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AM Business Notebook

>>UAW President Expands Strike Against Big Three

(Detroit, MI) -- The United Auto Workers are once again expanding their strike. UAW President Shawn Fain said his announcement was delayed this morning after a "flurry of activity" and said Stellantis made big progress moments before he began speaking. However, Fain called for seven-thousand workers at GM and Ford plants to go on strike. He said GM and Ford have refused to make any meaningful progress.


>>PCE Shows Inflation Cooling In August

(New York, NY) -- A key economic indicator shows inflation cooling in August. The personal consumption expenditures price index increased a tenth of a percent last month. That's half the increase expected. It's also the smallest monthly rise since November 2020. On a 12-month basis, the annual increase for core PCE was three-point-nine percent matching the forecast. Analysts say it's the latest sign the Federal Reserve's fight against inflation is making progress.


>>Consumer Sentiment Dips In September

(Ann Arbor, MI) -- Consumer sentiment is down slightly in September. The University of Michigan's final reading for the month slipped less than two points from August. The survey noted some uncertainty about the economy given the possible government shutdown and the UAW strike against automakers. Year-ahead inflation expectations fell slightly to their lowest level since March 2021.


>>Congress Short On Time To Avoid Shutdown

(Washington, DC) -- Time is running out. Congress is coming close to running out the clock on avoiding a government shutdown at the end of the week. Federal funding is set to expire Saturday night if lawmakers fail to strike a deal. Conservatives in the House are pushing for deep spending cuts that won't make it through the Democratic-controlled Senate. Should a shutdown come to fruition, millions of Americans would be impacted, including federal workers who would be furloughed without pay. Military members and essential federal workers like those who work for the Federal Aviation Administration, meanwhile, will be required to work without compensation. A shutdown would also cut funding for the nutrition program for women and children known as WIC, and food stamp benefits could be impacted if the shutdown lasts through October. National parks could close and FEMA could run out of funds for disaster relief.


>>Pandemic Pause In Student Loan Payments Coming To An End

(Washington, DC) -- Student loan payments are starting up again after a three-year pause. Payments were paused for many borrowers during the pandemic, but starting Sunday, over 45-million student loan accounts will be active again. The average borrower owes around 29-thousand dollars, and most of that debt is held by the federal government. The Biden administration says the normal consequences for missing payments will not be enacted until October of next year, meaning borrowers will not have their wages garnished or be referred to debt collectors. Missed payments, however, could still hurt a borrower's credit score.


>>Ticket Resellers Must Pay Taxes On Earnings

(Undated) -- The IRS is imposing new rules for ticket resellers. An updated form says anyone who made more than 600-dollars by re-selling tickets on StubHub or Ticketmaster will have to report that money as taxable income. It's a big change from the previous threshold, which was anyone who made over 20-thousand-dollars in revenue. During Taylor Swift's recent Eras tour, stories about resellers made headlines as tickets that were normally two-hundred dollars were being resold for thousands.


>>Tesla Sued By EEOC

(San Francisco, CA) -- Tesla is being sued by the US Equal Employment Opportunity Commission. On Thursday, the EEOC filed a lawsuit against Tesla in a California court, alleging the company engages in racial discrimination and harassment. The lawsuit comes after an investigation into Tesla's treatment of Black employees. Since 2015, Tesla has allegedly violated the Civil Rights Act by subjecting Black employees to racial abuse, hostility, and stereotyping. The new lawsuit claims Tesla violated federal law by tolerating the alleged widespread and ongoing harassment of Black employees, and by retaliating against employees who complained.


>>Houses "Unaffordable" For Average American

(Washington, DC) -- Homes are "unaffordable" in 99-percent of the US for the average American. That's according to a new report from the real estate data provider ATTOM. Researchers looked at the medium home prices last year and compared them to the average income of just over 70-thousand dollars a year. Experts say mortgage rates topping seven-percent and homeowners who locked in lower mortgage rates during the pandemic not selling are reasons housing costs are shooting up. Chief economist of Redfin Daryl Fairweather told CBS that the only people selling now are doing so only if they "really need to move because of a life event."


>>California Fast Food Workers To Make $20 An Hour

(Sacramento, CA) -- Fast food workers in California will soon be paid at least 20 dollars per hour starting next year. The wage increase comes from a bill Governor Gavin Newsom signed into law on Thursday. When it takes effect on April 1st, fast-food workers in the Golden State will enjoy one of the highest minimum wages in the country. California's current minimum wage is 15-50 an hour.

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