The National Apartment Association (NAA) has released new research regarding the effects of rent control policies. Their findings cast doubt on whether rent regulations, which vary state by state, actually help consumers. Rent Control May Not Be the Answer The NAA conducted interviews with housing developers and providers in three...
Google Axes 12,000 Jobs as Layoffs Spread Across Tech Sector
LONDON — Google is laying off 12,000 workers, or about 6% of its workforce, becoming the latest tech company to trim staff as the economic boom that the industry rode during the COVID-19 pandemic ebbs. Google CEO Sundar Pichai, who also leads its parent company Alphabet, informed staff Friday at...
US Inflation Eases Grip on Economy, Falling for a 6th Straight Month
WASHINGTON — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to 6.5% in December compared with a year earlier, the government...
Red Texas Has a Budget Surplus. Blue California Has a Deficit. What’s Driving the Difference?
California Gov. Gavin Newsom is seeking ways to close a $23 billion deficit while Texas Gov. Greg Abbott is looking to spend a $33 billion surplus. These numbers are likely to be used in political discussions between blue and red states, but it is important to note that every state...
California Budget: More for Homelessness, Less for Climate
SACRAMENTO — California Gov. Gavin Newsom on Tuesday proposed a $297 billion budget, prioritizing money to address homelessness and education while cutting some climate spending amid a projected $22.5 billion budget deficit. The proposed budget, which would take effect July 1, is about $9 billion less than the current fiscal...
World Bank: Recession a Looming Threat for Global Economy
WASHINGTON — The global economy will come “perilously close" to a recession this year, led by weaker growth in all the world's top economies — the United States, Europe and China — the World Bank warned on Tuesday. In an annual report, the World Bank, which lends money to poorer...
Average Long-Term US Mortgage Rates Dip Third Week in a Row
WASHINGTON — The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to...
US Stocks Rise to Records on More Proof of Economic Recovery
NEW YORK — U.S. stocks are rallying toward records on Thursday after a suite of encouraging data showed how hungry Americans are to spend again, how fewer workers are losing their jobs and how much fatter corporate profits are getting. The S&P 500 was 0.9% higher at 4,163 in late...
US Economy Shrank 3.5% in 2020 After Growing 4% Last Quarter
WASHINGTON — Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years. For 2020 as a whole, a year when the coronavirus inflicted the worst...
Amid Stimulus Talks, Biden Signs Order to Help Factories
WASHINGTON — Taking whatever steps he can to galvanize the economy, President Joe Biden plans to sign an executive order Monday to boost government buying from U.S. manufacturers as he begins the negotiation process with Congress over a $1.9 trillion stimulus package. The executive order is among a flurry of...