Morning Business Report

The Morning Business Report is sponsored by Access Health CT Small Business.

(WFSB) – Here’s the Morning Business Report for June 10.

Retirement

How does Connecticut rank for retirement?

Retirement planning app Silvur has calculated the average cost of living for each state and how long the average couple’s savings will last in retirement.

The average Medicare cost for the state was $8,300 and the other monthly spend was $6,800. 

That was in the bottom ten. 

Inflation

Economists said core consumer inflation, excluding food and energy, jumped 3.5 percent, the highest level since 1993.

Investors are watching the data to see if it looks like inflation could be hotter and more persistent than the Fed expects it to be.

Stocks have been worried about inflation in the past month or so.

Campbell’s cooling down

Campbell’s Soup isn’t looking too hot in a post-pandemic world. 

The company, known for its soups, pasta sauces and snacks from brands like Pepperidge Farms and Prego, saw increased demand during the early days of the pandemic. However, sales of snacks fell 8 percent in the third quarter while sales of its soups and jarred pasta sauces dropped 14 percent.

Stock market update

Stocks ended modestly lower on Wednesday following another quiet trading session.

Copyright 2021 WFSB (Meredith Corporation). All rights reserved.

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(2) comments

SunnyDay

Hey CT is in the lowest 10 for retirees! Who knew!!?

This isn’t rocket science, but the Dems who have controlled the CT State government for decades upon decades care much more about padding Unions (I mean really, the past speaker Joe Aresimowicz was the AFSCME Union President while presiding over the House of Representatives in CT) and giving away tax dollars to social causes than propping up our financials. It’s simple; less retirees = less tax dollars and more pressure on the most expensive service towns provide, and seniors and empty nesters don’t use, SCHOOLS. Take Simsbury as an example, the average home assessment is 256K, and the mill rate is 37.41 as of today. That’s $9,577 in home taxes annually, plus whatever cars they own. Simsbury schools spend around $17K per pupil to educate them. See the issue, a parent occupying one of those homes, with 2 kids, pay less than 50% of the costs to educate them alone - less forget the other services Town Hall provides, including Police and Public works. Older retirees pay the lions share of educational costs, just as elderly did when they had kids in school. The more retirees lose, the worse it gets for CT. ALL towns have this problem, but like the recent cottage industry of car thefts that all towns are experiencing, the State Government looks the other way. This is a basic financial metric the Dems understand, but just don’t care about.

Brian C. Duffy

256K assessment gets you 3000 sf on 1 acre or 2500sf on 2 acres in Simsbury. The (wealthy) owners at any age can afford it or sell (very quickly) to others. Been that way in Simsbury since the 1960s when the town population doubled. The (not poor) whiners have been complaining and predicting doom since then as well. When are you leaving, Miss Moneybags?

Brian Duffy ~~ affordable Tariffville since 1964.

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