President Biden announced that $4 billion in federal funding will help replace the 150-year-old Baltimore and Potomac Tunnel. The tunnel is a major bottleneck for Amtrak, Maryland commuter trains, and freight rail traffic. Once completed, capacity in the tunnel will nearly triple.—washingtonpost.com
Category: Economics in the News-Micro
Sky High Egg Prices Crack Open Market For Alternatives
Egg prices are rising due to rising prices for feed, packaging, and labor, and avian flu. "A lot of people are concerned with not being able to get eggs," says chicken farmer Ron Kern. Instead of selling fresh eggs, Kern freeze dries them, charges $20 a dozen, and sells out immediately. —npr.org
Microsoft to Lay Off 10,000 Workers as Slowdown Hits Software Business
Microsoft plans to eliminate 10,000 jobs in response to the global economic slowdown. Declining PC sales are squeezing Microsoft’s Windows business. Worldwide shipments were down 29% in the fourth quarter last year compared with the previous year.—wsj.com
Natural Gas Prices Haven’t Been This Low Since Russia Went to War
Natural gas prices in Europe are tumbling. Record-breaking warm weather and efforts to use less gas have helped. Europe is boosting imports from Norway and buying imported liquefied natural gas. Consumers in countries with a price cap for a set period aren’t paying lower prices yet.—cnn.com
Hotels Say Hello to Robots as Workers Stay Scarce
Garden City Hotel is feeling grateful for the Whiz. The robot vacuum doesn't mind working late or on weekends and holidays. Robots like the Whiz that cost $30,000 help the hotel cope with lower levels of post-pandemic staffing. Labor costs range from $10 to $16 an hour.—npr.org
US Government Calls for Continued Tariffs on Solar Imports
The Solar Energy Industries Association (SEIA) estimates that tariffs on solar modules could decrease U.S. solar installations by half over last year. SEIA estimates that tariffs could put 70,000 US solar jobs at risk. A small U.S. solar module supplier supports the tariff.—pv-magazine.com
Rent Control Expands as Tenants Struggle With the Record-High Cost of Housing
Jim Lapides, of the National Multifamily Housing Council, believes rent controls that address rapidly rising rents and evictions help some families but harm others. Lapides says capping rents does not add to the housing stock and in the long term can lead to fewer affordable units.—npr.org
Thanksgiving Plans Changing for Many Over High Turkey Prices
A quarter of Americans plan to forgo Thanksgiving in 2022 because of high grocery prices. Avian flu and higher feed costs have contributed to a spike in prices. The average price was $1.33 per pound at Thanksgiving 2021. Now prices are as high as $1.83 per pound.—kjzz.com
Fewer Chickpeas Means Cheap Protein Could Be Harder to Find
Farmers in the United States planted fewer chickpeas this year as poor weather bogged down spring planting and they prioritized other crops like wheat and corn. Grocery stores report a 12% increase in chickpea prices over last year.—reuters.com
Rents Are Soaring Across the U.S.
Shanti Singh, legislative director of the non-profit Tenants Together, says that rent prices are soaring. Many people are behind on their rent and under severe financial strain. Some are being evicted. “We need rent control,” says Singh.—theguardian.com