Author: Money Mechanics

The Arts and Cultural Production Satellite Account released today by the U.S. Bureau of Economic Analysis shows that arts and cultural economic activity, adjusted for inflation, increased 6.6 percent in 2023 after increasing 3.8 percent in 2022 (chart 1 and table 1). By comparison, the broader economy, as measured by real gross domestic product (GDP), increased 2.9 percent in 2023 after increasing 2.5 percent in 2022 (chart 1). Arts and cultural economic activity accounted for 4.2 percent of GDP, or $1.17 trillion, in 2023 (tables 2 and 3). Real (inflation-adjusted) value added for core arts and cultural production industries, which…

In-brief analysis August 21, 2025 Alaska has the highest per capita energy expenditures of any state at $12,100, according to our recently published State Energy Data System information for 2023. Wyoming and North Dakota spent the next most on energy at $10,100 and $9,300 per capita, respectively. All three states spent twice as much as the national average of $4,700. Florida had the lowest per capita energy expenditures at $3,700, followed by New York and Maryland at $3,800 each. Differences in economy-wide per capita energy expenditures across states are attributable to weather conditions, economic composition,…

Nine percent of American workers are canceling plans to make a major purchase, such as buying a home or car, due to their feelings about job security, according to a Redfin survey. More than a third (35%) are delaying major purchase plans. Nearly a third (30%) of workers say they have either already made a major purchase sooner than expected, or will make a purchase earlier than originally planned, due to their feelings about job security. Two-thirds (66%) of workers are confident about their job security, while 31% are concerned.  More than a third (36%) of workers do not have…

OpenAI has announced plans to open its first office in India, just days after launching a ChatGPT plan tailored for Indian users, as it looks to tap into the country’s rapidly growing AI market. On Friday, the company said it would set up a local team in India and open a corporate office in the capital, New Delhi, in the coming months. The move builds on OpenAI’s recent hiring efforts in the region. In April 2024, the company appointed former Truecaller and Meta executive Pragya Mishra as its public policy and partnerships lead in India. OpenAI also brought on former…

Donald Trump directed his Secretary of Labor Thursday to reevaluate past guidance on 401(k) regulation in a win for private equity that could unlock trillions in assets.Getty Images President Donald Trump signed his long-awaited executive order paving the way for 401(k) providers to offer access to private equity investments on Thursday, opening the floodgates to what the private equity industry has long salivated over, as a huge untapped reserve of funds. With $12.2 trillion in defined contribution workplace accounts like 401(k)s and another $16.8 trillion in individual retirement accounts, according to the Investment Company Institute, individuals’ retirement savings could prove…

Looking to buy your first home but afraid you can’t afford it? If you’re willing to give up space in favor of affordability, a tiny house could be yours for just $10,000 on Amazon. But before you move in, you may need to give up some of your possessions. Tiny houses typically range from 200 to 400 square feet—with some as small as 60 square feet. Key Takeaways For some, tiny homes offer an affordable alternative to traditional homeownership.Amazon is selling tiny houses for just under $10,000 on its website.These may be small, but they include full amenities, including a…

Key Takeaways Politicians face strict gift limits—$50 per gift in Congress and $20 for executive officials—but there are plenty of exceptions to the rule. Gifts from lobbyists are technically banned, but many travel and entertainment perks are legally accepted as campaign activity. Ethics rules don’t apply to the president or vice president. That gap, watchdogs say, creates serious risks for conflicts of interest. The Department of Defense raised eyebrows after it accepted a luxury Boeing 747 jet from the government of Qatar with the hopes of upgrading it to transport President Donald Trump. But the legality? That’s murky. In fact,…

Key Takeaways Low-cost index funds and robo-advisors offer accessible, hands-off investment options. Roth individual retirement accounts (IRAs) and 529 plans can provide effective, tax-advantaged ways to save for your child’s future education and retirement. Becoming a parent is a life-changing milestone and a significant financial responsibility. American families pay almost half of college costs out-of-pocket, averaging $13,760 per student each year. For new parents, there’s pressure to secure their child’s future, and it can be overwhelming. However, the right investment strategy can make all the difference. The good news: You don’t need to be a financial expert to have success…

College graduates can expect a median annual return of 12.5% on investment, according to new Federal Reserve research—significantly higher than historical stock market returns.The typical college graduate earns $32,000 more annually than high school graduates, a premium that has reached a near all-time high. With student loan debt rising and stock markets reaching new highs, many Americans are questioning whether a college degree is still worth the investment. However, Jaison R. Abel and Richard Deitz, researchers at the Federal Reserve Bank of New York, have found in the data reason to be skeptical of narrative coalescing in the mid-2020s that…

KEY TAKEAWAYS The U.S. and European Union fleshed out details of the trade deal they had agreed on last month, formalizing the 15% blanket tariffs on most EU exports to the U.S. although levies on autos remain elevated for now. The 15% levy on auto imports from the EU to the U.S. will hinge on the 27-nation bloc reducing its tariffs on a slew of American products, among them all U.S. industrial products and seafood and agricultural products.The EU and the U.S. reached a trade deal late last months after weeks of strained talks.  The U.S. and European Union fleshed out…