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☆ ECB rate pause now may be too early: policymaker
▼ + stars: | 2023-08-26 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

JACKSON HOLE, Wyoming, Aug 26 (Reuters) - It may be too early for the European Central Bank to pause interest rate hikes now as an early stop in the fight against inflation could force the bank to exert even more pain on the economy later, Latvian policymaker Martins Kazaks said on Saturday. The ECB has raised rates at each of its past nine meetings to arrest runaway inflation but policymakers are now contemplating a pause as recession risks loom, inflation slows and wage growth remains moderate. ECB projections currently see inflation returning to its 2% target only in late 2025 and Kazaks argued this was too late. Once rates peak, a plateau should be held for some time and the ECB should only start cutting rates when projections start showing inflation was at risk of coming back below 2%. Markets see a rate cut only in the second half of 2024 and Kazaks said he did not consider this inconsistent with the macroeconomic outlook.

Persons: JACKSON, Martins Kazaks, Kazaks, Balazs Koranyi, Marguerita Choy Organizations: European Central Bank, ECB, Reuters, Industry, Thomson Locations: , Wyoming, Latvian, Jackson Hole , Wyoming

☆ Momentum growing for ECB rate hike pause as growth falters -sources
▼ + stars: | 2023-08-25 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

"The number of voices advocating a pause is multiplying as the data roll in," said one of the sources, who asked not to be named. Several of the sources said they saw chances evenly split between a hike and a pause, while a smaller number saw a pause as more likely. But none said they saw a hike as the most likely outcome, even if that was their preference. That marks a distinct shift from six weeks ago when a hike was still seen as most likely in September. Arguments for a pause centre on growing recession fears, the rapid deterioration of China's growth outlook, benign wage growth readings and arguments that past ECB hikes are increasingly working their way through the economy.

Persons: Wolfgang Rattay, JACKSON, Jackson, Balazs Koranyi, Mark John, Catherine Evans Organizations: European Central Bank, REUTERS, Central Bank, ECB, U.S, U.S . Federal, Employment, Thomson Locations: Frankfurt, Germany, , Wyoming, Europe, U.S .

☆ A First Look From NASA’s New Air Pollution Satellite
▼ + stars: | 2023-08-24 | by ( Delger Erdenesanaa | ) www.nytimes.com time to read: +1 min

When scientists switched on the instrument aboard a new satellite this summer, they got a preview of what will soon be the nation’s first continuous record of air pollution. The satellite will stay parked above North America and provide scientists with hourly daytime updates on air pollution nationwide. The satellite instrument, called TEMPO, will be able to measure several other pollutants as well. The images come during a summer of exceptionally bad air quality for the United States, with smoke from wildfires blanketing multiple cities and regions. But even before this summer, over the past decade or so, the gains in air quality Americans have enjoyed since the passage of the Clean Air Act in 1970 had started to plateau.

Persons: “, ”, Xiong Liu Organizations: Center, Astrophysics, Harvard University, Smithsonian Institution Locations: America, United States

☆ It may be time to break out the masks against Covid, some experts say
▼ + stars: | 2023-08-23 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +9 min

“And since the masks that are most effective are N95 that are now readily available, that’s the kind of mask you should wear,” he added. But the agency doesn’t make a broad recommendation for everyone to adopt masks. Morris Brown College in Atlanta announced a return to mandated physical distancing and masks just one week after classes started in August. And pediatricians are poised for the typical return-to-school surge in all kinds of respiratory illness, whether colds, flu or Covid. “The virus is always lurking, waiting for openings, so I think Covid is just going to be a bit of a roller coaster, probably forever,” Wachter said.

Persons: Joe Biden, Jonathan Reiner, “, ” Reiner, Biden, ”, Reiner, Eric Topol, ” Topol, ” What’s, Robert Wachter, ” Wachter, haven’t, Peter Chin, Topol, Dr, Sara Bode, Bode, It’s, ‘, ” Chin, Hong, You’ve, you’ve, Amanda Musa, Brenda Goodman, Deidre McPhillips, Meg Tirrell Organizations: CNN, George Washington University School of Medicine & Health Sciences, US Centers for Disease Control, CDC, Scripps, Research, Covid, Department of Medicine, University of California San, University of California, Morris Brown College, Nationwide Children’s Hospital, American Academy of Pediatrics ’, School Health, Internal Locations: Covid, Florida, University of California San Francisco, San Francisco, Atlanta, Columbus , Ohio, Washington

☆ EVs are running out of customers — and some dealers don't want them anymore
▼ + stars: | 2023-08-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

AdvertisementAdvertisementMore electric vehicles are being pumped out of car factories than ever before – but some dealers don't want them. Electric car inventory has been piling up on dealership lots this year as companies up their EV production, leading some dealers to say enough is enough. Some are telling automakers they don't want any more until they can sell what's sitting, several dealers told Insider. AdvertisementAdvertisementIn the EV plateau, dealers are left in the lurchIn this round of growing pains for the electric car market, dealers are set up for the most trouble . "Dealers know in real time with real-time feedback what the market is doing," Karl Brauer, an automotive analyst for iSeeCars, previously told Insider.

Persons: Scott Kunes, Kunes, It's, Sam Fiorani, Fiorani, EVs, Tesla, Adam Lee, he's, Lee, Karl Brauer Organizations: Morning, Kunes, RV Group, Nissan, Mitsubishi, AutoForecast Solutions, Coast Ford, Midwest, Hyundai, Lee Auto, iSeeCars Locations: Detroit, West Coast, Maine

TAIPEI, Aug 18 (Reuters) - Foreign investors seem to be undeterred by the possibility that growing tensions between Taiwan and China could precipitate fund outflows from the Taiwan market, the chairman of the Taiwan Stock Exchange told Reuters. "Foreign investors have recently trimmed their holdings. "We have talked to foreign investors, including from countries such as Japan and Singapore. "Even with the regular sight of Chinese warplanes flying around, why have foreign investors not left the Taiwan market?" "Taiwan's supply chain is very strong.

Persons: Sherman Lin, Lin, Faith Hung, Roger Tung, Jacqueline Wong Organizations: Taiwan Stock Exchange, Reuters, Investment, Depository Trust, Clearing, Thomson Locations: TAIPEI, Taiwan, China, Asia, Japan, Singapore, New York, Boston

☆ New study warns against risks of ‘time-traveling pathogens’
▼ + stars: | 2023-08-18 | by ( Ava Loomar | ) edition.cnn.com time to read: +8 min

Through tens of thousands of iterations, the study team tracked how the virus affected species diversity of a bacterial community. About 1% of the ancient viruses caused major disruptions to the digital ecosystems. The pathogen either increased diversity by up to 12% or, conversely, decreased species diversity by 32%. The role of carbon emissionsModern organisms, including humans, have few, if any, natural defense mechanisms for ancient pathogens. If ancient pathogens did somehow manage to escape, they would have trouble finding people to infect.

Persons: Giovanni Strona, Corey Bradshaw, Jean, Michel Claverie’s, Claverie, Bradshaw, ”, Strona, Kimberley Miner, Miner Organizations: CNN, Asahi Shimbun, NASA, Marseille University School of Medicine, Laboratory, Flinders University, Commission’s, Research, NASA Jet Propulsion Laboratory Locations: Greenland, Alaska, Siberia, Tibetan, Canada, Barrow , Alaska, Aix, Australia, Pasadena , California

A man wearing a face mask passes in front of screens showing trading data while using an escalator outside Taiwan Stock Exchange in Taipei, Taiwan March 20, 2023. REUTERS/Annabelle Chih/File Photo Acquire Licensing RightsTAIPEI, Aug 18 (Reuters) - Foreign investors seem to be undeterred by the possibility that growing tensions between Taiwan and China could precipitate fund outflows from the Taiwan market, the chairman of the Taiwan Stock Exchange told Reuters. Taiwan Stock Exchange Chairman Sherman Lin said in an interview this was a natural plateau after a rally rather than a sign that foreign funds are fleeing the market. "We have talked to foreign investors, including from countries such as Japan and Singapore. "Even with the regular sight of Chinese warplanes flying around, why have foreign investors not left the Taiwan market?"

Persons: Annabelle Chih, Sherman Lin, Lin, Faith Hung, Roger Tung, Jacqueline Wong Organizations: Taiwan Stock Exchange, REUTERS, Rights, Reuters, Investment, Depository Trust, Clearing, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, Asia, Japan, Singapore, New York, Boston

☆ Have your eye on a Tesla? It just got $10,000 cheaper to buy a Model S or Model X.
▼ + stars: | 2023-08-16 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Tesla is now selling a "standard range" Model S and Model X at $10k less than previous offerings. If you've had your eye on a Tesla Model S or Model X, they just got more affordable. Tesla is now selling lower cost "standard range" versions of its higher end models, the Model X and Model S, as it faces increasing competition. Each standard range model is $10,000 cheaper than its respective regular model — the Model X starts at $98,490 on Tesla's website, while the new Model X Standard Range starts at $88,490. The Model S starts at $88,490, while the new Model S Standard Range has a base price of $78,490.

Persons: Tesla, you've, Elon Musk Organizations: Morning, Tesla, EV

☆ Ford's CEO had a charging 'reality check' on his electric F-150 Lightning road trip
▼ + stars: | 2023-08-14 | by ( Nora Naughton | ) www.businessinsider.com time to read: +2 min

Ford CEO Jim Farley hit the road in an electric F-150 Lightning last week. Access to the Supercharger network in 2024 could ease these challenges. Farley hit the road in an F-150 Lightning last week , traversing Route 66 and the American West to put the electric truck through its paces. At the end of the trip on Sunday, Farley shared his experience with charging the massive electric pickup truck. But the Dearborn, Michigan-based car company is partnering with Tesla to make the Supercharger network available to Ford drivers starting next spring .

Persons: Jim Farley, Farley, Ford EVs, Tesla, Rivian Organizations: Morning, Twitter, Ford, GM Locations: American, Coalinga , California, Dearborn , Michigan

☆ American breakers ready for Paris 2024 spotlight
▼ + stars: | 2023-08-13 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

Olympic rings to celebrate the IOC official announcement that Paris won the 2024 Olympic bid are seen in front of the Eiffel Tower at the Trocadero square in Paris, France, September 14, 2017. REUTERS/Christian Hartmann/File photoNEW YORK, Aug 13 (Reuters) - Olympic breaking hopefuls are getting ready for the Paris 2024 spotlight, taking on a decidedly athletic approach to an event that straddles the line between sport and art form. But a potential ticket to Paris is an entirely different matter for him. "I always thought that we had the potential to be as big as to be on a platform like the Olympics... He expects to compete in next month's World Championship in Belgium, where he could potentially book his spot for the Games next July and August.

Persons: Christian Hartmann, Breaker El Nino, Missy Elliott, Alexander Raimon Diaz, Diaz, Victor Montalvo, Montalvo, Amy Tennery, Clare Fallon Organizations: IOC, Paris, REUTERS, Olympic, United States Olympic, Games, Reuters, Bull, Thomson Locations: Paris, France, Colorado Springs, Belgium, Red, New York

☆ Virgin Galactic’s first space tourists had a ‘surreal experience’
▼ + stars: | 2023-08-12 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Billionaire Richard Branson founded Virgin Galactic in 2004, and it built up a backlog of 800 paying passengers. Andres Leighton/APVirgin Galactic’s rocket-powered space plane carried its first group of tourists on a brief trip Thursday. Entrepreneur and health and wellness coach Keisha Schahaff and her daughter Anastatia Mayers were the first space travelers from Antigua. The skull’s lower jaw has particularly confounded scientists because it combines features of Homo sapiens and another ancient human relative — the mysterious Denisovans. ConsequencesA close-up shot reveals the details of the ancient moss Takakia growing on the Tibetan Plateau.

Persons: Richard Branson, Jon Goodwin, Anastatia Mayers, Keisha Schahaff, Andres Leighton, Mayers, Goodwin, Xuedong Li, Hupehsuchus nanchangensis, Shu, Long Cheng, James Webb, Ashley Strickland, Katie Hunt Organizations: CNN, Virgin Galactic, AP Virgin Galactic’s, International Whaling Commission, Wuhan Center, China Geological Survey, University of Bristol, James Webb Space, CNN Space, Science Locations: Antigua, Russia, India, China, Tibetan, Wuhan, Egypt, Thailand, Switzerland

☆ Cybertruck superfans waited years for the launch. Now Elon Musk has to deliver.
▼ + stars: | 2023-08-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The stakes are high for Tesla's Cybertruck launch. A slowdown in EV growth could create a headache for the Cybertruck launch. The long-awaited Tesla Cybertruck is finally on its way , and the stakes are high for CEO Elon Musk. A successful Cybertruck launch will be key to meeting that goal, and graduating Tesla from a scrappy startup to an automotive powerhouse. The pickup truck market is a different ballgameThe US pickup truck market is one of the most lucrative in the world, presenting a huge opportunity for Musk and Tesla.

Persons: Elon Musk, Tesla, Jessica Caldwell, Edmunds, Rivian's R1T, Ford's, It's, Sam Fiorani Organizations: Tesla, Tesla's, AutoForecast Solutions

☆ The EV plateau is coming. It's bad news for companies like Ford and Tesla.
▼ + stars: | 2023-08-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Current EV market growth "cannot be sustained," analyst says. The cap for rapid EV growth appears to be around 7% of the market. After years of rapid growth, the electric vehicle market is heading for a plateau. The states with the biggest share of electric vehicle sales are also the slowest to grow sales at the moment, according to a recent study from iSeeCars. California, Oregon, and Washington – where EV sales account for between about 7% and 10% of the market – are currently among the slowest-adopting states, the study found.

Persons: Tesla, Ford, It's, Sam Fiorani, Fiorani, Karl Brauer Organizations: Morning, EV, GM, Ford, AutoForecast Solutions Locations: iSeeCars . California , Oregon, Washington

☆ What Extreme Heat Does to Your Body
▼ + stars: | 2023-08-10 | by ( Dana G. Smith | ) www.nytimes.com time to read: +6 min

What Extreme Heat Does to Your BodyHeat is the leading cause of weather-related deaths in the United States. While the human body is able to withstand high temperatures, unprecedented extreme heat driven by climate change is challenging our ability to adapt. (A fever can also cause body temperatures this high, especially in children, but it won’t lead to the same cascade of problems.) Heat stroke occurs when the body reaches an internal temperature of 104 degrees and above. The defining characteristic of heat stroke is confusion and delirium as the brain becomes overheated and starved of oxygen.

Locations: United States

☆ This luxury tent camp has celestial credentials
▼ + stars: | 2023-08-09 | by ( Marnie Hunter | ) edition.cnn.com time to read: +2 min

Now, for the first time, there’s lodging with official “dark sky” credentials. The two-person Stargazer tent features a window over the head of its king-size bed for optimal night-sky viewing. The glamping resort is located on a canyon rim plateau in southern Utah with sweeping views of the landscape. Travis BurkeSafari-inspired luxury canvas tents are available in a variety of configurations, including the two-person stargazer tent that has a viewing window positioned over the head of its king-size bed. Under Canvas Lake Powell – Grand Staircase rates this year range from $329 to $449 per night through the season’s end on October 30.

Persons: DarkSky, ” Ruskin Hartley, ” Ruskin, Travis Burke Organizations: CNN, DarkSky International, Sky, CNN Travel Locations: Utah, Arizona, Lake Powell

☆ The climate crisis may cause this tiny, ancient species to go extinct
▼ + stars: | 2023-08-09 | by ( Ashley Strickland | ) edition.cnn.com time to read: +7 min

And despite the fact that this ancient plant is one of the fastest-evolving species of moss known to science, it may not survive the climate crisis. The researchers embarked on multiple expeditions in the Himalayas to study Takakia moss. As the local temperature average increased each year, the population of Takakia moss decreased by 1.6% annually, the study authors noted. Takakia may die because of climate change, but the other mosses will survive, even if we humans cannot. Takakia may die because of climate change, but the other mosses will survive, even if we humans cannot.

Persons: ”, Ralf Reski, Ruoyang Hu, “, Takakia, ” Reski, Yikun, ” Hu, don’t Organizations: CNN, University of Freiburg, Capital Normal University, “ Locations: Tibetan, Japan, United States, Germany, Takakia, China, Tibet

☆ EV startup Lucid is losing over $500,000 for every car it sells
▼ + stars: | 2023-08-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

And an ongoing EV price war started earlier this year by Tesla's Elon Musk, is forcing deeper losses as companies chase volume over profits in the EV sector. Ford recently adjusted its electric vehicle timeline to reflect this change in EV demand. After several years of rapid growth from eager early adopters to the electric vehicle segment, EV sellers are facing the first plateau. EV sales hit a high of nearly 6% in the US last year, bringing the segment closer to a predicted 7-10% tipping point. At this level of adoption, EV sales are expected to slow considerably.

Persons: Peter Rawlinson, Chris McNally, Evercore, Lucid, Tesla's Elon, Rivian, Ford Organizations: Morning, Tesla, Air EV, Ford, EV

☆ How extreme heat is making your gas more expensive
▼ + stars: | 2023-08-04 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Extreme heat is contributing to this unwelcome price spike. Saudi Arabia and Russia restrain supplyOf course, extreme heat is not the sole factor behind the gas price jump. Still, high heat is clearly piling pressure on gas prices. The good news is there are signs the impact of high heat on gas prices may be easing. Kloza said gas prices could just be pennies away from their peak of the summer.

Persons: ”, Tom Kloza, Andy Lipow, Kloza, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Lipow Oil Associates, Diesel, Retail Locations: New York, Saudi Arabia, Russia, Texas , Louisiana, Gulf

LONDON, Aug 2 (Reuters) - The economic picture may not have to change much for the surprise element to disappear for markets - underlining the significance of this summer's sometimes grudging admissions of investment strategy missteps. SURPRISE, SURPRISEExceptional U.S. economic surprisesU.S. surprise gaps the widest in decades, excluding pandemicAlong with market moves themselves and skewed positioning monitors, the simplest take on the unpreparedness of investors can be seen in economic surprise indices. The global surprise index is close to zero, suggesting expectations for the world economy in aggregate are actually coming in on cue. And if that happens, it may just suck the oxygen from the stellar equity outperformance over bonds to date. If true, markets may find the going harder without that element of surprise.

Persons: What's, Schroders, Johanna Kyrklund, hasn't, Kyrklund, Chris Iggo, Mike Dolan Organizations: Federal, Nasdaq, Japan's Nikkei, U.S, Graphics, AXA IM Investment, Reuters, Twitter, Thomson Locations: Europe, Japan, China, U.S

☆ Scientists have revived 'zombie' bugs and viruses before that were trapped in ancient ice. One may have been 8 million years old.
▼ + stars: | 2023-07-31 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

Scientists have previously revived ancient bacteria and prehistoric viruses that had been trapped. Scientists have a long record of resurrecting prehistoric viruses and ancient bacteria frozen in ice. However, as the climate crisis is melting ancient ice sheets worldwide, experts are growing concerned that prehistoric viruses could pose a risk to humanity. Other research has found 28 prehistoric viruses dating back 15,000 years in frozen ice cores. It's very difficult to keep samples pristine when extracting ancient ice, and even more difficult to conclusively date the ice.

Persons: Lonnie Thompson, Jean, Michel Claverie, it's, Birgitta Evengård, It's, hadn't Organizations: Service, Privacy, The Ohio State University, Byrd, Climate Research, Umea University, CNN Locations: Yao, Tibetan, French, Antarctica, Russia

☆ 'Oppenheimer' and the story behind those who lost their land to the lab
▼ + stars: | 2023-07-28 | by ( Andrew Hay | ) www.reuters.com time to read: +5 min

[1/2] The town of Los Alamos, New Mexico with Fuller Lodge and the "Big House" dormitories is seen in an undated photograph. "Oppenheimer had no qualms about displacing people from their homelands," said Gomez, who wrote "Nuclear Nuevo Mexico" about the setting up of the lab. Today Los Alamos County, where the lab is based, is one of the richest and best-educated in the United States. "There's no economic development in our areas because it's all focused in Los Alamos," said Cristian Madrid-Estrada, director of the regional homeless shelter in Espanola, Rio Arriba's largest town. The lab said over 61% of employees hired since 2018 were from New Mexico, with most of its workforce living outside Los Alamos County.

Persons: Oppenheimer, Cillian Murphy, Loyda Martinez, Martinez, Christopher Nolan's, Marcel Torres, Torres, dispossession, Myrriah Gomez, Gomez, Alisa Valdes, Mexico Rob Martinez, homesteader, Cristian Madrid, Estrada, Andrew Hay, Rosalba O'Brien Organizations: Fuller, of Energy, REUTERS, U.S . Army, Homes, Los Alamos National Laboratory, National Nuclear Security Administration, U.S, Department, Labor, University of New, Manhattan, Hispano, Los Alamos, U.S ., Thomson Locations: Los Alamos , New Mexico, New Mexico, Espanola, New, University of New Mexico, Nuevo Mexico, Abiquiu , New Mexico, Publicists, United States, Los, Mexico, Los Alamos County, Neighboring Rio Arriba County, Los Alamos, Rio Arriba's, Taos , New Mexico

☆ Ford is going to miss its original EV production goals. Tesla's price war is to blame.
▼ + stars: | 2023-07-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Ford needs more time to hit its EV production targets as demand changes. Tesla's price war has made it harder to make money on EVs. The EV price war is forcing Ford to adjust its electric vehicle timeline. Ford confirmed during its earning report Thursday that EV pricing is one of the biggest hurdles to meeting their original EV production goals. "We expect the EV market to remain volatile until the winners and losers shake out," he said.

Persons: Ford, Jim Farley, Farley, Karl Brauer Organizations: Ford, Dealers, Tesla, GM Locations: Dearborn , Michigan, Tesla's

☆ Civil unrest, legal appeals and military disobedience: What Israel may face after Supreme Court law change
▼ + stars: | 2023-07-25 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +13 min

Striking down a Basic Law would be uncharted territory for the Supreme Court, although the court has examined and commented on Basic Laws before. Hazem Bader/AFP via Getty Images People in Tel Aviv, Israel, demonstrate against the judicial overhaul plan on Saturday, July 22. Saeed Qaq/NurPhoto via Getty Images Protesters from Tel Aviv walk the entrance road to Jerusalem after a four-day march on July 22. Ilan Rosenberg/Reuters Protesters block the main entrance to the Ministry of Defense during a protest in Tel Aviv on July 18. Israeli military reservist signs pledge to suspend voluntary military service if the government passes judicial overhaul legislation, near the defence ministry in Tel Aviv, Israel on July 19.

Persons: CNN —, Israel doesn’t, Benjamin Netanyahu, Esther Hayut, ”, ” Hayut, Barak Medina, ” Medina, ” Yohanan Plesner, Ron Dermer, “, Plesner, Netanyahu, Monday, Amir Cohen, Corinna Kern, Oded, Jack Guez, Hazem Bader, Ammar Awad, Aryeh Deri, Shas, Ronaldo Schemidt, Ohad, Mahmoud Illean, Ronen Zvulun, Dar Yaskil, Saeed Qaq, Matan Golan, Eyal Warshavsky, Menahem Kahana, Ilan Rosenberg, Amir Levy, Medina, ” Plesner, Israel, Biden, Karine Jean, Pierre, ” Dermer, Biden hadn’t, Martin Indyk, Dan Kurtzer, Indyk, Israel hasn’t Organizations: CNN, Law, Supreme, Nation State Law, Hebrew University of Jerusalem’s, of Law, Israel Democracy Institute, Strategic, Israel Medical Association, IMA, High Tech, ”, Reuters, Getty, AP, Protesters, Getty Images, Reuters Protesters, AP People, Ministry of Defense, Air, House Press, New York Times, State Department Locations: Israel’s, United States, Israel, Jerusalem, Tel Aviv, Israeli, AFP, Reuters Israeli

☆ The US economy's brief moment of slowing inequality might be on its way out
▼ + stars: | 2023-07-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Income inequality has narrowed in the US, with low-wage workers receiving raises during the pandemic. This trend has been tapering off, though labor market competition has benefited wage growth. This was thanks to pre-pandemic minimum wage legislation, coupled with higher raises for lower wage workers in the tumultuous years that followed. Although low-wage workers have slightly narrowed the gap, corporate profits have boomed, allowing those at the very top to stay separated from the rest. In June 2022, low-wage workers saw 7.2% wage growth from the prior year, falling to 6.5% in June 2023.

Persons: It's, David Autor, Ford, Autor, Harry Holzer, John LaFarge Jr, SJ, Georgetown University's, Holzer, Biden, " Holzer Organizations: Service, National Bureau of Economic Research, Federal Reserve Bank, Dallas, MIT Department of Economics, American Bar Association, Public, Georgetown, Georgetown University's McCourt School of Public, Federal Reserve Bank of, Economic Policy Institute Locations: Wall, Silicon, Federal Reserve Bank of Atlanta

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