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☆ Even Most Biden Voters Don’t See a Thriving Economy
▼ + stars: | 2023-11-28 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +2 min

But the White House has addressed a few specific costs that matter for families, by releasing oil from the Strategic Petroleum Reserve to contain surging oil prices in late 2022, for example. The more the administration talks about its concrete efforts to lower prices, the more Mr. Biden will benefit, Mr. Doss said. “When I talk about the economy, it’s just inflation, and to me inflation is systemic and coming from the Trump administration,” Ms. McDowell said. Moreover, she sees the situation healing itself, and thinks Mr. Biden is doing the best he can given the challenges of the wars in Ukraine and now Gaza. Because they’ve got jobs,” Ms. McDowell said.

Persons: Biden, Doss, —, Kendra McDowell, Trump, ” Ms, McDowell, they’ve, Ms, “, ” Organizations: Strategic Petroleum Reserve, Medicare Locations: Harrisburg, Pa, Ukraine, Gaza

☆ Polluting Industries Say the Cost of Cleaner Air Is Too High
▼ + stars: | 2023-11-13 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

By law, the agency isn’t supposed to consider the impact on polluting industries. In practice, it does — and those industries are warning of dire economic consequences. Under the Clean Air Act, every five years the E.P.A. Fine particulate matter is extremely dangerous when it percolates into human lungs, and the law has driven a vast decline in concentrations in areas like Los Angeles and the Ohio Valley. But technically there is no safe level of particulate matter, and ever-spreading wildfire smoke driven by a changing climate and decades of forest mismanagement has reversed recent progress.

Persons: Biden, Trump, Jeffrey D Organizations: Environmental Protection Agency, Act, White House Locations: Los Angeles, Ohio

Most Americans still have to commute every day. Jenn Ackerman for The New York TimesLike a majority of Americans, Ms. Hargreaves was unable to do her work at home. Source: American Community Survey Note: Average commute length for 2020 is not included. The average commute distance changed much less, an indication that commuters are driving faster — but also, more people are driving. “A lot of our choice riders, we're still working to influence them to re-choose transit,” Ms. Tucker said.

Persons: Torie Hargreaves, Jenn Ackerman, Hargreaves, Ms, That’s, Andrea Villanueva, Villanueva, The New York Times “, ” Christopher Wiese, Dr, Wiese, “ There’s, ”, Patricia Mokhtarian, John Goodwin, Rosalind Tucker, we're, Tucker, Aimee Lee, Lee Organizations: Atlanta Washington San, Mo . Chicago Minneapolis New, Mo . Chicago Minneapolis New York City Los Angeles Philadelphia Columbus Denver, The New York Times, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San Francisco Seattle Washington Midnight, Georgia Institute of Technology, Census, New York City –, Philadelphia –, Angeles –, Francisco –, Boston –, Seattle –, Chicago –, Denver –, Kansas City –, Miami –, Houston –, Minneapolis –, Washington –, Austin –, Dallas –, Atlanta –, Charlotte –, Columbus –, Nashville –, Detroit –, BART, area’s Metropolitan Transportation Commission, Labor Department, Atlanta Regional Commission, Lifeline, Chicago Metropolitan Agency for Planning, Regional Transit Authority, % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % Locations: Atlanta Washington San Francisco Boston Kansas City, Mo . Chicago Minneapolis, Mo . Chicago Minneapolis New York, Minneapolis, postpandemic, Atlanta, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City, Atlanta Austin Boston Charlotte Chicago Columbus Dallas Denver Detroit Houston Kansas City Los Angeles Miami Minneapolis Nashville New York City Philadelphia San Francisco Seattle, South Minneapolis, North Minneapolis, Boston, Chicago , Kansas City, San Francisco, Washington, New York, Francisco, area’s

☆ U.S. Economic Growth Accelerated in the Third Quarter
▼ + stars: | 2023-10-26 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

And with layoffs still near record lows, workers have little reason to hold off on making purchases, even if it means using a credit card — an increasingly pricey option as interest rates drift higher. One beneficiary of those open pocketbooks is Amanda McClements, who owns a home goods store in Washington, D.C., called Salt & Sundry. Sales are up about 15 percent from last year and have finally eclipsed 2019 levels. “People can’t get enough candles; that continues to be our top seller,” Ms. McClements said. “We’ve been experiencing a really uneven recovery,” she said.

Persons: “ There’s, ”, Yelena Shulyatyeva, Amanda McClements, can’t, Ms, McClements, hadn’t, “ We’ve Organizations: BNP, “, Washington , D.C Locations: Washington ,

☆ How High Interest Rates Sting Bakers, Farmers and Consumers
▼ + stars: | 2023-10-23 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

Yet the economy continued to burn hot, with job openings outstripping the supply of workers and consumers spending freely. Some categories driving inflation sank back quickly, like furniture and food, while others — like energy — have resurged. In September, the central bank held its rate steady, but signaled that the rate would stay high for longer than the market had anticipated. For start-ups, which proliferated over the last few years, the concern is about the survival or failure of their businesses. Most entrepreneurs use their savings and help from friends and family to start businesses; only about 10 percent rely on bank loans.

Persons: “ We’ve, ”, Gregory Daco, Luke Pardue

Mr. McCulley had been getting along all right in Newark, N.J., with one Kia Soul between him, his wife and their young daughter. Mr. McCulley was born there and always wanted to return, so they moved to Pompano Beach in early 2022. By that time, after some car swaps, they were driving a 2022 Kia Forte, which he leased for $294 per month. ”She could walk to Aldi and get groceries,” Mr. McCulley said of his wife. For Mr. McCulley, it’s an illustration that even for people who look comfortably middle class, car expenses contribute to a feeling of being overwhelmed.

Persons: McCulley, Kia Forte, Mr, Kia Sorento, you’re, “, ” Organizations: Kia, Aldi, Gas Locations: Newark , N.J, . Florida, Pompano Beach, Carvana, Florida, Pompano

☆ Between a Rock and a ‘Hard’ Insurance Market
▼ + stars: | 2023-10-06 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

The hardening is evident to anyone who has shopped for personal vehicle insurance, which rose 17 percent in the first six months of this year, according to Insurify.com. Even more problematic is when coverage thins out, as it has in areas hit hard by climate change. Farmers Insurance stopped renewing almost a third of its policies in hurricane-weary Florida this summer and State Farm and Allstate largely pulled out of wildfire-ravaged California.

Organizations: Farmers Insurance, Farm, Allstate Locations: Florida, California

PinnedFederal Reserve officials are expected to leave interest rates unchanged at their meeting on Wednesday, buying themselves more time to assess whether borrowing costs are high enough to weigh down the economy and wrestle inflation under control. Central bankers have already raised interest rates to a range of 5.25 to 5.5 percent, the highest level in 22 years. At least a few officials might stop expecting another quarter-point rate move this year, predicting instead that interest rates have already reached their peak. If, on the other hand, officials expect to lower rates by less in 2024, it could be a signal that policymakers expect inflation to prove more stubborn. Fed officials will release fresh economic forecasts.

Persons: Jerome H, Powell, ”, Antúlio Bomfim, Powell’s, “, William English Organizations: Federal Reserve, Fed, Trust Asset Management, United Auto Workers, Yale Locations: America, Panama

☆ Impact of Hollywood Strikes on Jobs Goes Beyond the Strikers
▼ + stars: | 2023-09-01 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

For one thing, many of SAG-AFTRA’s members work for television news stations and aren’t on strike. Between intermittent gigs, they’re used to taking second jobs, like waiting on tables or designing websites. During the strike, they’re also allowed to work in theater and commercials, as well as on a handful of independent projects that have agreed to abide by the union’s demands. “We’re used to being freelancers, and just being able to go along,” said Jodi Long, president of SAG-AFTRA’s Los Angeles local. Even if the industry becomes very busy when the strike ends as studios restock their pipelines, months of income will be hard to replace.

Persons: they’re, “ We’re, ”, Jodi Long, what’s, Ms, Long Organizations: SAG Locations: Los Angeles

☆ U.S. Hiring Settles Into a Lower Gear
▼ + stars: | 2023-09-01 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +2 min

Much of the slowdown has come from industries that are returning to more typical levels after the pandemic’s upheaval. Exhibit A: truck transportation, which grew to serve a stay-at-home online shopping spree and shrank as it died down. Trucking company payrolls flattened out over the past year, which probably masks an outright decline because many contracted owner-operators have also parked their rigs. “With Yellow taking 20-plus-thousand drivers out of the market, it’s a start in getting supply under control.”It’s not just the trucking industry, however. Lately, though, he’s seen more qualified job applicants who need work because their starting dates at law firms have been deferred.

Persons: ”, Kenny Vieth, ” It’s, Kevin Vaughan, It’s, he’s Organizations: Trucking, ACT Research Locations: Chicago

☆ August Jobs Report U.S. Job Growth Expected to Cool
▼ + stars: | 2023-09-01 | by ( Lydia Depillis | Joe Rennison | ) www.nytimes.com time to read: +2 min

Forecasters believe that trend continued in August, estimating that the Labor Department’s monthly report on Friday will show the addition of 170,000 jobs. That would be a decrease from the 218,000-job average over the previous three months, and closer to the number needed to employ the approximately 140,000 people who enter the labor force each month. But analysts say the Federal Reserve’s push to cool rapid inflation by ratcheting up borrowing costs — and the impact on hiring — has a ways to go. Immigrants work at higher rates than the American-born population, in which labor force participation is declining as people age into retirement. Already, Americans are feeling the difference: In the Conference Board’s reading of consumer sentiment for August, the share of workers saying jobs were “hard to get” increased sharply, while the share saying jobs were “plentiful” fell.

Persons: —, ’ ”, Stephen Juneau, Bank of America Merrill Lynch, “ There’s, we’ve Organizations: Labor, Bank of America Locations: American, ”

☆ What China’s Economic Woes May Mean for the U.S.
▼ + stars: | 2023-08-26 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

The news about China’s economy over the past few weeks has been daunting, to put it mildly. The country’s growth has fallen from its usual brisk 8 percent annual pace to more like 3 percent. And China’s citizens, frustrated by lengthy coronavirus lockdowns and losing confidence in the government, haven’t been able to consume their way out of the country’s pandemic-era malaise. If the world’s second-largest economy is stumbling so badly, what does that mean for the biggest? That could change, however, if China’s current shakiness deepens into a collapse that drags down an already slowing global economy.

Persons: haven’t, Wells Locations: United States, China, U.S

Competition for workers is fierce: The Wendy’s on Mr. Bellman’s drive home from work advertises wages of $18 an hour. New Hampshire is surrounded by states where the minimum wage is above $13, so if Granite State employers tried to offer substantially less, many workers could cross the border for a bigger paycheck. Paige Roberts, president and chief executive of the Jackson County Chamber of Commerce in Mississippi, said she was “nearly laughed out of a job” when she started asking members about paying the minimum wage. Faster hikes in the wage floor in the late 2010s forced up long-stagnant wages in fields like restaurants and retail. And some businesses, such as summer camps, say they are still paying the minimum wage for entry-level workers or those in training.

Persons: Bellman’s, Mr, Bellman, Paige Roberts Organizations: Granite, Jackson County Chamber of Commerce Locations: New Hampshire, Granite State, Alabama, Mississippi, Jackson County

☆ July Jobs Report U.S. Job Growth Expected to Remain Sturdy
▼ + stars: | 2023-08-04 | by ( Lydia Depillis | Santul Nerkar | ) www.nytimes.com time to read: +2 min

PinnedIt’s been a slow, bumpy road, but the labor market appears to be rounding itself into a more familiar shape. “Right now a good characterization of the labor market would be ‘normalizing’ rather than ‘slowing,’” said Agron Nicaj, an economist with the Japanese bank MUFG. Most of that is a reversion to historical averages — a “normalization,” as Mr. Nicaj prefers to call it. “Strong profit margins have allowed companies to maintain employment,” Mr. Nicaj said. “When you do see that shrinking, that’s a pretty strong signal that at some point you’re going to see job losses.”

Persons: It’s, ’ ”, Agron Nicaj, Nicaj, “, ” Mr, ” Locations: Silicon Valley

Employers across the U.S. added 187,000 jobs in July, and the unemployment rate sank to a near record low of 3.5 percent, new data showed today. Most people who want to work can find jobs, according to the report. But the pace of hiring has slowed over the last two months, a sign that the economy is cooling as the Federal Reserve battles inflation. Health care and leisure and hospitality added many of the new jobs, while most other industries — including manufacturing, transportation and warehousing — were flat to negative on job growth. “While we never want to read too much into any one jobs report, the trend over the past few months is pretty clear: We’re getting back to something approaching normal,” our colleague Lydia DePillis said.

Persons: Lydia DePillis Organizations: Federal Locations: U.S

☆ U.S. Extends Job Growth Streak Even as Economy Cools
▼ + stars: | 2023-08-04 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: 1 min

The U.S. economy continued to generate sturdy employment growth in July, but it showed definite signs of cooling alongside the Federal Reserve’s battle to suppress inflation. American employers added 187,000 jobs last month, the Labor Department reported on Friday, experiencing 31 straight months of growth. The unemployment rate sank back to 3.5 percent, near a record low. Still, the report shows that most people who want to work can find jobs, keeping upward pressure on wages. Average hourly earnings rose 4.4 percent from a year earlier, slightly more than expected, and enough to give workers more spending power even as prices keep going up.

Organizations: Federal, Labor Department Locations: U.S

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Organizations: ., The New York Times

☆ Jobs Sit Empty in the Public Sector, So Unions Pitch In to Recruit
▼ + stars: | 2023-07-27 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +2 min

At the same time, the federal infrastructure bill is supercharging demand for people to manage construction projects. That’s a victory for labor unions, which typically push for more hiring, higher wages and better benefits. In Minnesota, the vacancy rate for state government jobs rose to 11.5 percent in the 2023 fiscal year from 7.5 percent in 2019. “They understand that services are not being provided at the level that they should be provided. It’s a team effort as far as bringing fresh blood into the public service.”That was the point of the hiring fair in Minneapolis.

Persons: ”, Lee Saunders, “, It’s Organizations: American Federation of State, Municipal Employees Locations: Minnesota, American Federation of State , County, Minneapolis

PinnedInflation data released on Wednesday showed a pronounced cooling and offered some of the most hopeful news since the Federal Reserve began trying to tame rapid price increases 16 months ago. Officials have signaled in recent weeks that they are likely to raise interest rates at their July 25-26 meeting. For one thing, the cost of housing as measured by the Consumer Price Index — which relies on rent prices — is coming down sharply. The Fed officially targets 2 percent inflation on average over time, though it defines that goal using a separate inflation measure, the Personal Consumption Expenditures index. Interest rates increases work partly by slowing the job market and cooling wage increases, so the Fed’s fight against inflation and the strength of the labor market are closely tied.

Persons: ”, Laura Rosner, Warburton, it’s, . Rosner, Airfares, “, Beth Weaver, Loretta Mester, ” Julia Pollak Organizations: Federal Reserve, Federal, Consumer, Buick GMC, Fed, Federal Reserve Bank of Cleveland, ZipRecruiter Locations: Erie, Pa

☆ Airfares tumble, helping bring down overall inflation.
▼ + stars: | 2023-07-12 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

Airfares took another dive last month, following a wild ride over the past year, reflecting volatile energy prices and swings in demand. Prices have dropped 18.9 percent in the year through June, or 8.1 percent between May and June, even as passenger traffic has reached record highs. Ticket prices spiked last summer as Americans planned the vacations they were denied during the pandemic. Airlines have been hiring aggressively for all positions and adding flights, bringing capacity back up to prepandemic levels. And as energy prices have moderated, ticket prices have receded as well.

Persons: Airfares Organizations: Airlines

☆ Canada Offers Lesson in the Economic Toll of Climate Change
▼ + stars: | 2023-07-03 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

“We already think we’re teetering into a downturn, and this would just make things worse,” said Tony Stillo, director of economics for Canada at Oxford. The recent fires have left some lumber mills idle, for example, as workers have been evacuated. “It’s safe to say there’s going to be a supply crunch in Canada as we work through this,” Mr. Nighbor said. The tourism industry is also being hit, as the fires erupted just as operators were going into the crucial summer season — sometimes far from the fires. The road has since reopened, but only one lane at a time, and drivers need to wait up to an hour to get through.

Persons: ”, Tony Stillo, Derek Nighbor, Mr, Nighbor Organizations: Canada, Oxford, Forest Products Association of Canada, Business Locations: British Columbia, Canada, Tofino, Vancouver

☆ How Countries Can Get Richer Without Wrecking the Planet
▼ + stars: | 2023-06-27 | by ( Lydia Depillis | Manuela Andreoni | ) www.nytimes.com time to read: +1 min

It’s long seemed as if nations had to choose between the two. Researchers at the World Bank think they have found a way, and today we want to explain how. “Suppose you were to use all the resources that you have efficiently and properly, and allocate those resources efficiently and properly. How much could you produce?” said Richard Damania, chief economist at the bank’s sustainable development practice group. It gets to the heart of the World Bank’s challenge as its new leader, Ajay Banga, seeks to bend the institution’s considerable capital toward curbing climate change and averting mass extinctions.

Persons: ”, Richard Damania, Ajay Banga Organizations: Bank, Natural

☆ Student Loan Pause Is Ending, With Consequences for Economy
▼ + stars: | 2023-06-21 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

Ms. Musselwhite doesn’t know how much her monthly payments will be, but she’s thinking about where she might need to cut back — and her partner’s student loan payments will start coming due, too. Then it began to shrink, as those who continued loan payments were able to make progress while interest rates were set at zero. A greater share of Black families with children were eligible than white and Hispanic families, although their prepandemic monthly payments were smaller. (That reflects Black families’ lower incomes, not loan balances, which were higher; 53 percent of Black families were also not making payments before the pandemic.) Economists at the University of Chicago found that rather than paying down other debts, those eligible for the pause increased their leverage by 3 percent on average, or $1,200, compared with ineligible borrowers.

Persons: Musselwhite, Beamer Organizations: Institute, Federal Reserve, University of Chicago

The fresh data offer the latest evidence that the Fed’s push to control rapid price increases is beginning to work. Investors have been betting that Fed officials will leave rates unchanged at their meeting this week, breaking their long streak of increases. Even so, many investors continue to expect that Fed officials will restart rate increases in July. That “core” price index rose 5.3 percent in May compared with a year earlier. And price increases for goods excluding motor vehicles remained positive, instead of subtracting from inflation as some economists have been expecting.

Persons: “, ” Laura Rosner, Warburton, Airfares, Ms, Rosner, Jerome H, Powell Organizations: Federal Reserve, Fed, Mortgage, Association

☆ Newspapers Printed Unabomber’s Manifesto in 1995. It’s Still Fiercely Debated.
▼ + stars: | 2023-06-11 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

But if they gave in to the threat, how did the newspapers know the bomber would keep his word — or whether other terrorists would make such demands in the future? In September of that year, at the urging of the Justice Department and the Federal Bureau of Investigation, the newspapers decided to publish. The manifesto provided critical clues to his identity, and six months and two weeks later, the Unabomber — Theodore Kaczynski, who died in a federal prison cell on Saturday — was captured. But to many in the profession, acceding to Mr. Kaczynski’s demands set a terrible precedent, undermining journalistic independence and doing the bidding of law enforcement. “They really made a pact with the devil when they have no control ultimately over what he will do or not do.”

Persons: — Theodore Kaczynski, —, acceding, Kaczynski’s, ”, Jane Kirtley, “ Organizations: Washington Post, The New York Times, Industrial Society, Its, Justice Department, Federal Bureau of Investigation, Post, Times, Freedom, Press

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