A year-end memo by White House senior adviser Anita Dunn and National Economic Council director Brian Deese says the U.S. "ends 2022 in a stronger position than many major global economies."
"The unemployment rate remains near record lows, many measures of household balance sheets are stronger than before the pandemic, gas prices are down more than $1.75 from the summer, and we are seeing more signs of inflation moderating," they write.
"[S]tarting in January, American consumers will receive additional cost savings on prescription drugs, health care, and clean energy, thanks to legislation President Biden signed into law earlier this year."
Reality check: The memo notes there's "more work to do, and we may see setbacks along the way."
The Internal Revenue Service increased the "optional standard mileage rate" used to calculate tax deductions by 3 cents a mile for 2023.
The big picture: The increase brings the IRS rate to 65.5 cents per mile driven for business use, which comes after two increases in 2022, the federal agency announced in a statement.
The stock market notched a fittingly downbeat end to its worst year since 2008 — and investors are nervous about the potential for another year of pain.
State of play: After dropping 0.3% on the final trading session of the year Friday, the S&P 500 finished 2022 down 19.4%.
Whether you want more champagne to ring in 2023 or to buy foods some believe will bring luck in the new year like grapes and black-eyed peas, take note.
The big picture: Most grocery stores will close earlier than usual Saturday for New Year’s Eve and some will operate with reduced hours Sunday.
Many stores are closing early Saturday before the New Year’s ball drops and then have limited hours Sunday.
The big picture: While some stores have reduced hours, few retailers are closed for New Year’s Day so it’ll be easier to find open businesses than it was on Christmas.
