Austin, Texas, is currently the strongest buyer’s market in the United States, as there are significantly more homes for sale than there are buyers. This situation follows a construction boom that led to a peak in home availability, along with a drop in demand due to higher mortgage rates.
Key Facts
Austin has 130% more home sellers than buyers as of September.
Home prices in Austin have decreased since their pandemic peak, with the median sale price at $508,000 in September.
There were over 11,000 homes for sale in Austin in September, up from as low as 3,000 during 2021 and 2022.
Austin saw a rapid increase in home prices between 2020 and 2022, driven by high demand from remote work and domestic migration.
A construction boom followed the demand surge, leading to more available homes.
Higher mortgage rates in 2023 reduced buyer demand and contributed to falling home prices.
Unlike other parts of the U.S., new construction in Austin has helped prevent home prices from becoming too expensive.
Experts predict that while prices may remain low for now, they could rise again if new construction slows down.
A report from LegalShield shows that American consumers are feeling financial stress at levels not seen since early 2020 due to job losses, rising prices, and debt. Bankruptcy inquiries have increased, and consumers are increasingly worried about their financial situation. The Consumer Stress Legal Index, which tracks legal inquiries related to financial stress, has reached new highs.
Key Facts
Bankruptcy inquiries increased by 17% in the third quarter of the year.
The Consumer Stress Legal Index rose 4.4% between June and September.
The index tracks about 150,000 monthly legal calls to assess consumer stress.
Inflation remains above the Federal Reserve's 2% target, with a 3% annual rate in September.
Many Americans are using "buy now, pay later" loans for essential purchases.
Roughly half of "buy now, pay later" users are missing payments.
Job growth data from the Labor Department is delayed due to a government shutdown.
Financial pressures are expected to rise further, potentially increasing bankruptcy filings.
NPR and the Corporation for Public Broadcasting (CPB) are involved in a legal dispute. NPR claims CPB unlawfully canceled a contract with them under political pressure after President Trump suggested cutting NPR's federal funding. CPB argues it awarded the contract to another group to better serve public radio stations.
Key Facts
NPR and CPB are important organizations in the U.S. public media sector.
NPR alleges CPB canceled their contract due to President Trump's comments against federal funding for NPR.
CPB says it gave the contract to another group for better service to diverse radio stations.
Both NPR and CPB declined to comment because of the ongoing lawsuit.
The dispute became public after legal filings from NPR were revealed.
NPR has been distributing radio content for public stations for decades.
President Trump called for an end to federal funding for NPR and PBS.
CPB was concerned about maintaining its overall funding from the federal government.
An engineer, Adam Root, has been shortlisted for a global award for creating filters that remove microplastics from wastewater. His company, Matter, developed these filters to prevent microplastics from entering oceans, and they are now used in both household and industrial settings. Root's invention is competing for a £1 million prize at the Earthshot Awards.
Key Facts
Adam Root is an engineer from Essex who invented filters that remove microplastics from water.
His company, Matter, developed a filter called Regen that is self-cleaning and reusable.
The filters prevent microfibers from washing machines and industrial units from entering waterways.
Root's invention is shortlisted for a £1 million prize at the Earthshot Awards organized by the Prince of Wales.
Microplastics are small plastic particles less than 5mm that pollute ecosystems.
Matter has raised over £15 million and employs about 45 people to expand its technology.
The filters are now used in textile factories worldwide to clean massive amounts of water.
Adam Root initially worked on his invention at his mother-in-law's dining table and later expanded his workspace.
A mother in Missouri faced difficulties when her health insurance company couldn't agree on a contract with her hospital, making her family's doctors out-of-network. This contract dispute forced her to consider expensive options for her daughter's necessary specialist appointments while she looked for solutions.
Key Facts
Amber Wingler, from Columbia, Missouri, faced an insurance issue when Anthem dropped her local hospital, MU Health Care, from its network.
The contract dispute meant that most of Wingler's family doctors were now out-of-network.
Out-of-network care typically costs more, leading to higher out-of-pocket expenses.
Wingler's 8-year-old daughter, Cora, needs specialist care, but the available in-network options are over 120 miles away.
Over 650 hospitals in the U.S. have had public disputes with insurers since 2021.
These disputes may increase as hospitals face significant federal health care spending cuts.
Patients often have limited options during such disputes and may need to find financial assistance or alternative care arrangements.
Edgar Chu, a former designer at Mercedes-AMG, has started a new car design project with his company Rev Auto Design. He aims to create a new car model called the HWA EVO, influenced by the Mercedes-Benz 190 EVO II. The HWA EVO features new design elements, and its testing is in progress, with deliveries expected soon.
Key Facts
Edgar Chu is a former senior exterior designer at Mercedes-AMG, where he worked from 2010 to 2023.
He has completed around 1,000 laps at the Nürburgring Nordschleife racing circuit.
Chu's new venture is called Rev Auto Design, where he serves as the founder and chief design officer.
The HWA EVO is inspired by the Mercedes-Benz 190 EVO II but is a completely new car.
The HWA EVO features a carbon fiber body, apart from the cant rails.
Testing and calibration of the HWA EVO are currently underway.
The starting price for the HWA EVO is approximately $770,000.
Chu left his stable career at Mercedes-AMG to pursue his passion for car design independently.
Walmart has announced the dates for its 2025 Black Friday and Cyber Monday sales. The retailer will hold two Black Friday events, starting in mid-November for online and in-store purchases, and a Cyber Monday sale in early December.
Key Facts
Walmart will have two Black Friday sales in 2025.
The first Black Friday sale starts online for Walmart+ members on November 13 at 7pm ET.
All shoppers can access deals online and in stores from November 14 to 16.
A 98-inch TCL QLED TV will be on sale for $998, reduced from $1,798.
The second Black Friday sale begins November 24 at 7pm ET for Walmart+ members.
This second sale becomes available to all shoppers online only from November 25 to 27 and in stores from November 28 to 30.
Cyber Monday early access for Walmart+ members starts November 30 at 7pm ET.
The Cyber Monday sale is open to all shoppers on December 1.
The United States and China have made progress in trade talks during a meeting in Malaysia, setting the stage for President Trump and Chinese President Xi Jinping to discuss a potential agreement. The discussions are aimed at easing trade tensions between the two countries, with both sides making concessions. Key topics include China's promise to increase purchases of U.S. agricultural products and the possibility of delaying China's export controls on rare-earth minerals.
Key Facts
U.S. and China held trade talks in Malaysia and reported significant progress.
President Trump and President Xi are scheduled to meet in South Korea to continue discussions.
The U.S. may avoid imposing a 100 percent tariff on Chinese goods if a deal is reached.
China agreed to purchase more U.S. agricultural products, boosting American farmers.
China plans to introduce controls on the export of rare-earth minerals by December 1.
Rare-earth minerals are important for making high-tech products like smartphones and electric cars.
Trade tensions have caused global concern about potential economic impacts.
The U.S. and China hope to finalize specific trade details during upcoming talks.
Suppliers say they are owed about £20 million for work on prison upgrades in England. The lead contractor, ISG, went into administration, leaving many companies unpaid. The Ministry of Justice had promised to protect these payments using special accounts, but many firms are still waiting for their money.
Key Facts
Suppliers worked on upgrades at three prisons: HMP Birmingham, HMP Liverpool, and HMP Guys Marsh.
About 40 companies are reportedly owed money after the main contractor, ISG, went bankrupt in September.
The Ministry of Justice had used Project Bank Accounts (PBAs) to protect payments, but some firms say these accounts did not work.
European Screeding, a Lancashire-based company, is owed £130,000 for work on prison cell floors.
Raven Project Metals, based in Leicester, is owed nearly £185,000 for work on HMP Birmingham.
PBAs are intended to ensure suppliers are paid even if a main contractor fails.
The failure to protect payments has worried many businesses, with some considering legal action.
The Ministry of Justice has not commented on the situation.
In Sweden, 70 car mechanics are on strike against carmaker Tesla, seeking the right for their union, IF Metall, to negotiate pay and conditions on their behalf. The strike, which began in October 2023, is rooted in Swedish industrial traditions that prioritize collective agreements, a practice Tesla CEO Elon Musk opposes. Tesla has hired replacement workers, maintaining its operations in Sweden despite union action.
Key Facts
70 car mechanics in Sweden are striking against Tesla for union negotiation rights.
The strike began in October 2023 and has lasted two years.
Tesla CEO Elon Musk opposes unions, stating they create negativity.
Most Swedish workers (70%) are union members and 90% have collective agreements.
Tesla hired new workers to replace strikers, a move rare since the 1930s in Sweden.
The strike centers on the right for unions like IF Metall to negotiate terms.
Tesla has not engaged with the union's requests for a collective agreement.
The machinists at three Boeing plants in the Midwest have voted to reject the company’s latest contract offer, continuing a strike that began nearly three months ago. The vote was very close, with 51% against and 49% in favor of the proposed terms.
Key Facts
Workers at Boeing's plants in St. Louis, St. Charles, Missouri, and Mascoutah, Illinois, rejected a contract offer that included a 20% wage increase over four years.
Over 3,200 Boeing defense workers are involved in the strike, which started in August.
Boeing’s defense and space sector contributes significantly to the company's revenue and is important for U.S. military projects.
In March, President Trump awarded Boeing a contract to build F-47 fighter jets.
The IAM Union noted that workers involved in the strike build crucial U.S. military aircraft like the F-15 and F/A-18.
Union members are seeking improvements like fair wage increases aligned with inflation and better retirement contributions.
Past offers included a $4,000 signing bonus, but workers did not accept these terms.
Boeing claims the vote was close, and the company expressed disappointment with the result.
Treasury Secretary Scott Bessent, who is also a soybean farmer, discussed how the ongoing trade war with China is affecting U.S. farmers. China has stopped buying U.S. soybeans, which has hurt farmers' incomes. Bessent hinted at a future deal with China that might help the farmers.
Key Facts
Scott Bessent is the U.S. Treasury Secretary and a rich soybean farmer.
China has stopped buying soybeans from the U.S. due to a trade war.
U.S. farmers have lost a major market worth an estimated $13 billion annually.
Bessent owns farmland in North Dakota, generating over $1 million in rent yearly.
He has postponed selling his farm assets despite an ethics agreement.
Bessent believes a planned deal with China will benefit U.S. soybean farmers.
He claims the trade war is also impacting his personal finances.
U.S. Treasury Secretary Scott Bessent announced that the U.S. and China have finalized a deal over the TikTok app, with an official announcement anticipated when President Trump meets Chinese President Xi Jinping in South Korea. The deal involves TikTok being spun into a new U.S.-owned company, with American investors controlling most of it.
Key Facts
The U.S. and China reached a final agreement on TikTok, expected to be announced when President Trump and President Xi meet on Thursday in South Korea.
Treasury Secretary Scott Bessent confirmed the deal's completion during an interview on CBS News' Face the Nation.
Under the deal, TikTok will become a U.S. joint venture, with American investors like Oracle and Silver Lake Partners owning about 80%.
ByteDance, TikTok’s parent company, will retain a 20% stake but won't have control over security decisions.
The U.S. Congress requires TikTok to cut ties with ByteDance as part of the security measures.
President Trump had delayed a TikTok ban to negotiate a deal, while President Joe Biden earlier set a 2025 deadline to resolve the issue.
TikTok's algorithm, previously controlled by China, has been central to the discussions.
The deal comes amid ongoing U.S.-China economic tensions, including tariffs imposed by both countries.
President Donald Trump is attending a summit in Asia, where he is working on trade agreements with China. The U.S. and China are close to a deal that could ease global economic tensions. These trade talks also involve new agreements with other Asian countries like Thailand and Malaysia.
Key Facts
President Trump is at the ASEAN summit in Malaysia for trade discussions.
The U.S. and China are nearing an agreement to resolve trade tensions.
The U.S. previously threatened high tariffs on Chinese goods due to China's export restrictions on rare earth materials.
Both countries have changed their approach to avoid a global economic downturn.
Chinese and U.S. negotiators claim progress towards a deal, but some issues remain unresolved.
Beyond China, Trump has facilitated trade and ceasefire agreements with Thailand and Cambodia.
New trade deals involve reducing tariffs and harmonizing product standards with Asian countries like Thailand and Malaysia.
Vietnam has agreed to purchase more U.S. goods to help balance trade differences.
The United States and China are moving closer to a trade agreement as President Donald Trump and Chinese leader Xi Jinping prepare for a meeting to discuss finalizing the deal. Officials from both countries have reached an initial understanding, which is seen as a positive step for global markets, though it doesn't resolve all underlying trade issues. The meeting will take place during President Trump's trip to Asia, with further talks planned for the future.
Key Facts
The U.S. and China are nearing a trade deal, aiming for finalization during a meeting between President Trump and Xi Jinping.
The pending agreement is expected to relieve international markets but won't tackle all trade issues.
Recently, China limited exports of rare earth elements, and President Trump threatened additional tariffs in response.
U.S. Treasury Secretary Scott Bessent confirmed a "successful framework" has been established and further tariff threats are off.
Initial agreements include efforts to stop fentanyl chemicals from reaching the U.S. and China's promise to buy more U.S. agricultural products.
Talks between the U.S. and China are part of the ASEAN Summit in Kuala Lumpur, Malaysia.
President Trump also attended a ceasefire ceremony between Thailand and Cambodia at the summit.
Trump plans to visit China, with possible future visits by Xi to Washington or Trump's Mar-a-Lago resort.
A new craft flour mill is being built on the Umatilla Indian Reservation in Oregon by Cairnspring Mills. This project aims to offer a local market and more economic opportunities to wheat farmers affected by low prices and trade issues. The mill will boost local employment by creating about 20 jobs, focusing on hiring Native people.
Key Facts
A new craft flour mill is under construction on the Umatilla Indian Reservation in Oregon.
The mill is being built by Cairnspring Mills, a Washington-state-based company.
This new facility will increase the company's production capacity twelvefold.
The expansion is a response to low wheat prices and the impact of trade policies.
The mill will require about 2 million bushels of wheat annually, offering a local market for farmers.
The project is expected to create around 20 jobs with a priority on training and hiring Native people.
Nearly 90% of wheat grown in the Pacific Northwest is currently exported.
The investment reflects economic development efforts in Indian Country.
Pizza Hut is closing half its restaurants in the UK after facing financial difficulties. The rising costs of food and staffing have made it hard for the chain to maintain its all-you-can-eat offerings. Competitors like Domino’s and high-quality supermarket pizzas are attracting more customers.
Key Facts
Pizza Hut is closing 68 out of its 132 UK locations.
The chain was bought out of administration twice this year.
Rising food prices have made Pizza Hut’s buffet model costly to operate.
Staffing costs increased due to higher minimum wages and national insurance.
Competitors like Domino’s focus on takeaway and delivery, which are very popular.
Casual and fast-food restaurants saw a 6% drop in customers over the summer.
Many people prefer cooking pizza at home or getting high-quality oven pizzas from supermarkets.
Newer pizza places with fresh ingredients are changing what people expect from pizza.
Supermarket leaders in the UK have warned that possible tax increases could cause food prices to rise further. Several major supermarket chains sent a letter to the UK Chancellor, expressing concerns that higher taxes, like increased business rates, could impact household budgets. The government said it aims to tackle food price inflation and has lowered some business rates for specific shops.
Key Facts
UK supermarket chains including Tesco, Asda, Sainsbury's, and Morrisons warned about potential food price increases if taxes rise.
Supermarkets sent a letter to Chancellor Rachel Reeves regarding concerns on taxes affecting food prices.
Supermarkets are currently facing increased costs, partly from recent tax hikes, which could keep high food inflation until 2026.
The Treasury is working to reduce food price inflation and has decreased business rates for certain shops like butchers and bakers.
The Chancellor's upcoming Budget may involve tax increases needed due to financial shortfalls and economic forecasts.
Rising global food inflation is partly caused by poor harvests and trade tensions.
High staple food prices have been reported, with significant increases in products like butter and milk.
Retailers are attempting to absorb costs and keep food prices down, but face challenges with high additional costs expected by 2025.
A technical problem paused the National Lottery's Saturday Lotto draw. The draw will restart with a different machine and results will be published later. Allwyn, the new operator, took over running the lottery in 2024.
Key Facts
The National Lottery's Lotto draw stopped due to a "technical fault."
The problem happened when the bonus ball did not drop in the draw machine.
The draw will resume with a different machine under the supervision of an independent observer.
Allwyn, the new operator, will post the results after the draw is completed.
Allwyn took over the lottery in 2024 after 30 years of Camelot running it.
Allwyn Entertainment is internationally owned by Czech businessman Karel Komarek.
The stream of the draw was unavailable on the National Lottery's YouTube channel during the incident.
The Mexican footwear industry faces challenges and opportunities due to trade tensions and tariffs involving the U.S. President Trump and Mexican President Sheinbaum have extended tariff negotiations until October 31. While some Mexican shoe manufacturers see potential benefits from tariffs on other countries, small businesses struggle with production drops and competition from imports.
Key Facts
Juan Alvarado owns a shoe manufacturing business in Leon, but current U.S.-Mexico trade tensions have forced him to reduce his workforce from 25 to 15 people.
Mexico faces a 25% tariff on cars and a 50% tariff on steel, aluminum, and copper. There is a 25% tariff on goods not covered by the USMCA.
Despite tariffs, some Mexican footwear exports to the U.S. are tariff-free if they comply with USMCA rules.
Juan Carlos Cashat Usabiaga, head of CICEG, sees these circumstances as advantageous compared to tariffs faced by other nations.
Alvarado's production dropped as his U.S. client cut shoe orders due to tariff uncertainties.
Mexico stopped package shipments to the U.S. after an end to a tax exemption for packages under $800.
Mexico is the ninth-largest footwear producer globally, concentrating over 75% of production in Guanajuato.
Chinese imports and price undercutting practices impact Mexico's footwear production, affecting jobs and industry growth.
