The current economic snapshot as the Fed prepares for a crucial decision on interest rates.

For Marketplace, I'm Novasafo in for David Brancaccio.

China's top legislature has approved a plan to raise the retirement age.

It's the first adjustment in decades and one that many economists say is long overdue.

Our China correspondent Jennifer Pack has more from Shanghai.

China has a low retirement age for workers.

Right now, the retirement age for men is 60,

but that will be raised to 63 years old.

Some women can retire as early as 50. That will now be pushed to 55 for blue-collar workers in the government sector,

while the rest will go from retiring at 55 to 58. The changes start next year and will be gradual, stretching over 15 years because it's not a popular plan.

But some officials see it as a needed change, as there are less workers to support retirees, and the pension fund is under stress.

What's more workers will have to contribute longer into the pension fund from 15 to 20 years

before they can withdraw.

That change won't start until 2030 and again will be

very gradual. As always, this plan does not affect rural residents who say they get such tiny pensions

that they do not have the luxury to retire.

In Shanghai, I'm Jennifer Pack for Marketplace.

Later today, we're expecting the latest read of consumer sentiment from the University of Michigan.

The monthly report will complete a snapshot

of the U.S. economy just before the Federal Reserve meets next week when it's widely expected

to begin lowering interest rates.

Joining is Diane Swank, Chief Economist at the audit tax and advisory firm KPMG.

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