Here’s what’s closed on Juneteenth this Wednesday, June 19, in observance of the newest federal holiday. As Americans prepare to celebrate Juneteenth, which commemorates the end of slavery in the U.S., they should be aware of the closures associated with the holiday. This includes financial markets taking the day off. June 19 marks the day in 1865 when federal troops arrived in Galveston, Texas, to free enslaved Black people in the state, almost two and a half years after President Lincoln signed the Emancipation Proclamation on January 1, 1863. Not every state ended slavery immediately following the proclamation. Juneteenth has been celebrated in Black communities since the 19th century and became a Texas state holiday in 1980. Other states followed, and in 2021, President Joe Biden signed legislation making Juneteenth the 12th federal holiday. “This is a day of profound weight and profound power, a day in which we remember the moral stain, the terrible toll that slavery took on the country and continues to take,” Biden said at the time. Here are details about what will be closed on Juneteenth: Are financial markets open on June 19? The New York Stock Exchange, Nasdaq, and U.S. bond markets are closed on June 19. Trading will resume on the morning of June 20. Does the post office deliver mail? The U.S. Postal Service will not deliver mail on June 19. However, FedEx and UPS will operate on their normal schedules. Are banks open? Banks are generally closed, but ATMs and banking apps are still available. Are government offices open? Since Juneteenth is a federal holiday, all nonessential federal government offices are closed. This generally applies to state government offices as well. Are schools open? Schools are typically closed on Juneteenth, but it’s best to check with your local school district.

Lower-Income Americans Increasingly Worried About the Economy Despite a steadily growing economy and low unemployment easing some of the pain of high inflation, middle- and low-income Americans are feeling more stress. Recent evidence includes a drop in the consumer sentiment index in June to a seven-month low, primarily due to rising anxiety among middle- and lower-income Americans. This widening gap in economic perception is not surprising. Wealthier households have larger financial cushions and benefit from a surging stock market that boosts their wealth. In contrast, lower-income Americans have largely depleted their pandemic-era savings and must now rely on their job earnings to keep up with rising prices. Persistent high inflation and interest rates are straining their budgets, leading to increased credit card usage and more loan defaults. One positive development is the significant income growth in recent years. A tight labor market has forced businesses to pay more, and job switchers have received substantial raises. A recent Congressional Budget Office (CBO) report found that incomes have slightly outpaced inflation since 2019. As a result, most families spend a smaller portion of their income on essentials. However, these benefits are unevenly distributed. The highest earners spent 6.3% less of their income on goods and services in 2023 than in 2019, while the lowest earners spent only 2% less. This disparity explains why the wealthy are less worried about inflation. Moreover, lower-income households face higher price increases for their typical purchases compared to wealthier people, and their wages have not risen as quickly. What does the growing lack of confidence among many Americans mean for the economy? Nationwide financial market economist Oren Klachin noted that middle- and lower-income people spend most of their earnings on consumer goods and services. If they reduce spending, it could disrupt the economy. “This will be an important dynamic to watch in the second half of this year,” he said.