LOS ANGELES/NEW YORK—At Stationery and Toy World, a family-owned shop in New York’s Upper West Side, manager Gary Rowe is having difficulty getting all the pens and folders he ordered for the important back-to-school season. His usual vendors have low stocks of Pilot’s erasable FriXion pens and Paper Mate Flair marker pens— and prices are…
US Retailers Scramble to Stock Shelves as Children Head Back to School
Railroad Industry Worried About Biden Executive Order
An executive order signed by President Joe Biden that could force railroads to allow other operators to use their tracks could reduce competition and increase costs, according to industry experts. Biden’s order last week in part called on the independent Surface Transportation Board to consider what the Association of American Railroads calls “forced switching” rule….
Federal Watchdog: Unemployment Programs Wasted Billions
A federal watchdog says billions of taxpayer dollars have been wasted through unemployment programs in the past year, and that number is likely to rise. The Government Accountability Office released a report examining unemployment benefits during the COVID pandemic that found states and territories had overpaid by $12.9 billion between March 2020 and April 2021….
US Probes Overheating Brakes That Cause Fires in 500,000 Semis
DETROIT—U.S. highway safety regulators have opened an investigation into about a half-million semis with brakes that can catch fire. The National Highway Traffic Safety Administration says in documents posted on its website Tuesday that it has 11 complaints about brakes made by Haldex Commercial Vehicle Systems, including seven fires. No injuries were reported. The complaints…
Study: Oil and Gas Industry Supported 2.5 Million Texas Jobs; 11.3 Million Nationally
July 21, 2021
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BusinessEconomieseconomyinfrastructureLocal Newsoil and gas industryRegional NewsRegional-Local NewsTexasUSUS News
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Texas’ oil and natural gas industry supported more than 2.5 million total jobs statewide in 2019, a new analysis found, contributing the most to the state’s GDP and total income of any industry. Texas’ oil and gas industry contributed $411.6 billion to the state’s gross domestic product, including $251.2 billion to the state’s total labor…
US Treasury to Hit Debt Ceiling by November: Congressional Budget Office
July 21, 2021
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BusinesscongressCongressional Budget Officedebt ceilingEconomieseconomynational debtPolicyPoliticsSecretary YellenUSUS News
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The Congressional Budget Office (CBO) said on Wednesday that the U.S. Treasury Department is projected to exhaust its debt limit by October or November, as Democrats seek to raise that limit for trillions more in funding. Republicans say they oppose the move. As of June 30, an additional $6.5 trillion had been borrowed, bringing total federal debt…
Stranded and Shattered Seafarers Threaten Global Supply Lines
LONDON/SINGAPORE—”I’ve seen grown men cry,” says Captain Tejinder Singh, who hasn’t set foot on dry land in more than seven months and isn’t sure when he’ll go home. “We are forgotten and taken for granted,” he says of the plight facing tens of thousands of seafarers like him, stranded at sea as the Delta variant…
OPEC+ Agrees Oil Supply Boost After UAE, Saudi Reach Compromise
MOSCOW/DUBAI/LONDON—OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others agreed to…
Top Wall Street Executives Say Inflation Could Be Worse Than Predicted
Two of Wall Street’s top CEOs have differing views on inflation, but both diverge from the Federal Reserve’s predictions that price increases are transitory and will fade away once the supply shocks and other pressures ease. Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager is convinced that inflation is not temporary…
‘A Good Sign’: Fewer People File for Unemployment in States Cutting Federal Bonus, Data Shows
States that withdrew from the federal pandemic unemployment bonus in June saw improving jobs numbers and fewer individuals filing for benefits compared to other states, Department of Labor data analyzed by the Daily Caller News Foundation showed. “I continued to see increases in the number of unemployed and, in some weeks, increases in the new…
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