Driving retail spending, wealthier Americans are powering US economy
==========

Wealthier consumers are driving retail spending in the U.S. despite high prices; strong income, home equity, and stock market gains are key factors; Federal Reserve research indicates a shift from pre-pandemic spending patterns; lower-income consumers are struggling with higher costs, limiting discretionary spending; inflation-adjusted consumer spending rose 3% in 2022 and 2.5% in 2023; retail sales rose 0.4% from August to September 2024; restaurant sales increased by 1%; the economy grew at 3.4% in the July-September quarter; home equity for the wealthiest increased by 70% since Q1 2020; stock market wealth for the richest rose 86% to nearly $37 trillion; upper-income households' retail spending increased by 17% since January 2018; lower-income households' spending rose only 7.9%; the share of spending on discretionary items fell for lower-income groups; economists suggest overall consumer spending will remain strong as inflation-adjusted incomes rise.

#Economy #Retail #Spending #Wealth #Inflation #Consumer #FederalReserve #Income #StockMarket #Housing

https://www.pbs.org/newshour/economy/driving-retail-spending-wealthier-americans-are-powering-us-economy 

 Trump proposes tax breaks, with no specifics, for overseas citizens and auto buyers
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Donald Trump proposed tax breaks for overseas citizens and auto buyers on October 11, 2024, during a speech at the Detroit Economic Club; he suggested allowing interest on car loans to be tax-deductible to stimulate domestic auto production; Trump aims to appeal to voters in a tight race against Vice President Kamala Harris; his tax break proposals lack specifics on implementation and budget impact; economic analyses estimate costs of previous tax cuts between $6 trillion and $10 trillion over 10 years; average new car prices have risen nearly 18% since early 2021; average auto loan rates reached 8.4% in Q3 2024; Marc Goldwein estimates Trump's proposals could reduce tax revenues by over $100 billion over 10 years; Trump's overseas tax break aims to end double taxation for U.S. citizens abroad; Solomon Yue, CEO of Republicans Overseas, supports Trump's commitment; Trump's statements have previously linked overseas voters to unfounded fraud accusations; attendees at the event expressed mixed views on Trump's tax proposals.

#Trump #TaxBreaks #AutoBuyers #OverseasCitizens #Detroit #2024Election #Economy #Politics #KamalaHarris #RepublicansOverseas

https://www.pbs.org/newshour/politics/trump-proposes-tax-breaks-with-no-specifics-for-overseas-citizens-and-auto-buyers 

 U.S. labor market still sturdy as U.S. adds 254,000 jobs and unemployment dips to 4.1 percent
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In September 2024, U.S. employers added 254,000 jobs, up from 159,000 in August; unemployment fell from 4.2% to 4.1%. The Federal Reserve cut interest rates for the first time in over four years, aiming to support the job market amid high inflation. Economists suggest a 'soft landing' is achievable despite previous fears of recession due to aggressive rate hikes. Consumer prices rose 2.5% year-over-year in August, down from a peak of 9.1% in June 2022. Job openings declined to 8 million in August from a peak of 12.2 million in March 2022. The number of Americans quitting jobs is at its lowest since August 2020, reflecting a cautious job market.

#LaborMarket #Jobs #Unemployment #Economy #FederalReserve #Inflation #InterestRates #Employment #EconomicGrowth #Politics

https://www.pbs.org/newshour/nation/u-s-labor-market-still-sturdy-as-u-s-adds-254000-jobs-and-unemployment-dips-to-4-1-percent 

 U.S. economy grew at a solid amount last quarter, government says in final estimate
==========

The U.S. economy expanded at a 3 percent annual pace from April to June 2024; consumer spending grew at 2.8 percent; business investment increased by 8.3 percent; inflation peaked at 9.1 percent in mid-2022, now at 2.5 percent; average job additions from June to August were 116,000, lowest since mid-2020; unemployment rate rose to 4.2 percent; Federal Reserve cut interest rates by half a point, first cut in over four years; consumer sentiment rose for third straight month; Commerce Department's final GDP estimate released on Sep 26, 2024; next GDP estimate due on Oct 30, 2024.

#Economy #Gdp #ConsumerSpending #BusinessInvestment #Inflation #FederalReserve #JobMarket #InterestRates #EconomicGrowth #Us

https://www.pbs.org/newshour/economy/u-s-economy-grew-at-a-solid-amount-last-quarter-government-says-in-final-estimate 

 Steelworkers union loses its arbitration case attempting to stop U.S. Steel's sale to Nippon
==========

An arbitration board ruled on September 25, 2024, that U.S. Steel can proceed with its acquisition by Nippon Steel, despite opposition from the United Steelworkers (USW). The board found U.S. Steel met the successorship clause of its labor agreement. USW filed grievances in January, claiming Nippon did not understand its commitments to workers. Nippon pledged to invest $1.4 billion and not conduct layoffs during the labor agreement's term. U.S. Steel CEO David Burritt expressed optimism about the deal, while USW remains opposed, citing concerns over Nippon's commitment. President Biden, Vice President Harris, and Donald Trump have all voiced opposition to the acquisition, which has significant political implications in Pennsylvania.

#UsSteel #NipponSteel #UnitedSteelworkers #Arbitration #LaborAgreement #Biden #Harris #Politics #Pennsylvania #Mergers

https://www.pbs.org/newshour/economy/steelworkers-union-loses-its-arbitration-case-attempting-to-stop-u-s-steels-sale-to-nippon 

 Wall Street soars to record highs in a global market rally after Fed's interest rate cut
==========

Wall Street reached record highs on Sep 19, 2024, following the Federal Reserve's first interest rate cut in over four years. The S&P 500 rose 1.7%, surpassing its previous all-time high from July. The Dow Jones Industrial Average increased by 522 points (1.3%), and the Nasdaq composite surged 2.5%. Darden Restaurants led the S&P 500 with an 8.3% increase, while Nvidia rose 4%. The Fed's decision to cut rates was influenced by decreasing inflation and aims to maintain job market stability. Analysts predict further cuts, with expectations of a half-point reduction in 2024 and a full point in 2025. The current federal funds rate is between 4.75% and 5%. Global markets also rallied, with significant gains in Europe and Asia. Bitcoin rose above $63,000, reflecting the impact of lower interest rates on investment prices.

#WallStreet #FederalReserve #InterestRates #S&p500 #DowJones #Nasdaq #GlobalMarkets #Inflation #Bitcoin #DardenRestaurants

https://www.pbs.org/newshour/economy/wall-street-soars-to-record-highs-in-a-global-market-rally-after-feds-interest-rate-cut 

 Wall Street ticks slightly higher ahead of presumed Fed interest rate cut
==========

Wall Street rose slightly on Sep 18, 2024, as markets anticipated the first Fed interest rate cut in over four years; S&P 500 and Dow Jones futures up less than 0.1%; current federal funds rate at 5.25%-5.50%; Fed raised rates 11 times since early 2022 to combat high inflation; analysts predict a half-point or quarter-point cut; Tupperware Brands fell 7.5% after filing for Chapter 11 bankruptcy; 23andMe shares dropped over 9% after board resignations; Microsoft partnered with Blackrock and MGX to raise $30 billion for data centers; Japan's trade deficit was 695 billion yen ($4.9 billion) in August; dollar slipped to 141.90 yen; U.S. crude oil down to $69.45 per barrel.

#WallStreet #FederalReserve #InterestRates #Tupperware #23andme #Microsoft #Japan #TradeDeficit #Economy #Bankruptcy

https://www.pbs.org/newshour/economy/wall-street-ticks-slightly-higher-of-presumed-fed-interest-rate-cut 

 Japan aims to offset labor shortages with prospect of 4-day workweeks
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Japan is addressing labor shortages by promoting four-day workweeks; government support began in 2021, but only 8% of companies offer three or more days off; the Ministry of Health, Labor and Welfare launched a campaign for work style reform; only three companies have sought government advice on changes; Panasonic reports only 150 out of 63,000 eligible employees have opted for four-day schedules; Japan's working culture is characterized by long hours and conformity; 54 deaths from overwork (karoshi) reported annually; the working-age population is projected to decline to 45 million by 2065; companies like Fast Retailing and Mizuho Financial Group have adopted flexible schedules; critics argue four-day schedules may lead to increased workload; only 6% of Japanese workers feel engaged at work according to Gallup; NS Group offers 30 scheduling patterns to accommodate employee needs.

#Japan #LaborShortage #FourdayWorkweek #WorkCulture #GovernmentPolicy #EmployeeEngagement #WorklifeBalance #Karoshi #BusinessReform #FlexibleWork

https://www.pbs.org/newshour/world/japan-aims-to-offset-labor-shortages-with-prospect-of-4-day-workweeks 

 U.S. economic growth revised up to solid 3 percent annual rate for second quarter of 2024
==========

U.S. economy grew at a 3 percent annual rate in Q2 2024; previous estimate was 2.8 percent; growth accelerated from 1.4 percent in Q1 2024; consumer spending rose 2.9 percent, up from 2.3 percent; business investment expanded at 7.5 percent, with equipment investment up 10.8 percent; inflation eased to 2.5 percent in Q2 from 3.4 percent in Q1; core PCE inflation at 2.7 percent, down from 3.2 percent; Fed raised interest rates 11 times in 2022-2023 to combat inflation; unemployment rate at 4.3 percent; Fed may cut rates in mid-September if inflation continues to cool.

#UsEconomy #Gdp #Inflation #ConsumerSpending #BusinessInvestment #FederalReserve #InterestRates #EconomicGrowth #2024 #Employment

https://www.pbs.org/newshour/economy/u-s-economic-growth-revised-up-to-solid-3-percent-annual-rate-for-second-quarter-of-2024 

 U.S. economic growth revised up to solid 3 percent annual rate for second quarter of 2024
==========

U.S. economy grew at a 3 percent annual rate in Q2 2024; previous estimate was 2.8 percent; growth accelerated from 1.4 percent in Q1 2024; consumer spending rose 2.9 percent, up from 2.3 percent; business investment expanded at 7.5 percent, with equipment investment up 10.8 percent; inflation eased to 2.5 percent in Q2 from 3.4 percent in Q1; core PCE inflation at 2.7 percent, down from 3.2 percent; Fed raised interest rates 11 times in 2022-2023 to combat inflation; unemployment rate at 4.3 percent; Fed may cut rates in mid-September if inflation continues to cool.

#UsEconomy #Gdp #Inflation #ConsumerSpending #BusinessInvestment #FederalReserve #InterestRates #EconomicGrowth #2024 #Employment

https://www.pbs.org/newshour/economy/u-s-economic-growth-revised-up-to-solid-3-percent-annual-rate-for-second-quarter-of-2024 

 What to know about the effort by federal regulators to block a Kroger and Albertsons merger
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The proposed $24.6 billion merger between Kroger and Albertsons is facing opposition from the Federal Trade Commission (FTC), which argues it would reduce competition and raise grocery prices. A federal court in Portland, Oregon, will hear the case starting August 28, 2024, with a decision expected by September 13. Kroger operates 2,800 stores in 35 states, while Albertsons has 2,273 stores in 34 states, employing around 710,000 people combined. The FTC filed a complaint in February 2024, joined by attorneys general from nine states. Kroger and Albertsons plan to divest 579 overlapping stores to C&S Wholesale Grocers if the merger is approved. If the court grants a preliminary injunction, the merger could be delayed significantly, potentially leading to an appeal. Colorado and Washington have also filed separate lawsuits to block the merger in state courts.

#Kroger #Albertsons #Merger #Ftc #Antitrust #GroceryPrices #CourtCase #Divestiture #FoodIndustry #Regulation

https://www.pbs.org/newshour/economy/what-to-know-about-the-effort-by-federal-regulators-to-block-a-kroger-and-albertsons-merger 

 Most Federal Reserve officials favor rate cut in September if inflation cools, minutes reveal
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Most Federal Reserve officials indicated a likely interest rate cut in September if inflation continues to decrease; Fed's July 30-31 meeting minutes show 'vast majority' support easing policy; current benchmark rate is 5.3%, held for over a year; Wall Street anticipates first rate cut in four years; inflation has dropped from 7.1% in 2022 to 2.5% now; Fed Chair Jerome Powell to speak at Jackson Hole symposium; political implications noted as rate cut approaches presidential election; July jobs report showed weaker hiring and rising unemployment at 4.3%; retail sales rose in July, indicating consumer spending remains strong.

#FederalReserve #InterestRates #Inflation #Economy #Politics #2024Election #JeromePowell #JobMarket #RetailSales #Dnc

https://www.pbs.org/newshour/economy/most-federal-reserve-officials-favor-rate-cut-in-september-if-inflation-cools-minutes-reveal 

 Americans spent more at retailers in July despite higher prices
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Americans spent more at retailers in July, with retail sales jumping 1% from June to July, the biggest increase since January 2023. Auto dealers, electronics and appliance stores, and grocery stores all reported strong sales gains. The data reassures that the U.S. economy remains resilient despite higher prices and elevated interest rates. The prospect of a still-growing economy is likely to be promoted by Vice President Kamala Harris' presidential campaign, which is preparing to roll out policies to ban 'price gouging' on groceries. Other economic data released was mostly positive, including a report on first-time applications for unemployment benefits, which showed that businesses are mainly holding onto their workers and not increasing layoffs. Economists at Morgan Stanley have boosted their forecast for growth in the July-September quarter to a 2.3% annual rate. Adjusted for inflation, sales rose about 0.8% last month. Auto sales jumped 3.6%, the largest increase since January 2023. Sales at electronics and appliances stores surged 1.6%. Restaurant sales were up 0.3%. The latest data is consistent with an economy that is headed toward a 'soft landing,' with the Federal Reserve expected to begin cutting interest rates next month with a modest quarter-point reduction in its key rate. While Americans are still willing to spend, they are increasingly searching out bargains and shopping at lower-priced outlets like Walmart. Some economists worry that much of Americans' spending now is being fueled by the increased use of credit cards. However, cooling inflation may give households a needed boost. Consumer prices rose just 2.9% in July from a year earlier, the smallest year-over-year inflation figure since March 2021. Walmart reported strong sales in the three months that ended July 31 and hasn't seen any signs of weakness from the consumer. Other companies are also starting to offer lower prices to entice consumers, helping slow inflation.

#RetailSales #UsEconomy #ConsumerSpending #Inflation #InterestRates

https://www.pbs.org/newshour/economy/americans-spent-more-at-retailers-in-july-despite-higher-prices 

 Wall Street unsteady as markets try to recoup losses from eventful week
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Early gains slipping away on Wall Street Friday; Futures for S&P 500 down 0.2%; Futures for Dow Jones Industrial Average down 0.1%; Nasdaq futures down 0.3%; Expedia reports Q2 sales and profit beating Wall Street's targets; Paramount reports streaming service's first profit and plans to cut 15% of workforce; European stocks modestly higher, potentially recouping losses from global market downturn; Nikkei 225 index closes 0.6% higher; Hang Seng in Hong Kong adds 1.2%; China's inflation higher than expected in July; S&P 500 jumps 2.3% on Thursday, Dow Jones rises 1.8%, Nasdaq climbs 2.9%; Treasury yields climb signaling calmer economy; S&P 500 still down nearly 10% from all-time high; Market swings look like positioning-driven crash rather than long-term downward market caused by recession; Energy trading sees gains in benchmark U.S. crude and Brent crude

#WallStreet #StockMarket #Economy #GlobalMarkets #S&p500 #DowJonesIndustrialAverage #Nasdaq #Expedia #Paramount #EuropeanStocks #Nikkei225 #HangSeng #ChinaInflation #TreasuryYields #CrudeOil

https://www.pbs.org/newshour/economy/wall-street-unsteady-as-markets-try-to-recoup-losses-from-eventful-week 

 Dow drops 1000 points, worst fall since 2022, amid global rout
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Wall Street fell the most in nearly two years, with the S&P 500 falling 3% and the Dow Jones Industrial Average dropping more than 1,000 points, amid fears of a slowing U.S. economy. The global sell-off began last week, with Japan's Nikkei 225 plunging 12.4%, its worst day since the Black Monday crash of 1987. The sell-off was driven by disappointing reports on the U.S. economy, including a weaker-than-expected jobs report. Big Tech stocks, which have led the market to record highs, were hit the hardest. The Bank of Japan's decision to raise interest rates also contributed to the market decline. The threat of a recession could impact the upcoming U.S. elections.

#StockMarket #DowJones #S&p500 #GlobalSelloff #Economy #JobsReport #BigTechStocks #BankOfJapan #Recession #UsElections

https://www.pbs.org/newshour/economy/dow-drops-nearly-1000-points-and-japanese-stocks-suffer-worst-crash-since-1987-on-economy-fears 

 U.S. economy shows strong 2.8 percent growth, driven by consumers and businesses
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The U.S. economy grew at a strong 2.8 percent annual pace in the April-June quarter, surpassing expectations of 1.9 percent growth. Consumer spending rose at a 2.3 percent rate, while business investment increased, led by a 11.6 percent rise in equipment investment. The economy has cooled due to high borrowing rates, but the Federal Reserve is expected to cut interest rates soon. Inflation has slowed but prices remain high. The slowdown earlier this year was caused by a surge in imports and a drop in business inventories. The economy has remained resilient despite higher borrowing costs and supply shortages.

#UsEconomy #GdpGrowth #ConsumerSpending #BusinessInvestment #InterestRates #Inflation

https://www.pbs.org/newshour/economy/u-s-economy-shows-strong-2-8-percent-growth-driven-by-consumers-and-businesses 

 By the Numbers: The Economic Forces Impacting America's Working Families
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The documentary 'Two American Families: 1991-2024' chronicles the lives of the Stanleys and Neumanns, two families in Milwaukee, Wisconsin, as they navigate job loss, housing foreclosures, and medical expenses. They struggle to make ends meet with part-time and low-wage work.

#WorkingFamilies #EconomicForces #JobLoss #HousingForeclosures #MedicalExpenses

https://www.pbs.org/wgbh/frontline/article/economic-forces-united-states-working-families/ 

 Where Are the ‘Two American Families’ 30-Plus Years After We Started Filming Them?
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Terry Neumann, a worker in her early 60s, experiences physical pain from her job at a Milwaukee-area warehouse; Neumann's body aches, including her joints, knees, shoulders, and fractured foot; Neumann keeps pushing through the pain.

#Documentary #AmericanFamilies #Work #PhysicalPain

https://www.pbs.org/wgbh/frontline/article/two-american-families-bill-moyers-neumanns-stanleys-documentary-excerpt/ 

 Fact-checking Day 1 of the 2024 RNC
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Former President Donald Trump appeared at the Republican National Convention's opening night, his first public showing since the attempted assassination on July 13. Trump is scheduled to address the convention on its final night, July 18. The convention's first night focused on the economy. Speakers included Sens. Katie Britt of Alabama and Tim Scott of South Carolina, Virginia Gov. Glenn Youngkin, businessman David Sacks, model Amber Rose, and Teamsters President Sean O'Brien. Fact-checking reveals that some economic claims made during the convention were misleading or false. For example, Sen. Katie Britt's claim that the U.S. had the strongest economy in history under Trump is disputed, as GDP growth and wage growth were not exceptional. Sen. Britt also made claims about rising grocery prices, electricity, gas, mortgage rates, and rent, which were mostly true. Other claims made by politicians at the convention were also fact-checked and found to be misleading or false.

#Factchecking #Rnc #Economy #DonaldTrump #KatieBritt #TimScott #GlennYoungkin #DavidSacks #AmberRose #SeanO'brien

https://www.pbs.org/newshour/politics/fact-checking-day-1-of-the-2024-rnc 

 What political leaders have said about the Trump rally shooting
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President Joe Biden condemned the attack at the Trump rally and expressed relief that Trump is reportedly 'doing well'. Vice President Kamala Harris and Senate Republican Leader Mitch McConnell also condemned the violence. British Prime Minister Keir Starmer's office expressed shock and condemned all forms of political violence. Nikki Haley, Elizabeth Warren, Lindsey Graham, Bill Clinton, and Al Gore all condemned political violence and expressed relief that Trump is safe. Democratic Mayor Cavalier Johnson called for peace and an end to violence. Biden said he is waiting for more information before formally calling the attack an attempted assassination.

#TrumpRallyShooting #JoeBiden #KamalaHarris #MitchMcconnell #KeirStarmer #NikkiHaley #ElizabethWarren #LindseyGraham #BillClinton #AlGore #CavalierJohnson

https://www.pbs.org/newshour/politics/what-political-leaders-have-said-about-the-trump-rally-shooting 

 U.S. wholesale inflation rose in June, sign that price pressures remain elevated
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Wholesale prices in the United States rose by a larger-than-expected 2.6 percent last month from a year earlier, the sharpest year-over-year increase since March 2023. The increase in wholesale inflation was driven by a 0.6 percent rise in services prices, led by higher profit margins for machinery and auto wholesalers. Overall prices of goods fell 0.5 percent, with gasoline prices tumbling 5.8 percent. The producer price index can provide an early sign of where consumer inflation is headed. The recent price figures suggest a continued slowdown in inflation, but costs of necessities remain higher than before the pandemic. The Federal Reserve is expected to begin cutting interest rates in September to lower borrowing costs and boost the economy.

#UsWholesaleInflation #PricePressures #ConsumerInflation #FederalReserve

https://www.pbs.org/newshour/economy/us-wholesale-inflation-rose-in-june-sign-that-price-pressures-remain-elevated 

 Biden administration awards $1.7 billion in grants for electric vehicle manufacturing in eight states
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The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites owned by General Motors, Fiat Chrysler, Volvo, and other carmakers in eight states. The Energy Department will issue grants totaling $1.7 billion to create or retain thousands of union jobs and support auto-based communities. The grants cover a broad range of the automotive supply chain, including parts for electric motorcycles and school buses, hybrid powertrains, heavy-duty commercial truck batteries, and electric SUVs. The grants are paid for by the landmark 2022 climate law and will help deliver on President Joe Biden's commitment to ensure the future of the auto industry is made in America by American union workers. The selected projects would create more than 2,900 jobs and help retain about 15,000 union workers across all 11 facilities. Transportation accounts for the single largest source of U.S. greenhouse gas pollution, and Biden has made electric vehicles a key part of his climate agenda.

#ElectricVehicles #Manufacturing #Grants #BidenAdministration #AutomotiveIndustry #ClimateAgenda

https://www.pbs.org/newshour/politics/biden-administration-awards-1-7-billion-in-grants-for-electric-vehicle-manufacturing-in-eight-states 

 Average U.S. vehicle age hits record 12.6 years as high prices force people to keep them longer
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The average age of cars, trucks, and SUVs in the U.S. has reached a record high of 12.6 years in 2024. This is due to the high prices of new vehicles, with the average U.S. new-vehicle selling price being just over $45,000. Many households cannot afford to buy new vehicles, even though prices have decreased by more than $2,000 from the peak in December 2022. People are also waiting to see if they want to buy electric vehicles or gas-electric hybrids, and are concerned about the charging network for electric vehicles. Additionally, vehicles are made better these days and are lasting longer. New vehicle sales are starting to recover from pandemic-related shortages, and it is expected that sales will reach around 16 million this year. As more new vehicles are sold and replace aging vehicles, the average age of vehicles should stabilize. Keeping vehicles longer is good news for local auto repair shops. About 70% of vehicles on the road are 6 or more years old. People who keep their vehicles for multiple years usually follow manufacturer maintenance schedules.

#UsVehicleAge #HighPrices #NewVehicles #ElectricVehicles #GaselectricHybrids #VehicleSales #AutoRepairShops

https://www.pbs.org/newshour/economy/average-u-s-vehicle-age-hits-record-12-6-years-as-high-prices-force-people-to-keep-them-longer 

 Why Boeing may not face charges even though the U.S. says it violated a 2021 settlement
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The Justice Department's determination that Boeing violated corporate probation for deceiving federal regulators does not necessarily mean federal prosecutors will revive criminal charges against the giant aircraft manufacturer. The crashes, which happened in Indonesia in 2018 and in Ethiopia in 2019, killed a total of 346 people. Boeing and the Justice Department secretly negotiated a settlement in which Boeing blamed the deception on two low-level employees and agreed to pay $2.5 billion, mostly to its airline customers. The three-year probationary period was about to expire when a door plug on a new 737 Max blew out during Alaska Airlines flight 1282 in January. Boeing has until June 13 to formally respond to the allegation that it violated the deferred prosecution agreement. The Justice Department said it would notify the judge of its decision about Boeing no later than July 7.

#Boeing #Settlement #Probation #Violation #Crashes #737Max

https://www.pbs.org/newshour/economy/why-boeing-may-not-face-charges-even-though-the-u-s-says-it-violated-a-2021-settlement 

 U.S. consumer sentiment drops to 6-month low on inflation, unemployment fears
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U.S. consumer sentiment fell sharply in May to the lowest level in six months as Americans cited stubbornly high inflation and interest rates, as well as fears that unemployment could rise. The University of Michigan’s consumer sentiment index dropped to 67.4 this month from a final reading of 77.2 in April. May’s reading is still about 14 percent higher than a year ago. Consumer spending is a crucial driver of growth. Sour sentiment about the economy is also weighing on President Joe Biden’s reelection bid. Consumer price increases have been stuck at an elevated level this year, after a sharp drop last year from a peak of 9.1 percent in June 2022 to 3 percent a year later. In March, prices rose 3.5 percent compared with a year ago, up from 3.2 percent in the previous month. The consumer sentiment survey found that Americans expect inflation will stay higher over the next year at 3.5 percent. The drop in overall consumer sentiment occurred across age, income, and education levels, and political lines, falling among Democrats, Republicans, and independents.

#UsConsumerSentiment #Inflation #Unemployment #UniversityOfMichigan #ConsumerSpending #JoeBiden #ConsumerPriceIncreases

https://www.pbs.org/newshour/economy/u-s-consumer-sentiment-drops-to-6-month-low-on-inflation-unemployment-fears 

 Pennsylvania's high-stakes U.S. Senate contest will pit Casey against McCormick
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Democratic Sen. Bob Casey and Republican challenger David McCormick will face each other in Pennsylvania’s high-stakes U.S. Senate contest this fall. Casey, seeking his fourth term, is Pennsylvania’s best-known politician and a stalwart of the Democratic Party. McCormick is a former hedge fund CEO and a Pennsylvania native who spent $14 million of his own money in a previous Senate race. McCormick has consolidated the party around his candidacy and is backed by a super PAC that’s already reported raising more than $20 million. The Senate candidates will share a ticket with candidates for president in a state that is critical to whether Democrats can maintain control of the White House and the Senate.

#Pennsylvania #UsSenate #BobCasey #DavidMccormick #Election

https://www.pbs.org/newshour/politics/pennsylvanias-high-stakes-u-s-senate-contest-will-pit-casey-against-mccormick 

 Legislation that could force a TikTok ban revived as part of House foreign aid package
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Legislation that could ban TikTok in the U.S. if its China-based owner doesn’t sell its stake won a major boost late Wednesday when House Republican leaders included it in a package of bills that would send aid to Ukraine and Israel. The bill could be law as soon as next week if Congress moves quickly. The TikTok legislation, which passed the House in March and has widespread support in both chambers, was included in the House package as leaders have worked to win votes for the foreign aid bills and after negotiations with the Senate over how long the Chinese technology firm ByteDance Ltd. would have to sell its stake for the app to continue operating in the United States. President Joe Biden has said he would sign the TikTok legislation if it reaches his desk. The new version of the legislation won a key endorsement from Senate Commerce Committee Chairwoman Maria Cantwell, who said in a statement that she had successfully pushed to extend the period from six months to a year to give the company enough time to find a buyer. While the original bill had a six-month deadline for TikTok to be sold, the revised legislation would give nine months and a possible three-month extension if a sale was in progress. If Congress passes the TikTok bill, it would be an extraordinary and unusual moment in which both parties unite against one company – something lawmakers are usually reluctant to do. But the popular social media app has prompted widespread outrage on Capitol Hill, where there is bipartisan concern about Chinese threats to the United States and where few members use the platform themselves. Opponents say they believe the ban would be unconstitutional, and there would be likely court challenges if it passes. There has been aggressive pushback from the company, content creators who make money on the app and some of the platform’s 170 million U.S. users, many of whom are young. In some cases, lawmakers have received profanity-laced calls from users who were prompted by the app to call their representatives in Congress. To date, the U.S. government has not provided evidence that shows TikTok shared U.S. user data with the Chinese government, or that Chinese authorities have tinkered with the company’s popular algorithm, which influences what Americans see. Since mid-March, TikTok has spent $5 million on TV ads opposing the legislation, according to AdImpact, an advertising tracking firm. The ads have included a range of content creators, including a nun, extolling the positive impacts of the platform on their lives and arguing a ban would trample on the First Amendment. TikTok has also spent money on Facebook and Instagram ads that, among other things, talk about investments in data safety. In addition, the company has mounted a lobbying campaign in Washington that included flying in content creators who rely on the platform for income. If the bill does pass, it would be the most significant step Congress has taken in decades to regulate the tech industry. For years Congress has failed to act on legislation that would protect users’ privacy, protect children online, make companies more liable for their content and put loose guardrails around artificial intelligence, among other things.

#Tiktok #Legislation #Ban #China #Bytedance #Congress #SocialMedia #FirstAmendment #DataPrivacy #TechIndustry

https://www.pbs.org/newshour/world/legislation-that-could-force-a-tiktok-ban-revived-as-part-of-house-foreign-aid-package 

 Javier Milei, the president of cash-strapped Argentina, starts another U.S. tour and plans to meet Elon Musk
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Javier Milei, the president of Argentina, begins a four-day visit to the United States. He will meet with tech billionaire Elon Musk and tour a Tesla factory in Texas. Milei aims to reshape Argentine foreign policy in line with Washington and strengthen the strategic alliance between the two nations. He plans to cut public spending and roll back interventionist policies to attract investors. The U.S. is the largest investor in Argentina and has influence over the International Monetary Fund, which Argentina owes $42 billion. Milei's free-market policies have raised hopes of extracting lithium reserves in Argentina to break China's dominance in the battery supply chain.

#JavierMilei #Argentina #UnitedStates #ElonMusk #ForeignPolicy #EconomicOverhaul #Investment #InternationalMonetaryFund #Lithium #BatterySupplyChain

https://www.pbs.org/newshour/world/javier-milei-the-president-of-cash-strapped-argentina-starts-another-u-s-tour-and-plans-to-meet-elon-musk 

 Ukrainian Christian groups face violent crackdown from Russian forces
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Russian forces have been targeting Ukrainian Christian groups, including evangelical congregations and Protestant churches, in the occupied parts of Ukraine. Churches have been shut down, pastors have been threatened and tortured, and believers have been forced to flee. At least 206 evangelical churches have been expropriated or destroyed. The Russian forces see Protestant churches as representing American influence and frequently accuse them of being agents of the American government. The persecution of religious groups in Ukraine is not new, as religious leaders were targeted during Stalin's Red Terror campaign in the 1930s. The wave of religious persecution has forced many evangelists to flee the occupied territory, while those who remain have to worship in secret. The article includes testimonies from pastors and footage of Russian soldiers shutting down worship services and searching church buildings.

#Ukraine #Russia #Christianity #ReligiousPersecution #OccupiedTerritory

https://www.pbs.org/newshour/show/ukrainian-christian-groups-face-violent-crackdown-from-russian-forces 

 Brazil Supreme Court justice orders investigation of Elon Musk over fake news and obstruction
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Brazilian Supreme Court justice Alexandre de Moraes has ordered an investigation into Elon Musk over the dissemination of fake news and alleged obstruction. The investigation stems from Musk's public comments on social media platform X, where he criticized the court's actions and stated that X would not comply with orders to block certain accounts. The investigation will look into whether Musk engaged in intentional criminal instrumentalization of X, obstruction, criminal organization, and incitement. Musk accused de Moraes of suppressing free speech and violating Brazil's constitution. Brazil's political right has criticized de Moraes for overstepping his bounds and engaging in political persecution. Musk's comments on X included instructions for users to download VPNs to bypass any potential shutdown of the platform. The investigation is part of a larger probe into a network of people known as digital militias who spread defamatory fake news and threats against Supreme Court justices. Brazil is an important market for social media companies, with approximately 40 million Brazilians accessing X at least once per month. Musk's previous pledges to lift restrictions on blocked accounts have not yet been acted upon by X. Each reactivated account will result in a fine of 100,000 reais ($20,000) per day. Brazilian President Jair Bolsonaro, who previously awarded Musk a prestigious medal, encouraged Musk to publish documents that he claims will reveal interference in the 2022 election. OpenAI, a company co-founded by Musk, recently announced that it will become a for-profit company. Musk has also sued OpenAI and its CEO Sam Altman, alleging a broken pact to benefit humanity. Musk has been ordered to testify in an SEC probe of his $44 billion Twitter takeover in 2022.

#Brazil #SupremeCourt #ElonMusk #FakeNews #Obstruction #SocialMedia #X #Investigation

https://www.pbs.org/newshour/economy/brazil-supreme-court-justice-orders-investigation-of-elon-musk-over-fake-news-and-obstruction 

 Carbon dioxide, methane levels in the atmosphere hit record highs last year
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The levels of carbon dioxide and methane in the atmosphere reached historic highs last year, growing at near-record fast paces, according to the U.S. National Oceanic and Atmospheric Administration. Carbon dioxide rose by the third highest amount in 65 years of record keeping, while methane levels jumped 5.5% over the past decade. Methane emissions are responsible for about 30% of the current rise in global temperature and trap about 28 times the heat per molecule as carbon dioxide. Nitrous oxide, another greenhouse gas, also reached record levels. The increases in greenhouse gases highlight the need for meaningful progress in reducing emissions.

#CarbonDioxide #Methane #GreenhouseGases #ClimateChange #Emissions

https://www.pbs.org/newshour/science/carbon-dioxide-methane-levels-in-the-atmosphere-hit-record-highs-last-year 

 How does the U.S. refugee system work?
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The U.S. refugee system has a permanent, standardized system for identifying, vetting, and resettling refugees. The system has fluctuated in size over the years, with increased scrutiny on arrivals from the Middle East. The U.S. defines a refugee as a migrant seeking entry from a third country who has been persecuted or has reason to fear persecution based on race, religion, nationality, political opinion, or membership in a particular social group. The number of refugees admitted annually has varied, with the cap proposed by the president and requiring congressional approval. President Biden has sought to rebuild the U.S. refugee program and has created a new Welcome Corps initiative. The screening and approval process involves multiple government agencies, including the State Department, the Department of Homeland Security, and the Department of Health and Human Services. Refugees are resettled in various states, with California, Texas, New York, Pennsylvania, and Washington receiving the highest number of refugees. State and local governments play a role in the resettlement process, but the federal government has final authority. The security risks posed by refugee populations are minimal, with a small number of refugees implicated in terrorist plots. The Biden administration aims to improve the vetting process and restore U.S. leadership on global refugee resettlement.

#UsRefugeeSystem #Refugees #AsylumSeekers #Immigration #Resettlement #SecurityRisks

https://www.pbs.org/newshour/politics/how-does-the-u-s-refugee-system-work 

 How does the U.S. refugee system work?
==========

The U.S. refugee system has a permanent, standardized system for identifying, vetting, and resettling refugees. The system has fluctuated in size over the years, with increased scrutiny on arrivals from the Middle East. The U.S. defines a refugee as a migrant seeking entry from a third country who has been persecuted or has reason to fear persecution based on race, religion, nationality, political opinion, or membership in a particular social group. The number of refugees admitted annually has varied, with the cap proposed by the president and requiring congressional approval. President Biden has sought to rebuild the U.S. refugee program and has created a new Welcome Corps initiative. The screening and approval process involves multiple government agencies, including the State Department, the Department of Homeland Security, and the Department of Health and Human Services. Refugees are resettled in various states, with California, Texas, New York, Pennsylvania, and Washington receiving the highest number of refugees. State and local governments play a role in the resettlement process, but the federal government has final authority. The security risks posed by refugee populations are minimal, with a small number of refugees implicated in terrorist plots. The Biden administration aims to improve the vetting process and restore U.S. leadership on global refugee resettlement.

#UsRefugeeSystem #Refugees #AsylumSeekers #Immigration #Resettlement #SecurityRisks

https://www.pbs.org/newshour/politics/how-does-the-u-s-refugee-system-work 

 WATCH LIVE: Biden hosts meeting with Italian Prime Minister Giorgia Meloni
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President Joe Biden is hosting Italian Premier Giorgia Meloni on Friday for talks at the White House as the Democratic U.S. leader struggles to persuade House Republicans to pass legislation that would replenish aid to Ukraine and as both leaders face political headwinds at home. Biden has sought to assure European leaders that the U.S. remains behind Ukraine even as he’s been unable to win passage of a supplemental foreign aid package that includes $60 billion for Ukraine in addition to $35 billion for Israel and Taiwan. The legislation has passed the Senate, but Republican Speaker Mike Johnson has refused to put it up for a vote in the House. Friday’s meeting is the second between Biden and Meloni in about seven months. Both leaders are grappling with war in the Middle East and Europe and looking to shore up their public standing. Biden has begun ramping up for an all-but-certain rematch in November against former President Donald Trump, the likely GOP nominee. Biden’s bid for a second term is complicated by the electorate’s concern about his age, 81, frustration among some Democrats over his handling of the Israel-Hamas war and mixed feelings about the state of the American economy. Meloni’s popularity will be further tested with four more regional elections in 2024 and nationwide elections for Italy’s representatives to the European parliament set for June. During her recent visit to Kyiv, Meloni reaffirmed Italian support for Ukraine and signed a security cooperation agreement for military and technical assistance through the end of the year. The leaders’ agenda also was expected to cover efforts by the U.S., Egypt and Qatar to broker an extended cease-fire between Israel and Hamas, Italy’s priorities for a G7 presidency, migrant flows into Italy from North Africa, and their countries’ China policies.

#Biden #Meloni #Ukraine #Italy #Meeting

https://www.pbs.org/newshour/world/watch-live-biden-hosts-meeting-with-italian-prime-minister-giorgia-meloni 

 A day after his latest hospital release, Austin presses for urgent military aid for Ukraine
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Defense Secretary Lloyd Austin, a day after his latest hospital release, hosted a virtual session on Ukraine to help resource urgently needed ammunition and artillery for Kyiv. Austin, who is recovering from complications from his December surgery to treat prostate cancer, conducted the session from his home. The Pentagon has been out of funds to send weapons and ammunition to Ukraine since December, and European allies have continued to send some support. Austin stated that the contact group would work on resourcing Ukraine's most critical near-term needs, including its urgent need for more artillery, ammunition, and air defense missiles. The fate of additional funds from Congress to restart regular shipments of ammunition to Ukraine is uncertain.

#Ukraine #MilitaryAid #LloydAustin #Ammunition #Artillery #ProstateCancer #Pentagon #Congress

https://www.pbs.org/newshour/world/a-day-after-his-latest-hospital-release-austin-presses-for-urgent-military-aid-for-ukraine 

 Palestinian Red Crescent accuses Israeli forces of killing Gaza family and medics sent to rescue them
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The Palestinian Red Crescent has accused Israeli forces of killing a Gaza family and the medics sent to rescue them. On January 29, a teenage girl called the Palestinian Red Crescent for help as Israeli troops fired on her family's car. The organization sent an ambulance, but lost contact with the crew. Twelve days later, the ambulance was found destroyed, with the two medics dead. The family car was also found with six bodies. The Palestinian Red Crescent accused Israeli forces of targeting the ambulance. Israel has not yet commented on the accusations. The Health Ministry in Gaza reports that about two-thirds of the more than 28,000 people killed since the start of the war have been children and women. Israel claims to strike Hamas targets and holds Hamas responsible for civilian casualties.

#PalestinianRedCrescent #IsraeliForces #Gaza #Ambulance #Medics #CivilianCasualties

https://www.pbs.org/newshour/world/palestinian-red-crescent-accuses-israeli-forces-of-killing-gaza-family-and-medics-sent-to-rescue-them 

 February 2, 2024 - PBS NewsHour full episode
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On February 2, 2024, the United States strikes Iranian-backed militias in Iraq and Syria in retaliation for a deadly attack on American troops. The jobs report shows a stronger than expected economy, raising concerns about the Fed's plan to lower interest rates. Rep. Clyburn discusses President Biden's support among Black voters ahead of the South Carolina primary. Other segments include the drenching of California by the first of two expected storms, El Salvador's controversial crackdown on gangs, Taylor Swift becoming the target of right-wing conspiracy theorists, and analysis by Brooks and Capehart on the U.S. retaliation against Iran-backed militants.



https://www.pbs.org/newshour/show/february-2-2024-pbs-newshour-full-episode 

 Advertising agency for OxyContin agrees to pay $350 million rather than face lawsuits
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Advertising agency Publicis Health, part of Publicis Groupe, has agreed to pay $350 million to U.S. states to avoid trials over its role in the opioid crisis. The settlement will be paid in the next two months, with most of the money to be used to fight the overdose epidemic. Publicis worked with OxyContin maker Purdue Pharma from 2010-2019, helping with marketing campaigns for OxyContin and other prescription opioids. The company provided physicians with digital recorders to analyze conversations about taking opioids. Publicis agreed to release internal documents detailing its work for Purdue and other opioid manufacturers. The settlement is not an admission of wrongdoing, and the company reaffirmed its policy of not taking new work on opioid-related products. Insurers will reimburse Publicis $130 million, and $7 million of the settlement amount will be used for states' legal fees. Other settlements over opioids with U.S. federal, state, and local governments have totaled more than $50 billion.

#Oxycontin #OpioidCrisis #Lawsuits #Settlement #PublicisHealth #PurduePharma

https://www.pbs.org/newshour/economy/advertising-agency-for-oxycontin-agrees-to-pay-350-million-rather-than-face-lawsuits