DULUTH, Ga.--(BUSINESS WIRE)--Nov 26, 2024--
Primerica, Inc. (NYSE: PRI), a leading provider of financial services and products in the United States and Canada, announced today the release of the Primerica Household Budget Index™ (HBI™), a monthly index illustrating the purchasing power of middle-income households with income between $30,000 and $130,000. In October 2024, the average purchasing power for middle-income families was 103.1%, up from 102.7% in September 2024. This marks the sixth consecutive month purchasing power rose for middle-income families. Spending power is at its highest level since January 2021 and is up 3.4% from a year ago. The recent recovery is driven primarily by gas prices continuing to fall in October.
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For more information on the Primerica Household Budget Index™, visit www.householdbudgetindex.com.
About the Primerica Household Budget Index™ (HBI™)
The Primerica Household Budget Index™ (HBI™) is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of the Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, utilities, and health care and earned income to track differences in inflation and wage growth.
The HBI™ is presented as a percentage. If the index is above 100%, the purchasing power of middle-income families is stronger than in the baseline period and they may have extra money left over at the end of the month that can be applied to things like entertainment, extra savings, or debt reduction. If it is under 100%, households may have to reduce overall spending to levels below budget, reduce their savings or increase debt to cover expenses. The HBI™ uses January 2019 as its baseline. This point in time reflects a recent “normal” economic time prior to the COVID-19 pandemic.
Periodically, prior HBI™ values may be revised due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the October 2023 release of the HBI™ data, health insurance costs will no longer be included in the calculation of the HBI™ data as part of the healthcare component because of some newly acknowledged methodology that has been used by the BLS to calculate the health insurance CPI. The health insurance CPI, as calculated by BLS, does not measure consumer costs of health insurance such as the cost of premiums paid or a combination of premiums and deductibles, but rather premium values retained by health insurers we do not believe it accurately reflects consumer experiences. The healthcare component will continue to include medical services, prescription drugs and equipment. Prior published values have been adjusted to reflect this change. For more information visit householdbudgetindex.com.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.
Primerica Household Budget Index™ - In October 2024, the average purchasing power for middle-income families was 103.1%, up from 102.7% in September 2024. This marks the sixth consecutive month purchasing power rose for middle-income families. (Graphic: Business Wire)
LAHAINA, Hawaii (AP) — Tyrese Hunter scored 17 of his 26 points after halftime to lead Memphis to a 99-97 overtime win against two-time defending national champion and second-ranked UConn on Monday in the first round of the Maui Invitational.
Hunter shot 7 of 10 from 3-point range for the Tigers (5-0), who were 12 of 22 from beyond at the arc as a team. PJ Haggerty had 22 points and five assists, Colby Rogers had 19 points and Dain Dainja scored 14.
Tarris Reed Jr. had 22 points and 11 rebounds off the bench for the Huskies (4-1). Alex Karaban had 19 points and six assists, and Jaylin Stewart scored 16.
Memphis led by as many as 13 with about four minutes left in regulation, but UConn chipped away and eventually tied it on Solo Ball’s 3-pointer with 1.2 seconds remaining.
Memphis: The Tigers ranked second nationally in field goal percentage going into the game and shot it at a 54.7% clip.
UConn: The Huskies saw their string of 17 consecutive wins dating back to February come to an end.
The teams were tied at 92 with less than a minute remaining in overtime when UConn coach Dan Hurley was assessed a technical foul for his displeasure with an over-the-back call against Liam McNeeley. PJ Carter hit four straight free throws — two for the tech and the other pair for the personal foul — to give Memphis a 96-92 lead with 40.3 seconds to play.
UConn had three players foul out. Memphis attempted 40 free throws and made 29 of them.
Memphis will play Michigan State on Tuesday in the second round of the invitational, and UConn will play Colorado in the consolation bracket.
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Memphis guard Baraka Okojie (6) guards against UConn guard Aidan Mahaney (20) during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn guard Hassan Diarra (10) loses the ball against Memphis center Moussa Cisse, left, and guard PJ Haggerty (4) during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn forward Jaylin Stewart (3) dunks as Memphis forward Dain Dainja (42) watches during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Memphis guard Tyrese Hunter goes up to the basket against UConn guard Hassan Diarra (10) during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn head coach Dan Hurley huddles with his team, including guard Solo Ball (1), forward Liam McNeeley (30) and forward Alex Karaban (11) before facing Memphis in an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn head coach Dan Hurley reacts on the sideline during the first half of an NCAA college basketball game against Memphis at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn forward Alex Karaban (11) shoots against Memphis center Moussa Cisse (32) during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Memphis forward Dain Dainja (42) defends against UConn guard Aidan Mahaney (20) during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn forward Alex Karaban (11) reacts during the first half of an NCAA college basketball game against Memphis at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn forward Alex Karaban moves the ball against Memphis forward Nicholas Jourdain during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Memphis center Moussa Cisse stretches before an NCAA college basketball game against UConn at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Maui County mayor Richard Bissen, left, talks with an official before an NCAA college basketball game between UConn and Memphis at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Memphis guard Colby Rogers, right, celebrates a 99-97 win in overtime as UConn guard Hassan Diarra, left, lies on the ground in an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
Memphis guard PJ Haggerty, left, reacts to beating UConn 99-97 in overtime in an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
UConn center Tarris Reed Jr. (5) has his shot blocked by Memphis center Moussa Cisse, right, during the first half of an NCAA college basketball game at the Maui Invitational Monday, Nov. 25, 2024, in Lahaina, Hawaii. (AP Photo/Lindsey Wasson)
