Biden’s midterm self-publishing: Less talk of inflation issues
WASHINGTON — In recent speeches, President Joe Biden has stopped talking so much about inflation worries. Missing is a once-common refrain about families at the kitchen table struggling under rising food and gas prices. It’s a self-publishing ahead of the midterm elections in November, prompted in part by easing inflationary pressures. But Biden is also trying to shine a spotlight on his legislative victories, the loss of abortion protections and the threats he says pose to democracy from the many Republican leaders still in the grip of former President Donald Trump. . When he talks about inflation, he insists that his policy drives prices down.
Biden to announce new support for US biotech production
WASHINGTON – President Joe Biden announces a new initiative to encourage biotechnology production and research in the United States. It’s the latest move from the White House to boost domestic industry. Biden signed an executive order Monday launching the initiative and later in Boston he will explain how biotechnology can help fight cancer during a visit to the John F. Kennedy Presidential Library. On Wednesday, the Democratic president’s administration will host a summit and announce new investments from several federal agencies. A senior administration official said the White House wants to support manufacturing of biotech products developed in the United States, rather than seeing American innovations produced overseas.
Wall Street rallies again ahead of inflation report
NEW YORK — Stocks rose again on Wall Street ahead of a high-stakes report that will hopefully show inflation hitting the economy less hard last month. The S&P 500 climbed 1.1% on Monday, while gains from technology companies pushed the Nasdaq a little higher. Traders are making their final moves ahead of a report on Tuesday that is expected to show inflation slowing again in August. That’s unlikely to change the minds of the Federal Reserve, which is bracing for another big interest rate hike next week. A continued slowdown in inflation would give the Fed a better chance of avoiding a deep recession.
UAW workers in Indiana and Stellantis reach tentative agreement
KOKOMO, Ind. – Members of the United Auto Workers who went on strike Saturday at the Stellantis casting plant in Indiana, announce a tentative agreement with the company. The UAW Local 1166 bargaining committee announced the deal in a blog post, saying a ratification vote would take place on Monday. Stellantis has confirmed the tentative agreement. The strike was linked to health and safety concerns, including the company’s alleged refusal to repair and replace the plant’s air conditioning and heating systems. Kokomo’s 35-acre plant manufactures parts used in powertrains for Chrysler, Dodge, Jeep and RAM vehicles.
Pressure is mounting on US railroads and unions to reach a deal
OMAHA, Neb. – Freight railroads and their unions are facing increasing pressure from business groups and the White House to settle their contract dispute. They face an impending strike deadline on Friday and business groups say a shutdown interrupting deliveries of raw materials and finished goods that so many businesses rely on would be an economic disaster. The railways have announced eight of the 13 deals they need to avoid a strike, but two key unions representing drivers and engineers want the railways to go beyond the 24% increases they are proposing to meet their concerns about working conditions.
As Small Businesses Raise Prices, Some Customers Push Back
NEW YORK — Inflation isn’t just costing small businesses money. It also costs them customers. For much of the pandemic, small business customers largely tolerated price hikes and continued to spend. Now owners are seeing some pushback. But with inflation near its highest level in 40 years, there’s not much small businesses can do. Sixty-five percent raised prices to offset rising costs, according to a Goldman Sachs survey. And 38% say they have seen a drop in customer demand due to rising prices. With consumers being forced to spend more on food and gasoline, businesses that sell non-essential goods or services are particularly feeling the pinch.
Hard Rock spends $100 million to raise US staff salaries without tipping
ATLANTIC CITY, NJ — Hard Rock International announced Monday that it is spending more than $100 million to give major raises to 10,000 untipped workers, most of them in the United States. minimum starting wage of $18 to $21 per hour. It is designed to help employees deal with persistent inflation and to help the company attract and retain top talent, which reduces employee turnover. The increases apply to job categories including cooks, cleaners, receptionists, security guards, cage cashiers and others.
The S&P 500 gained 43.05 points, or 1.1%, to 4,110.41. The Dow Jones Industrial Average rose 229.63 points, or 0.7%, to 32,381.34. The Nasdaq added 154.10 points, or 1.3%, to 12,266.41. The Russell 2000 Small Business Index rose 23.24 points, or 1.2%, to 1,906.09.