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Higher minimum wage in Boulder, Colorado puts strain on local restaurants
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Approved, CBS Colorado, Local

Higher minimum wage in Boulder, Colorado puts strain on local restaurants

By Sarah Horbacewicz | CBS Colorado In November, Boulder voters approved the increase of minimum wage in the city from $14.42 to $15.57 per hour, which went into effect on Jan. 1. As the new year begins, Peter Waters, the T/aco restaurant owner, is taking a close look at his budget. "We have about 50,000 labor hours a year, so $1.10 increase, you can do the math, is a quick $55,000 that we need to figure out how to adjust for in the coming year," Waters said. One of those adjustments will show up on menu prices which is T/aco's first raise since the COVID-10 pandemic. "In addition to price increases, we are going to have to start adjusting labor hours and asking more of our staff," Waters said. READ THE FULL STORY AT CBS COLORADO
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Mortgage rates rise for second straight week, highest since July
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Approved, Fox Business, National

Mortgage rates rise for second straight week, highest since July

By Matthew Kazin  | Fox Business Mortgage rates spiked this week to the highest level in five months, ending the year slightly higher than where they started. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 6.85%, up from last week's reading of 6.72%. The average rate on a 30-year loan was 6.61% a year ago. This week's increase marked the highest level on the 30-year loan since mid-July, when the rate was 6.89%, according to Freddie Mac data. The lowest rate this year was 6.08% at the end of September, while the highest — 7.22% — was reached at the beginning of May. READ THE FULL STORY AT FOX BUSINESS
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Elon Musk shoots down ‘wrong-headed economic thinking,’ says there’s ‘infinite potential’ for job creation
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Approved, Fox Business, National

Elon Musk shoots down ‘wrong-headed economic thinking,’ says there’s ‘infinite potential’ for job creation

ByAlex Nitzberg | Fox Business Billionaire business tycoon Elon Musk shot down a scarcity mindset and suggested that there is basically unlimited potential for creating jobs and businesses. "The ‘fixed pie’ fallacy is at the heart of much wrong-headed economic thinking. There is essentially infinite potential for job and company creation. Think of all the things that didn’t exist 20 or 30 years ago!" Musk declared in a post on X. Musk's comment was in response to a post from entrepreneur Joe Lonsdale who had mentioned Sriram Krishnan — who President-elect Trump recently tapped for a role in his upcoming administration. Last month, Krishnan advocated for lifting a cap on green cards when replying to a post of Musk's regarding the Department of Government Efficiency (...
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Home goods chain store files for bankruptcy and sparks fears of mass closures
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Approved, Daily Mail, National

Home goods chain store files for bankruptcy and sparks fears of mass closures

By Tilly Armstrong | Daily Mail The struggling home goods chain, The Container Store, which has been around for 46 years, filed for Chapter 11 protection in Texas late on Sunday.  The store is known for its home organizational goods, including closet organizers and storage bins. Despite receiving a boost from Marie Kondo's hit Netflix show 'Tidying Up' during the Covid-19 pandemic, the chain has been weighed down by mounting losses in recent years.  The company had $229.8 million in long-term debt as of the quarter ended September 28. CEO Satish Malhotra, a former Sephora executive who took over the top spot at the chain in 2021, said he is confident The Container Store is 'here to stay' despite the filing, Yahoo! Finance reported. READ...
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Fed cuts interest rates by quarter point despite firmer inflation
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Approved, National, THE HILL

Fed cuts interest rates by quarter point despite firmer inflation

By Tobias Burns | The Hill The Federal Reserve cut interest rates by a quarter of a percentage point Wednesday, in line with market expectations, even as inflation has reaccelerated over the past two months. Fed officials have been trying to find the right tempo for rate cuts since starting them in September with a sizable half-point reduction, and Wednesday’s cut — the third in a row — shows them pressing ahead with their strategy despite some underlying strength in labor and price data. The Fed is now projecting two cuts for next year as opposed to four.  READ THE FULL STORY AT THE HILL
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Congress sneaks pay raise for itself into spending bill as Americans struggle to make ends meet
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Approved, National, The Daily Caller

Congress sneaks pay raise for itself into spending bill as Americans struggle to make ends meet

by Adam Pack | Daily Caller Members of Congress are slated to receive a pay raise for the first time in 15 years if the massive spending bill released by House leaders Tuesday evening passes both chambers and is signed into law. The 1,574 page bill, known as a continuing resolution (CR), contains language allowing for a cost of living adjustment (COLA), which would give members of Congress a pay raise for the first time since 2009. This pay increase for Congress comes as many lawmakers’ constituents are struggling to make ends meet as inflation has skyrocketed under President Joe Biden’s administration. Lawmakers currently earn a base salary of $174,000 annually with members in leadership receiving a higher salary. If Biden signs the CR into law, members of Congress are set to rec...
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Trump, Softbank CEO announce $100B investment to create 100,000 American jobs
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Approved, Fox Business, National

Trump, Softbank CEO announce $100B investment to create 100,000 American jobs

By  Greg Norman  | Fox Business President-elect Donald Trump and Softbank CEO Masayoshi Son announced Monday a $100 billion investment in America aimed at generating 100,000 new jobs. Trump, speaking at Mar-a-Lago after meeting Son there, called the investment "a monumental demonstration of confidence in America's future." "Masa runs one of the largest companies in Japan and among the most successful investment and technology companies anywhere in the world, one of the most successful investors in the world. And we've just concluded a very productive meeting," Trump said. "And today, I'm thrilled to announce that SoftBank will be investing $100 billion in America, creating 100,000 American jobs at a minimum. And he's doing this because he feels very optimistic about our country si...
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Coffee prices hit record high after challenging growing season
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Approved, National, THE HILL

Coffee prices hit record high after challenging growing season

By Ashley Soriano | News Nation Via The Hill Higher coffee prices could be brewing for consumers as the global coffee market smashed a 47-year record. Arabica coffee, a type of coffee bean largely grown in Central and South America, sold for $3.44 a pound earlier this week, beating the prior record high of $3.35 set in 1977. Brazil is the leading producer of arabica, the world’s most popular variety, and extreme drought has led to smaller harvests, driving world prices up. READ THE FULL STORY AT THE HILL
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As Colorado slips behind other states in economic strength, slower economic growth in 2025 is ‘new reality’
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Approved, gazette.com, State

As Colorado slips behind other states in economic strength, slower economic growth in 2025 is ‘new reality’

By Bernadette Berdychowski  | The Gazette As Colorado slips behind other states in terms of economic strength, its economy is projected to grow — albeit slower in 2025, according to a new report. The Business Research Division at the University of Colorado Boulder released its 60th annual outlook Monday detailing forecasts of Colorado’s economy and various industries for 2025 based on the analysis from 140 statewide government, business and academic experts. The report found Colorado’s economy is growing, but falling behind in several areas. READ THE FULL STORY AT THE GAZETTE
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Is Macy’s next in retail bloodbath? Beloved store sees sales slump amid 150 shops closing
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Approved, Daily Mail, National

Is Macy’s next in retail bloodbath? Beloved store sees sales slump amid 150 shops closing

By Alice Wright | Daily Mail Macy’s is facing a rough holiday season after revealing disappointing sales figures and slashing its profit outlook. The grim outlook provided by bosses this morning has sparked fears for the future of the much-loved retailer, which is already in the process of shutting a third of its stores. Sales at the iconic department store chain - which also owns Bloomingdale's - fell by 2.4 percent in the quarter ending in November. Macy's also significantly lowered its expected earnings for 2024.  READ THE FULL STORY AT THE DAILY MAIL
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