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36
<br />M
<br />The news at a glance
<br />,U„ u�,,, " Forecasts: Warnings of a global slowdown
<br />AF housing affordability fell
<br />29 percent between March
<br />2022 and the year earlier, the
<br />sharpest decline on record,
<br />according to the National
<br />Association of Realtors. With
<br />mortgage rates soaring and
<br />home prices staying ele-
<br />vated, the monthly principal
<br />and interest payment on an
<br />average -priced home, by a
<br />buyer who puts 20 percent
<br />down, has gone up bq
<br />roughly $600-44 percent —
<br />since the start of the year.
<br />Axios
<br />to The average sales price
<br />of manufactured homes
<br />has risen nearly 50 percent
<br />during the pandemic,
<br />from $82,900 to $123,200,
<br />compared with a 22 percent
<br />increase for average new
<br />homes. About 20 million
<br />Americans live in mobile
<br />homes, which make up about
<br />6 percent of U.S. residences.
<br />The Washington Post
<br />a In addition to $385 mil-
<br />lion in career earnings in
<br />the NBA, LeBron
<br />James' business
<br />interests have
<br />made him a bil-
<br />lionaire; he is the
<br />second basketball
<br />` player (along with
<br />Michael Jordan)
<br />to reach the milestone.
<br />Forbes
<br />is The median launch price
<br />of a new drug in the U.S.
<br />soared from $2,115 in 2008 to
<br />$180,007 in 2021, with aver-
<br />age prices rising 20 percent
<br />per year. Over 47 percent
<br />of new drugs introduced in
<br />2020 and 2021 cost more
<br />than $150,000 per year, com-
<br />pared with just 9 percent of
<br />drugs introduced from 2008
<br />to 2013.
<br />Fortune
<br />h Some 83 percent of
<br />respondents said the state
<br />of the economy was "poor"
<br />or "not so good" in a poll
<br />from The Wall Street Journal
<br />and NORC at the Univer-
<br />sity of Chicago. That's the
<br />highest dissatisfaction level
<br />since NORC, a nonpartisan
<br />research organization, began
<br />asking the question in 1972.
<br />The Wall Street Journal
<br />THE WEEK June 17, 2022
<br />The world economy is in dan-
<br />ger, said William Horobin in
<br />.Bloomberg. That was the message
<br />this week from two international
<br />organizations, the Washington -
<br />based World Bank and the Paris -
<br />based Organization for Economic
<br />Cooperation and Development
<br />There's no question the world
<br />is in a precarious position, said
<br />Steve Goldstein in MarketWatch,
<br />but there are diverging views
<br />on how bad things will be. The
<br />OECD doubled its inflation
<br />projection from December to
<br />R_S nPrrPnt in If)')? 14,:
<br />(OECD), both of which said the The Ukraine war has snarled trade. it offered some reasons for cau-
<br />world will pay a "hefty price for
<br />the war in Ukraine." The World Bank warned of
<br />stagflation reminiscent of the 1970s and cut its
<br />projection for growth to 2.9 percent; at the start
<br />of the year, it had predicted growth of 4.1 per-
<br />cent. The OECD, a policy group with 38 member
<br />countries, also cut its forecast and cautioned
<br />about "long-lasting damage to supply chains"
<br />after the abrupt cutoff of Russia's economy.
<br />tious optimism that the current
<br />situation is not like that of the 1970s. "Advanced
<br />economies are far less energy intensive —in the
<br />U.S., that reduces the impact of an oil shock
<br />by half." Falling union membership has made
<br />advanced economies less susceptible to a wage -
<br />price spiral, which can pressure higher inflation.
<br />And "higher savings accumulated during the pan-
<br />demic" should keep consumer demand strong.
<br />Twitter: Musk renews threats to abandon deal
<br />The chicken deals
<br />Elon Musk reiterated his threat to walk away from his planned Twitter
<br />aren't flying away
<br />purchase over Twitter's fake accounts, said Kurt Wagner and Maxwell
<br />One item in the grocery
<br />Adler in Bloomberg. Musk filed a letter to regulators this week asserting
<br />can still feels like a
<br />that the company is committing "a material breach" of its obligations
<br />discount, said Rachel
<br />under the $44 billion takeover deal "by not meeting his demands for
<br />Treisman in NPR.org:
<br />more information" about boss, and he reserves the right "to terminate
<br />rotisserie chicken. ss
<br />inflation causes costs
<br />the agreement. But legal experts say the filing wasn't necessary"
<br />� g � Y g " ry" and
<br />was likely done to put public pressure on TwitteL Behind the scenes,
<br />to rise on food across
<br />"both sides have been meeting regularly and sharing information."
<br />the board, including
<br />poultry, wholesalers
<br />Tariffs: U.S. opens door to more solar panel imports
<br />p p
<br />and
<br />Sam's
<br />The Biden administration declared a two-year freeze on tariffs for solar
<br />Cl bar
<br />Sam's Club are keeping
<br />I their rotisserie chicken
<br />panels imported from four Southeast Asian countries, said Jeff Mason
<br />prices low--$5 or less."
<br />in Reuters. The move this week comes after state governors, lawmak-
<br />Grocery stores Publix
<br />ers, and environmentalists expressed concern about a Commerce
<br />and Giant Eagle have
<br />Department investigation that has "effectively halted the flow of solar
<br />also held their cooked
<br />panels" to the U.S. The agency has been looking into whether solar
<br />poultry prices stable.
<br />panels primarily made in China were being routed through Cambodia,
<br />I The reason, accord -
<br />Malaysia, Thailand, and Vietnam to circumvent e�smr,pi� roja;5�
<br />ing to food -marketing
<br />„ ... .. d
<br />Amazon: Consumer chief leaves after over -building
<br />experts, is "loss -leader
<br />pricing," a strategy of
<br />Amazon's consumer CEO, Dave Clark, resigned last week after the
<br />I "selling some prod -
<br />company admitted it built too much warehouse space during the pan-
<br />ucts below cost to get
<br />demic, said Dana Mattioli in The Wall Street Journal. Clark, who over-
<br />1 shoppers in the door."
<br />saw Amazon's logistics operation, "led an unprecedented hiring spree
<br />i Rotisserie chickens
<br />and build -out of its sprawling delivery network" last year Declining
<br />area popular choice.
<br />If shoppers are "filling
<br />demand led to Amazon's first quarterly loss in seven years in April, and
<br />the company is now trying to renegotiate leases and "seeking to sub-
<br />their carts with other
<br />lease at least 10 million square feet of warehouse space."
<br />;; goods that have gone
<br />up in price," they might
<br />"
<br />rade: Ports wait on dock+arkelr- & otiations
<br />feel better knowing
<br />"they've
<br />"The immediate future of the global supply chain rests on a bargaining
<br />saved money
<br />on at least one highly
<br />table in San Francisco," said Sam Dean in the Los Angeles Times. The
<br />%' visible item." That is, if
<br />union representing all West Coast dockworkers met this week with the
<br />you can find it. Stores
<br />bosses of maritime shipping firms before the current contract expires
<br />tend to stash their
<br />July 1. A backlog of ships waiting to unload at the ports has added
<br />rotisserie selections in
<br />urgency to the negotiations, which historically have been fraught. "West
<br />the back so that cus-
<br />Coast dockworkers are the highest -paid logistical workers in the US.,"
<br />tomers have to "pass
<br />with average full-time salaries of $195,000. But union leaders contend
<br />lots of other products
<br />that shipping companies are increasing automation at workers' expense.
<br />along the way.",
<br />
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