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| Subscribe to The Daily Money newsletter, our roundup of each day's top stories from USA TODAY Money. |
| Good morning and happy Tuesday, readers. Jayme Deerwester here with you with a bit of cool news: as of today, you can listen to every song I've ever quoted in Mood Music in our new Spotify playlist – assuming you haven't quit the platform yet. It will be updated regularly with new entries. So far, there has been at least one case where the artist has pulled his or her catalog from Spotify since we used their song. There could be more, so my policy is to listen to a bunch of covers and add the best one to the playlist. |
🗞 News you should know 🗞 |
| Some major cities .including Atlanta, Philadelphia and Kansas City, Missouri, are seeing up to double-digit declines in rent prices, according to a new study from Rent.com. |
| "Rents in most places across the country are still increasing, but there are certain areas that are bucking the trend," said Brian Carberry, senior managing editor for Rent.com. "Most of these areas are in the middle of the country and cities that may have seen a rent increase a year ago and now have flattened out." |
| The latest report comes as the average price of rent for a one-bedroom apartment nationwide has jumped by 22% and the rent for a two-bedroom apartment has climbed by 18% in the last year, Rent.com says. |
| Also, the demand is so steep that the United States' overall rental vacancy rate dropped to just 5.8% – the lowest since the mid-1980s, according to a new report by the Harvard Joint Center for Housing Studies. Renting has become a primary option even for high-income earners due to the competitive housing sales market. |
💡 Daily insight 💡 |
| The U.S. has lost more than 5 million manufacturing jobs within the past 25 years, hindering the financial mobility of workers without a college degree and taking a particularly heavy toll on workers of color, according to a new report from the left-leaning Economic Policy Institute . At the same time, low-wage service jobs have soared. |
| "All workers, and especially Black and brown workers were hurt by the loss of more than 5 million manufacturing jobs in this period,'' says Robert Scott, co-author of the report which that evaluated data from the Bureau of Labor Statistics, U.S. Census Bureau and U.S. International Trade Commission. |
| Though he doesn't have a college degree, working in a steel mill in Gary, Indiana, has allowed El Jenkins, who is Black, to make a good living. He'd like to see factories return and give his neighbors the same chance. "Giving us economic opportunities ... raises the bar,'' he says, "And it elevates the whole city.'' |
🚨 Other stories you shouldn't miss 🚨 |
| Should you get your paycheck in crypto? Experts weigh in as America Competes Act looms. |
| Cryptocurrencies are growing up. Can they earn investors' trust? |
| Sexual harassment in the metaverse? Woman says she was virtually raped. |
| Wordle with a twist? These 4 games are like our favorite word puzzle, which has just been bought by The New York Times. |
| New home broadband internet options. The range of home broadband internet service options has exploded recently, extending reach and expanding choices. |
💵 Smells like tax season 💵 |
| Taxpayers are now receiving letters from the Internal Revenue Service asking them to immediately file their 2020 federal income tax returns. "Please file today," the letter begins. "Send your signed return to the address shown above. We'll assign the credit to the tax you owe and refund any over payment if you owe no other taxes or obligations." |
| The IRS has not disclosed how many of the notices went out this month. But it did confirm that the letters aren't a scam. Bottom line? If you get a notice about your 2020 return, the IRS says don't refile. If you get one about 2019, then you should. |
| If you want to know what's going on with your taxes, log into your account online at IRS.gov to view your status and any correspondence the IRS has sent you. |
🎶 Mood music 🎶 |
| I've had the keys to the newsletter for a couple months now and somehow, I have yet to use a Bruce Springsteen lyric. Well, it's time to fix that. After all, who better to sing about the decline in the quality of life for the working class? So I'm going with 1978's "Factory ": "Through the mansions of fear, through the mansions of pain, I see my daddy walking through those factory gates in the rain. Factory takes his hearing, factory gives him life. It's the working, the working, it's just the working life." |
| – @jaymedeerwester |
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