of the largest wage gaps among women, paid just 52 cents for every dollar a non-Hispanic white man earns.
    Overall, median earnings for Hispanic or Latino workers are lower than those of other racial and ethnic groups. Hispanic or Latina workers who are 16 years or older made $788 median weekly earnings in the second quarter of 2023, the U.S. Department of Labor has found.
    “We will continue to see the economic fallout from the Dobbs decision on communities of color,  particularly Latinas,” said Candace Gibson, director of government relations at the National Latina Institute for Reproductive Justice.

    ‘Life shouldn’t be reduced to economics’

    Low-income women who are denied abortion care are more likely to be “at risk of being pushed further into poverty,” added Goodman.
    Women who are denied an abortion are three times more likely to lose their jobs and four times more likely to fall below the federal poverty level, according to the Advancing New Standards in Reproductive Health.
    However, “life should not be reduced to economics or issues of personal finances,” said Rachel Greszler, senior fellow at the Heritage Foundation, a conservative think tank.
    “We can’t allow a financial inconvenience be a justification for ending a life.”

    Last year, President Joe Biden signed the bipartisan Pregnant Workers Fairness Act (PWFA) into law, which requires employers to provide reasonable accommodations for pregnant employees, such as time off, said Greszler. It applies to businesses with 15 or more employees.
    While the mandate does not require employers to either give paid time off or cover abortion costs, “the act is now law and it absolutely covers pregnant workers,” said Greszler.
    Several lawmakers have introduced legislation to help address issues pregnant people often face and to provide future parents with support, said Penny Nance, CEO and president of Concerned Women for America, a conservative public policy organization based in Washington, D.C.
    “The women I represent, including many Latinas, believe the system has already failed any woman who feels she has to turn to abortion because she has no other choice,” said Nance. “Information is power, and we believe if women know there is support for their decision, they will choose life.” More

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    Amazon’s Prime Big Deal Days event is here. But are the prices really that good?

    Amazon’s Prime Big Deal Days event is expected to bring in $8.1 billion this year, according to an Adobe Analytics forecast.
    How good are the deals? It depends on the category.
    Several data points suggest these Prime Day sales events might be losing their luster with shoppers.

    An Amazon driver delivers packages in Washington, D.C., on Aug. 27, 2023.
    Tom Williams | Cq-roll Call, Inc. | Getty Images

    Amazon’s Prime Day sales event is officially underway for the second time this year. The online retailer’s Prime Big Deal Days is expected to bring in $8.1 billion this year, according to an Adobe Analytics forecast.
    The 48-hour sale offers exclusive deals for Amazon Prime members and marks the official start of the holiday shopping season for the e-commerce retailer — well before most forecasts include sales in the “holiday sales” time periods.

    Forty-one percent of consumers say they have already started or plan to shop by the end of October, according to the Shopify-Gallup Holiday Shopper Pulse survey out Tuesday.
    More from Personal Finance:Holiday shoppers are getting an early jump on the seasonHoliday shoppers are bracing for financial strainBuy holiday airfare in October
    The Amazon sale event comes as Americans face mounting economic pressures, including rising interest rates, persistent inflation and the restart of student loan payments. Those pressures are driving cost-conscious shoppers to stock up now on holiday gifts.
    Those competing forces “create a battle for consumer spending,” Nick Handrinos, vice chairman and leader of Deloitte LLP’s retail and consumer products practice, recently told CNBC.
    Electronics, toys and games, personal care and cosmetics are among the categories shoppers plan to buy during this Prime Big Deal Days event, according to the latest weekly consumer insights poll conducted by CoreSight Research. (For more on Prime Day deals, check out NBC Select’s roundup of savings.)

    So how good are the deals compared to prices at other times of the year? It depends on the category.
    “Many of us expected [Tuesday] especially to be more impressive than it has been,” said Julie Ramhold, a consumer analyst at DealNews.com.
    “While there are some good offers on Amazon devices and services, outside of those, it’s been somewhat lackluster,” she added.

    Best days to buy on Amazon

    CNBC analyzed daily pricing data provided by Jungle Scout, a platform providing tools to Amazon sellers, for 19 products from the most popular categories sold on Amazon.com by Amazon directly or the brand itself between September 2022 and September 2023.
    CNBC found the best prices for electronics and toys is typically during Amazon’s summer Prime Day sale, compared to other major shopping events. But those still are not necessarily the best prices of the year.
    For health and beauty products, shoppers will likely find the best prices during the Black Friday sales event. However, the fall Prime event might have better prices for home goods.
    For the best prices, DealNews.com’s Ramhold recommends waiting until late October or November, when the discounts will be greater.
    An Amazon spokeswoman said the company was unable to comment on the accuracy of CNBC’s findings without seeing the research. CNBC declined to provide that data in advance of publication.
    All deals must meet the site’s bar for “quality savings,” the spokeswoman said. It must be the lowest price offered to customers in the past 30 days, among other criteria.
    “Every deal in our store must offer trustworthy savings for customers as compared to verifiable reference prices, whether it’s a regular shopping day or during one of Amazon’s major deals events, such as Prime Big Deal Days, Prime Day, Black Friday or Cyber Monday,” she said.

    Electronics

    While the July Prime event had the deepest discounts for electronics when compared with other similar retail shopping sales events, for three of the four electronics tracked, the Prime sales events were not the best prices of the year.
    In fact, the best prices happened on days that were not key shopping event days.

    Only the Amazon Fire TV Stick 4K Max’s lowest price of the year coincided with one of the e-commerce shopping days outlined above. The media streaming device was listed for $54.99 throughout most of the year. During the July Prime sale, the product’s price dropped roughly 55% to $24.99.
    iRobot’s Roomba 694, however, was the only product among the group that was cheaper on Black Friday and Cyber Monday, instead of the July Prime Days. In March, the robotic vacuum spiked to its highest price of $269. At its lowest, the Roomba was listed at $122.30.
    During the period between Black Friday and Cyber Monday, shoppers could snag a Roomba 694 for $179. But that price wasn’t exclusive to the popular shopping weekend. In fact, the Roomba was listed at that price at several points throughout the year.
    Pricing data for the Sony XB13 Extra Bass portable wireless speaker was unavailable for Black Friday and Cyber Monday so we don’t know for sure if the price would have been lower on those days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year’s October Prime sale and Super Saturday. 

    Health and beauty products

    Some popular health and beauty products are likely to be on sale Tuesday and Wednesday. But if last year’s holiday discounts are any indicator, expect to see even more products on sale on Black Friday. 

    The Revlon One-Step Volumizer Plus 2.0 hair dryer and hot air brush, for example, was only on sale for $29.09 three days last year, all of which were during the week of Black Friday. At its highest, the popular hair-styling tool was listed at $59.99. The product did go on sale during last October’s Prime member event and this past July’s Prime sale, but the discounts were not as deep.
    Crest 3-D White Professional Effects teeth-whitening kit, Hero Cosmetics Mighty Patch Original acne patches and Philips Sonicare 4100 electric toothbrush also dropped to their lowest prices of the year last Black Friday. These products saw the same discounts during several other key shopping days, as well.
    One product that’s nearly certain to be discounted steadily throughout the season is the Crest kit, which was marked down from its highest level of $48.99 to $29.99 during every single major shopping day.
    The Philips Norelco Multigroomer All-in-One Trimmer Series 3000 didn’t reach it’s lowest price during last season’s Black Friday, but it came very close, costing only 40 cents more than its lowest price of the year of $17.56 on every shopping holiday except the July Prime event.

    Home goods

    When it comes to home products, consumers may consider filling up carts over the next two days and finalizing those purchases. Three out of the four products tracked by CNBC reported their lowest price of the year during last October’s Prime Member sale, including the Hilife Steamer, Keurig K-Mini Single Serve coffee maker and Ninja AF101 air fryer.

    The Bissell Little Green Portable Cleaner 1400B was the only exception. The product was listed at $123.59 at its highest, and $70.31 at its lowest for the year. Throughout retail shopping events, the price fell to a low of $86 during the July Prime sale, and was not discounted at all during the October event. 

    Toys

    Somewhat surprisingly, all five products within the toys and games category analyzed by CNBC reported their lowest retail shopping event prices during July’s Prime sale, but the prices weren’t the lowest of the year. The CoComelon Deluxe Interactive JJ doll, Hot Wheels “Criss Cross Crash” track set and Squishmallows Kellytoy 8-inch Plush Mystery Pack all saw lower prices at other points throughout the year compared to their shopping holiday lows.

    For shoppers buying toys during the holiday season, the pricing data might be disappointing. Only the SEREED Baby Balance Bike hit its lowest price of the year, dropping from its high of $49.99 to $39.99 on every retail shopping holiday except Super Saturday.
    While the Squishmallows Mystery Pack was discounted from its high of $26.99 to $22.99 during every single retail shopping event from last October’s Prime sale through this past summer’s Prime Sale, the price ended up being lower in early July.

    Are Prime shopping events losing their luster?

    Several data points suggest these Prime Day sales events might be losing their luster with shoppers. Perhaps Amazon shoppers are starting to pick up on pricing patterns, or maybe big sale days just aren’t as exciting as they were a few years ago.
    Amazon uses exclusive Prime Member shopping days to help drive new subscriptions for the membership service, but fewer people have access to Prime membership benefits in 2023. According to multiyear data from Coresight Research’s U.S. consumer surveys, those with access to Prime benefits have fallen below 75% for the first time since March 2018.
    Like other subscription services and goods, prices for the Prime membership have steadily increased since the first Prime Day event was introduced, though features have been added. In 2015, a Prime membership was $99 a year, now it’s $139.
    Downloads of Amazon’s shopping app have declined steadily during each subsequent Prime member shopping event since Amazon’s Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.
    Declining downloads alone may not be a sign of interest waning among shoppers, but when combined with a drop-off in daily active users over the last two Prime shopping events, and a deceleration in the number of times users are interacting with the Amazon app during these events, it becomes more likely consumers are feeling Prime Day fatigue.

    Further detail on pricing analysis methodology

    The products that CNBC analyzed from Jungle Scout’s daily pricing data spanned four different key holiday shopping categories including electronics, health and beauty, home and toys and games. Many of the products appear regularly on Amazon’s top sellers list.
    To narrow down the results, CNBC only included data for products sold by Amazon.com, Amazon Warehouse, which often includes items returned by prior buyers, and the brand manufacturers. Third-party marketplace sellers were not included.
    In some instances, Jungle Scout was unable to retrieve pricing data on products for certain days, which could be a result of a variety of outcomes including the product being sold out or unavailable at the time the data was extracted.
    — CNBC’s Jess Dickler contributed to this report.
    Join CNBC’s Financial Advisor Summit on October 12th, where we’ll talk with top advisors, investors, market experts, technologists, and economists about what advisors can do now to position their clients for the best possible outcomes as we head into the last quarter of 2023, and face the unknown in 2024. Learn more and get your ticket today. More