Americans eye housing market, and stay put
In this housing market, it makes less and less sense to move. American homeowners sitting on the lowest mortgage rates in modern history will find it far costlier to buy their next home. Renters facing steep inflation may be better off renewing a lease than hunting for a new one. And for most everyone, it’s gotten harder to find the right next home when there are so few available. The simplest and most affordable decision for many Americans will be to stay put — even if their homes become too small, too big, too crowded, too far from work, too isolated from family, or too much to maintain.
Americans Keep Spending Even as Inflation Erodes Buying Power
Americans built up trillions of dollars in savings during the pandemic. Now, with prices rising at their fastest pace in decades, they are tapping that stockpile to keep on spending. Consumer spending rose 0.9% in April, the Commerce Department said Friday, as Americans shook off high prices to buy tickets for flights, sports events and other experiences they had to forgo earlier in the pandemic. Auto sales also increased as car buyers snapped up vehicles after months of shortages. But relying on savings is unsustainable in the long run. Economists say many lower-income households have probably already exhausted their savings, or will in the months ahead.
Global brands seek clarity on Xinjiang
A lack of access in Xinjiang has also made it pretty much impossible for global clothing brands to figure out if their Chinese suppliers use forced labor. At best, their auditing firms have been offered factory visits by video. At worst, local monitoring staff members are harassed and their offices raided and shut down by Chinese police. Cotton from Xinjiang is widely used in the global garment industry. But regulation soon to go into effect in the United States will allow customs officers to seize shipments of any goods that are made in Xinjiang unless companies can prove their supply chains are not tainted with forced labor.
SEC says it is scrutinizing Musk’s Twitter share purchases
The Securities and Exchange Commission revealed Friday that it had begun looking into Elon Musk’s purchases of Twitter stock in early April and whether he properly disclosed his stake and his intentions. In a regulatory filing, the agency said it had approached Musk on April 4. At the time, Musk had just become Twitter’s largest shareholder with a 9.2% stake in the company. Musk also filed a securities document that indicated he planned for the investment to be passive and did not intend to pursue control of the company. Ten days later, Musk offered $54.20 a share to buy Twitter outright.
‘Top Gun: Maverick’ wins Tom Cruise 1st $100 million opening
Tom Cruise got his first $100 million opening weekend with “Top Gun: Maverick.” Paramount Pictures said Sunday that in its first three days in North American theaters, “Top Gun: Maverick” earned an estimated $124 million in ticket sales. It’s a supersonic start for the long-in-the-works sequel and the film still has the wide-open skies of Memorial Day Monday to rake in even more cash. According to projections and estimates, by Monday’s close “Top Gun: Maverick” will likely have over $150 million. The film is playing on a record 4,735 North American screens.
Workers vote to become first unionized Starbucks in Alabama
Starbucks has until later this week to file objections after workers at a shop in Birmingham became the first of the company’s outlets in Alabama to vote to organize. Baristas and other employees at a downtown store voted 27-1 to organize in a tally announced Thursday, news outlets reported. They would be represented by Workers United if federal labor officials certify the vote. Company officials didn’t immediately respond to an email seeking comment on whether Starbucks would challenge the vote. It was the latest in a series of wins for labor at Starbucks stores across the nation.
BY wire sources