Existing home sales were flat in August at 4 million units, a slight decrease from July but a 1.8% year-over-year increase. Sales were strongest in the Midwest, weakest in the Northeast. Higher-priced homes ($1M+) saw an 8% year-over-year sales increase, while lower-priced homes (<$100,000) dropped over 10%. ...
Massachusetts is restoring cranberry bogs to wetlands, paying farmers to convert unproductive land. Driven by falling cranberry prices and rising costs, the program benefits farmers facing retirement and helps preserve land. The state's Division of Ecological Restoration has converted over 500 acres in 15 years, with another 500...
The Trump administration's $100,000 H-1B visa fee aims to boost domestic hiring. Economists offer mixed predictions, with some suggesting short-term gains for US tech workers but long-term economic slowdown. While some studies show H-1B workers increase company revenue and create additional jobs, others suggest they may depress wages for...
US new home sales surged 20.5% in August to an annualized rate of 800,000 units, the fastest pace since early 2022. This unexpected jump is attributed to builder discounts and easing borrowing costs, though economists caution about the volatility of this data and the broader housing market's continued stagnation...
Millions of Americans receiving Supplemental Nutrition Assistance Program (SNAP) benefits face reduced assistance or program removal due to stricter work requirements and altered benefit calculations under a new law. The Congressional Budget Office estimates 2.4 million could lose benefits, while millions more will see smaller payments. Changes include...
China announced it will forgo special developing-country treatment within the World Trade Organization (WTO), a move long sought by the U.S. The decision, announced by Premier Li Qiang, aims to bolster the global trading system. While the impact on market access remains unclear, the change only applies to...
Federal Reserve Chair Jerome Powell announced a key interest rate cut last week, prioritizing weakening labor market conditions over persistent inflation. He acknowledged a challenging situation with upside inflation risks and downside employment risks, potentially indicative of stagflation. While expressing comfort with the current policy, Powell hinted at further...
The OECD raised its global growth forecast to 3.2% for 2025, up from 2.9% in June, citing stronger-than-expected resilience in many economies. This upward revision is partly due to front-loaded investment before higher tariffs and strong AI investment in the US. However, the OECD warns of significant risks, including...
The USDA, under the Trump administration, ended its annual food insecurity survey, citing redundancy and politicization. This decision follows the expansion of SNAP work requirements, which will affect 2.4 million Americans. Critics argue the survey is crucial for understanding and addressing food insecurity, particularly as recent data showed a...
Greece's tax authority, housed in a modernized former shopping mall, has dramatically improved the nation's finances using technology. Employing drones, big data, and real-time surveillance, they've cracked down on tax evasion, leading to budget surpluses and credit upgrades. This digital transformation, spurred by past financial crises and austerity...
