Surging debt interest costs forced the U.K. government to borrow more than expected in May. Finance minister Rishi Sunak remains under pressure to borrow even more as a slowing economy threatens to reduce tax revenues.—reuters.com
Category: Economics in the News
WTO Fights to End Harmful fishing Subsidies
The World Trade Organization is seeking a global agreement to end harmful fisheries subsidies. Fish stocks and other marine species have been under enormous pressure for decades, with many species already gone or in danger of extinction.—laprensalatina.com
The Rise of the Staycation
Staycation is a closer-to-home vacation. With higher gas prices, some families don’t want to drive as far as they previously would. For many families, less money spent on gas means more trips closer to home with more to spend on tours and food.—travelplus.com
The U.S. Economy Shrank 1.6% in the First Quarter
One quarter of negative economic growth is creating recession fears and inflation is soaring.—cnn.com
The Fed Delivers Biggest Interest Rate Hike in Decades to Combat Surging Inflation
The Federal Reserve escalated its battle against inflation with a 0.75% interest rate hike. Consumer prices are up 8.6% from a year ago. By sharply raising interest rates, the Fed hopes to tamp down consumer demand.—npr.org
U.S. Open to New Lumber Talks with Canada
The United States is open to negotiation with Canada to resolve a dispute over U.S. tariffs on softwood lumber. U.S. homebuilders have clamored for the Biden administration to remove the duties on Canadian softwood lumber that range from 6.75% to 20.24%—reuters.com
LEGO Says It Will spend $1 Billion to Build New Toymaking Plant
The LEGO Group, which has six plants worldwide, will build its first U.S.-based manufacturing plant in Virginia. The 1.7-million square-foot plant, located on 340 acres, will cost $1 billion and when completed will provide 1,760 jobs.—progress-index.com
Permits Required to Drive Along Waterfall Corridor of Columbia River Highway This Spring
New this year, drivers on Historic Columbia River Highway must buy a $2-per-car permit to access the “waterfall corridor.” The goal is to reduce congestion, improve safety, and make for a better viewing experience.—opb.org
Why It Might Be Harder to Find Good Peaches This Summer
There are some hurdles between you and ripe peaches—supply chain issues and driver shortages, scarcity of packaging, labor shortages at manufacturing and production plants, and an inopportune freeze. Prices will run a little higher than in recent years.—tastingtable.com
Changes Americans Are Willing to Make to Fix Social Security
The clock is ticking for Congress to repair Social Security. Projections show funds will be depleted in 2035. A survey shows 81% of respondents support reducing benefits for high earners and 75% support raising the retirement age.—cnbc.com