Investing

About 22,000 jobs were added for the month of August, while the unemployment rate rose to 4.3%, according to a Bureau of Labor Statistics report on Friday. Economists surveyed by Dow Jones had been looking for payrolls to rise by 75,000.
While artificial intelligence has caused turbulence in the labor market, the decline in job opportunities has more to do with the economic uncertainty, experts say.
Still, that doesn’t mean that AI’s impact has been “zero,” said Cory Stahle, senior economist at job site Indeed.

BartekSzewczyk | Getty Images

While artificial intelligence has caused turbulence in the labor market, the recent decline in job opportunities has more to do with economic uncertainty, experts say.
“As we look across the broader labor market, we see that AI’s impact on the labor market has still been fairly small,” said Cory Stahle, a senior economist at Indeed, a job search site. 

“The important asterisk is that that doesn’t mean that it has been zero,” he said. 
Mandi Woodruff-Santos, a career coach, agrees, “I don’t think AI is to blame, I think the economic uncertainty is to blame.”

The state of the job market

The job market has not been good in recent months, whether you’re looking for a job or currently employed.
The U.S. economy added about 22,000 jobs for the month of August, while the unemployment rate rose to 4.3%, according to a Bureau of Labor Statistics report on Friday. Economists surveyed by Dow Jones had been looking for payrolls to rise by 75,000.

Of those who are still employed, some are “job hugging,” or “holding onto their job for dear life,” according to an August report by Korn Ferry, an organizational consulting firm.

But others are “quiet cracking,” which is a “persistent feeling of workplace unhappiness that leads to disengagement, poor performance, and an increased desire to quit,” according to cloud learning platform TalentLMS.
Growing economic uncertainty has kept workers from quitting their jobs and has led businesses to slow down hiring decisions, experts say.
“No business knows what the heck the Trump administration is going to do next with the economy,” said Woodruff-Santos.
“And in this kind of economic climate, companies are not sure of anything, and so they’re being very conservative with the way that they’re hiring,” she said.

How artificial intelligence is impacting the labor force

While some companies have announced layoffs to pursue AI technologies in their organizations, most of the impact has been isolated in the tech industry, said Indeed’s Stahle. 
Most recently, Salesforce CEO Marc Benioff said the company laid off about 4,000 customer support roles, due to advancements in the company’s use of artificial intelligence software.
Other studies show AI has mostly affected younger workers rather than mid-career employees. 
An August report by Stanford University professors found that early career workers (ages 22 to 25) in the most AI-exposed occupations experienced a 13% decline in employment. On the flip side, employment for workers in less exposed fields and more experienced workers in the same occupations has either stayed the same or grown.
The study also found that employment declines are concentrated in occupations “where AI is more likely to automate rather than augment human labor.” 
More from Personal Finance:Why coffee prices are so highRecord numbers of retirement savers are now 401(k) or IRA millionaires68 jobs may qualify for Trump’s $25,000 ‘no tax on tips’ deduction
Yet, the tech industry itself is not a large sector, said Stahle. According to a March 2025 analysis by nonprofit trade association CompTIA, or the Computing Technology Industry Association, “net tech employment” made up about 5.8% of the overall workforce.
Net tech employment is a designation that represents all those employed in the industry, including workers in technical positions such as cybersecurity and business professionals employed by technology companies, as well as full-time and self-employed technology workers.
For AI-driven layoffs to be considered a broad threat to the job market, the technology needs to start impacting other sectors, such as retail and marketing, said Stahle.

‘We’re seeing more and more demand for AI skills’

Some predictions on AI’s workforce impact contend that employers may be more likely to retrain workers rather than lay them off, according to a new report by the Brookings Institution, a public policy think tank.
“AI may be more likely to augment rather than fully replace human workers,” the authors wrote.
In fact, “we’re seeing more and more demand for AI skills,” said Stahle.

If you have the opportunity, experts say, it’s smart to learn how your field and employer are using AI. 
“You’d be foolish not to do the research into your own field,” and understand how AI can be a tool in your industry, said Woodruff-Santos. 
Look for training programs or webinars where you can participate or free trials of AI tools you can use, she said.
Correction: A new report came from the Brookings Institution. An earlier version misstated the name of the organization.

Don’t miss these insights from CNBC PRO More

Two drilling rigs are pictured in Midland, Texas, U.S., Oct. 8, 2024.
Georgina Mccartney | Reuters

Many pundits are expecting major indices to be volatile due to macro uncertainty. Moreover, on average, September has historically been the worst month for U.S. stocks.
Investors seeking consistent income despite a volatile market can consider adding dividend-paying stocks to their portfolios. To this end, they can rely on the recommendations of top Wall Street analysts, who with their expertise can help select attractive dividend stocks with strong fundamentals.

Here are three dividend-paying stocks, highlighted by Wall Street’s top pros, as tracked by TipRanks, a platform that ranks analysts based on their past performance.

Archrock

This week’s first dividend pick is Archrock (AROC), an energy infrastructure company with a primary focus on midstream natural gas compression. The company paid a dividend of 21 cents per share for the second quarter, an increase of about 11% over the first-quarter dividend. At an annualized dividend of 84 cents, AROC offers a yield of 3.3%.
In a recent research note, Mizuho analyst Gabriel Moreen updated the models and price targets for master limited partnerships (MLPs) and midstream companies. Moreen reiterated a buy rating on Archrock stock and modestly raised the price forecast to $32 from $31. Interestingly, TipRanks’ AI Analyst has an “outperform” rating on AROC stock with a price target of $27.
Moreen said AROC continues to “distinguish itself with exceptional balance sheet flexibility,” which allows it to deliver not only solid capital returns like its $28.8 million share repurchase in the second quarter, but also supports higher capital spending and dividend expansion.
Notably, the 5-star analyst highlighted that AROC indicated that it expects its dividend to increase consistently with recent dividends per share growth, if the business performs. Consequently, Moreen increased his dividend per share estimates for fiscal 2025, 2026, and 2027 to 83 cents, 93 cents and $1.02, reflecting a year-over-year growth of 20%, 12% and 10%, respectively.

The analyst stated that AROC demonstrated strong operational momentum by raising its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) guidance for the second consecutive quarter, although there were some one-time items. Moreover, Moreen believes that Archrock’s aggressive capex outlook stands out, as it clearly indicates that the company is seeing solid demand for new orders despite the volatility following “liberation day.”
Moreen ranks No. 112 among more than 10,000 analysts tracked by TipRanks. His ratings have been profitable 76% of the time, delivering an average return of 13.9%. See Archrock Ownership Structure on TipRanks.

Brookfield Infrastructure Partners

Next up is Brookfield Infrastructure Partners (BIP), a leading global infrastructure company that owns and operates diversified, long-life assets in the utilities, transport, midstream and data sectors. BIP declared a quarterly distribution of 43 cents per unit payable on Sept. 29, reflecting a 6% year-over-year increase. BIP stock offers a dividend yield of 5.6%.
Recently, Jefferies analyst Sam Burwell resumed coverage of Brookfield Infrastructure stock with a buy rating and a price target of $35. In comparison, TipRanks’ AI Analyst has a price target of $34 but a “neutral” rating.
Burwell stated that BIP remains a “unique beast” with an expanding footprint. He noted three significant acquisitions since April – the Colonial Pipeline, rail car leasing with GATX, and the Hotwire fiber-to-home business, all of which were U.S.-focused and highly contracted. Additionally, all three have strengthened BIP’s midstream, transport, and data businesses, respectively.
“While BIP’s broad footprint remains complex, we tend to view positively that the YTD acquisitions have been in the US and that most of the divestitures have been ex-North America,” said Burwell.
The top-rated analyst contended that while BIP stock has stagnated over the last few years, its upcoming investor day provides an opportunity to help the market better understand the transactions made in 2025. Burwell expects BIP’s funds from operations (FFO) to grow at a nearly 9% compound annual growth rate (CAGR), excluding to-be-announced capital recycling. Burwell also expects solid distribution growth at about 6.5% CAGR through 2027.
Burwell ranks No. 848 among more than 10,000 analysts tracked by TipRanks. His ratings have been successful 64% of the time, delivering an average return of 15.7%. See Brookfield Infrastructure Statistics on TipRanks.

Permian Resources

Another dividend-paying energy stock is Permian Resources (PR). It is an independent oil and natural gas company having assets in the Permian Basin, with a concentration in the core of the Delaware Basin. The company declared a base dividend of 15 cents per share for the third quarter of 2025, payable on Sept. 30. At an annualized dividend per share of 60 cents, PR stock offers a dividend yield of 4.3%.
Recently, Goldman Sachs analyst Neil Mehta reaffirmed a buy rating on Permian stock with a price forecast of $17. Likewise, TipRanks’ AI Analyst has an “outperform” rating on PR stock with a price target of $16.50.
Mehta highlighted that Permian Resources continued to ramp its operations in the second quarter across the acquired assets from APA Corp. and other smaller bolt-on acquisitions. Moreover, the company announced new transportation and marketing agreements to enhance oil and natural gas netbacks, which are estimated to drive incremental free cash flow of over $50 million in 2026 compared with 2024.
Despite the uncertainty around oil prices, the 5-star analyst remains bullish on Permian Resources, given its cost optimization efforts and focus on delivering higher free cash flow per share. The analyst noted management’s commentary about PR’s solid balance sheet, which allows it to make strategic investments without disrupting its capital allocation priorities, such as increasing cash on the balance sheet, share repurchases, and debt reduction.
“We believe PR’s focus on opportunistically acquiring high-quality assets along with consistent grassroots acquisitions can drive long-term shareholder value,” said Mehta.
Mehta ranks No. 670 among more than 10,000 analysts tracked by TipRanks. His ratings have been successful 59% of the time, delivering an average return of 9%. See Permian Resources Insider Trading Activity on TipRanks. More

The U.S. Department of Education’s deferments and forbearances — or payment pauses — can help student loan borrowers avoid the harsh consequences of falling behind on their bills, consumer advocates said.
But the terms of the relief vary, and can leave borrowers with a larger balance.
“Spending too much time in forbearance and deferment just means it will take you longer to eliminate your debt,” said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York.

Damircudic | E+ | Getty Images

There’s been a sharp uptick in the number of student loan borrowers hitting the pause button on their monthly bills.
The U.S. Department of Education offers two primary ways to postpone your payments — deferments and forbearances.

Between those statuses, more than a quarter of the country’s over 40 million federal student loan borrowers had suspended their repayment progress during the third quarter, according to a recent analysis by higher education expert Mark Kantrowitz. That’s more than double the number of such borrowers with payments paused during the same period in 2024.
Here’s what to know about those relief options, and their possible consequences.

Tools to postpone payments can be ‘critical’

Deferments and forbearances can help student loan borrowers avoid the harsh consequences of falling behind on their bills, consumer advocates said.
“These tools to postpone payment can be critical to preventing borrowers who don’t have the ability to pay from defaulting,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt.
“Default results in big dings to credit scores, wage and tax refund garnishment as well as large collections costs being added to the loans,” Mayotte added.

More from Personal Finance:Trump floats tariff ‘rebate’ for consumersStudent loan forgiveness may soon be taxed againHow will the end of the SAVE plan impact you? Tell us
Borrowers who can’t afford their payments should explore the options for pausing their payments and potentially apply for one with the Education Department or their loan servicer, she said.

Borrowers may avoid interest in deferment

The biggest difference between a deferment and a forbearance is whether or not you’ll pay interest during the payment pause. During a deferment, interest may not accrue on certain Direct Loans, a category that covers most federal student debt, according to the Education Department.
More specifically, the government doesn’t typically charge interest to borrowers with subsidized loans while they’re in a deferment, Kantrowitz said.
As a result, if you hold those loans and are struggling to meet your bill, you should first explore if you qualify for a deferment. Some of the deferments available include a Rehabilitation Training Deferment for those enrolled in a program providing “vocational, drug abuse, mental health, or alcohol abuse” treatment, the Cancer Treatment Deferment and Unemployment Deferment. (Borrowers in the Cancer Treatment Deferment won’t be charged interest whether or not their loans are subsidized.)

There’s also the Economic Hardship Deferment, for those who may be receiving public assistance or earning below a certain income level. The number of borrowers in an Economic Hardship Deferment doubled from 50,000 in the third quarter of 2024 to 100,000 in the third quarter of 2025, Kantrowitz estimates.
There is usually a three-year lifetime limit for the unemployment deferment and economic hardship deferment, he said.

Forbearances are costly

During a so-called general forbearance, the Education Department usually charges interest on all types of Direct Loans, the agency says. As a result, these payment pauses can prove costly. (You can enter a forbearance for any reason.)
The typical federal student loan borrower can see their debt grow by $219 a month in interest charges alone while they pause their payments in a forbearance, Kantrowitz calculated. (That assumes they owe the average outstanding federal student loan balance of around $39,000, and have the average interest rate of roughly 6.7%.)
For some borrowers, those charges will be better than the alternative, Mayotte said, “That is still better than having the loan go past due or defaulting.”
As of now, borrowers can be in a general forbearance for up to three years over the life of the loan, although recent legislation will change the limit to nine months out of every 24 months as of July 1, 2027.

Either way, ‘not long-term strategies’

Deferments and forbearances are “not long-term strategies for eliminating debt,” said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York.

While postponing your bills can provide temporary relief, borrowers are always better off finding an affordable way to repay their debt.
Some income-driven repayment plans, or IDRs, cap your bill at a share of your income — and you may owe as little as $10 or even $0 a month, Nierman said. You can also be making progress toward loan forgiveness under an IDR plan; that momentum is often stalled during a forbearance or deferment.
“Spending too much time in forbearance and deferment just means it will take you longer to eliminate your debt,” Nierman said.

Don’t miss these insights from CNBC PRO More

PepsiCo products are shown on Oct. 05, 2021 in Chicago, Illinois.
Scott Olson | Getty Images

Company: PepsiCo
Business: PepsiCo is one of the world’s largest consumer packaged goods companies, with a portfolio of some of the most iconic brands in food and beverage. Its brands include: Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. Its segments include Frito-Lay North America (FLNA); Quaker Foods North America (QFNA); PepsiCo Beverages North America (PBNA); Latin America (LatAm); Europe; Africa, Middle East and South Asia (AMESA), and Asia Pacific, Australia and New Zealand and China Region (APAC). FLNA makes, markets, distributes and sells branded convenient foods, which include branded dips, Cheetos cheese-flavored snacks, Doritos tortilla chips, Fritos corn chips, Lay’s potato chips, and others. QFNA’s products include Cap’n Crunch cereal, Life cereal, Pearl Milling Company syrups and mixes, Quaker Chewy granola bars, Quaker grits, Quaker oatmeal and others. PBNA makes, markets and sells beverage concentrates and fountain syrups under various beverage brands, including Aquafina, Bubly, Diet Pepsi, Gatorade and others.
Stock Market Value: $211.28 billion ($154.32 per share)

Stock chart icon

PepsiCo shares year to date

Activist: Elliott Investment Management

Ownership: ~1.9%
Average Cost: n/a
Activist Commentary: Elliott is a multistrategy investment firm that manages about $76.1 billion in assets (as of June 30, 2025) and is one of the oldest firms of its type under continuous management. Known for its extensive due diligence and resources, Elliott regularly follows companies for years before making an investment. Elliott is the most active of activist investors, engaging with companies across industries and multiple geographies.
What’s happening
On Tuesday, Elliott sent a presentation and letter to the board of PepsiCo detailing the company’s opportunity to reaccelerate growth and improve performance through greater focus, improved operations, strategic reinvestment and enhanced accountability.
Behind the scenes
PepsiCo is one of the world’s largest consumer packaged goods companies, with a portfolio of some of the most iconic brands in food and beverage. Globally, the company is the number one player in snacking and the number two player in beverages trailing only Coca-Cola.

Pepsi is divided between its North America business (60% of revenue) and International (40%). Within North America, its segments are PepsiCo Foods North America and PepsiCo Beverages North America, each of which account for about 30% of the company’s total revenue. Frito-Lay North America, which makes up about 90% of PFNA, is the dominant leader in salty snacks and a consistent growth driver. PBNA has a portfolio of iconic brands, like its flagship Pepsi, Mountain Dew, and Gatorade, and a reach that rivals Coca-Cola in a very attractive and high-margin end market. Despite its scale, brand strength and track record of growth, Pepsi’s stock has underperformed, losing almost $40 billion in market cap over the past three years and trailing its benchmark, the S&P Consumer Staples Index, by 169 percentage points over the past 20 years.
Strategic missteps in the company’s core North America businesses are at the root of this underperformance. In 2010, both Coca-Cola and Pepsi acquired most of their bottlers. However, while Coca-Cola moved to refranchise its bottling business, Pepsi kept these vertically integrated. This decision has proven to be a costly mistake for the PBNA segment.
Prior to this strategic divergence, PBNA’s operating margins were 300 bps higher than Coca-Cola. Now, PBNA’s operating margins are 1,000 bps lower, reflecting the cost pressures that come with keeping these cost-intensive and lower margin operations in house.
PBNA’s second misstep was its response to the changes in consumer soda preferences. As soda consumption declined in the early 2000s, PBNA shifted its focus away from soda and towards healthier categories. While this was justified at the time, soda preferences have since stabilized, yet PBNA has not been reinvesting into soda. This lack of focus on its core products has had serious repercussions, including the delayed launch of Pepsi Zero Sugar and reduced investments in core brands like Mountain Dew. Moreover, instead of putting money into these proven brands and products, Pepsi has overextended into weaker brands like Starry, Rockstar, and SodaStream, while also expanding into other stock-keeping units, or SKUs, including limited-time offerings and flavor extensions, resulting in higher manufacturing and distribution costs. As a result, PBNA has around 70% more SKUs than Coca-Cola despite generating about 15% less in retail sales.
PBNA’s weaknesses have forced Pepsi to become increasingly dependent on PFNA, and its FLNA core, to sustain overall growth and meet performance targets.
In 2020, expecting increased demand from Covid, Pepsi began to pursue aggressive investment in PFNA, with capital expenditures rising from $3.3 billion in 2018 to $5.2 billion in 2022. There was some logic to this decision at the time, but the Covid-fueled growth didn’t last. Yet capex has continued to rise to $5.3 billion in 2024, despite FLNA sales actually contracting 0.5%.
To make matters worse, Pepsi was not just increasing capex, but selling, general and administraive costs as well and PFNA’s operating margins fell from 30% to 25% over this time period.
These problems have heavily weighed on Pepsi’s overall performance, as it has caused the market to largely overlook its prosperous international business, which is growing quickly with expanding margins. Once a premium growth offering, Pepsi currently trades at 18x P/E versus a ten-year average of 22x, and an over 4 turn discount to its benchmark compared to a historical 1.4 turn premium.
Elliott, who has announced a $4 billion position in PepsiCo, issued a letter and comprehensive presentation detailing its opportunity to reaccelerate growth and improve performance through greater focus, improved operations, strategic reinvestment and enhanced accountability. For PBNA, Elliott believes the first step is refranchising the bottling network. This move makes a lot of sense – returning to a system that historically outperformed its closest competitor – from the time PepsiCo refranchised its bottlers in 1999 until it repurchased them in 2010, the PepsiCo system significantly outperformed the Coca-Cola system.
Next is portfolio optimization. PBNA simply has too many products and needs to rationalize its SKU count and divest from underperforming brands. Elliott points to the recent sale of Rockstar to Celsius as a prime example of the opportunities that exist to simplify the portfolio.
Both of these steps should free up PBNA’s spending power, which Elliott believes should be reinvested in the core soda franchises and select new growth categories (i.e. protein and probiotics). For PFNA, given its significant deceleration in top-line growth, Elliott believes it is time to halt this aggressive growth strategy and realign its cost base and optimize the portfolio.
Elliott specifically points to Quaker as a potential divesture, highlighting its center of the plate products that rest outside FLNA’s snack core. Moves like these would allow PFNA to concentrate on areas where it has true competitive advantage, specifically in its FLNA products, as well as help restore margins and free up capital for reinvestment in both organic growth and accretive bolt-on M&A. Elliott believes that these changes to the North American business would not only improve the company’s operations but also help reset the greater Pepsi investment story.
Currently, this is a story of underperformance and poor execution, which has weighed down on the company’s valuation and left the international business overlooked and at a discount.
Specifically, Elliott believes that if this plan is implemented effectively, it can provide at least 50% upside to shareholders. Elliott is one of the most prolific activist investors today and has the resources and track record to influence meaningful change at these types of megacap companies.
But track record and resources are meaningless if you do not present a comprehensive plan that demonstrates a thoughtful path for long-term value creation, and Elliott’s 74-page presentation does just that.
Additionally, while activists are often unfairly stereotyped as short-term investors due in part to some who are occasionally correctly characterized that way, this presentation should be viewed as “Exhibit A” in how activists like Elliott have evolved over the years to be long-term minded in alignment with shareholders. Elliott’s plan includes recommendations like: “Reinvest to Revitalize Core and Grow with Focus,” “Pursue Organic and Inorganic Investment To Drive Long-Term Growth,” “then use the incremental proceeds from these actions to reinvest to drive long-term growth,” and “By right-sizing costs and shedding non-core assets, PFNA can unlock capital to reinvest both organically and inorganically to fuel long-term grow.”
In fact, in 74 pages, Elliott uses the word “reinvest” 54 times and not once uses the word “buyback” despite acknowledging how undervalued Pepsi shares are now. Yes, share buybacks now might be great for the short-term, but Elliott’s reinvestment plan is what will be best for the long-term.
For all of these reasons, it is hard to argue with Elliott’s analysis or recommendations and we would expect that shareholders and management agree with much, if not all, of it. Assuming that, the next step is execution of the plan and this might be the most understated, but important, part of Elliott’s presentation.
A good activist and good board members support management in executing their plan but holds them accountable if they fall short. That is exactly what we expect Elliott to do here. At this early stage, Elliott’s plan appears straightforward enough that we do not expect there to be much pushback, and governance changes do not seem necessary at this point to make an impact. That being said, we expect Elliott to continually monitor the situation and progress of management and hold them accountable if they fail to deliver on strategic actions and updated financial targets.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. More

ETF Strategist

ETF Street
ETF Strategist

Interest in physical gold and gold-related financial investments has soared amid the precious metal’s recent rally.
When it comes to buying gold, gold exchange-traded funds are “the most liquid, tax efficient and low-cost way to invest,” said Blair duQuesnay, a chartered financial analyst and certified financial planner.
Here’s what to know before piling into the precious metal.

Gold prices notched another fresh record this week as more investors piled into the metal amid economic uncertainty and rising bets for a Federal Reserve rate cut.
So far this year, bullion has gained about 35% as of Friday’s close. Spot gold is now near $3,600 an ounce.

“Without a doubt, gold has been trending higher, and it’s getting a lot of attention from investors,” said Blair duQuesnay, a chartered financial analyst and certified financial planner, who is also an investment advisor at Ritholtz Wealth Management.

Investors regard gold as protective against “bad economic times,” according to research by the Federal Reserve Bank of Chicago. As a safe-haven investment, gold tends to perform well in low-interest-rate environments and during periods of political and financial uncertainty. 
“Gold checks all of those boxes,” said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute.

More from ETF Strategist:

Here’s a look at other stories offering insight on ETFs for investors.

According to Wells Fargo Investment Institute’s latest investment strategy report, its analysts “expect ongoing gold purchases by global central banks and heightened geopolitical strife to support demand growth for precious metals.”

The ‘tax efficient and low-cost way’ to invest in gold

To invest in the precious metal, investors can either buy physical gold or gold-related financial investments. 

Most experts recommend getting investment exposure to gold through an exchange-traded fund that tracks the price of physical gold, as part of a well-diversified portfolio, rather than buying actual gold coins or bars.
“In times of acute stress, gold stocks underperform, so to the extent that people want exposure, a gold bullion-backed ETF does a better job than gold-related equities and gold miner stocks,” said Samana.
SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are the two largest gold ETFs, according to ETF.com.
“Gold ETFS are going to be the most liquid, tax efficient and low-cost way to invest in gold,” duQuesnay said.
“It’s much more inefficient to own physical gold,” according to duQuesnay, largely due to higher transaction costs and storage considerations of bullion, including bars and coins.
Alternatively, gold mining stocks are not as closely linked to the underlying price of gold and are more tied to business fundamentals, she added.

Despite gold’s record run, financial advisors generally recommend limiting gold exposure to less than 3% of one’s overall portfolio. 
CNBC Financial Advisor Council member duQuesnay said she has no gold in the portfolios she manages for her clients, in part because of the temperamental nature of any trendy investment.
“Are we in the third inning of this rally of the ninth inning? Gold is priced as a commodity, and that can make it hard to pinpoint the fundamentals,” she said.
Subscribe to CNBC on YouTube. More

President Donald Trump’s “big beautiful bill” raised the state and local tax deduction, known as SALT, to $40,000 for 2025.
Taxpayers who itemize tax breaks can claim the SALT deduction, which includes state and local income taxes and property taxes.
Raising the cap on deductions ultimately reduces the amount of revenue the federal government takes in. 

President Donald Trump’s “big beautiful bill” raised the state and local tax deduction, known as SALT, to $40,000 for 2025. The change comes less than a decade after a cap was placed on this tax break for the first time in its history.
Taxpayers who itemize tax breaks can claim the SALT deduction, which includes state and local income taxes and property taxes. Trump’s 2017 legislation capped SALT at $10,000. Before 2018, the deduction was unlimited — but curbed by the alternative minimum tax for some wealthier households.

“This was in effect for over 100 years prior to the 2017 passage of the Tax Cuts and Jobs Act,” said Rep. Mike Lawler, R-N.Y., who led the push on Capitol Hill for the higher cap. 
More from Personal Finance:New bill would eliminate taxes on Social Security benefitsRecord numbers of retirement savers are now 401(k), IRA millionairesWhy coffee prices are so high — and where they’re headed next
Congress introduced an unlimited state and local tax deduction in 1913. Lawmakers’ goal: cut down on what some consider double taxation.
But when Republicans needed ways to pay for other tax breaks in the 2017 bill, they homed in on capping the state and local deductions, arguing they primarily benefited wealthier Americans in high cost-of-living areas.

Who benefits from a higher SALT cap

Households making $1 million or more would receive half of the benefit if the SALT cap were repealed, according to a 2021 report from the Tax Policy Center.

But data shows less-wealthy families stand to save from the higher cap, too, especially those in high cost-of-living areas outside major cities.

Arrows pointing outwards

In 2022, the average SALT deduction was close to $10,000 in states such as Connecticut, New York, New Jersey, California and Massachusetts, according to a Bipartisan Policy Center analysis with the latest IRS data. Those high averages indicate “that a large portion of taxpayers claiming the deduction bumped up against the $10,000 cap,” researchers wrote.
Meanwhile, the states and district with the highest share of SALT claimants were Washington, D.C., Maryland, California, Utah and Virginia, the analysis found.
Higher property taxes are also putting pressure on many homeowners. The national median annual property tax increased 23% between 2019 and 2023, according to the National Association of Realtors.
State and local taxes are crucial for funding public services. In 2022, New York state and local governments spent $15,368 per person. That year, the state levied $12,751 in tax per person, according to the Citizens Budget Commission of New York.
“That took care of roads, bridges, school districts,” said Westchester County Executive Ken Jenkins. Westchester County in New York has some of the highest property tax bills in the country.

Raising the cap on deductions ultimately reduces the amount of revenue the federal government takes in. 
This adds to the national deficit, which stands at $1.628 trillion in fiscal 2025, according to the Treasury Department.
The higher SALT cap is expected to increase the national debt by more than $142 billion over 10 years, according to the Joint Committee on Taxation. The Tax Foundation estimates that the heightened cap would cost about $320 billion compared with an extension of the existing cap.
Watch the video above to learn more about why Congress raised the SALT cap this summer.
— CNBC personal finance reporter Kate Dore contributed reporting to this story.
Correction: This article has been updated to correct the title of the Citizens Budget Commission of New York. More

The Powerball jackpot soared to an estimated $1.8 billion on Friday ahead of Saturday’s drawing.
It’s the second-highest grand prize in U.S. lottery history, behind the $2.04 billion jackpot won in November 2022.
However, the big winner can expect a hefty tax bill that will cut significantly into their prize.

Justin Sullivan | Getty

Roughly $198.3 million goes straight to the IRS

The Powerball jackpot winner can expect a large upfront federal tax withholding. The IRS requires a mandatory 24% withholding for prizes that exceed $5,000.
If you choose the $826.4 million cash option, the 24% federal tax withholding automatically reduces your winnings by $198.3 million.

But the windfall pushes you into the 37% tax bracket, and your bill will likely be higher, certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix previously told CNBC.

How to calculate your federal tax brackets

The next Powerball jackpot winner easily lands in the 37% federal income tax bracket, regardless of whether they choose the lump sum or yearly payments.
For 2025, the 37% rate applies to individuals with taxable income above $626,350 and married couples filing jointly earning $751,600 or more for 2025.
You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
But the 37% rate doesn’t apply to all of your taxable income. For 2025, single filers pay $188,769.75 plus 37% of the amount over $626,350. Meanwhile, joint filers pay $202,154.50 plus 37% of the amount over $751,600.
The jackpot winner’s remaining tax bill after the 24% federal withholding depends on several factors, but could easily represent millions more. President Donald Trump’s “big beautiful bill” raised the standard deduction, among other breaks, which could reduce taxable income for many filers in 2025.

You may also owe state taxes, depending on where you live and where you purchased the ticket. Some states have no income tax or don’t tax lottery winnings, but others have top-income state tax brackets exceeding 10%. 
Powerball isn’t the only chance to win big. The jackpot for Friday night’s Mega Millions drawing now stands at an estimated $336 million. The chance of hitting the jackpot in that game is roughly 1 in 290.4 million. More

The labor market has weakened considerably and isn’t presenting many new opportunities for job seekers.
The U.S. economy lost 13,000 jobs in June, according to the monthly jobs report issued Friday. It’s the first monthly loss since 2020.
There are ways for job seekers to enhance their odds of success. Career experts said patience is key in the current market.

Jobseekers during a Hospitality House career fair in San Francisco on Aug. 13, 2025.
David Paul Morris | Bloomberg | Getty Images

The outlook seems to be getting worse for job seekers.
The U.S. economy added just 22,000 jobs in August, below expectations, and the unemployment rate rose to 4.3%, the Bureau of Labor Statistics reported Friday.

Meanwhile, a data revision showed the economy lost 13,000 jobs in June — the first month of job losses since December 2020. That loss ends the consecutive-job-growth streak that had lasted 53 months, from January 2021 through May 2025, according to Daniel Zhao, chief economist at Glassdoor, a career site.

Outside of the pandemic, the U.S. economy hasn’t added this few jobs in the first eight months of a year since 2010, around the Great Recession, wrote Laura Ullrich, director of economic research for North America at Indeed.
“August’s Employment Report confirmed that the labour market has headed off a cliff-edge,” Bradley Saunders, a North America economist at Capital Economics, wrote in a note Friday.

A frozen job market

The report piles on top of other data issued this week showing a frozen labor market for job seekers, economists said.
In July, the number of unemployed people eclipsed the number of job openings for the first time since April 2021, according to BLS data issued Wednesday.

Employers have been hiring at the slowest pre-pandemic pace since about 2013. Meanwhile, layoffs have been low by historical standards, suggesting employers are in a holding pattern amid economic uncertainty and policy changes like tariffs, economists said.
Of course, the unemployment rate — which is at its highest in almost four years — is still at a “perfectly healthy level” relative to historical standards, Saunders wrote.

Hiring in certain sectors like healthcare and hospitality also remains “decent,” Ullrich wrote. But there’s risk ahead that healthcare hiring slows further amid reduced federal Medicaid and social assistance funding in coming months and years, she wrote.
All told, it’s a “really challenging” environment for jobseekers, said Mandi Woodruff-Santos, a career coach.
“Think of the worst game of musical chairs you ever played, where there are 12 chairs and they’ve let 100 people go after those 12 chairs,” she said. “That’s kind of how it feels these days.”

Advice for jobseekers

It’s also important to keep your skills “sharp,” by staying current on new software your industry may be using, for example, Woodruff-Santos said.
Show off the skills and knowledge you already have to your professional network, leveraging online platforms like LinkedIn to talk about what you do or are passionate about, she added. It’s a good way to get attention from people who may not remember you.
“You can create your own platform,” Woodruff-Santos said. “Use your voice.”

The main thing is to keep “moving forward and doing something,” perhaps by getting a part-time job in the meantime or broadening your job search to sectors in which your skills are transferrable, Ullrich said. Even volunteer opportunities can look like work experience on a resume, which may show hiring managers you are adaptive, she added.
Additionally, don’t overlook “pivoting in place,” Woodruff-Santos said. Seek out opportunities to advance internally at your current company, whether taking on more responsibility, seeking a promotion or shadowing someone to pick up new skill sets, she said. There are ways to be entrepreneurial in your current job to set you up for future success, she said.

“What people really need right now is patience,” Woodruff-Santos said.
“You’ll start to feel like there’s no hope, but you can’t let that cloud weigh you down,” she said — lean on colleagues, friends, peers and coaching communities to help keep you going. More