MINNEAPOLIS–(BUSINESS WIRE)–Apogee Enterprises, Inc. (Nasdaq: APOG) announced today that it has completed the amendment and extension of its senior unsecured credit facility. The agreement increases the company’s unsecured revolving credit facility to $385 million and provides for an uncommitted accordion feature allowing for an additional $200 million of borrowing capacity. The company will repay its current $150 million senior unsecured term loan using proceeds from the increased revolving facility. The new amended credit facility will mature in 2027.
“This amended credit facility provides Apogee with lower borrowing costs, an extended maturity, and increased flexibility as we execute our strategy in the coming years,” said Ty R. Silberhorn, Chief Executive Officer. “We’d like to thank our lenders for their continued confidence in Apogee and our strategic direction.”
Wells Fargo Bank, National Association acted as Administrative Agent and U.S. Bank National Association acted as Syndication Agent. BMO Harris Bank, N.A., Truist Bank and Comerica Bank are also lenders.
Additional details on the amended credit agreement can be found in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission.
About Apogee Enterprises, Inc.
Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural products and services for enclosing buildings, and glazing products for framing art. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes high-performance architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.
Justin Nelson’s letter, one of the thousands that arrived at the White House this month, said he was proud to vote for President Biden back in 2020. Now he had a request: Would the president please honor a campaign promise and use the enclosed pen to wipe out thousands of dollars he owes in student loans?
The letter-writing campaign — #PensForBiden — is the latest attempt to sway Mr. Biden on a high-stakes dilemma as the midterm elections approach and much of his domestic agenda remains stalled: What to do about the $1.6 trillion that more than 45 million people owe the government?
So far, Mr. Biden has extended the pandemic pause on student loan payments four times, most recently until Aug. 31. Payments have now been on hold for more than two years, over two presidential administrations.
But all that time poses problems. Many of the issues that have long bedeviled the loan system have only grown more complicated during the pause, and receiving bills again will infuriate and frustrate millions of people who feel trapped by a broken system and crushing debt.
progressive wing of his Democratic Party. He backed the idea on the campaign trail in 2020. “I’m going to make sure that everybody in this generation gets $10,000 knocked off of their student debt as we try to get out of this God-awful pandemic,” he told an audience in Miami.
Senate Democrats lack the votes to help make good on that promise, leaving executive action as the only possible pathway. But close allies say some influential members of Mr. Biden’s team have been reluctant for him to do it — some because they disagree with the idea of forgiveness and some because they don’t believe he has the authority.
“He’s got lawyers telling him he shouldn’t,” said Representative James E. Clyburn of South Carolina, the third-ranking House Democrat and a key supporter of Mr. Biden. But Mr. Clyburn, the most senior Black lawmaker in Congress, said presidential actions had brought sweeping changes before, including Abraham Lincoln’s Emancipation Proclamation and Harry Truman’s order banning segregation in the military.
“If executive orders can free slaves and integrate the armed services, it can eliminate debt,” Mr. Clyburn said.
analysis released by the Federal Reserve Bank of New York last week. A separate study by the bank found that surveyed borrowers reported a 16 percent chance of quickly missing a payment if the moratorium ended.
Mr. Nelson, a 32-year-old bank operations associate in Minneapolis, said the pause had freed up $120 a month for home repairs and other expenses.
recent Morning Consult poll found that more than 60 percent of registered voters were in favor of some level of student debt cancellation. But despite Mr. Biden’s campaign promise, his advisers have been divided, three people with knowledge of the discussions said.
Some view debt cancellation as relief for critical constituencies, said the people, who spoke on the condition of anonymity because they were not authorized to speak publicly. Others oppose it as bad policy or because they fear the economic effects of putting more money in consumers’ pockets when inflation is soaring.
But the pressure on Mr. Biden to act has only grown.
Senator Elizabeth Warren of Massachusetts, whose pledge to cancel up to $50,000 per borrower was a centerpiece of her 2020 presidential primary bid, and Senator Chuck Schumer of New York, the majority leader, led more than 90 congressional Democrats in sending Mr. Biden a letter last month asking him to “provide meaningful student debt cancellation.”
voting rights protections and Mr. Biden’s Build Back Better agenda, as reason for the president to take matters into his own hands.
The New Georgia Project, a group focusing on voter registration founded by the gubernatorial candidate Stacey Abrams, has cast debt relief as an action that would serve Mr. Biden’s pledge to put racial equity at the forefront of his presidency.
“Much of your administration’s legislative priorities have been stymied by obstructionist legislators,” the group wrote in a joint letter with the advocacy group the Debt Collective that was reviewed by The New York Times. “Student debt cancellation is a popular campaign promise that you, President Biden, have the executive power to deliver on your own.”
announcing the latest pause extension last month, Mr. Biden’s press secretary, Jen Psaki, said he “hasn’t ruled out” the idea.
But Mr. Biden’s power to act unilaterally remains an open legal question.
Last April, at Mr. Biden’s request, the Education Department’s acting general counsel wrote an analysis of the legality of canceling debt via executive action. The analysis has not been released; a version provided in response to public records requests was fully redacted.
Proponents of forgiveness say the education secretary has broad powers to modify or cancel debt, which both the Trump and Biden administrations have leaned on to carry out the payment freeze that started in March 2020.
Legal challenges would be likely, although who would have standing is unclear. A Virginia Law Review article this month argued that the answer might be no one: States, for example, have little say in the operation of a federal loan system.
scathing criticism from government auditors and watchdogs, with even basic functions sometimes breaking down.
Some problems are being addressed. The Biden administration has wiped out $17 billion in debt for 725,000 borrowers by expanding and streamlining forgiveness programs for public servants and those who were defrauded by their schools, among others. Last week, it offered millions of borrowers added credit toward forgiveness because of previous payment-counting problems.
But there’s much still to do. The Education Department was deluged by applicants after it expanded eligibility for millions of public servants. And settlement talks in a class-action suit by nearly 200,000 borrowers who say they were defrauded by their schools recently broke down, setting up a trial this summer.
will be restored to good standing.
Canceling debt could make addressing all this easier, advocates say. Forgiving $10,000 per borrower would wipe out the debts of 10 million or more people, according to different analyses, which would free up resources to deal with structural flaws, proponents argue.
“We’ve known for years that the system is broken,” said Sarah Sattelmeyer, a higher-education project director at New America, a think tank. “Having an opportunity, during this timeout, to start fixing some of those major issues feels like a place where the Education Department should be focusing its attention.”
Voters like Ashleigh A. Mosley will be watching. Ms. Mosley, 21, a political science major at Albany State University in Georgia, said she had been swayed to vote for Mr. Biden because of his support for debt cancellation.
Ms. Mosley, who also attended Alabama A&M University, has already borrowed $52,000 and expects her balance to grow to $100,000 by the time she graduates. The debt already hangs over her head.
“I don’t think I’m going to even have enough money to start a family or buy a house because of the loans,” she said. “It’s just not designed for us to win.”
The pandemic, and now the war in Ukraine, have altered how America’s economy functions. While economists have spent months waiting for conditions to return to normal, they are beginning to wonder what “normal” will mean.
Some of the changes are noticeable in everyday life: Work from home is more popular, burrito bowls and road trips cost more, and buying a car or a couch made overseas is harder.
But those are all symptoms of broader changes sweeping the economy — ones that could be a big deal for consumers, businesses and policymakers alike if they linger. Consumer demand has been hot for months now, workers are desperately wanted, wages are climbing at a rapid clip, and prices are rising at the fastest pace in four decades as vigorous buying clashes with roiled supply chains. Interest rates are expected to rise higher than they ever did in the 2010s as the Federal Reserve tries to rein in inflation.
History is full of big moments that have changed America’s economic trajectory: The Great Depression of the 1930s, the Great Inflation of the 1970s and the Great Recession of 2008 are examples. It’s too early to know for sure, but the changes happening today could prove to be the next one.
kept at it.
Now, Russia’s invasion of Ukraine threatens the global geopolitical order, yet another shock disrupting trade and the economic system.
For Washington policymakers, Wall Street investors and academic economists, the surprises have added up to an economic mystery with potentially far-reaching consequences. The economy had spent decades churning out slow and steady growth clouded by weak demand, interest rates that were chronically flirting with rock bottom and tepid inflation. Some are wondering if, after repeated shocks, that paradigm could change.
“For the last quarter century, we’ve had a perfect storm of disinflationary forces,” Jerome H. Powell, the Fed chair, said in response to a question during a public appearance this week, noting that the old regime had been disrupted by a pandemic, a large spending and monetary policy response and a war that was generating “untold” economic uncertainty. “As we come out the other side of that, the question is: What will be the nature of that economy?” he said.
began to raise interest rates this month in a bid to cool the economy down and temper high inflation, and Mr. Powell made clear this week that the central bank planned to keep lifting them — perhaps aggressively. After a year of unpleasant price surprises, he said, the Fed will set policy based on what is happening, not on an expected return to the old reality.
“No one is sitting around the Fed, or anywhere else that I know of, just waiting for the old regime to come back,” Mr. Powell said.
The prepandemic normal was one of chronically weak demand. The economy today faces the opposite issue: Demand has been supercharged, and the question is whether and when it will moderate.
Before, globalization had weighed down both pay and price increases, because production could be moved overseas if it grew expensive. Gaping inequality and an aging population both contributed to a buildup of savings stockpiles, and as money was held in safe assets rather than being put to more active use, it seemed to depress growth, inflation and interest rates across many advanced economies.
Japan had been stuck in the weak-inflation, slow-growth regime for decades, and the trend seemed to be spreading to Europe and the United States by the 2010s. Economists expected those trends to continue as populations aged and inequality persisted.
Then came the coronavirus. Governments around the world spent huge amounts of money to get workers and businesses through lockdowns — the United States spent about $5 trillion.
The era of deficient demand abruptly ended, at least temporarily. The money, which is still chugging out into the U.S. economy from consumer savings accounts and state and local coffers, helped to fuel strong buying, as families snapped up goods like lawn mowers and refrigerators. Global supply chains could not keep up.
were able to raise prices without losing customers, they did so. And as workers saw their grocery and Seamless bills swelling, airfares climbing and kitchen renovations costing more, they began to ask their employers for more money.
Companies were rehiring as the economy reopened from the pandemic and to meet the burst in consumption, so labor was in high demand. Workers began to win the raises they wanted, or to leave for new jobs and higher pay. Some businesses began to pass rising labor costs along to customers in the form of higher prices.
The world of slow growth, moderate wage gains and low prices evaporated — at least temporarily. The question now is whether things will settle back down to their prepandemic pattern.
The argument for a return to prepandemic norms is straightforward: Supply chains will eventually catch up. Shoppers have a lot of money in savings accounts, but those stockpiles will eventually run out, and higher Fed interest rates will further slow spending.
As demand moderates, the logic goes, forces like population aging and rampant inequality will plunge advanced economies back into what many economists call “secular stagnation,” a term coined to describe the economic malaise of the 1930s and revived by the Harvard economist Lawrence H. Summers in the 2010s.
The Russia-Ukraine War and the Global Economy
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Shortages of essential metals. The price of palladium, used in automotive exhaust systems and mobile phones, has been soaring amid fears that Russia, the world’s largest exporter of the metal, could be cut off from global markets. The price of nickel, another key Russian export, has also been rising.
Financial turmoil. Global banks are bracing for the effects of sanctions intended to restrict Russia’s access to foreign capital and limit its ability to process payments in dollars, euros and other currencies crucial for trade. Banks are also on alert for retaliatory cyberattacks by Russia.
Fed officials mostly think that reversion will happen. Their estimates suggest that low inflation and slow growth will be back within a few years, and that interest rates will not have to rise above 3 percent to achieve that moderation. Market pricing also suggests inflation will slow with time, albeit to higher levels than investors expected in 2018 and 2019.
But some of today’s trends look poised to linger, at least for a while. Job openings are plentiful, but the working-age population is growing glacially, immigration has slowed, and people are only gradually returning to work from the labor market’s sidelines. Labor shortages are fueling faster wage gains, which could sustain demand and enable companies to charge higher prices.
a recent essay.
Global forces could exacerbate those trends. The past year’s supply chain issues could inspire companies to produce more domestically — reversing years of globalization and chipping away at a force that had been holding down wage and price growth for decades. The transition to greener energy sources could bolster investment, pushing up interest rates and at least temporarily lifting costs.
“The long era of low inflation, suppressed volatility and easy financial conditions is ending,” Mark Carney, a former head of the Bank of England, said of the global economy in a speech on Tuesday. “It is being replaced by more challenging macro dynamics in which supply shocks are as important as demand shocks.”
Russia’s invasion of Ukraine, which has the potential to rework global trade relationships for years to come, could leave a more lasting mark on the economy than the pandemic did, Mr. Carney said.
“The pandemic marks a pivot,” he told reporters. “The bigger story is actually the war. That is crystallizing — reinforcing — a process of de-globalization that had begun.”
Mr. Summers said the current period of high inflation and repeated shocks to supply marked “a period rather than an era.” It is too soon to say if the world has fundamentally changed. Over the longer term, he puts the chances that the economy will settle back into its old regime at about 50-50.
“I don’t see how anyone can be confident that secular stagnation is durably over,” he said. On the other hand, “it is quite plausible that we would have more demand than we used to.”
That demand would be fueled by government military spending, spending on climate-related initiatives and spending driven by populist pressures, he said.
In any case, it could take years to know what the economy of the future will look like.
What is clear at this point? The pandemic, and now geopolitical upheaval, have taken the economy and shaken it up like a snow globe. The flakes will eventually fall — there will be a new equilibrium — but things may be arranged differently when everything settles.
The spread of the Delta variant has delayed office reopenings, disrupted the start of school and generally dashed hopes for a return to normal after Labor Day. But it has not pushed the U.S. economic recovery into reverse.
Now that recovery faces a new test: the removal of much of the aid that has helped keep households and businesses afloat for the past year and a half.
The Paycheck Protection Program, which distributed hundreds of billions of dollars in grants and loans to thousands of small businesses, concluded last spring. A federal eviction moratorium ended last month after the Supreme Court blocked the Biden administration’s last-minute effort to extend it. Most recently, an estimated 7.5 million people lost unemployment benefits when programs that expanded the system during the pandemic were allowed to lapse.
Next up: the Federal Reserve, which on Wednesday indicated it could start pulling back its stimulus efforts as early as November.
OpenTable, for example, have fallen less than 10 percent from their early-July peak. That is a far smaller decline than during the last Covid surge, last winter.
“It has moved down, but it’s not the same sort of decline,” Mr. Bryson said of the OpenTable data. “We’re living with it.”
$120 billion in monthly bond purchases — which have kept borrowing cheap and money flowing through the economy — but it will almost certainly keep interest rates near zero into next year. Millions of parents will continue to receive monthly checks through the end of the year because of the expanded child tax credit passed in March as part of President Biden’s $1.9 trillion aid package.
That bill, known as the American Rescue Plan, also provided $350 billion to state and local governments, $21.6 billion in rental aid and $10 billion in mortgage assistance, among other programs. But much has not been spent, said Wendy Edelberg, director of the Hamilton Project, an economic-policy arm of the Brookings Institution.
“Those delays are frustrating,” she said. “At the same time, what that also means is that support is going to continue having an effect over the next several quarters.”
Household savings could provide a buffer — if they last.
Economists, including officials in the Biden administration, say that as the economy heals, there will be a gradual “handoff” from government aid to the private sector. That transition could be eased by a record-setting pile of household savings, which could help prop up consumer spending as government aid wanes.
A lot of that money is held by richer, white-collar workers who held on to their jobs and saw their stock portfolios swell even as the pandemic constrained their spending. But many lower-income households have built up at least a small savings cushion during the pandemic because of stimulus checks, enhanced unemployment benefits and other aid, according to researchers at the JPMorgan Chase Institute.
“The good news is that people are going into the fall with some reserves, more reserves than normal,” said Fiona Greig, co-director of the institute. “That can give them some runway in which to look for a job.”
recent survey by Alignable, a social network for small business owners. Not all have had sales turn lower, said Eric Groves, the company’s chief executive. But the uncertainty is hitting at a crucial moment, heading into the holiday season.
“This is a time of year when business owners in the consumer sector in particular are trying to pull out their crystal ball,” he said. “Now is when they have to be purchasing inventory and doing all that planning.”
open a new location as part of a development project on the West Side of Manhattan.
Go big. If some aid ended up going to people or businesses that didn’t really need help, that was a reasonable trade-off for the benefit of getting money to the millions who did.
Today, the calculus is different. The impact of the pandemic is more tightly focused on a few industries and groups. At the same time, many businesses are having trouble getting workers and materials to meet existing demand. Traditional forms of stimulus that seek to stoke demand won’t help them. If automakers can’t get needed parts, for example, giving money to households won’t lead to more car sales — but it might lead to higher prices.
That puts policymakers in a tight spot. If they don’t get help to those who are struggling, it could cause individual hardship and weaken the recovery. But indiscriminate spending could worsen supply problems and lead to inflation. That calls for a more targeted approach, focusing on the specific groups and industries that need it most, said Nela Richardson, chief economist for ADP, the payroll processing firm.
“There are a lot of arrows in the quiver still, but you need them to go into the bull’s-eye now rather than just going all over,” Ms. Richardson said.
Facebook has approached academics and policy experts about forming a commission to advise it on global election-related matters, said five people with knowledge of the discussions, a move that would allow the social network to shift some of its political decision-making to an advisory body.
The proposed commission could decide on matters such as the viability of political ads and what to do about election-related misinformation, said the people, who spoke on the condition of anonymity because the discussions were confidential. Facebook is expected to announce the commission this fall in preparation for the 2022 midterm elections, they said, though the effort is preliminary and could still fall apart.
Outsourcing election matters to a panel of experts could help Facebook sidestep criticism of bias by political groups, two of the people said. The company has been blasted in recent years by conservatives, who have accused Facebook of suppressing their voices, as well as by civil rights groups and Democrats for allowing political misinformation to fester and spread online. Mark Zuckerberg, Facebook’s chief executive, does not want to be seen as the sole decision maker on political content, two of the people said.
Oversight Board, a collection of journalism, legal and policy experts who adjudicate whether the company was correct to remove certain posts from its platforms. Facebook has pushed some content decisions to the Oversight Board for review, allowing it to show that it does not make determinations on its own.
pays them through a trust.
The Oversight Board’s highest-profile decision was reviewing Facebook’s suspension of former President Donald J. Trump after the Jan. 6 storming of the U.S. Capitol. At the time, Facebook opted to ban Mr. Trump’s account indefinitely, a penalty that the Oversight Board later deemed “not appropriate” because the time frame was not based on any of the company’s rules. The board asked Facebook to try again.
In June, Facebook responded by saying that it would bar Mr. Trump from the platform for at least two years. The Oversight Board has separately weighed in on more than a dozen other content cases that it calls “highly emblematic” of broader themes that Facebook grapples with regularly, including whether certain Covid-related posts should remain up on the network and hate speech issues in Myanmar.
A spokesman for the Oversight Board declined to comment.
Facebook has had a spotty track record on election-related issues, going back to Russian manipulation of the platform’s advertising and posts in the 2016 presidential election.
bar the purchase of new political ads the week before the election, then later decided to temporarily ban all U.S. political advertising after the polls closed on Election Day, causing an uproar among candidates and ad-buying firms.
The company has struggled with how to handle lies and hate speech around elections. During his last year in office, Mr. Trump used Facebook to suggest he would use state violence against protesters in Minneapolis ahead of the 2020 election, while casting doubt on the electoral process as votes were tallied in November. Facebook initially said that what political leaders posted was newsworthy and should not be touched, before later reversing course.
The social network has also faced difficulties in elections elsewhere, including the proliferation of targeted disinformation across its WhatsApp messaging service during the Brazilian presidential election in 2018. In 2019, Facebook removed hundreds of misleading pages and accounts associated with political parties in India ahead of the country’s national elections.
Facebook has tried various methods to stem the criticisms. It established a political ads library to increase transparency around buyers of those promotions. It also has set up war rooms to monitor elections for disinformation to prevent interference.
There are several elections in the coming year in countries such as Hungary, Germany, Brazil and the Philippines where Facebook’s actions will be closely scrutinized. Voter fraud misinformation has already begun spreading ahead of German elections in September. In the Philippines, Facebook has removed networks of fake accounts that support President Rodrigo Duterte, who used the social network to gain power in 2016.
“There is already this perception that Facebook, an American social media company, is going in and tilting elections of other countries through its platform,” said Nathaniel Persily, a law professor at Stanford University. “Whatever decisions Facebook makes have global implications.”
Internal conversations around an election commission date back to at least a few months ago, said three people with knowledge of the matter.
An election commission would differ from the Oversight Board in one key way, the people said. While the Oversight Board waits for Facebook to remove a post or an account and then reviews that action, the election commission would proactively provide guidance without the company having made an earlier call, they said.
Tatenda Musapatike, who previously worked on elections at Facebook and now runs a nonprofit voter registration organization, said that many have lost faith in the company’s abilities to work with political campaigns. But the election commission proposal was “a good step,” she said, because “they’re doing something and they’re not saying we alone can handle it.”
BALTIMORE — When Target announced that it was opening a store in Mondawmin, a predominantly Black neighborhood in this city struggling with crime and poverty, it seemed like a ticket to a turnaround.
And from the start, it was a practical success and a point of community pride. The store, which opened in 2008, carried groceries, operated a pharmacy and had a Starbucks cafe, the only one in this part of Baltimore’s west side.
People came from across the city to shop there, helping to soften the Mondawmin area’s reputation for crime and the looting that followed protests over the 2015 death of Freddie Gray, who was fatally injured while in city police custody. As an employer, Target seemed to cater to the community’s needs, making a point of hiring Black men and providing an office in the store for a social worker to support the staff. Elijah Cummings, the congressman from Baltimore, was known to shop there.
But in February 2018, with almost no warning or explanation, Target closed the store.
Residents, especially those without cars, lost a convenient place to shop for quality goods. And a marker of the community’s self-worth was suddenly taken away.
shut two stores in predominantly Black neighborhoods on Chicago’s South Side as the company made plans to build a new store on the wealthier and mostly white North Side.
according to local legend, visited the property in the 19th century and observed the area’s bountiful cornfields. Mondawmin is derived from a Native American phrase for “spirit of corn.”
In the 1950s, the property was sold to a real estate developer, who turned the rural lot into the city’s first shopping mall.
The Mondawmin Mall featured a Sears, a five-and-dime, and eventually an indoor fountain and spiral staircase, advertised as the “seventh wonder of Baltimore,’’ according to Salvatore Amadeo, an amateur historian who makes YouTube documentaries about malls, including a segment on Mondawmin.
When the assassination of the Rev. Dr. Martin Luther King Jr. in 1968 sparked protests across Baltimore and caused “white flight” to the suburbs, the mall struggled. Over time, it ceased to be a big draw for shoppers outside the area.
The stores became more focused on Black fashion and neighborhood services. A large barbershop occupies the mall’s bottom floor, and there is an agency that helps formerly incarcerated people find jobs.
a forceful statement, promising to reopen one of its stores in Minneapolis damaged in the protests against police violence.
Today’s Best Reader Comments
The closing of a Target store shows the limits of a pledge to help Black communities: “A business exists to make money. Period. If it doesn’t it will close, move, or change the business. This is the limits of capitalism.” sjs, Bridgeport, Conn.
She writes about the law. But could she really help free a prisoner?: “Justice has to keep growing for the masses of incarcerated innocents in the U.S. I will share in hopes that this article will be read and shared again and again.” Diane, Chicago.
Masks again? The Delta variant prompts a reconsideration of precautions.: “Wearing a mask indoors for sparing amounts of time (for the majority) is a minor inconvenience. While I, too, am annoyed by those who are choosing not to be vaccinated— my actions are based on those who are medically vulnerable and/or ineligible.” SB, Massachusetts.
“The murder of George Floyd has unleashed the pent-up pain of years, as have the killings of Ahmaud Arbery and Breonna Taylor,” Mr. Cornell said in the statement. “We say their names and hold a too-long list of others in our hearts. As a Target team, we’ve huddled, we’ve consoled, we’ve witnessed horrific scenes similar to what’s playing out now and wept that not enough is changing.”
One of the names on that “too-long list” is Freddie Gray. Mr. Gray was from Baltimore’s west side and was arrested a few blocks from the Mondawmin Mall in April 2015 for possessing a knife.
prosecutors described as a “rough ride,” his spinal cord was 80 percent severed.
One of the first big waves of protests over his death occurred at the Mondawmin Mall. Protesters began throwing rocks at police officers, and the mall was looted. Some students from Frederick Douglass High School, across from the mall and the alma mater of the civil rights giant Thurgood Marshall, the first Black man to serve on the U.S. Supreme Court, were caught up in the melee.
Target was spared serious damage. But for a time, many shoppers, both Black and white, stayed away from the store, recalled Mr. Johnson, who now works for the Postal Service.
“Mondawmin already had a bad rap with out-of-towners,” he said.
Shoppers eventually returned to the Target in Mondawmin, he said. But he noticed that the city’s other Target store, which had opened in a trendy area near the harbor in 2013, was getting more popular.
In November 2017, Mr. Mosby, then a state lawmaker, got a call from a resident whose family worked at the store: The Target in Mondawmin was shutting its doors in a few months. “I thought it was a just a rumor at first,” Mr. Mosby said.
Some residents and neighborhood leaders were told that the store struggled with high rates of theft, known in the retail industry as “shrinkage.” But Mr. Ali, the store’s former manager, said, “That was untrue,” at least while he worked there. The store met its profit and shrinkage goals during his four years as manager, which ended in 2012, years before the store closed.
Still, Mr. Ali, now the executive director of a youth mentoring group, acknowledged challenges that he said were unique to a store in a “hyper-urban area.”
A significant amount of inventory was once damaged in a fire in a storage area next to the store, and the company had to spend $30,000 a month for an armed Baltimore police officer to keep watch, he said.
There may have been additional considerations. “I think what happened after Freddie Gray spooked Target,” Mr. Ali said.
Other national chains reacted differently. TGI Fridays stuck with its plans to open a restaurant at the Mondawmin Mall, months after the protests. The restaurant remains one of the neighborhood’s only free-standing, sit-down chain restaurants.
Mr. Mosby and other officials tried to negotiate with Target to keep the store open, but the company said its mind was already made up.
“They weren’t interested in talking to us,” Mr. Mosby said. “They wouldn’t budge.”
A storefront still sitting empty
The temperature gauge outside Pastor Lance’s car registered 103 degrees as he drove through Greater Mondawmin and its surrounding neighborhoods. He was wearing a white shirt emblazoned with his church’s logo — a group of people, of all races and backgrounds, walking toward the sun, holding hands.
A Baltimore native, Pastor Lance used to work as a computer programmer at Verizon. He made “lots of money,” he said. “But I didn’t feel fulfilled.”
He became a pastor and took over a nonprofit company that develops park space and playgrounds and hosts a summer camp for schoolchildren with a garden surrounded by a meadow near the mall.
“But some days, I wonder if I made a mistake,” he said. “It’s great to have a park, but if you don’t have a good job, you aren’t going to be able to enjoy a park.”
He drove along a street with liquor stores and houses with boarded-up windows. A woman tried to flag him down for a ride. But the poverty he saw was not what made him most upset.
It was when Pastor Lance steered through an enclave of big houses and immaculate lawns, only a short distance away, that the anger rose in his voice.
“You are telling me that these people wouldn’t shop at Target for lawn furniture or school supplies,” he said. “I am not trying to gloss over the problems, but there is also wealth here.”
“If shrinkage was a problem, hire more security guards or use technology to stop people from stealing,” he added.
He circled back to the Mondawmin Mall, where families ducked into the air conditioning for a bubble tea or an Auntie Anne’s pretzel. He drove past the TGI Fridays and then past the Target, its windows still covered in plywood and the trees in the parking lot looking withered and pathetic.
Pastor Lance refused to accept that a Target could not succeed here.
“If you are really interested in equity and justice,” he said, “figure out how to make that store work.”
Shortly after 8 p.m. on May 25, 2020, Derek Chauvin, a Minneapolis police officer, placed his knee on George Floyd’s neck and kept it there for more than nine minutes. None of the three other officers standing near Chauvin intervened. Soon, Floyd was dead.
Initially, the police gave a misleading account of Floyd’s death, and the case might have received relatively little attention but for the video that Darnella Frazier, a 17-year-old, took with her phone. That video led to international outrage and, by some measures, the largest protest marches in U.S. history.
Today, one year after Floyd’s murder, we are going to look at the impact of the movement that his death inspired in four different areas.
30 states and dozens of large cities have created new rules limiting police tactics. Two common changes: banning neck restraints, like the kind Chauvin used; and requiring police officers to intervene when a fellow officer uses extreme force.
pledged to hire more diverse workforces.
wrote. “So companies and institutions stopped whining about supposedly bad pipelines and started looking beyond them.”
It’s still unclear how much has changed and how much of the corporate response was public relations.
3. Changes in public opinion
Initially, public sympathy for the Black Lives Matter movement soared. But as with most high-profile political subjects in the 21st-century U.S., opinion soon polarized along partisan lines.
Today, Republican voters are less sympathetic to Black Lives Matter than they were a year ago, the political scientists Jennifer Chudy and Hakeem Jefferson have shown. Support among Democrats remains higher than it was before Floyd’s death but is lower than immediately afterward.
There are a few broad areas of agreement. Most Americans say they have a high degree of trust in law enforcement — even more than did last June, FiveThirtyEight’s Alex Samuels notes. Most also disagree with calls to “defund” or abolish police departments. Yet most back changes to policing, such as banning chokeholds.
4. A crime surge, much debated
It’s clear that violent crime has risen over the past year. It’s not fully clear why.
Many liberals argue that the increase has little to do with the protest movement’s call for less aggressive policing. The best evidence on this side of the debate is that violent crime was already rising — including in Chicago, New York and Philadelphia — before the protests. This pattern suggests that other factors, like the pandemic and a surge of gun purchases, have played important roles.
Many conservatives believe that the crime spike is connected to the criticism of the police, and they point to different evidence. First, the crime increase accelerated last summer, after the protests began — and other high-income countries have not experienced similar increases. Second, this acceleration fits into a larger historical pattern: Crime also rose in Baltimore and Ferguson, Mo., after 2015 protests about police violence there, as Patrick Sharkey, a sociologist and crime scholar, notes.
Sharkey has told us. But that doesn’t mean that the pre-protest status quo was the right approach, he emphasizes. Brute-force policing “can reduce violence,” he said, in a Q. and A. with The Atlantic. “But it comes with these costs that don’t in the long run create safe, strong, or stable communities.”
Some reform advocates worry that rising crime will rebuild support for harsh police tactics and prison sentences. “Fear makes people revert to old ways of doing things,” Lopez said.
The big question
How can police officers both prevent crime and behave less violently, so that they kill fewer Americans while doing their jobs?
Some experts say that officers should focus on hot spots where most crimes occur. Others suggest training officers to de-escalate situations more often. Still others recommend taking away some responsibilities from the police — like traffic stops and mental-health interventions — to reduce the opportunities for violence.
So far, the changes do not seem to have affected the number of police killings. Through last weekend, police officers continued to kill about three Americans per day on average, virtually the same as before Floyd’s murder.
A timeline of the events of the past year.
President Biden will meet with members of Floyd’s family at the White House today. Follow updates here about the anniversary.
THE LATEST NEWS
125th anniversary, The Times Book Review is highlighting some noteworthy first mentions of famous writers. You can find the full list here. Some of our favorites:
F. Scott Fitzgerald: In 1916, Princeton admitted only men, and they would often play women’s roles in campus plays. The Times featured a photo of Fitzgerald in character, calling him “the most beautiful showgirl.”
in an article about a “Greek Games” competition among students at Barnard: “A messenger, Joan Roth, rushed in to say that Persephone still lived and a rejoicing group danced in. Eight tumblers did tricks before the crowd to distract the still disconsolate Demeter.” Highsmith was among the student acrobats.
Ralph Ellison: In 1950, two years before the publication of “Invisible Man,” Ellison reviewed a novel called “Stranger and Alone,” by J. Saunders Redding. Ellison wrote that Saunders “presents many aspects of Southern Negro middle-class life for the first time in fiction.”
John Updike: An acclaimed short-story writer who had yet to publish a novel, Updike appeared in an advice article in 1958, encouraging parents to teach their children complex words. “A long correct word is exciting for a child,” he said. “Makes them laugh; my daughter never says ‘rhinoceros’ without laughing.” — Sanam Yar, a Morning writer
PLAY, WATCH, EAT
What to Cook
Here’s today’s Mini Crossword, and a clue: Comedian Silverman (five letters).
If you’re in the mood to play more, find all our games here.
Thanks for spending part of your morning with The Times. See you tomorrow. — David
P.S. The first “Star Wars” movie premiered 44 years ago today. Vincent Canby’s Times review called it “the most elaborate, most expensive, most beautiful movie serial ever made.”
You can see today’s print front page here.
“The Daily” is about a student free speech case. On “Sway,” Eliot Higgins discusses Bellingcat’s journalism.
Lalena Fisher, Claire Moses, Tom Wright-Piersanti and Sanam Yar contributed to The Morning. You can reach the team at firstname.lastname@example.org.
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WASHINGTON — The disappointing jobs report released Friday by the Labor Department is posing the greatest test yet of President Biden’s strategy to revive the economy, with business groups and Republicans warning that the president’s policies are causing a labor shortage and that his broader agenda risks stoking runaway inflation.
But the Biden administration showed no signs on Friday of changing course, with the president defending the more generous jobless benefits included in the $1.9 trillion bill he signed into law in March and saying the $4 trillion in spending he proposed for infrastructure, child care, education and other measures would help create more and better-paying jobs after the pandemic.
Speaking at the White House, Mr. Biden urged “perspective” on the report, which showed only 266,000 new jobs added in April. He said it would take time for his aid bill to fully reinvigorate the economy and hailed the more than 1.5 million jobs added since he took office. And he rejected what he called “loose talk that Americans just don’t want to work.”
“The data shows that more workers are looking for jobs,” he said, “and many can’t find them.”
Republicans cast the report as a sign of failure for Mr. Biden’s policies, even though job creation has accelerated since Mr. Biden replaced President Donald J. Trump in the White House. They called on his administration to end the $300 weekly unemployment supplement, while several Republican governors — including those in Arkansas, Montana and South Carolina — moved to end the benefit for unemployed people in their states, citing worker shortages.
relief money to subsidize tax cuts, which could further slow the rollout.
Mr. Biden said at the White House that the administration would begin releasing the first batch of money to state and local governments this month. He said the money would not restore all of the lost jobs in one month, “but you’re going to start seeing those jobs in state and local workers coming back.”
The administration also took steps on Friday to get money out the door more quickly, saying the Treasury Department would release $21.6 billion of rental assistance that was included in the pandemic relief legislation to provide additional support to millions of people who could be facing eviction in the coming months.
Officials said they expected increased vaccination rates to ease some lingering fears about returning to jobs in the pandemic. The number of Americans 18 to 64 who are fully vaccinated grew by 22 million from mid-April, when the survey for the jobs report was conducted, to Friday. That was an acceleration from the previous month. Some White House officials said the administration’s push to further increase the ranks of the vaccinated could be the most important policy variable for the economy this summer.
Treasury Secretary Janet L. Yellen, speaking at the White House, said that a lack of child care related to irregular school schedules was making it a challenge to get the labor market back to full strength. She also said that health concerns about the pandemic were holding back some workers who might return to the market.
“I don’t think that the addition to unemployment compensation is really the factor that’s making the difference,” Ms. Yellen said.
She said that she believed the labor market was healthier than the figures released on Friday suggested, but she allowed that the economic recovery would take time.
“We’ve had a very unusual hit to our economy,” Ms. Yellen said, “and the road back is going to be somewhat bumpy.”
Ms. Boushey and Mr. Bernstein said that it appeared the economy was working through a variety of rapid changes related to the pandemic, including supply chain disruptions that have hurt automobile manufacturing by reducing the availability of semiconductor chips and businesses beginning to rehire after a year of depressed activity because of the virus.
“It’s our view that these misalignments and bottlenecks are transitory,” Mr. Bernstein said, “and they’re what you expect from an economy going from shutdown to reopening.”
Other key economic officials treated the report as a sign that the labor recovery ahead is likely to prove wildly unpredictable. Robert S. Kaplan, the president at the Federal Reserve Bank of Dallas, said in an interview that his economics team had warned him that the April report might show a significant slowdown as shortages of materials — including lumber and computer chips — and labor bit into employment growth.
He said he was hoping to see those supply bottlenecks cleared up, but he was watching carefully in case they did not resolve quickly.
“It shows me that getting the unemployment rate down and moving forward to improved employment to population is going to have fits and starts,” Mr. Kaplan said. He noted that sectors that were struggling to acquire materials, like manufacturing, shed jobs, and he said leisure and hospitality companies would have added more positions if not for challenges in finding labor.
“It’s just one jobs report,” cautioned Tom Barkin, the president of the Federal Reserve Bank of Richmond, in Virginia. But he said labor supply issues could be at play: Some people may have retired, others may have health concerns, and unemployment insurance could be encouraging low-paid workers to stay at home or allowing them to come back on their own terms.
“I get the feeling that people are being choosy,” Mr. Barkin said. “The first question I have in my mind is — is it temporary or is it more structural?”
He said that the supply constraints playing out were likely to fade over time, and that while businesses complain about rising input costs and might have to raise entry-level wages somewhat, he struggled to see that leading to much higher inflation — the kind that would worry the Fed.
The Fed is trying to achieve maximum employment and stable inflation around 2 percent on average. It has pledged to keep its cheap-money policies, which make borrowing inexpensive, in place until it sees realized progress toward those goals.
Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, said the payrolls disappointment vindicated the Fed’s slow-moving stance.
“I feel very good about our policy approach, which is outcome-based,” Mr. Kashkari said, speaking on a Bloomberg television interview shortly after the report came out. “Let’s actually allow the labor market to recover, let’s not just forecast that it’s going to recover.”
Federal Reserve officials have been facing a chorus of criticism for pledging to keep interest rates at rock bottom and for buying government-backed bonds at an enormous scale even as the United States economy bounces back from the pandemic. But after a weaker-than-expected April jobs report, they may have an easier time selling the idea that patience is a virtue.
“I feel very good about our policy approach, which is outcome-based,” Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said in a Bloomberg television interview shortly after the report came out. “Let’s actually allow the labor market to recover, let’s not just forecast that it’s going to recover.”
American employers added 266,000 jobs last month, far short of the one million that economists had been expecting. Analysts agreed that the figure was a severe disappointment, but lined up on little else: Some pointed to the numbers as a sign that the economy remains in a deep hole, while others saw in it validation for the idea that expanded unemployment insurance is discouraging work, causing labor supply issues that are hurting businesses.
What is clear is that the economy is nowhere near any mainstream estimate of full employment. And how the labor market recovery will look going forward — as the economy reopens and a huge number of displaced workers must reshuffle into jobs that suit their needs and interests — is wildly uncertain.
economically damaging downward spiral. Still, Fed officials have faced recent criticism for their new, less forward-looking approach. Some economists have worried that it could make them too slow to react to changes in the economy.
Fed doctrine had long been “to take away the punch bowl before the party gets out of hand,” Lawrence H. Summers, a former Treasury secretary, said at a recent webcast event. “What we’ve now said is — we’re not going to do anything until we see a bunch of drunk people staggering around.”
April’s report could make it easier for the central bank to justify the new method, since it shows how challenging it will be to forecast the speed and tenor of the recovery from the pandemic, which is likely to proceed differently than economic healing after a typical recession would.
“This is a highly uncertain environment that we’re in,” Mr. Kashkari told Bloomberg. “We have a long way to go, and let’s not prematurely declare victory.”
For the past three years, David and his son, Adelso, have communicated only by phone. Adelso is just one of about 5,500 children who was taken from a parent, as a result of the Trump administration’s family separation policy. They’re among more than 1,000 families who have been waiting for the Biden administration to follow through on a promise to reunify them. Now there is a new sense of hope as the Biden government starts to reunite a handful of families. But David and Adelso’s story — split between Guatemala and Florida — offers a firsthand look at the continuing psychological effects of separation … … and how the delay in reuniting families has in some cases encouraged people to make a desperate trek back to the U.S. David and his son spoke with us on condition that we not use their full names and conceal their identities. Since he was jailed and deported, David has kept a low profile in the countryside, evading the gangs he says extorted the trucking business he worked for and threatened his family before they fled to the U.S. David was deported to Guatemala after serving 30 days in U.S. prison for the crime of illegal reentry. Neither David, his wife or their other children have seen Adelso since. “We can make America, once again, the leading force for good in the world.” Days after he took office, President Joe Biden signed an executive order to reunify families separated under the Trump administration. “The re-establishment of the interagency task force and the reunification of families.” This week, as migrant apprehensions approached the highest level in 20 years, the Department of Homeland Security announced that it would bring four mothers to the U.S. to reunite with their children. The U.S. will reunify another 35 or so families in the coming weeks as part of a pilot project, which David and Adelso might be a part of. But this is just a start, and the process for reunifying all families could take months, and even years. In David’s town of several thousand people, I found three other parents who were forcibly separated from their children under “zero tolerance.” Melvin Jacinto and his 14-year-old son tried to enter the U.S. to look for work that would pay for, among other things, his daughter’s hip surgery. Melvin and his wife, Marta’s son Rosendo, now lives with a relative in Minneapolis. They, too, rely on video calls to stay connected. The reality is that work is really scarce here. Melvin takes what jobs he can find, but the family relies on money sent from Rosendo, their teenage son, who’s now working in the U.S. We visited the homes of two other fathers who were separated from their kids at the border and were told they’d already made the return trip to reunite with them. She allowed me to speak with her husband on her phone. He said he reunited with his son in Fort Lauderdale, and was staying in a house with other migrants. We heard of other parents as well, deported to Guatemala and Honduras, who’d already made the perilous journey to reunite with their children. According to immigration lawyers, about 1,000 separated kids have yet to see their parents again. They’ve had to grow up fast, placed in the care of foster families or relatives. For the last three years, Adelso has been living with his aunt, Teresa Quiñónez, in Boca Raton, Fla. He’s been attending school, and plays soccer in his spare time, but he still struggles with the trauma of what happened in Guatemala and at the border. Unlike some of the separated kids, Adelso does have support. “Yes, definitely, I would go there in the morning, too Yeah —” His aunt Teresa came to the U.S. as an unaccompanied minor, and later became a legal resident. She stepped in to give Adelso the care she didn’t have when she came to the U.S. as a teenager. “I can say that I understand his pain, not being with mom and dad. Living with someone familiar, somehow — still, it’s not the same.” Once a month, Adelso talks with a child psychologist at Florida State University’s Center for Child Stress and Health. The service is paid through a government settlement for families separated under the “zero tolerance” policy. Adelso is one of several children affected by “zero tolerance” that Natalia Falcon now works with in South Florida. “I’ve been working with Adelso and his family for a little bit over six months. We see a lot of sleeping issues. You know, they can’t sleep, they can’t fall asleep or the nightmares, right. We have to look at nightmares very delicately, Those recurring memories, flashbacks of that traumatic event as one of the main symptoms of P.T.S.D. Studies show that childhood trauma, left unaddressed, can negatively affect health and relationships long into adulthood. “I don’t want him to get depressed, taking him to that place, like, ‘Oh, I just want to be alone.’ That’s why I try to bring him out and do things with him.” After being separated from his dad, Adelso spent two months in a New York shelter with other separated kids before Teresa finally won his release. “I still remember seeing him coming out of the airport. His little face, like — it’s heartbreaking, and sometimes I see him now, he has grown so much in this, in this time that he came here, he has become so mature and that’s hard to see too because it’s like life pushing you to be that mature. You are not enjoying your being a child.” For now, Adelso and David continue to work with their lawyers and hope to be part of the first wave of reunions. As for David, he told us that he can only wait so long, and that he has also considered paying a smuggler to cross back into the U.S. and claim asylum again.