U.S. economy slowed to 2% growth rate last quarter in face of COVID
Consumer spending, which fuels about 70% of overall economic activity, slowed to an annual growth rate of just 1.6% after having surged at a 12% rate in the previous quarter.
Associated Press
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Starbucks raising U.S. workers’ pay as union effort looms
Starbucks’ North America President Rossann Williams said the pay raises not only support workers but will enhance recruitment efforts in a challenging labor market. The company said it’s the third time in 24 months that it has raised workers’ pay.
Biden urges end to talks on spending bill as Dems eye new surtax
Top Democratic leaders are signaling a deal is within reach even though momentum fizzled and tempers flared late Wednesday after a billionaires’ tax and a paid family leave program fell out of the Democrats’ sweeping bill.
Ford, GM profits fall as sales drop due to chip shortage
The global computer chip shortage cut into third-quarter profits at both Ford and crosstown rival General Motors, with both companies having to temporarily close factories, pinching supplies on dealer lots.
Indiana city offering stand-in ‘grandparents’ to attract new workers
The relocation package also includes $5,000 in cash, invitations to home-cooked meals at neighbors’ homes, a one-year membership to the local coworking space and YMCA, free gift cards to the seasonal farmers market, and tickets to productions at the local playhouse.
Retail trade group sees big holiday sales gain despite supply issues
The trade group said Wednesday that it predicts that sales for the November and December period will grow between 8.5% and 10.5%.
Exacerbated by pandemic, child care crisis hampers economy
The absence of reliable and affordable child care limits which jobs people can accept, makes it harder to climb the corporate ladder and ultimately restricts the ability of the broader economy to grow.
Pelosi upbeat on Biden deal but Manchin pans billionaire tax
House Speaker Nancy Pelosi’s upbeat comments came as President Biden and Democrats try to strike agreement soon on his big proposal, now about $1.75 trillion in social services and climate change programs
Retailers dreading potential holiday shortages
Because of bottlenecks in the global supply chain, many stores like Pigg’s are scrambling to try to get all the inventory they can ahead of the crucial holiday shopping season.
Report urges greater diversity for Indiana State Police
An external review of Indiana’s state police agencies found they need to bolster the recruitment and promotion of minority and female officers and increase training about racial bias.
Second NCAA gender equity report shows spending disparities
The law firm hired by the NCAA to investigate equity issues on Tuesday night released its 153-page report, which includes a series of recommendations to improve the gap among all sports tournaments.
FDA panel backs Pfizer’s low-dose COVID-19 vaccine for children
The U.S. moved a step closer to expanding COVID-19 vaccinations for millions more children as government advisers on Tuesday endorsed youth-size doses of Pfizer’s shots for 5- to 11-year-olds.
Treasury says rental assistance helped stop eviction wave
The number of households receiving emergency rental assistance has increased steadily in recent months, with no major increase in evictions despite the expiration of the federal eviction moratorium, the Treasury Department said.
COVID cases falling, but trouble signs arise as winter looms
An influential COVID-19 forecasting model is predicting increasing infections and hospitalizations in November. Also, COVID deaths per day have begun to creep back up again after a decline that started in late September.
Billionaire tax meets opposition as Biden pushes for budget deal
President Joe Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement on the package this week. It’s tallying at least $1.75 trillion, and could still be more.
Hertz orders 100,000 electric vehicles from Tesla
The deal likely is worth around $4 billion. Mark Fields, Hertz’ interim CEO, said that Teslas are already arriving at the company’s sites and should be available for rental starting in November.
Business economists less optimistic about next year’s growth
The slowdown has been attributed to a surge in cases from the delta variant over the summer and supply chain problems, which disrupted manufacturing output in many sectors, especially auto production and helped send consumer prices rising at the fastest pace in 13 years.
Moderna says its low-dose COVID shot works for children 6-11
Moderna hasn’t yet gotten the nod to offer its vaccine to teens but is studying lower doses in younger children while it waits.
Microsoft: Russian-backed hackers targeting cloud services
The group, which Microsoft calls Nobelium, has employed a new strategy to piggyback on the direct access that cloud service resellers have to their customers’ IT systems, hoping to “more easily impersonate an organization’s trusted technology partner.”
Biden, Schumer, Manchin huddle, but still no budget deal
Pivotal Democratic Sen. Joe Manchin appears to be on board with White House proposals for new taxes on billionaires and certain corporations to help pay for President Joe Biden’s scaled-back social services and climate change package.