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Amazon aims to adapt to tech changes and competitive pressures, especially with AI. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. During an internal all-hands meeting on Tuesday, Jassy explained why the company recently announced a plan to reduce the number of managers. Only a few companies survive for 50 or 100 years in the tech industry because "the world changes, technology changes, competitors change, companies change," he said. "We have a chance to build the most remarkable company in the history of business," Jassy said.
Persons: , Andy Jassy, Jassy, Peter DeSantis, DeSantis, I'm, it's, there's Organizations: Service, Business, Amazon Locations: AWS's
Australia's central bank keeps rates unchanged at 4.35%
  + stars: | 2024-11-05 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
Australia's central bank held its benchmark interest rate at 4.35% for the eighth meeting in a row, in line with expectations from economists polled by Reuters. The central bank expects that the headline rate will increase as these measures expire. The RBA instead pointed at the underlying inflation rate in Australia. The "trimmed mean" came in at 3.5% in the the September quarter, which was still "some way" from the 2.5% midpoint of the inflation target. Externally, the bank added that "heightened geopolitical risks and potential changes to trade and fiscal policies abroad add to this uncertainty."
Organizations: Reuters, Reserve Bank of Australia Locations: Australia
CNN —In late August, a container vessel sailed out of Angola’s Port of Lobito carrying railway operator Lobito Atlantic Railway’s first shipment of copper from the Democratic Republic of Congo (DRC) to the US. That’s about 30 days faster than a road journey, according to Francisco Franca, the CEO of Lobito Atlantic Railway (LAR), a consortium of firms that took over operations of the railway in January. The ship took Lobito Atlantic Railways first shipment of copper to the US. “Lobito Corridor is not just a railway line, but is the economic development along the corridor,” said Franca, the CEO of LAR. For companies like his, the benefits of the Lobito Corridor are clear.
Persons: CNN —, Francisco Franca, Franca, LAR, Washington jostle, Emmet Livingstone, Joe Biden, , David Reekmans, Reekmans, Asia ”, Trump, Joao Manuel Goncalves Lourenco, Evelyn Hockstein, Xi Jinping, , Wamkele Mene, Décio Catarro Organizations: CNN, Democratic, Lobito Atlantic Railway, Washington, MSC, Lobito Atlantic Railways, Atlantic Railway, Initiative, Benguela Railway, Partnership for Global Infrastructure, Investment, Getty, Port, White House, Reuters, African Continental Free Trade Area, Industry Locations: Angola’s Port, Lobito, Democratic Republic of Congo, DRC, Europe, Kolwezi, Angola, Africa’s, Beijing, Benguela, China, Africa, Washington, AFP, America, Asia, Zambia, Tanzania, Tanzanian
“Too frequently, large grocery companies use their significant market power to hike prices for essential goods and take advantage of customers,” the letter said. Grocery prices shot up 20% between January 2021 and December 2022, causing some consumers to cut back on common purchases like red meat and eggs. But inflation is now virtually back to normal; since November 2023, grocery prices have been increasing by less than 2% on an annual basis. The companies say the tags let employees change prices up to every 10 seconds, allowing them to streamline operations and restock faster. Kroger has denied that claim, saying electronic pricing would only be used to lower prices whenever possible.
Persons: Sen, Elizabeth Warren, Adam Schiff, Warren, Schiff, Harris, Kamala Harris, Donald Trump, they’re, Vons “, , Bernie Sanders, , ” The, Kroger Organizations: Democratic, NBC News, Federal Trade Commission, Department of Agriculture, , Republicans, Biden, Albertsons, Safeway, Vons, FTC, USDA, Fair, ” The Biden, Walmart, Amazon, Costco, Kroger, of America Locations: California
Moreover, 87% believe the benefits of artificial intelligence (AI) outweigh its risks. Some of the world's top business leaders are using AI to conquer a familiar pet peeve at work: a cluttered inbox. Now, Cook, 64, relies on summaries from Apple Intelligence, the tech giant's newest AI offering. Even before Apple Intelligence was released to the public on iOS devices on Oct. 28, Cook said it changed his productivity and daily habits. AI has also helped Cuban be more efficient in his personal life.
Persons: Tim Cook, Cook, It's, Mark Cuban, Gemini's, Cuban Organizations: Gartner, Apple, Wall Street, Apple Intelligence, CNBC, Google, Gmail Locations: Cuban
Roblox is at an inflection point and could see its stock price more than double from here, according to Morgan Stanley. Analyst Mathew Cost upgraded the online game platform to overweight from equal weight and lifted his price target by $27 to $65, suggesting 26.4% upside. The analyst thinks consensus expectations "underappreciates the potential" for Roblox to exceed it 20% bookings growth targets as it continues to grow its audience. That's nearly 10 times faster than the game market this year and the highest level since peak Covid in 2021, he noted. LSEG data shows Roblox is has buy or strong buy ratings from 20 of 33 analysts covering it.
Persons: Morgan Stanley, Mathew, That's Organizations: PlayStation
Vertex is set to deliver strong cloud growth over the next few years, according to the firm. The company's management expects 28% cloud growth this year, and Samana thinks it can see compounded annual growth of more than 20% through at least 2027. Samana said Vertex's cloud revenue growth opportunity is supported by its September acquisition of e-invoicing provider Ecosio. Vertex could also see continued strong customer migration from on-premise software to the cloud, benefitting its revenue growth and margins, he said. Eight of 12 analysts covering Vertex have a buy or strong buy rating on the stock, LSEG data shows.
Persons: Samad Samana, Samana, mgmt Organizations: Jefferies Locations: Samana
The researchers found that reducing sugar consumption in this window decreased the type 2 diabetes risk by about 35% and the risk of high blood pressure by roughly 20%. The research team looked at data from before and after the end of the United Kingdom’s World War II-era sugar rationing in September 1953. When the rationing of sugar and sweets ended in September 1953, the average adult’s daily sugar consumption in the UK nearly doubled almost immediately, from about 40 grams to 80 grams. Corkins says one way for parents to reduce sugar consumption in young children is to change their own habits. The key is practicing moderation when consuming sugary foods.
Persons: , Tadeja Gracner, Mark Corkins, ” Corkins, “ We’re, Gracner, ” Gracner, Dr, Sanjay Gupta, Corkins, Organizations: CNN, Science, United, Center for Economics, Social Research, University of Southern, University of Tennessee Health Science Center, US Centers for Disease Control, CNN Health Locations: University of Southern California
Now, the inflation rate is nearly back to normal – miraculously, without the recession and loss of millions of jobs that many predicted. Harris also gets that the economic anxiety fueled by inflation has helped boost the popularity of her opponent, former President Donald Trump. And he’s got a point: The inflation rate never exceeded 3% under Trump – a far cry from the four-decade high of 9.1% under Biden. “I will end inflation,” Trump told a roaring crowd of supporters in battleground North Carolina on Wednesday. More than two-thirds of economists (68%) surveyed by The Wall Street Journal say prices will be higher under Trump than Harris.
Persons: Joe Biden’s, It’s, Kamala Harris, Harris, ” Harris, Donald Trump, he’s, Trump, Biden, it’s, Moody’s, ” Trump, , aren’t, Trump’s Organizations: New, New York CNN, White, Federal Reserve, Trump, Biden, Wall Locations: New York, Russia, Ukraine, North Carolina, China, Mexico
Whoever is elected the 47th president of the United States will start with a rare and clear advantage: a remarkably solid economy. Tuesday’s election will show how much that all matters to voters, who will soon decide which candidate they want to entrust the economy to from here. But to regular American households, it’s more of a “Yes, but” economy: Yes, the job market is strong, but my boss wants me in five days a week, and that doesn’t work for me anymore. Yes, inflation has fallen, but I can’t afford day care. Prices across the rest of the service economy were 4.7% higher overall, and medical care was up 3.9%.
Persons: Kamala Harris, Donald Trump, Spencer Platt, Yuki Iwamura, they’re, Helene, Milton, Patrick T, Fallon, Harris, , Greg Valliere, Joe Biden wasn’t, Trump, Karoline Leavitt, “ Kamala Organizations: Investment, Stock, Getty, Consumer, Bloomberg, CNBC, First Street Foundation, NBC, AGF Investments, Biden Locations: United States, Ukraine, Israel
In October, the Centers for Disease Control and Prevention recommended that high-risk adults get a second updated Covid vaccine to bolster their protection against the virus. No other vaccines are given at such a high frequency, but experts say there’s no reason to believe that the vaccines — and in particular, the mRNA vaccines from Pfizer and Moderna — aren’t effective. Pfizer’s and Moderna’s vaccines were the first to use mRNA technology to induce immunity to a virus, an approach that proved critical in the early days of the pandemic because mRNA vaccines can be developed much faster than traditional vaccines. Despite the CDC recommending an additional shot, there’s no evidence that the mRNA vaccines aren’t working as expected, said Akiko Iwasaki, a professor of immunology at the Yale School of Medicine. In a perfect world, the Covid vaccines would be able to be updated much faster to match the strains in circulation.
Persons: Akiko Iwasaki, Iwasaki, , , Ashish Jha, ” Jha, , Jha, I’ve, “ Topping, John Wherry, ” Wherry, Anna Durbin, ” Durkin, we’ll Organizations: Centers for Disease Control, Pfizer, Moderna, CDC, Yale School of Medicine, Emory University, Brown University School of Public Health, White, University of Pennsylvania, Johns Hopkins University School of Medicine
CNN —The Netherlands’ Abdi Nageeye won a thrilling men’s race at the New York City marathon on Sunday, while Kenya’s Sheila Chepkirui marked her debut with a victory in the women’s race. Similarly, there was a thrilling finish in the women’s race as Chepkirui accelerated just before the finish to drop her compatriot Hellen Obiri, the defending champion. Eduardo Munoz Alvarez/APIn the men’s wheelchair race, the USA’s Daniel Romanchuk took his first win at this marathon since 2019, ending Swiss star Marcel Hug’s domination of this event in recent years. Britain’s David Weir finished second, five seconds behind Romanchuk, while Japan’s Tomoki Suzuki finished another seven seconds back in third after a thrilling sprint finish. Meanwhile, Romanchuk’s compatriot Susannah Scaroni won the women’s wheelchair race by more than 10 minutes, marking the first time in the race’s history that Americans had won both wheelchair races.
Persons: Netherlands ’ Abdi Nageeye, Kenya’s Sheila Chepkirui, Nageeye, Evans Chebet, Tamarit Tola, Kenya’s Albert Korir, Hellen Obiri, Chepkirui, Obiri, Vivian Cheruiyot, Eduardo Munoz Alvarez, Daniel Romanchuk, Marcel Hug’s, Hug, Britain’s David Weir, Japan’s Tomoki Suzuki, Susannah Scaroni, ” Scaroni, Organizations: CNN, New York City, Runners, AP Locations: Netherlands, Kenya, New York City
One bit of clarity they’re sure to get: The Federal Reserve’s latest interest rate decision, due to be announced Thursday. The Fed lowered borrowing costs in September for the first time in more than four years while signaling additional rate cuts. But a slew of economic figures have been released since the decision, which is important because the Fed’s decision are guided by what those figures show. Investors are betting with near certainty that the Fed will deliver a quarter-point cut, according to futures. Lower rates could entice home buyers to come off the sidelines, and for businesses it could continue plans that have “baked in” lower rates.
Persons: Kamala Harris, Donald Trump, Jerome Powell’s, America’s, Harris, Harris ’, ” “, Lawrence Yun, ” Yun, they’re, It’s Organizations: Washington CNN, Federal, Fed, The Wall Street, US, Trump, Federal Reserve, Duke University, Institute for Supply, National Association of Realtors
CHISINAU, Moldova (AP) — Moldova’s pro-Western President Maia Sandu has won a second term in a pivotal presidential runoff against a Russia-friendly opponent, in a race that was overshadowed by claims of Russian interference, voter fraud, and intimidation in the European Union candidate country. Today, you have saved Moldova!” Sandu said after claiming victory after midnight. Moldova’s large diaspora, which cast ballots in record numbers of more than 325,000 voted, heavily in favor of Sandu in the runoff. The presidential role carries significant powers in areas such as foreign policy and national security and has a four-year term. But the results of the ballots including Sunday’s vote were overshadowed by allegations of a major vote-buying scheme and voter intimidation.
Persons: — Moldova’s, Maia Sandu, Sandu, Alexandr Stoianoglo, ” Sandu, Stoianoglo, , , Ursula von der Leyen, you’ve, Stanislav Secrieru, Secrieru, Dorin Recean, Vladislav Culiomza, Silviana Zestrea, Ilan Shor, oligarch, Shor, Father Vasilii, it’s, Cristian Cantir, ” Savlina, Stringer Organizations: Western, European Union, Central Electoral Commission, CEC, Russia Party of Socialists, , Sunday, Moldovan, Northampton, Reuters, , EU, Police, Associated Press, Oakland University, AP, ” Moldovan Locations: CHISINAU, Moldova, Russia, “ Moldova, Sandu, Belarus, Azerbaijan, Turkey, Frankfurt, Germany, Liverpool, Soviet, Chisinau, Bucharest, Comrat, Gagauzia, EU, European, Ukraine, Brussels, Moscow
As polls show a dead heat between former President Donald Trump and Vice President Kamala Harris in the final days of the race, news outlets are preparing an anxious nation for the likelihood that election night will stretch into an election week. Most major media outlets around the country rely on a handful of organizations to crunch the numbers and make race calls. “We’re also going to be really transparent about why we may not be able to call a race,” Pace said. In 2020, Joe Biden was not declared the winner of the presidential election until Saturday, several days after election night. While Biden went on to carry the state by roughly 10,000 votes, the network came under assault from Trump and his allies, who blasted the right-wing network’s election night projection.
Persons: Donald Trump, Kamala Harris, Julie Pace, ” Pace, Elon Musk, “ We’re, , Pace, Joe Biden, Trump, , David Chalian, ” Chalian, Chalian, Biden, Arnon Mishkin, Axios, ” Mishkin, Scott Tranter, Tranter, ” Tranter, there’s Organizations: New, New York CNN, Associated Press, AP, , CNN, Trump, Capitol, ” CNN, ABC, CBS, NBC, Edison Research, Fox News, Scripps Locations: New York, Pennsylvania, Arizona, South Florida, Washington ,
Blomdahl moved to Svalbard in 2015 and documents her unique life to millions of fascinated social media followers. But as Blomdahl knows, life in Svalbard isn’t easy. Polar night runs from mid-November to the end of January, when the sun doesn’t rise above the horizon. I just want to show Svalbard the way it is.” Cecilia BlomdahlAs for day-to-day life, Svalbard is sufficiently equipped with the means to sustain its population. Local officials have geared available resources to primarily maintain life on Svalbard as it is, given the environmental and developmental constraints.
Persons: Cecilia Blomdahl, Blomdahl, Cecilia Blomdahl “, , ” Blomdahl, who's, DK, , Cecilia Blomdahl Blomdahl, ” Cecilia Blomdahl, she’s, “ That’s Organizations: CNN, , Statistics Norway Locations: Swedish, Norwegian, Svalbard, Norway’s, Svalbard’s, Longyearbyen, England, Sweden, Blomdahl
The major stock benchmarks rallied Friday but were lower last week, with the Nasdaq leading the way lower after reaching new highs. Eight other Club names reported earnings last week, including Eli Lilly and Eaton. Despite indications from Big Tech that Nvidia's AI chips will remain in hot demand, the Club stock fell 4.3% for the week. The S & P 500 , which is less tech-weighted, fell nearly 1.4% for the week, making it back-to-back weekly losses for the broader market index. Earnings After analyzing earnings reports from 14 of our portfolio companies last week, there is only one Club name on the docket this week.
Persons: Eli Lilly, Eaton, Jim Cramer, financials Goldman Sachs, Kamala Harris, Donald Trump, Harris, Trump, That's, Jerome Powell, We're, we'll, Archer, Johnson, Jim Cramer's, Jim, Brendan McDermid Organizations: Nasdaq, Devices, Apple, Microsoft, Big Tech, Club, Nvidia, Dow, Intel, AMD, Dow Jones, Visa, American Express, JPMorgan, Bond, Federal Reserve, Boeing, Treasury, White, DuPont, Election, Protection, Electronics, Industrial, Constellation Energy, Marriott, Century Fox, Wynn Resorts, WYNN, Goodyear Tire, Cirrus, Diamondback Energy, Daniels, Midland, Apollo Global Management, Ferrari, Restaurant Brands, Emerson Electric, Devon Energy, Novo Nordisk, CVS Health, Howmet Aerospace, Teva Pharmaceutical Industries, Cedar Fair Entertainment, Toyota, American Electric Power Company, Johnson Controls, Dine Brands, Holdings, AMC Entertainment, Qualcomm, Coty, COTY, Energy, Barrick, Halliburton, HAL, Hershey, Air Products & Chemicals, Warner Bros ., Arista Networks, Rivian Automotive, Trade, Icahn Enterprises, Sony, SONY, Paramount, Jim Cramer's Charitable, CNBC, New York Stock Exchange Locations: BlackRock, Florida, China, Sluggishness, Cleveland, New York City, U.S
That’s when Election Day turns into election night, and each state starts reporting its vote totals. Virginia is an example of a state that usually has a geography-driven red mirage early on election night. Another factor that can cause vote mirages is partisan differences by vote mode — mail ballots, early in-person votes, Election Day in-person votes, and so on. This will produce a vote mirage if there are partisan differences between the earliest-returned mail ballots and the later-returned ones. As Election Day votes were reported in the next few hours of election night, the size of the blue mirage shrunk to about 3.5 points.
Persons: That’s, , Joe Biden, Donald Trump, Biden, Donald Trump’s, Kyrsten Sinema, Trump, Ann Arbor, Clark, Clark’s Organizations: North Carolina —, Republican, Washington , D.C, Democratic, Democrat, NBC, Trump, Biden, Senate Locations: Florida, Georgia, North Carolina, Arizona , Nevada, California, Virginia, Fairfax, Washington ,, Fairfax County, Arizona, Maricopa County, Atlanta, Pennsylvania, Democratic Philadelphia, Allegheny, Philadelphia, Michigan, Detroit, Grand Rapids, Ann, Wisconsin, Milwaukee, Nevada, Las Vegas
How Missile Defense Works (and Why It Fails)
  + stars: | 2024-11-02 | by ( Agnes Chang | Samuel Granados | ) www.nytimes.com   time to read: +8 min
How Missile Defense Works (and Why It Fails) Iran fired two of the largest barrages of ballistic missiles ever at Israel this year. Neither attack caused major damage, but some Israeli and American officials said it may have been a Here’s why stopping a ballistic missile attack is hard. A defensive missile called an interceptor must be fired soon after that to reach the incoming missile in time. Israel’s best-known defense system, the Iron Dome, was built to stop short-range rockets, and is too slow and limited when it comes to ballistic missiles. Interceptor Enemy missile Kill vehicle Re-entry vehicle SPACE ATMOSPHERE Enemy missile Re-entry vehicle Interceptor Kill vehicle SPACE ATMOSPHERE Enemy missile Re-entry vehicle Kill vehicle Gimbaled sensor Rear thruster Enemy missile Re-entry vehicle Kill vehicle Gimbaled sensor Rear thruster Enemy missile Re-entry vehicle Warhead Enemy missile Re-entry vehicle Warhead Layers of defense Layers of defense Both an interceptor and an enemy missile shed the boosters that power them into space.
Persons: don’t, Israel, Israel — Organizations: Missile Defense, Israel, U.S, Drones, Ballistic, Iran’s Locations: Iran, Israel, United States, U.S
TGI Friday's files for Chapter 11 bankruptcy
  + stars: | 2024-11-02 | by ( Rebecca Rommen | ) www.businessinsider.com   time to read: +2 min
TGI Friday's Inc. filed for Chapter 11 bankruptcy protection on November 2. Manocha said the "primary driver" of TGI Friday's financial struggles "resulted from COVID-19 and our capital structure." Few customers want to spend time and money at a casual dining restaurant, and many of them are dated." AdvertisementAhead of Saturday's announcement, TGI Friday's had faced a string of location closures as pressure on the business mounted. Business Insider has contacted TGI Friday's for comment.
Persons: , Rohit Manocha, Manocha, Tim Powell, Powell, Friday's, TGI Friday's Organizations: Friday's Inc, Service, Inc, Northern District of Texas Locations: Northern District, COVID, sameness
It was the second piece of sophisticated Russian disinformation in a week to gain traction online that falsely asserted voter fraud in a key swing state. Easterly said she expected more attempts by Russia and foreign adversaries to spread false information before and after Election Day. The first video falsely claimed to show a person ripping up filled-in ballots in Bucks County, Pennsylvania. U.S. intelligence officials said the video was Russian made and designed to shake public faith in the democratic process. Federal authorities were countering foreign disinformation by “flooding the zone with accurate information,“ Easterly, of CISA, said in her interview on MSNBC.
Persons: CISA, , Emerson Brooking, ” Brooking, , Brooking, Brad Raffensperger, Alex Wong, Elon Musk, “ We’ve, it’s Organizations: Infrastructure Security Agency, MSNBC, National Intelligence, FBI, Democratic, Digital Forensic Research, Atlantic Council, State Capitol Locations: Russia, Georgia, Moscow, United States, Russian, Bucks County , Pennsylvania, U.S, Atlanta, CISA
"He can do anything he wants," Trump said. The CDC has routinely said that the worst side effects from Covid vaccines are not worse than the potential effects of the Covid virus. And, Covid vaccines do not increase the risk of death, while the Covid virus does. In August, he suspended his own independent presidential campaign and endorsed Trump. “The only thing President Trump and his campaign team are focused on is winning on November 5th," Trump campaign senior adviser Jason Miller said in a statement Friday.
Persons: Donald Trump, Robert F, Kennedy Jr, , Tucker Carlson, Kennedy, Trump, , Carlson, Joe Rogan, Vance, he'd, I’ve, I’m, he's, Tulsi Gabbard, Howard Lutnick, Lutnick, Bobby Kennedy Jr, Karoline Leavitt, Jason Miller, Bobby Kennedy, Organizations: Fox News, Trump, Covid, Centers for Disease Control, CDC, NBC News, Food, Democratic, Department of Health, Human Services, Department of Agriculture, CNN, National Institutes of Health, NBC, RFK Locations: Arizona
Last week, a video popped up on social media falsely claiming to show someone ripping up ballots in Bucks County, Pennsylvania. Instead of relying on flagging suspected foreign disinformation posts to social media companies, U.S. authorities are declassifying information about foreign election interference in an unprecedented way, seizing web domains and issuing indictments that have exposed the mechanics of Russian and Iranian information warfare, officials and researchers said. U.S. intelligence officials later said Russian “influence actors” were behind the false story. And social media companies, under intense legal and political pressure from Republican critics, have scaled back or scrapped teams in recent years that used to take down inflammatory or conspiratorial content. The combination of homegrown falsehoods about “stolen” election conspiracies, surging foreign disinformation campaigns and a laissez-faire approach by tech firms threatens to undermine the foundations of American democracy, experts and lawmakers said.
Persons: , , Paul Kolbe, ” Kolbe, haven’t, Biden, Yuri Kadobnov, Donald Trump’s, Matthew Olsen, — we’ve, Bret Schafer, ” Schafer, Esteban Ponce de, Tim Walz, Walz, Trump, Kathleen Hall Jamieson, ” Jamieson Organizations: FBI, Justice Department, Central Eurasia, CIA, Media, Russia, Getty, Kremlin, Alliance, Securing Democracy, NBC, Atlantic Council, Forensic Research, Democratic, Gallup, Republican, Democracies, University of Pennsylvania’s Annenberg School for Communication Locations: Bucks County , Pennsylvania, Russia, Iran, China, Cuba, Moscow, Tehran, Tennessee, United States, AFP, Esteban Ponce de León, Pennsylvania, Minnesota, Russian, Vietnam
CNN —Spurred by increasing global demand for air travel, aviation emissions have been rising faster than those from rail, road, or shipping in recent decades. The Natilus Horizon passenger plane aims to reduce emissions by 50%, and increase payload by 40%, due to its blended-wing body shape. Matyushev says the blended wing body design originated in the 1990s from McDonnell Douglas, a major American aerospace manufacturer that merged with Boeing in 1997. Boeing never commercialized a blended wing plane, but studied the concept and produced an unmanned prototype, the X-48. “One of the challenges with the blended wing body design is stability and control,” he explains.
Persons: JetZero, Natilus, , Aleksey Matyushev, Matyushev, McDonnell Douglas, , , you’re, Gary Crichlow, Max, ” Natilus, Crichlow Organizations: CNN, Aviation, SAF, Airbus, Boeing, Max, Aviation News Limited Locations: California, San Diego, Kona, American, Natilus, JetZero
Sales of single-family homes were down 12% in September compared with the same time in the previous year. But interest rates, rising home prices and skyrocketing insurance costs likely played bigger roles than the recent hurricanes. “Florida recovers much faster than you think,” said Brad O’Connor, chief economist for Florida Realtors. Because of stricter building codes implemented in the years after Hurricane Andrew devastated South Florida in 1992, newer homes withstand hurricanes better than older ones, O’Connor said. The number of households dropped from about 340,000 to about 326,000, according to the U.S. Census Bureau.
Persons: , Brad O’Connor, Hurricane Andrew, O’Connor, , Hurricane Ian Organizations: Florida Realtors, . Census, Van Lines, Associated Press Locations: Florida, South Florida, Lee County, Fort Myers, United States
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