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☆ Energy Tax Credits, Meant to Help U.S. Suppliers, May Be Hard to Get
▼ + stars: | 2023-06-09 | by ( Lydia Depillis | ) www.nytimes.com time to read: +1 min

The law offers tax credits that could cover up to 70 percent of a renewable energy project’s cost if it checks several boxes meant to support American workers and communities. The resulting frustration is emblematic of the current stage of climate action: an eye-straining haze of technical rule-making that reflects a tension between urgency and ensuring that the benefits of the energy transition are widely shared. Wally Adeyemo, the deputy secretary of the Treasury, expressed confidence that in combination, the rules would strike that balance. “It isn’t about any one rule, it’s about an ecosystem of rules that have been created under the I.R.A. that put us in a position to go from a country that had underinvested in the clean energy transition to being at the head of the pack.”

Persons: Biden, —, Wally Adeyemo, Mr, Adeyemo Organizations: Treasury Locations: United States

☆ Even Flirting With U.S. Default Takes Economic Toll
▼ + stars: | 2023-05-20 | by ( Lydia Depillis | Ben Casselman | ) www.nytimes.com time to read: +1 min

As negotiations over the debt limit continue in Washington and the date on which the U.S. government could be forced to stop paying some bills draws closer, everyone involved has warned that such a default would have catastrophic consequences. But it might not take a default to damage the U.S. economy. Even if a deal is struck before the last minute, the long uncertainty could drive up borrowing costs and further destabilize already shaky financial markets. It could lead to a pullback in investment and hiring by businesses when the U.S. economy is already facing elevated risks of a recession, and hamstring the financing of public works projects. More broadly, the standoff could diminish long-term confidence in the stability of the U.S. financial system, with lasting repercussions.

☆ Why Is Inflation So Stubborn? Cars Are Part of the Answer.
▼ + stars: | 2023-05-20 | by ( Lydia Depillis | Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The job market has remained strong, especially for in-person jobs in fields like hospitality and health care, so more people have workplaces to get to. And many people in between, who might switch cars every few years, are waiting for prices to fall. Wholesale car prices have begun to fall, and carmakers are offering more incentives. Prices have come down in recent months for electric cars — the fastest-growing segment of new car sales, though a small portion of the overall market. Adam Jonas, an auto industry analyst with Morgan Stanley, said that over the short to medium term, more inventory was the only answer.

☆ U.S. Job Growth Retains Vigor Despite Economic Worries
▼ + stars: | 2023-05-05 | by ( Lydia Depillis | ) www.nytimes.com time to read: +1 min

The labor market is still defying gravity — for now. The unemployment rate was 3.4 percent, down from 3.5 percent in March, and matched the level in January, which was the lowest since 1969. Wages also popped slightly, growing 4.4 percent over the past year. The higher-than-forecast job gain complicates the Federal Reserve’s potential shift toward a pause in interest rate increases. It’s also an indication that the failure of three banks and the resulting pullback on lending, which is expected to hit smaller businesses particularly hard, hasn't yet hamstrung job creation.

☆ Job Market Is Expected to Show More Cooling in April
▼ + stars: | 2023-05-05 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

“We expect a more negative and profound effect of interest rates on the labor market in the second half of the year,” said Frank Steemers, a senior economist at the Conference Board. But job postings have been receding quickly, and the rate at which workers quit their jobs is almost back down to where it stood in 2019. The outplacement firm Challenger, Gray & Christmas reported Thursday that employers had announced job cuts totaling about 337,000 positions this year, concentrated in retail and the technology industry. If a wider economic downturn sets in, job reductions will probably look different than they have in previous recessions. Mr. Steemers recently constructed an index estimating the risk of job losses across various industries.

☆ 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.

☆ Franchisers, Facing Challenges to Business Model, Punch Back
▼ + stars: | 2023-04-20 | by ( Lydia Depillis | ) www.nytimes.com time to read: +2 min

Matthew Haller, chief executive of the International Franchise Association, cited a 2021 survey by the market research firm Franchise Business Review in which 82 percent of franchisees said they supported their corporate leadership. Hotel franchisees, squeezed by lost revenue during pandemic lockdowns, say they have also been hurt by the hotel brands’ loyalty programs, which require the hotelier to rent rooms at a reduced rate. “There comes a point when you’ve tried and tried to meet with the franchisers to ask for changes, and they refuse to listen,” she said. In Arizona, legislation introduced to enhance franchisees’ ability to sell their businesses and prevent retaliation from franchisers if they band together in associations has also faced resistance. The bill was approved by two committees in February and March, but the International Franchise Association hired two lobbying firms to fight it.

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