Don’t look now, but U.S. labor markets appear to be churning in the wrong direction, as the unemployment rate jumped to 3.9 percent in February, and the unemployment level hit a new high for this cycle at almost 6.5 million, up 760,000 from its low this cycle of 5.7 million in Dec. 2022, according to the latest data from the Bureau of Labor Statistics.
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Remote and hybrid workers will impact more than office vacancy rates, according to an analysis by the Federal Reserve Bank of Kansas City.
The report, “Hybrid Work May Pose Challenge To Bars and Restaurants in Parts of the Tenth Federal Reserve District,” stated hybrid work arrangements and a preference for remote work are here to stay. It quoted research suggesting approximately 30% of working days in 2023 took place at home and office occupancy is down at least 40% compared to pre-pandemic levels.
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The U.S. set another new record for the total number of government jobs in February, even as overall unemployment ticks up, according to data from the Bureau of Labor Statistics (BLS).
The government added 52,000 positions in February, around the average gain per month seen in the last year, totaling 23,180,000, according to the BLS. The U.S. economy added 275,000 nonfarm payroll jobs in February, far higher than expectations of 200,000, but unemployment shot up from 3.7% to 3.9%.
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The U.S. added 275,000 nonfarm payroll jobs in February as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 200,000 jobs in February compared to the 353,000 that were added in January, and that the unemployment rate would remain at 3.7%, according to Reuters. The job gains were announced two days after Jerome Powell, chair of the Federal Reserve, told the House Financial Services Committee in its semi-annual monetary policy report that he does not believe that there is evidence for a recession, meaning rate cuts could be on the horizon.
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The State of the Union is not strong. Americans are facing a cost-of-living crisis, high crime, and an unsecured southern border as a direct result of Democrats’ failed policies led by perpetrator-in-chief Joe Biden.
Instead of taking accountability for these pressing national challenges, Biden promised more of the same in his State of the Union address Thursday night.
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The Tennessee State Senate advanced a new version of a bill aimed at addressing drunk driving laws, but the version advanced by lawmakers on Thursday was amended to omit any plans to ban the sale of cold beer.
After lawmakers greeted “The Tennessee Prevention of Drunk Driving Act” with a lukewarm reception over language that banned stores from selling cold beer to the public in a bid to lower the number of drunk drivers throughout the state, its sponsor announced plans to change the contents of the legislation through an amendment.
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Layoffs at U.S. companies surged for another month as businesses adjusted to current market conditions, despite huge reported job gains, according to outplacement firm Challenger, Gray & Christmas, Inc.
Job cuts increased to 84,638 in February, 3% higher than in January when layoffs also soared, and 9% higher than February last year, which had 77,770 cuts, according to the report. The layoffs are in spite of strong reported job growth, with the U.S. adding 353,000 nonfarm payroll jobs in January, far higher than expectations of 180,000.
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A report released on Wednesday claims Nashville Mayor Freddie O’Connell is committed to funding his proposed transportation initiative with an increase to the city’s sales tax.
O’Connell and his administration are reportedly “leaning toward a half cent sales tax” as the primary funding source of the transit referendum he plans to take before voters in November, a News Channel 5 report claims.
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Just when it seemed impossible for things to get tougher for small businesses, the federal government decided to make things worse.
Small businesses have had a tough run for the last few years. Record inflation, high interest rates, and workforce shortages have led to widespread pessimism among small businesses. The last thing they need is more government interference, but that is exactly what is happening.
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The presumptive heir to the position of president of the Service Employees International Union (SEIU) has had employees under her command complain of union-busting tactics and retaliation, according to a report from the Center for Union Facts.
April Verrett, the current secretary treasurer of the SEIU and the former president of SEIU Local 2015, is a top contender to replace the current outgoing president, Mary Kay Henry, according to the report. In both positions, Verrett was reportedly part of the management that faced off with SEIU employees, who had organized separately from the SEIU, about working conditions and contract negotiations.
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New York Community Bancorp (NYCB) announced on Thursday that it would be getting more than $1 billion from investors to help stabilize the bank, including from a firm run by a former Trump administration Treasury secretary.
The bank will receive $450 million from Mnuchin Liberty Strategic Capital, headed by former Treasury Secretary Steven Mnuchin, as well as a $250 million and $200 million investment from Hudson Bay Capital and Reverence Capital, according to an announcement from the bank. NYCB posted a $252 million loss in the fourth quarter of 2023, sending its stock to the lowest level since 1997 and worrying investors about another potential crisis in the banking sector, accordingto CNN.
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Michigan Democratic lawmakers want mass transit between Grand Rapids, Detroit and Ann Arbor but don’t know how to pay for it.
State Sen. Dayna Polehanki, D-Livonia, majority caucus chair & Education Committee chair, posted on social media that mass transit would prevent young people from leaving the state.
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Arizona Gov. Katie Hobbs launched a program on Monday aimed at “buying back” medical debt with taxpayer dollars distributed by the federal government.
The program is called “Affordable Arizona: Tackling Medical Debt for Working Families” and it is a public-private partnership between the state of Arizona and RIP Medical Debt, a national nonprofit.
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Minimum wage hikes in many states around the country and sky-high inflation are crushing independent restaurants that don’t want to raise prices on their customers, according to the Wall Street Journal.
In January, 22 states raised their minimum wage for hourly workers, according to the WSJ. Around 59 percent of small business owners said that higher labor costs were the biggest source of inflation in January, requiring price hikes to maintain current revenue levels.
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Ohio plans to give a 15-year tax credit to a company planning a new manufacturing facility to build parts for electric vehicles.
Schaeffler, owner of two plants in the state, plans a third in Dover that is expected to employ 650 people after a $230 million investment. The tax credits are tied to job creation.
The new jobs are expected to be split between the company’s plant in Wooster and the new Dover plant. The company employs more than 1,600 people.
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The Maricopa Association of Governments (MAG) announced last week the federal government awarded over $40 million to supplement programs supporting the homeless. The federal money was announced as state spending on homelessness reportedly nears $1 billion per year.
MAG announced in a press release that “more than $46.5 million in federal funding” will be provided by the U.S. Department of Housing and Urban Development (HUD) to “help fund dozens of local homelessness programs.” The figure is also $10 million higher than the previous year’s federal commitment, MAG explained.
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The monthly costs for the thrifty plan for a family of four participating in the Supplemental Nutrition Assistance Program (SNAP) is increasing by 31% over the last three years.
The United States Department of Agriculture stated the food stamp benefit amounts are based every year upon the cost of the Thrifty Food Plan.
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The Biden administration’s choice for zero-emissions operations in America’s ports was boosted Wednesday with the opening of applications for $3 billion from taxpayers in the Clean Ports Program.
Equipment and infrastructure needs can be met that “reduce mobile source emissions at U.S. ports,” a release from the U.S. Environmental Protection Agency says. EPA Administrator Michael Regan was in Wilmington, N.C., alongside Gov. Roy Cooper, whose administration he previously worked in, to make the announcement.
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On Thursday, the average long-term mortgage rate in the United States rose for the fourth week in a row, in a setback for Americans looking to potentially buy a home in the traditional homebuying season of spring.
According to ABC News, mortgage buyer Freddie Mac announced that the average rate on a 30-year mortgage rose from 6.90% to 6.94%. Although this is slightly less than the recent high of 6.95% in December, it is still higher than what it was at the same time one year ago, when the average rate was 6.65%.
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A poll touted by Nashville Mayor Freddie O’Connell on Wednesday, which claims the majority of the city’s residents want greater investments into public transits, admittedly over sampled black and Hispanic citizens in a bid to achieve “greater insight” into city’s mood.
The Imagine Nashville survey claimed that 74 percent of Nashville residents strongly agree with the city spending additional money on public transportation. The pollsters further claimed that 33 percent of respondents cited a lack of public transportation as an issue where the city needs to improve.
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Newly released federal data showed that inflation continues to rise in the U.S.
The Bureau of Economic Analysis released its Personal Consumption Expenditures marker Thursday, showed inflation rose 0.2% in January, more than many experts had previously expected.
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The United States Army is reducing its size by about 5%, cutting roughly 24,000 jobs, as part of a restructuring plan that is ostensibly meant to better prepare for a possible war in the future.
As ABC News reports, the cuts will mostly affect posts that are already empty, such as counterinsurgency jobs that were previously needed in countries like Iraq and Afghanistan but no longer needed today, as well as about 3,000 jobs in the Army special operations forces.
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A spokesman for Governor Glenn Youngkin expressed “serious concerns” about both bills passed by the Virginia General Assembly to allow skill games in convenience stores and bars throughout the commonwealth, citing a series of potential issues with the legislation in a statement provided to The Virginia Star.
The administration’s concern about skill games comes amid calls to veto the legislation, and as The Star publisher John Fredericks warns that inaction by the governor could be a “presidential killer” should Youngkin run for the White House in 2028.
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Builders in Ohio will deal with nearly 15,000 fewer regulatory restrictions Friday when new building, mechanical and plumbing rules go into effect.
The Ohio Board of Building Standards recently adopted rule changes showing a significant reduction in regulations and the actual number of words on the code. Overall, more than 610,000 words were eliminated.
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An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors.
The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive.
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Apple Inc. has reportedly ended its electric car program.
Citing the company’s unnamed sources, Bloomberg reported Tuesday that the announcement surprised the nearly 2,000 employees working on the project.
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Tennessee State Representative Jason Zachary (R-Knoxville) and Senate Majority Leader Jack Johnson (R-Franklin) have proposed legislation that would prohibit America’s largest financial institutions from discriminating against customers based on their religious or political beliefs.
Their bills, HB 2100 and SB 2148, would specifically prohibit banks, insurers and other financial institutions from “denying or canceling services to a person, or otherwise discriminating against a person, based upon the use of a social credit score or other factors.”
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The Virginia General Assembly is considering a bill that would see taxpayers spend millions to help companies build infrastructure for electric vehicles (EVs) in “distressed” parts of the commonwealth.
HB 107 by Delegate Rip Sullivan Jr. (D-Arlington) passed in the House of Delegates with 71 votes in favor on February 8, and most recently advanced through the Senate Committee on Commerce and Labor on February 19.
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Home prices for the 10 largest cities in the U.S. rose by 7.0% year-over-year in December, up from 6.3% in the previous month, according to Standard and Poor’s Case-Shiller home price index report.
The top 20 cities had a slightly less pronounced increase, with prices rising 6.1% year-over-year as of December, up from 5.4% in November, according to the index. The increase in costs is coupled with a rise in the average for a 30-year mortgage rate, which ticked up to 6.90% the week of Feb. 22 after declining slightly from the recent peak of 7.80% that was seen in October, according to the Federal Reserve Bank of St. Louis.
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The City of Phoenix last Wednesday approved just over $1 million to Central Arizona Shelter Services (CASS), which operates the city’s largest homeless shelter.
Phoenix made the payment using leftover federal funds originally earmarked for COVID-19 recovery, but CASS warned the organization still has a shortfall of around $500,000 that could threaten its ability to provide shelter services, explaining that it filed three state grant requests that were denied by Arizona.
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Commercial real estate foreclosures increased 97 percent in January 2024 compared to last year, reaching a high that has not been seen in nearly a decade, according to new data.
With 635 commercial foreclosures in January 2024, foreclosures increased 17 percent from December 2023 and 97 percent from January 2023, according to a report last week from property data analyst ATTOM.
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Existing home sales increased 3.1% in January, but year-over-year sales fell.
Existing home sales were up 3.1% from December to a seasonally adjusted annual rate of 4 million in January. Year-over-year, sales declined 1.7% (down from 4.07 million in January 2023), according to the National Association of Realtors.
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Pharmaceutical companies set median starting list prices 35% higher in 2023 than the previous year, despite the Biden administration’s ongoing efforts to tamp down on surging costs, Reuters reported Friday.
The median list price for a drug being placed on the market, many of which were for rare diseases, was $300,000 in 2023, which is up from a median price of $222,000 in 2022, according to an analysis by Reuters of 47 drugs. The Biden administration has made it a goal to tame drug prices, announcing steps like imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the rate of inflation, which does not cover the starting list price.
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Shortly after Hamas’ Oct. 7 attack on Israel, a Harvard CAPS-Harris X poll found that 48 percent of Americans ages 18-24 supported Hamas over Israel. This is in direct contrast to 95 percent of Americans 65 years of age and older who sided with Israel. This stark difference begs the question: why do half of young Americans support a group that has been designated by the State Department as a Foreign Terrorist Organization since October 1997? Our ongoing fight for transparency suggests at least some of the answers lie in Qatar’s pocketbooks.
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A bill to ban the sale of lab-grown meat to consumers, even for consumption by animals, narrowly passed the Arizona State House on Thursday.
HB 2121 by Representative David Marshall (R-Snowflake) passed the Arizona House with 31 votes in favor and 28 votes against, with one lawmaker absent. If passed by the Arizona Senate and signed into law by Governor Katie Hobbs, the legislation would ban any “cell-cultured animal product” from being sold to Arizona consumers for “human or animal consumption.”
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Creating a solid retirement plan is essential for a worry-free and stable future. Still, many people lack the knowledge to achieve a successful retirement plan.
Here’s a can’t-lose, three-step strategy to assist you in developing an effective “Results in Advance” plan for your retirement.
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Belatedly, the southern border crisis is getting the attention it deserves.
There’s wall-to-wall coverage in the legacy and conservative press, independent documentaries proliferating on the subject, a Tucker Carlson interview with Bret Weinstein attracting over 15 million views on X, and President Joe Biden blaming Trump for a failed bill that involved the border crisis.
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An Ohio policy groups wants state lawmakers to unlock competition in the brewing industry and let craft brewers compete on a level playing field.
The Buckeye Institute calls the state’s alcohol franchise law anti-competitive and favors distributors over small craft brewers.
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Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to adopt electric vehicles (EV) at the rate automakers expected.
The company has changed its expectations to have only 50% of its sales be EVs by 2030, announcing that it will be updating its current line-up featuring the internal combustion engine into the next decade, according to Mercedes-Benz in its fourth quarter report. EV sales grew 21% year-over-year in 2023, but total car sales remained relatively the same, bucking hopes that EVs would fuel growth as the automaker pushes electric models.
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Why are Republicans supine in the fight against the Marxist takeover of our entire way of life? They are petrified, for some reason, about engaging the debate on the “science” of “climate change.”
This abandonment of the playing field has allowed climate spending to overtake the landscape like Kudzu vines on steroids.
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Private employers across the state will pay $67 million less in workers’ compensation premiums after the Ohio Bureau of Workers’ Compensation board voted Friday morning to lower rates for the sixth straight year.
The 7% rate cut follows a 3.9% reduction for public employers that went into effect Jan. 1. The new private employer rate takes effect July 1.
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More U.S. cell phone users are reporting service outages Thursday at major networks, including AT&T, Verizon and T-Mobile, and the outage is impacting some 911 networks.
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Steve Cortes, former senior spokesman and strategist for the 2016 and 2020 Trump campaigns and current head of the League of American Workers, said there is a consensus among Americans that Chinese companies should not be allowed to buy and control American resources, including farmland.
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Mortgage applications sank last week as high prices and rising mortgage rates have increased unaffordability for average Americans, according to data from the Mortgage Bankers Association.
The total volume of mortgage loan applications for homes declined 10.6% in the week ending Feb. 16 compared to the previous week when seasonally adjusted, while the purchase index fell 10% in that same time, according to a release from the MBA. The drop in applications follows an increase in the average interest rate for a 30-year fixed-rate mortgage for homes under $766,550 to 7.06% from 6.87% the week prior, intensifying housing unaffordability.
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Legislation that would allow Tennessee counties and cities to reduce or eliminate the state sales tax on groceries is advancing through the Tennessee General Assembly as more states look for opportunities to defray the effects of inflation on citizens.
The bill would allow all “counties and municipalities, by resolution or ordinance” set the “tax on the retail sale of food and food ingredients” at any “rate less than” the state’s sales tax rate.
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The recessions currently plaguing several major countries around the world could be what drags the U.S. into an economic downturn of its own, experts told the Daily Caller News Foundation.
Germany announced on Monday that it fell into a technical recession in the fourth quarter of 2023, after reporting its second month in a row of negative growth, following several other top nations experiencing economic difficulties. While the U.S. has managed to avoid a recession due to its size and diverse industries, foreign economic malaise may drag the U.S. economy down through changes to trade and global inflation that would lead to a loss for American businesses, experts told the Daily Caller News Foundation.
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In a statement released Tuesday, Governor Glenn Youngkin committed to see through his plans to bring the Washington Wizards and Capitals to Alexandria, Virginia with a new sports and entertainment district complete with new facilities for the teams to play.
Youngkin made the declaration after a breakdown of negotiations with two major unions resulted in their opposition to the arena, and after Virginia Senator L. Louise Lucas (D-Portsmouth) successfully stalled a Senate bill necessary for the arena project to begin and now controls the fate of the House version of the bill after it landed in the Senate Finance Committee she chairs.
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Arizona House Speaker Ben Toma (R-Peoria) announced on Monday an effort to hold a public referendum for Arizona voters to decide whether to eliminate the possibility for illegal immigrants to receive welfare benefits from the state and to strength the E-Verify system used to prevent companies from employing those in the country unlawfully.
In a speech outside the Arizona State Capitol on Monday, Toma called his Protecting Arizona Against Illegal Immigration Act “one of the toughest anti-immigration laws ever written” and declared, “Our message to illegal immigrants is simple: If you want to take advantage of Americans, go somewhere else.”
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Detroit placed the U.S. on wheels but if Motor City wants to go electric it faces fierce global competition.
Chinese electric vehicle maker BYD outsold Tesla in the fourth quarter of 2023. The foreign automaker said it produced more than 3 million new energy vehicles in 2023 compared to Tesla’s 1.8 million.
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Nashville and Memphis were both graded a “C” in Truth in Accounting’s annual Financial State of the Cities report.
Memphis ranked 44th and Nashville ranked 48th out of the top 75 U.S. cities in the report from the think tank that analyzes government financial reporting.
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