All Economy
First LookEnd of an era: The decline and fall of the Kmart retail empireAs brick-and-mortar stores of all stripes struggle against online shopping and sector juggernaut Walmart, the once mighty big-box retailer Kmart has been reduced from a symbol of the suburbs to just a handful of stores that remain.
First LookInflation accelerates to new record. Can the US hit the brakes?The Labor Department said Tuesday that its year-over-year consumer price index jumped 8.5% in March, setting a 40-year high. The Federal Reserve expects to raise interest rates again in the coming months aimed to slow borrowing and spending and combat inflation.
First Look'Built by workers': Amazon employees win their first unionWorkers at an Amazon warehouse in New York’s Staten Island voted to unionize last Friday, a first in the retail giant’s history after an effort failed in Alabama. Organizers in New York say they reached workers by making TikTok videos and holding cookouts.
First LookA million barrels a day: Biden to release oil from reserveIn an effort to bring down gas prices, President Joe Biden announced Thursday that the administration will release 1 million barrels of oil a day from the strategic petroleum reserve for the next six months. He also urged oil companies to increase their output.
First LookWhat is driving the Uber-NYC taxi cab partnership?Uber and New York City taxi cabs have fiercely fought for customers since Uber appeared on the market. Amid driver shortages and increased demand, Uber announced Thursday it will list NYC's yellow cabs on its app, opening up a pool of customers to cab drivers.
Why sanctions bite: Russian economy isn’t huge to begin withRussia spends a lot of money on its military, given the size of its economy. Now sanctions are shrinking that economy rapidly – and pressuring Putin.
Housing that’s affordable – because the community owns the landThe affordable housing crisis in the United States has deep roots. One solution that’s gaining traction separates homeownership from land prices.
Economic stability: What the Fed can and can’t do to restore itThe Fed’s role as stabilizer-in-chief for the U.S. economy is being tested by soaring inflation. Global conditions and its own past decisions demand a nimble response.
First LookHousing affordability reaches decade low. Who's priced out?In the U.S., housing affordability has hit its lowest levels since 2008. First-time home buyers are caught between rising rents and higher mortgage payments. Those shopping for homes are often faced with either increasing their budgets or lowering their standards.
First LookWhy record-high US gas prices are likely to stay high for a whileGas averaged $4.17 a gallon in the U.S. on Tuesday, breaking a 2008 record. Analysts say the record-high prices can be linked to anticipation that Western countries may ban Russian oil and that tight supplies will keep prices high for a while.
First LookRussian oil ban? US gasoline prices hit highest level since 2008As gasoline reached $4 a gallon, U.S. and European officials are considering a ban on Russian oil imports. In the past week, regular gas prices rose by almost 41 cents, according to the AAA motor club.
Will Russia sanctions batter rest of world? A lot will depend on oil.The ripple effects of sanctions on Russia squeeze global economic growth too – collateral damage that could deepen if oil becomes part of the fray.
First LookRent inflation: Why your tiny apartment costs so muchRent in U.S. metro areas saw a 19.3% surge this past year, driving overall inflation. The steep rent rise post-pandemic was the result of a nationwide supply deficit.
First LookOil prices surge, stocks fall as Putin orders troops to UkraineOn Tuesday, oil prices surged nearly 5% and shares fell sharply after Russian President Vladimir Putin ordered troops into separatist regions of eastern Ukraine, suggesting a long-feared invasion is possibly underway.
A beef with ‘bigs’: Why rethink of competition starts with meat industryHas a trend toward corporate bigness gone too far? The meat industry is becoming an important test for President Biden and lawmakers in both parties.
Prices are up. So is the need for services. How nonprofits are coping.Nonprofits provide services that millions of people rely on. And unlike businesses, they can’t generally raise prices to cover inflation’s bite.
First Look‘We obviously need change’: Young workers flock to labor unionsRecent years have seen a rising number of young Americans engaging in unions’ efforts to improve wages, benefits, and working conditions. Political leaders and a workforce changed by the pandemic have pushed workers to rethink what they deserve.
Right to transfer: Why it’s a game changer for college athletesForget the fiefdom of the all-powerful coach. In football and beyond, college sports programs face a culture change as players win new rights.
First LookHow to claim child tax credit? File your taxes, says IRS.The U.S. federal government began sending out monthly checks in July as part of the expanded child tax credit, but to claim the full $3,000 per child, families will need to file a tax return. For the millions of Americans who have never filed a return, there are plenty of online resources.
First LookStates are flush with cash. Should they use it for tax cuts?Many states have a surplus in their budgets from tax revenues and pandemic-related aid. Now lawmakers and governors are eyeing tax breaks to relieve consumers and taxpayers. But some raise concerns that tax cuts might jeopardize programs for low-income families.
