For the third time in five years, Social Security recipients, disabled veterans and federal retirees will not receive an increase in benefits.
Next year’s annual cost-of-living adjustment will remain flat. The rate is based on a government measure of inflation.
This also comes at a time when many older Americans could also face Medicare costs. Read more here.
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Kia is recalling more than 377,000 Sorento SUVs because of a faulty transmissions. These vehicles have been found to shift out of park when the driver’s foot isn’t on the brake. The recall covers Sorentos from 2011 through 2013 model years. Learn more here.
Applications of unemployment benefits has reached its lowest level in 42 years. The number of Americans seeking unemployment aid fell last week by 7,000 to a seasonally adjusted 255,000, which was last reached in July, and before then in November 1973. Find out more here.
UnitedHealth Group is reporting rapid growth in pharmacy benefits management unit. Known as Optum, which runs the health care insurance company’s prescription drug coverage unit, the unit witnessed a 61 percent jump in revenue to $19.3 billion. For more information, read here.
-Will Buss, BND business writer