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☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

☆ Bank failure: Kansas Heartland Tri-State Bank closed by FDIC
▼ + stars: | 2023-07-28 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control. The FDIC agreed to assume all the deposits of Heartland Tri-State Bank to protect customers, entering a purchase and assumption agreement with Dream First Bank of Syracuse, Kansas. That means the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank on Monday. Heartland Tri-State Bank is the first bank to fall since First Republic, the nation’s second-largest bank failure ever, in early May. Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits, the FDIC said.

Organizations: New, New York CNN, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, State Bank, Dream, Bank of, Silicon Valley Bank, Signature Bank, FDIC, Dream First Bank . Heartland Tri, Bank Locations: New York, State Bank of Elkhart , Kansas, Heartland, Bank of Syracuse , Kansas, Republic, Silicon

July 25 (Reuters) - The U.S. economy may ultimately skirt a recession, but it's felt like one for months at Jon Ferrando's 103 RV dealerships. "Our industry has always been a little challenged on forecasting around demand," said Jason Lippert, CEO of LCI Industries, a large supplier of parts to the RV industry that is also based in Elkhart. "If I was just looking at RV data, I would be screaming recession," said Michael Hicks, an economics professor at Ball State University in Indiana who tracks the industry, adding that pullbacks in RV shipments have signaled every U.S. recession since 1981. "We expect in the second half of this year shipments (of RVs) will start to increase again," Geraci said. Gregg Fore, an RV industry consultant who previously ran an RV parts supplier, said half the new inventory at some dealers he works with are 2022 models.

Persons: it's, Jon Ferrando's, Ferrando, Michael Happe, Eden, Jason Lippert, Michael Hicks, RVIA, Monika Geraci, Geraci, Gregg Fore, Tyler Hermon, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Winnebago Industries, Federal Reserve, RV Industry Association, Thor Industries, LCI Industries, Ball State University, Dealers, Thomson Locations: U.S, Fort Lauderdale , Florida, RVs, United States, Elkhart , Indiana, Eden Prairie , Minnesota, Elkhart, Indiana, North America, RVing

☆ After Pandemic Rebound, U.S. Manufacturing Droops
▼ + stars: | 2023-05-02 | by ( Lydia Depillis | ) www.nytimes.com time to read: +1 min

The pandemic had a bright silver lining for Elkhart, Ind. The city, renowned as the capital of recreational vehicle production, had a surge in demand as cooped-up families took to the highways and avoided hotels. The area has lost nearly 7,000 manufacturing jobs over the past year, and unemployment is now above the national average. Thor Industries, which owns a wide portfolio of RV brands, saw its sales tumble 39.4 percent from the quarter a year ago. That’s manufacturing in America in 2023.

☆ Thor Industries Cuts Guidance as Demand for Recreational Vehicles Cools
▼ + stars: | 2023-03-07 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Manufacturer Thor Industries Inc., which owns assembly plant Airstream, enjoyed healthier sales during the height of the pandemic. Thor Industries Inc. cut its sales and earnings outlook as Americans hold off on buying new recreational vehicles amid persistent inflation and rising interest rates. The RV maker, based in Elkhart, Ind., posted steeper-than-expected declines in sales and profit for the recently ended quarter, as customers shied away from big purchases at dealerships. Thor throttled production of its RVs in an effort to match sagging demand and keep costs in check.

☆ RV Market Slows as Inflation, Rising Rates Cool Demand
▼ + stars: | 2023-03-07 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Thor Industries, which owns Airstream, enjoyed healthier sales during the height of the pandemic. Thor Industries Inc. cut its sales and earnings outlook as Americans hold off on buying new recreational vehicles amid persistent inflation and rising interest rates. The RV maker, based in Elkhart, Ind., posted steeper-than-expected declines in sales and profit for the recently ended quarter, as customers shied away from big purchases at dealerships. Thor , which owns brands such as Airstream and Jayco, throttled production of its RVs in an effort to match sagging demand and keep costs in check.

The probe into the August crash that killed U.S. Rep. Jackie Walorski, R-Ind., and three others faulted the driver of the SUV she was riding in for trying to make an unsafe pass. Potts had slowed to create distance with the flat-bed, then accelerated to 82 mph to make the pass, sheriff's investigators said in a statement. "The Toyota was then observed accelerating to a high rate of speed, closing the distance to the unidentified truck," the sheriff's office said. There was no evidence that phones were being used prior to or during the crash, and there was no indication of mechanical failures, the sheriff's office said. Indiana Republicans picked Rudy Yakym, an executive with Elkhart distribution company Kem Krest, to replace Walorski on the ballot.

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