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How Americans feel matters to the economy
It’s been a volatile few years for American consumers. A flurry of economic reports this week will give insight into consumer prices, spending, and sentiment heading into the final quarter of 2023.
US stocks rose on Friday but still ended the week in the red, as investors continued to worry about the Fed’s future interest rate policy
• Supermarket chains Kroger (KR) and Albertsons (ACI) are selling more than 400 stores to C&S Wholesale Grocers for $1.9 billion to secure antitrust clearance for their proposed merger. Kroger also agreed to settle the majority of claims related to the opioid epidemic. As part of the settlement, Kroger will pay $1.2 billion to U.S. states and subdivisions and $36 million to Native American tribes over 11 years, plus attorney fees and costs.
• The Federal Aviation Administration ordered SpaceX to keep its Starship Super Heavy rocket grounded until the company takes 63 corrective actions. The goal is to prevent a recurrence of April’s mishap, which saw the rocket explode mid-flight.
• Stellantis (STLA) has offered a pay raise to its hourly workers represented by the United Auto Workers to avoid a costly strike. The proposed deal would provide a 14.5% wage increase over the four-year term of the proposed deal for most of Stellantis’s roughly 43,000 UAW-represented hourly workers.
What to be on the lookout for today
• The NFIB Small Business Optimism Index will be reported for August. In July, this measure of economic confidence increased for the third straight month. Additionally, 21% of business owners reported inflation as their single biggest concern. Plus, the New York Fed will report consumer inflation expectations for August.
• Oracle (ORCL) will kick off a slower week of reports. Management will likely speak on Oracle Cloud Infrastructure’s recently-acquired Top Secret approval.
How to get a personal loan when you're self-employed
A personal loan is a type of installment loan that can be used for just about anything. When you get a personal loan, you receive a set amount of money upfront, and then make regular payments each month until the loan is paid off. Personal loan requirements vary based on the lender you choose, but getting a personal loan when you're self-employed can be challenging.
Requirements for self-employed workers
When you apply for a personal loan, your prospective lender will do a credit check and verify your income. For a traditional applicant, this income verification can be done via paystubs or W-2 forms. But if you are self-employed, you may not have this information and may have to prove your income in a different way.
Showing proof of income
Depending on the lender, you may be asked for a variety of documents to prove your income. This could include tax returns for the current and previous years, invoices, or bank statements. Lenders are usually looking for proof that you have verifiable income that can be used to make your personal loan payments. Without this proof of income, you may find it difficult or even impossible to get a personal loan without a cosigner.
Getting a personal loan while self-employed doesn’t have to be impossible. Here are more detailed steps and what to watch out for.
Today’s top stories
Is Bidenomics working? Don’t ask Americans Data paints a promising picture of the Biden-era economy, but sentiment shows another side of the story. We break down the disconnect. Read more >> Privacy is the latest factor in buying a new car Carmakers have subpar privacy protection. Drivers know how to protect themselves on the road — but how about their data? Read more >> 11 tips for managing your money as a freelancer Freelancing can offer workers more flexibility. But being your own boss also adds to your to-do list. Here’s what freelancers need to know about financial planning. Read more >>Not-so-breaking news
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Kroger (KR) and Albertsons (ACI) are selling more than 400 stores to C&S Wholesale Grocers for $1.9 billion to secure antitrust clearance for their proposed merger.
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ChatGPT saw web traffic fall for the third month in a row. Some point to students’ summer vacation for the declining usage, while others argue the hype for OpenAI’s generative chatbot is leveling off.
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Spotify (SPOT) is offering a free audiobook trial to paid subscribers. Subscribers will soon be able to listen to up to 20 hours of audiobooks a month for free as the streamer tests its new platform.
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Apple (AAPL) lost $200 billion in two days following reports that China plans to expand a ban on the use of iPhones to government-backed agencies and companies.
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Disney (DIS) narrowed the focus of its lawsuit against Florida Governor Ron DeSantis. The suit now focuses on a First Amendment claim that the governor politically retaliated against the entertainment giant.
Financial planner tip of the day
“Turning to a spouse or parent for a joint account or co-signer can be a valuable way to build credit (think joint credit cards or parents co-signing on student loans) for someone who does not have a credit history of their own. In the long run, however, a person will be in a much stronger position if they borrow in their name alone.”
Brian Walsh, CFP® at SoFi