YOUR MONEY: September 1, 2014 - News, Weather & Sports

Here's a look at your top consumer headlines.

YOUR MONEY: September 1, 2014

Louisville, KY - LOUISVILLE, KY (WAVE) - Here's a look at your top consumer headlines.

President Obama Addresses Minimum Wage

President Obama will be speaking in Milwaukee for LaborFest 2014, a family-oriented union worker gathering. The appearance comes on the heels of the president's weekly address on Saturday morning, during which he reiterated his stance that Congress must raise the minimum wage. He praised states that have already raised the minimum wage. President Obama also shined the spotlight on Kentucky State University's president, Raymond Burse:"The president of Kentucky State University set a great example by giving himself a $90,000 pay cut," President Obama said, "so that he could give raises to his lowest-paid employees. His sacrifice will give more of his workers and their families a little extra money to help make ends meet."

Republicans also addressed the economy over Labor Day Weekend. Rep. Larry Bucshon (R-IN), spoke in the GOP's weekly address, saying Republicans are focused on creating jobs, lowering costs and restoring opportunity. 

As of this Labor Day, 13 states and 10 county and city governments have increased their minimum wages during 2013 and 2014. Seattle's minimum wage stands to reach $15 an hour by 2018, which would make it the highest in the country. That wage would also become double the current federal minimum, $7.25 an hour. 

In WAVE Country, the question of whether to raise the minimum wage is heating up as well. So far, all 17 Democrats on Metro Council have said they support a minimum wage increase, but have differing views on details. You can see a full explanation of the debate here

Labor Day gas prices

If you made plans to hit the road for Labor Day, you might have been expecting pricey receipts at the gas pump. However, gas prices this Labor Day could be the lowest seen in years. Analysts say there are a number of contributing factors leading to the lower costs. Generally speaking, crude oil prices have fallen around the globe, despite ongoing conflicts in the Middle East and Russia. America has also started producing more oil on its own, which means trouble abroad plays less of a role on prices at home. 

Gas prices began noticeably falling in July, a trend that is expected to continue through November. At last check, reported regular gas prices were averaging at $3.41 per gallon, $.18 cheaper than in 2013 and $.42 cheaper than 2012's record high. In Louisville, the average hit $3.60 on Labor Day 2014, roughly $.10 cheaper than the year before. 

iPhone Anticipation

Apple has stayed tight-lipped so far about the anticipated release of the iPhone 6, but that hasn't stopped analysts from discussing their predictions ahead of its release. The company's CEO, Tim Cook, sent out invites to a special event on September 9, when Apple is expected to reveal both its newest iPhone and the iWatch, teasing consumers with a simple message: "We wish we could tell you more."

If Apple does unveil the iWatch, it would rival Samsung's Gear S smartwatch, which was launched on Thursday. The new watch will be available to the public starting in October, but the price of the tech gear has not been released. 

There are big stakes for the big phone; the iPhone now makes up more than half of Apple's total revenue. 

Copyright 2014 WAVE 3 News. All rights reserved.

Powered by Frankly