Private debt collectors cannot take Social Security benefits directly through garnishment because federal law protects these funds. However, a bank levy, which can freeze funds in a bank account when a creditor wins a court judgment, may temporarily freeze accounts even if they contain Social Security money. Federal rules require banks to protect up to two months of directly deposited Social Security benefits from being frozen, but money mixed with other income or manually deposited checks may not be fully protected.
Key Facts
Over 75 million people receive Social Security benefits in the U.S.
Social Security benefits average just over $2,000 per month in 2026.
Federal law prohibits private debt collectors from garnishing Social Security benefits directly.
A bank levy can freeze funds in your bank account after a creditor wins a court case.
Banks must conduct a review to protect up to two months of recently deposited Social Security benefits from the freeze.
This protection only applies to Social Security funds directly deposited by the government, not manually deposited checks.
If benefits are mixed with other income in one account, only the protected amount may be safe from levy.
Separating Social Security deposits into a dedicated account can help protect the funds during a bank levy.
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Retail sales in the U.S. increased by 0.5% in April 2026, slower than the 1.6% rise in March. Higher gas prices due to the conflict in Iran reduced how much people spent on nonessential items like furniture and department store goods.
Key Facts
Retail sales grew 0.5% in April, down from 1.6% growth in March.
March’s increase was the largest in over three years, mainly because gas prices rose quickly.
When gas prices are removed, retail sales still grew by 0.3% in April.
Department store sales fell by 3.2% in April.
Furniture and home furnishing sales dropped by 2%.
Online retailers experienced a 1.1% increase in sales.
Restaurant sales increased by 0.6%, the only service category mentioned.
The data does not include spending on travel, hotels, or other services.
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The number of Americans applying for unemployment benefits rose to 211,000 last week but remains low compared to historical levels. Economic uncertainty from the ongoing war in Iran has contributed to slower hiring and higher inflation in the U.S. economy.
Key Facts
Jobless benefit applications increased by 12,000 to 211,000 for the week ending May 9, 2026.
The unemployment rate in the U.S. is currently 4.3%, considered low by economists.
Despite adding 115,000 jobs in April, hiring has slowed as businesses face uncertainty from the Iran war.
The Strait of Hormuz, a critical oil shipping route, remains closed, causing oil prices to rise over 50%.
The average gas price in the U.S. climbed to $4.53 per gallon from under $3.00.
Consumer inflation rose 3.8% from the previous year, the largest increase in three years.
Wholesale prices increased 6% year-over-year, the highest in over three years.
The Federal Reserve kept interest rates steady recently due to uncertainty from inflation and Middle East instability.
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The Trump administration aims to increase U.S. seafood production by expanding fish farming on a large industrial scale. A major salmon farm in Maine, operated by Cooke Aquaculture, is under investigation after an animal rights group released undercover video footage showing fish cruelty and poor environmental practices.
Key Facts
The Trump administration wants to mass-produce fish like chickens to boost seafood output in the U.S.
Animal Outlook, an activist group, filmed workers mistreating salmon at Cooke Aquaculture’s hatchery in Maine.
The video shows workers hitting fish with metal poles, kicking them, and cutting into live fish.
Fish had deformities and fungal infections, and some were fed contaminated food.
Employees said thousands of fish are killed because too many are produced, and some farmed fish escaped into wild waters.
This is the second time Animal Outlook has exposed poor conditions at the same facility, with a previous video released in 2019.
Maine’s state regulators have started an investigation, and Animal Outlook wants cruelty charges filed.
The salmon are sold under the True North brand, which is certified by the Best Aquaculture Practices program, currently also investigating the claims.
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Mortgage interest rates as of May 14, 2026, are averaging 6.37% for a 30-year loan and 5.87% for 15 years. Rates may change before the next Federal Reserve meeting in June due to recent increases in inflation.
Key Facts
Average 30-year mortgage rate is 6.37% as of May 14, 2026.
Average 15-year mortgage rate is 5.87% as of the same date.
Average refinance rate for a 30-year loan is 6.73%.
Average refinance rate for a 15-year loan is 5.81%.
Rates rose recently after inflation reports showed increases.
Mortgage rates remain lower than the peak above 7% in 2023.
Borrowers can lock in current rates to protect against potential rises.
Refinancing options like 20-year mortgages might offer balance between lower rates and manageable payments.
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Some Republican-led states, including Missouri, are planning to eliminate state income taxes, hoping to attract businesses and boost the economy. Experts warn that cutting these taxes can cause budget shortfalls, reduce funding for schools and public services, and mostly benefit wealthier residents.
Key Facts
Missouri is proposing a constitutional amendment to remove state income tax, a first in over 100 years.
Kansas tried a similar tax-cut plan in the 2010s, which led to a $900 million budget deficit and early school closures.
Some Republicans believe eliminating income tax will attract businesses and help workers keep more money.
Critics say these tax cuts mostly benefit wealthy people and can harm lower- and middle-income residents.
Other states like Georgia, South Carolina, and West Virginia are also reducing or eliminating income taxes.
Groups like Americans for Prosperity, supported by the Koch brothers, push for ending state income taxes.
Missouri voters will decide on the tax proposal in elections later this year.
Experts note that states without income tax don’t always attract many new residents or replicate the economic benefits claimed.
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A jury in Chicago awarded $49.5 million to the family of Samya Stumo, who died in the 2019 Ethiopian Airlines crash involving a Boeing 737 MAX. Boeing has settled most lawsuits from the crashes but this case went to trial after no prior agreement was reached.
Key Facts
Samya Stumo, age 24, died in the March 2019 Ethiopian Airlines 737 MAX crash that killed 157 people.
The jury took about two hours to decide on $49.5 million in damages for Stumo's family.
Boeing 737 MAX planes were grounded for nearly two years after two deadly crashes.
The crashes were the Ethiopian Airlines Flight 302 and Lion Air Flight 610 disasters.
Boeing paid over $1.1 billion in fines and $445 million to victims’ families to settle criminal fraud charges.
The company agreed to improve safety and quality controls to avoid criminal prosecution.
This lawsuit went to court because Stumo’s family did not settle with Boeing before the trial.
Stumo was traveling to Kenya for a public health assignment when the plane crashed shortly after takeoff.
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A rare 5.5-carat fancy vivid blue-green diamond called "Ocean Dream" sold for $17.3 million at Christie's auction in Geneva. This price set a new record for this type of diamond and was much higher than its estimated value before the sale.
Key Facts
The diamond weighs 5.5 carats and is shaped like a triangle.
It is the largest fancy vivid blue-green diamond known to exist.
The stone was found in Central Africa in the 1990s.
The auction price of $17.3 million was double the price it sold for in 2014.
The buyer was a private client, but their identity was not revealed.
The diamond was sold in about 20 minutes, showing strong interest.
Other rare colored diamonds at Sotheby's and Christie's have sold for millions in recent years.
Colored diamonds are very rare and attract collectors worldwide.
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A hedge fund called Toscafund has proposed to buy Spire Healthcare, the UK’s largest private hospital operator, in a deal worth £1 billion. Spire’s board supports the offer, which caused the company’s share price to rise sharply. Spire runs 38 private hospitals and has a significant contract with the NHS.
Key Facts
Toscafund, led by Martin Hughes (nicknamed “the Rottweiler”), made a £1 billion buyout proposal for Spire Healthcare.
The offer values Spire shares at 250p each, which the board said it would likely recommend to shareholders.
Spire’s shares jumped nearly 50%, reaching 221p and making the company worth about £892 million.
Spire runs 38 hospitals and over 60 clinics across the UK, treating 1.36 million patients in 2025.
About one-third of Spire’s income comes from NHS-related work, such as hip and knee surgeries.
Toscafund must confirm a firm offer by June 11, according to UK takeover rules.
Spire’s biggest shareholder is Mediclinic, holding just under 30% of the company.
There are public concerns in the UK about increasing private sector involvement in healthcare, though officials defend this trend.
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A study from the University of Surrey found that investors see chief executives who went to private schools as safer leaders, even though these CEOs perform no better or take fewer risks than those educated in state schools. This perception leads to lower stock price changes for companies led by privately educated bosses, but the effect lessens as more information about the CEO becomes available.
Key Facts
CEOs with private school backgrounds are seen by investors as less risky.
Companies run by privately educated CEOs experience about 5% less stock market volatility.
There is no evidence that privately educated CEOs perform better or manage crises more effectively.
Investors may confuse social status with business competence under uncertainty.
The study analyzed data from US companies comparing CEOs’ education backgrounds.
The perception effect decreases over time and with more informed investors.
Research from the UK shows a high number of top business leaders attended private schools compared to the general population.
Only about a third of FTSE 100 CEOs in the UK attended state comprehensive schools, while nearly 40% attended private schools.
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President Donald Trump visited China with more than a dozen top US business leaders to discuss trade, technology, and other economic issues. These business executives want to strengthen their ties with China and benefit from the Chinese market, while both countries consider extending a tariff truce.
Key Facts
President Trump met with Chinese President Xi Jinping during a state visit to Beijing.
Over a dozen US CEOs joined Trump, including Elon Musk (Tesla, SpaceX), Tim Cook (Apple), and David Solomon (Goldman Sachs).
The group expressed respect for China and interest in expanding business in the Chinese market.
China controls most of the world’s rare earth metals, important for tech products like smartphones and jets.
Trade tensions persist after Trump’s tariffs last year led to retaliatory tariffs by China.
The two countries agreed last year to a one-year pause on some tariffs and export restrictions.
Elon Musk is looking to buy nearly $3 billion in solar panel manufacturing equipment from China.
Other companies represented include BlackRock, Citi, Boeing, Meta, Visa, and Nvidia.
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King’s College London and Cranfield University have agreed to merge by summer 2027, forming a large UK university with about 47,000 students. This move aims to strengthen their research and teaching, helping them compete internationally and respond to financial challenges in higher education.
Key Facts
The merger will add around 5,000 mostly postgraduate students from Cranfield to King’s College London.
The combined university will become the second largest mainstream university in the UK, after University College London.
The UK government has given preliminary approval for the merger.
The merger aims to enhance education, research, industry partnerships, and national resilience.
Cranfield University focuses on technology, engineering, and management, with over 90% postgraduate students.
Both universities see this as a way to increase innovation, growth, and capacity in science and technology.
The final name of the merged university has not been decided yet.
The higher education sector in England faces financial pressures due to changing student enrollment and rising costs.
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Burberry’s new £2,000 handbag named after the Cotswolds is helping increase sales, especially among wealthy Americans. The company returned to profit by cutting costs and expanding sales in the US and China, despite challenges in Europe and the Middle East.
Key Facts
Burberry launched a Cotswolds handbag priced around £2,000, which has boosted bag sales.
The Cotswolds region is gaining popularity with wealthy Americans, sometimes called the "Hamptons of England."
Burberry replaced its more expensive Knight bag (over £2,400) with the Cotswolds line to offer better value.
Burberry reported a full-year pre-tax profit of £49 million, after a £66 million loss the previous year.
The company cut £80 million in costs and reduced the number of stores to improve profitability.
Sales grew in North America and China but were hurt by poor results in Europe and the Middle East.
Burberry expects to reach £3 billion in sales soon and is optimistic about future growth.
Shares fell 5% due to concerns over conflicts in the Middle East affecting sales.
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A painting by Dame Judi Dench was sold for £6,900 at a charity auction in Surrey. The money raised will help support the Yvonne Arnaud Theatre’s creative learning programs for young people and vulnerable community members.
Key Facts
The painting by Dame Judi Dench sold for £6,900 at the charity event in Guildford.
The auction was part of the Yvonne Arnaud Theatre’s "Supper With The Stars" event.
Proceeds from the auction will fund the theatre’s creative learning program for youth and vulnerable people.
Dame Judi Dench painted the watercolour of the Scottish Highlands in 2025, one of her last works due to eyesight issues.
Other auction items included a collar and bow tie worn by Sir David Suchet as Poirot (£650), a piano lesson with Simon May (£700), and an Albert Square sign signed by EastEnders cast (£275).
The event raised over £65,000 in total for the theatre.
The theatre plans to expand its youth theatre program in September, hoping to provide free places for half of the participants.
The theatre’s programs support people facing financial difficulties, young carers, and those with special needs.
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Despite ongoing problems like war with Iran, high oil prices, inflation, and trade tensions under President Trump, the US stock market has not only recovered from recent losses but is growing strongly. Investors remain confident partly because they believe the government and Federal Reserve will step in to help if financial trouble worsens.
Key Facts
On 27 March, the Dow and Nasdaq fell more than 10% from their peak due to rising oil prices and war concerns with Iran.
By 13 May, the situation with Iran showed little improvement, but stock markets were thriving.
Nasdaq has increased about 11% since the start of the year, driven by tech investments, especially in AI.
The Dow and S&P 500 indexes are close to their record high levels.
Investors expect President Trump to soften extreme policies, like tariffs, which has lessened market fears (called “Taco”).
Economists believe markets are confident because they expect federal government and Federal Reserve support during financial crises.
Inflation remains high at 3.8% in April, affecting lower-income Americans more than wealthier ones.
Recent bank failures showed risks in the financial system, partly because of weak regulation and supervision.
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Nine California mayors have threatened to sue the California High-Speed Rail Authority over a plan to take a share of local tax revenue and control zoning near future rail stations. The cities say this plan could reduce funds for local services and interfere with local government control. The rail authority says it only wants part of new tax increases to support the rail project and infrastructure.
Key Facts
Nine mayors from California cities, including Fresno, oppose the High-Speed Rail Authority’s plan.
The plan would capture tax growth and zoning control within half a mile of new rail stations.
Cities worry this will reduce money for public safety, transportation, and other essential services.
The High-Speed Rail Authority says it will only take a share of future tax increases (called tax-increment financing).
Tax-increment financing uses increased tax revenue from rising property values near development to fund projects.
Mayors argue the proposal may be unconstitutional and could harm local government finances.
The rail project has faced financial challenges and delays for years.
Officials warn that a legal fight over funding could further complicate the project’s progress.
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SpaceX is planning to start selling its shares to the public soon, which could value the company at about $2 trillion. This event is causing changes in stock market rules, especially for very large companies, to allow them to join key stock indexes faster than before.
Key Facts
SpaceX may have an initial public offering (IPO) next month, possibly valued at $2 trillion.
Similar big tech companies like OpenAI and Anthropic are also expected to go public this year with combined values estimated at $5 trillion.
The S&P 500 index may change its rules to let SpaceX join its list of top companies faster.
Proposed rule changes include removing the profit requirement, reducing the waiting time from 12 to 6 months, and lowering the minimum public share offering from 10% to 5%.
These changes would make it easier for huge companies to get included in major stock indexes, forcing index funds to buy their shares.
Some experts criticize the rule changes, saying they might unfairly favor big companies and early investors.
The Nasdaq already changed its rules to fast-track SpaceX into its Nasdaq 100 index.
If approved by May 28, the new rules would start on June 8, just before the IPO.
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Fashion designer Jonathan Anderson presented Dior’s Cruise collection in Los Angeles, aiming to strengthen the brand’s connection to Hollywood and the film industry. The show featured classic Dior styles with a fresh, movie-inspired twist and marked the start of Dior’s broader plan to mix fashion, commerce, and cinema.
Key Facts
Jonathan Anderson is the creative director of Dior and also works as a costume designer for films by Luca Guadagnino.
The Dior Cruise collection show took place at the David Geffen Galleries in Los Angeles.
The show’s theme referenced Dior’s historical ties to Hollywood, including dressing stars like Marlene Dietrich.
The collection included updated versions of Dior classics, such as the bar jacket styled as a white tuxedo.
The show combined American and Hollywood influences, featuring vintage cars and iconic street lamps on the runway.
Anderson plans to expand Dior’s involvement in film through costume design and partnerships with movie franchises.
Men’s shirts in the collection were designed in collaboration with Los Angeles-based artist Ed Ruscha.
The event reflects a trend where fashion brands use “Cruise” shows for marketing and storytelling beyond traditional seasonal collections.
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Nvidia CEO Jensen Huang joined a group of business leaders meeting with President Donald Trump and Chinese President Xi Jinping. The meeting aimed to discuss easing restrictions on selling Nvidia’s computer chips to China.
Key Facts
Jensen Huang is the CEO of Nvidia, a company that makes chips used in artificial intelligence (AI).
He attended a summit with President Donald Trump and Chinese President Xi Jinping.
The visit included several U.S. business leaders accompanying President Trump.
Nvidia hopes the meeting will lead to lifting trade limits on chip sales to China.
Restrictions on chip sales have affected Nvidia’s business with China.
The summit is part of broader talks on trade, technology, and rare earth resources.
Other news alongside this event includes a Chinese oil tanker crossing the Strait of Hormuz and Kevin Warsh’s confirmation as chair of the U.S. Federal Reserve.
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The Library of Congress added 25 important music and audio recordings to its National Recording Registry to preserve them for future generations. These new additions include Taylor Swift’s album "1989," Beyoncé’s song "Single Ladies," and works by artists like Ray Charles, The Go-Go’s, and others, spanning many genres and formats including video game soundtracks.
Key Facts
The National Recording Registry selects audio recordings important to America’s culture, history, and artistic heritage.
Taylor Swift’s 2014 album "1989" was added as the most recent recording from the 21st century on the list.
Beyoncé’s 2008 hit "Single Ladies (Put a Ring on It)" is also included from the 21st century.
Other new additions feature music by Ray Charles, Gladys Knight and the Pips, Paul Anka, The Go-Go’s, and jazz musician Oliver Nelson.
The registry now contains 700 recordings, part of the Library’s larger collection of nearly 4 million audio items.
The selections cover many music styles such as jazz, rock, pop, country, R&B, and Broadway.
The soundtrack of the video game "Doom" was also added, showing the diversity of recordings preserved.
People can nominate recordings to be added to the Registry in the future.
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