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Know any airplane mechanics? A wave of retirements is leaving some US industries desperate to hire
WASHINGTON (AP) — Across the U.S. economy, a number of industries are facing the same formidable challenge: Replenishing a workforce that is being diminished by a surge of retirements that began during the pandemic and has continued since. Since 2019, the proportion of retirees in the U.S. population has risen from 18% to nearly 20% — equivalent to about 3.5 million fewer workers. And the trend seems sure to accelerate: The percentage of workers who are 55 or older is nearly 24%, up from only about 15% two decades ago. Among the industries that have encountered frustrating labor shortages, magnified by a steady exodus of older workers, are airline maintenance, construction, manufacturing and nursing, along with some professional industries such as accounting.
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Senate races to wrap up Biden-McCarthy debt ceiling deal before default deadline
WASHINGTON (AP) — Days away from a default crisis, the U.S. Senate is dashing to wrap up work on the big debt ceiling and budget cuts package. President Joe Biden negotiated the deal with Speaker Kevin McCarthy to avert an unprecedented U.S. default on its debts, and the House passed it Wednesday night. Senate Majority Leader Chuck Schumer said Thursday he wants to finish up without bringing the issue “down to the wire.” Quick passage in the chamber will require cooperation from Democrats and Republicans, much like the centrist coalition that carried it to House passage. The U.S. is facing a potentially disastrous default as soon as Monday if Congress fails to act.
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Debt ceiling deal advances pipeline and tweaks environmental rules. But more work remains.
WASHINGTON (AP) — Despite weeks of negotiations, the White House and House Republicans were unable to reach a comprehensive agreement to overhaul environmental regulations and streamline federal permitting as part of their budget deal. Although the measure falls short of the comprehensive overhaul that the White House has been seeking, it still is expected to speed up infrastructure projects and limit reviews that have bogged down construction. President Joe Biden has sought the changes to clear the way for clean energy initiatives to help reach his climate goals. However, the legislation has frustrated some environmentalists, especially because it advances construction of the Mountain Valley Pipeline, which would carry natural gas through Appalachia.
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Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with these apps for the long term because the funds may not be covered by deposit insurance, the Consumer Financial Protection Bureau warned on Thursday. The alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank, where the banks experienced bank runs after fearful customers with uninsured deposits pulled their money en masse. Money stored on a payment app is not being held in a traditional bank account. So, if there is an event similar to a bank run with these payment apps, those funds may not be protected.
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Macy’s slashes expectations for the year after a pullback by shoppers in the spring
NEW YORK (AP) — Macy’s slashed its outlook for the entire year with sales weakening sales in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation. Quarterly profit and sales dropped to open the year as sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items. Macy’s results wrapped up the retail industry’s fiscal first-quarter earnings season that showed how stubbornly high inflation particularly in food is forcing shoppers to further cut back on discretionary items like clothing to make room for shoppers’ larger grocery bill.
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Stock market today: Wall Street rises with hopes for pause to rate hikes
NEW YORK (AP) — Wall Street rose on hopes the Federal Reserve may soon take it easier on its hikes to interest rates. The S&P 500 climbed 1% Thursday after reports painted a picture of a split U.S. economy. The job market remains solid, but manufacturing is weakening and shoppers of all kinds are feeling pressure. Altogether, investors saw the data pushing the Fed toward not hiking rates at its next meeting in two weeks. That would be the first time that’s happened in more than a year. The Dow rose 153 points, and the Nasdaq led the market as Big Tech rallied.
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Average long-term US mortgage rate climbs to 6.79% this week, highest level since November
LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level since November, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.79% from 6.57% last week. A year ago, the rate averaged 5.09%. The latest increase marks the third in three weeks and lifts the average rate on a 30-year home loan to its highest level since it surged to 7.08% in early November.
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New federal proposal aims to stop racial bias in formulas used to value homes
WASHINGTON (AP) — Vice President Kamala Harris says federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair. Harris tells reporters that “everyone should be able to take full advantage of their aspiration and dream of owning a home.” Low appraisals make it harder for homeowners to build wealth and access home equity lines of credit. Appraisers help to determine the value of a home so buyers can receive a mortgage. A year ago, the administration laid out a plan to stop appraisers from systemically undervaluing the homes of Black people and other underrepresented groups.
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Renewable energy surges, driven by solar boom and high fuel prices, report finds
BERLIN (AP) — The world is set to add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and take advantage of a boom in solar power. The International Energy Agency said Thursday that high fossil fuel prices and concerns about energy security had boosted the rollout of solar and wind power installations, which are expected to reach 440 gigawatts in 2023. That’s about a third more than the world added the previous year, taking the global installed capacity to 4,500 GW, roughly the combined total power output of the United States and China. Shifting the global economy away from fossil fuels is one of the most important steps for reducing greenhouse gas emissions underlying global warming.
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The S&P 500 gained 41.19 points, or 1%, to 4,221.02. The Dow Jones Industrial Average added 153.30 points, or 0.5%, to 33,061.57. The Nasdaq composite tacked on 165.70 points, or 1.3% to 13,100.98. The Russell 2000 index of smaller companies rose 18.29 points, or 1%, to 1,767.94.