Economy
Illinois, Chicago Opening New Rental Funding Round on Monday
Illinois has dispersed $750 million to help those who fell behind on rent during the coronavirus pandemic. Far less – so far $100 million – has gone to homeowners having trouble keeping up with their bills. And it may be months before homeowners receive funding.
Brandis Friedman and a panel of guests talk about how Black-owned small businesses are navigating the holiday shopping season amid supply chain issues and labor shortages. Watch the discussion now.
Consumers are expected to spend between $10.2 billion and $11.3 billion on Monday, making it once again the biggest online shopping day of the year, according to Adobe Digital Economy Index.
Postal workers who recall packages and letters piled up in distribution hubs are better prepared this time as they gear up for another pandemic crunch. But low product inventories, and port and supply chain disruptions are creating new uncertainty about getting gifts delivered.
Buoyed by solid hiring, healthy pay gains and substantial savings, customers are returning to stores and splurging on all types of items. But the spike has also resulted in limited selection across the board as suppliers and retailers have been caught flat-footed.
The long-awaited report by the Interior Department stops short of recommending an end to oil and gas leasing on public lands, as many environmental groups have urged. But officials said the report would lead to a more responsible leasing process that provides a better return to U.S. taxpayers.
The U.S. action is focused on helping Americans coping with higher fuel and other prices ahead of Thanksgiving and winter holiday travel. Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association.
The number of residential and commercial evictions in Chicago and Cook County were 32% lower in October 2021 than in October 2019, according to data provided by the office of Cook County Chief Judge Tim Evans. October was the first full month with no restrictions on enforcing eviction judgements in Illinois.
In 2017, federal and state leaders heralded a massive new factory in southern Wisconsin to be built by Taiwan-based electronics manufacturer Foxconn. The facility was supposed to create thousands of jobs and spur economic development, but a new book argues those promises have come up short.
The $1 trillion infrastructure plan was signed into law by President Joe Biden. Nationwide, the plan will send billions to state and local governments for long-needed upgrades. 17 billion of those dollars are headed to Illinois, adding to the 45 billion the state is already spending on infrastructure thanks to the 2019 Rebuild Illinois bill.
Mayor Lori Lightfoot said getting a casino off the ground in Chicago will “usher in a new and exciting era for our city.”
The student loan debt crisis is now up to $1.7 trillion. Many federal loan borrowers were temporarily relieved of repayments during the pandemic, but they’re set to resume Feb. 1. And there’s no movement on canceling student debt.
The latest proposed contract maintains the 10% immediate raises that the last deal offered, and it makes what the United Auto Workers union called modest changes to the details of Deere’s internal incentive pay program for workers.
In September, 4.4 million people left their jobs, according to the latest data from the U.S. Bureau of Labor Statistics. Some say workers have spent the pandemic reevaluating their priorities and values, leading them to leave their places of work or demand more from their employers.
Unless spending snaps sharply back to services — or something else leads people to stop buying so much — it could take deep into 2022 or even 2023 before global supply chains regain some semblance of normalcy.
The United Auto Workers said in a statement Friday night that the proposed contract with the agricultural machinery giant “includes modest modifications" to the latest rejected proposal, which included immediate 10% raises.