Business - Page 3

Nikole Hannah-Jones: Anti-CRT coverage is a ‘propaganda campaign’

By Ramishah Maruf, What began as a Pulitzer Prize-winning New York Times Magazine cover story, the 1619 Project has now produced two books: one for adults, “A New Origin Story” and a children’s book, “Born on the Water.” But even though the 1619 Project books were just released earlier this week, states such as Texas and Florida have already banned the teaching of the subject matter. Republican lawmakers in at least five states introduced bills that would prohibit the 1619 Project from being taught in schools or cut funding to those that use the project to inform curricula. The ban is linked to

Press Freedom Awards ceremony stands up for journalists in ‘increasingly repressive world’

By Brian Stelter, In the words of Committee to Protect Journalists executive director Joel Simon, “To practice journalism in the face of grave danger requires a profound sense of optimism and a sincere faith in humanity.” Those qualities were on display Thursday night at the group’s International Press Freedom Awards ceremony in New York. Journalists from Guatemala, Mozambique, Myanmar, and other countries were recognized for their courageous work. The honorees did not travel to the US, owing to Covid-era concerns and uncertainty, but the fund-raising gala was back in-person, supplemented by an online streaming option. You should read all about the CPJ

Thanksgiving dinner will cost Americans 14% more this year, survey finds

By Vanessa Yurkevich, Thanksgiving dinner will cost 14% more this year, according to new survey by the American Farm Bureau Federation. Dinner for a family of 10 will cost on average $53.31 — up $6.41 from last year’s average of $46.90 which was down 4% from 2019, the lowest in 10 years. Several factors led to this year’s increased pricing, including more Americans expected to cook at home as well as economic disruptions. “These include dramatic disruptions to the US economy and supply chains over the last 20 months; inflationary pressure throughout the economy; difficulty in predicting demand during the COVID-19 pandemic and high

A record number of Americans quit their jobs in September

By Anneken Tappe, A record 4.4 million Americans quit their jobs in September as the sheer volume of available jobs is empowering workers to have their pick. Workers are quitting in search for better pay or better jobs, representing a fundamental shift in America’s labor market. “Labor now has the initiative, and the era of paying individuals less than a livable wage has ended,” said Joseph Brusuelas, chief economist at RSM US. “This strongly suggests that rising wages are going to be part and parcel of the economic landscape going forward.” The nation had 10.4 million open jobs that month as the worker

Surging inflation sets up high-stakes fight in Washington

By Julia Horowitz, Prices for American consumers are rising at the fastest rate in three decades, setting the stage for a standoff between the White House and the Federal Reserve as concerns grow about the political ramifications of inflation. What’s happening: Investors, economists and policymakers were rattled Wednesday by the news that annual consumer price inflation hit 6.2% in October, the biggest increase since November 1990. “Holy cow,” CNBC anchor Rick Santelli told viewers when the data dropped. For months, the Biden administration and the Fed have pushed the public to look through “transitory” inflation as a result of the Covid-19

There could be a seismic shift in the labor market. Here’s why

By Julia Horowitz, America’s job market is showing signs of strength — welcome news after a choppy summer. What’s happening: The US economy added 531,000 jobs in October, according to government data released Friday. That’s stronger than in August and September, though gains for both months have been revised higher. Still, economists are increasingly starting to wonder: As shortfalls of workers persist, has the labor market changed for good? If the answer is yes, the ramifications for policymakers could be huge. Breaking it down: Businesses are still struggling to attract and retain enough staff to keep up with an explosion of demand.

Advocates say this Build Back Better provision is exactly what local newsrooms need

By Brian Stelter, The House version of the Build Back Better Act contains a provision that news media advocates have sought for years. It’s a payroll tax credit that supports local news organizations for employing journalists. The Joint Committee on Taxation pegs it at $1.67 billion over 10 years. The provision “would provide a credit up to $25,000 to defray employment taxes in the first year, and $15,000 in the next four years, for each employee,” Deadline’s Ted Johnson reported Thursday. “That would cover 50% of compensation up to $50,000 in the first year and 30% in the next four years.” Thus, it

Big rebound in jobs: America adds 531,000 jobs to the economy in October

By Anneken Tappe America’s jobs recovery gathered some steam last month as US employers added 531,000 positions in October. The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020. The number of jobs added in October easily outpaced economists’ prediction of 450,000 jobs. It marked the first month since July that the official number didn’t undercut the consensus estimate. The US economy gained jobs across the board last month, with leisure and hospitality, manufacturing and transportation and warehousing leading the job gains. The leisure and hospitality sector was hit hardest during the pandemic recession and

Moderna warns its Covid vaccine shipments are falling short. Stock plunges

By Chris Isidore, Moderna fell short of profit and sales expectations for the third quarter, and the Covid vaccine maker warned that its full year shipments of the vaccine will not meet its forecasts. Shares of Moderna plunged nearly 20% at their low point of the day Thursday and closed down 18% for the day. The share price had more than tripled so far this year before Thursday’s plunge. The company earned $3.3 billion, on revenue of $5 billion in the quarter. But analysts surveyed by Refinitiv had forecast that income would reach $3.9 billion on revenue of $6.2 billion.

Pfizer revenue and profits soar on its Covid vaccine business

By Chris Isidore, Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%. Both easily cleared results forecast by analysts. The vaccine business alone was responsible for more than 60% of the company’s sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. The company said its Covid vaccine sales accounted for $13 billion of

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