travel

Last year, Klaussner Home Furnishings was so desperate for workers that it began renting billboards near its headquarters in Asheboro, N.C., to advertise job openings. The steep competition for labor drove wages for employees on the furniture maker’s production floor up 12 to 20 percent. The company began offering $1,000 signing bonuses to sweeten the deal.

“Consumer demand was through the roof,” said David Cybulski, Klaussner’s president and chief executive. “We just couldn’t get enough labor fast enough.”

But in recent months, Mr. Cybulski has noticed that frenzy die down.

Hiring for open positions has gotten easier, he said, and fewer Klaussner workers are leaving for other jobs. The company, which has about 1,100 employees, is testing performance rewards to keep workers happy rather than racing to increase wages. The $1,000 signing bonus ended in the spring.

“No one is really chasing employees to the dollar anymore,” he said.

By many measures, the labor market is still extraordinarily strong even as fears of a recession loom. The unemployment rate, which stood at 3.7 percent in August, remains near a five-decade low. There are twice as many job openings as unemployed workers available to fill them. Layoffs, despite some high-profile announcements in recent weeks, are close to a record low.

Walmart and Amazon have announced slowdowns in hiring; others, such as FedEx, have frozen hiring altogether. Americans in July quit their jobs at the lowest rate in more than a year, a sign that the period of rapid job switching, sometimes called the Great Resignation, may be nearing its end. Wage growth, which soared as companies competed for workers, has also slowed, particularly in industries like dining and travel where the job market was particularly hot last year.

More broadly, many companies around the country say they are finding it less arduous to attract and retain employees — partly because many are paring their hiring plans, and partly because the pool of available workers has grown as more people come off the economy’s sidelines. The labor force grew by more than three-quarters of a million people in August, the biggest gain since the early months of the pandemic. Some executives expect hiring to keep getting easier as the economy slows and layoffs pick up.

“Not that I wish ill on any people out there from a layoff perspective or whatever else, but I think there could be an opportunity for us to ramp some of that hiring over the coming months,” Eric Hart, then the chief financial officer at Expedia, told investors on the company’s earnings call in August.

Taken together, those signals point to an economic environment in which employers may be regaining some of the leverage they ceded to workers during the pandemic months. That is bad news for workers, particularly those at the bottom of the pay ladder who have been able to take advantage of the hot labor market to demand higher pay, more flexible schedules and other benefits. With inflation still high, weaker wage growth will mean that more workers will find their standard of living slipping.

But for employers — and for policymakers at the Federal Reserve — the calculation looks different. A modest cooling would be welcome after months in which employers struggled to find enough staff to meet strong demand, and in which rapid wage growth contributed to the fastest inflation in decades. Too pronounced a slowdown, however, could lead to a sharp rise in unemployment, which would almost certainly lead to a drop in consumer demand and create a new set of problems for employers.

Recent research from economists at the Federal Reserve Banks of Dallas and St. Louis found that there had been a huge increase in poaching — companies hiring workers away from other jobs — during the recent hiring boom. If companies become less willing to recruit workers from competitors, and to pay the premium that doing so requires, or if workers become less likely to hop between jobs, that could lead wage growth to ease even if layoffs don’t pick up.

There are hints that could be happening. A recent survey from another career site, ZipRecruiter, found that workers have become less confident in their ability to find a job and are putting more emphasis on finding a job they consider secure.

“Workers and job seekers are feeling just a little bit less bold, a little bit more concerned about the future availability of jobs, a little bit more concerned about the stability of their own jobs,” said Julia Pollak, chief economist at ZipRecruiter.

Some businesses, meanwhile, are becoming a bit less frantic to hire. A survey of small businesses from the National Federation of Independent Business found that while many employers still have open positions, fewer of them expect to fill those jobs in the next three months.

More clues about the strength of the labor market could come in the upcoming months, the time of year when companies, including retailers, traditionally ramp up hiring for the holiday season. Walmart said in September that this year it would hire a fraction of the workers it did during the last holiday season.

The signs of a cool-down extend even to leisure and hospitality, the sector where hiring challenges have been most acute. Openings in the sector have fallen sharply from the record levels of last year, and hourly earnings growth slowed to less than 9 percent in August from a rate of more than 16 percent last year.

LAGOS, Portugal — The Bam Bam Beach Bitcoin bar, on an uncrowded beach in southwestern Portugal, is the meeting place.

To get there, you drive past a boat harbor, oceanside hotels and apartment buildings, then park near a sleepy seafood restaurant and walk down a wooden path that cuts through a sand dune. Yellow Bitcoin flags blow in the wind. The conversations about cryptocurrencies and a decentralized future flow.

“People always doubt when to buy, when to sell,” said Didi Taihuttu, a Dutch investor who moved to town this summer and is one of Bam Bam’s owners. “We solve that by being all in.”

melted down, and crypto companies like the experimental bank Celsius Network declared bankruptcy as fears over the global economy yanked down values of the risky assets. Thousands of investors were hurt by the crash. The price of Bitcoin, which peaked at more than $68,000 last year, remains off by more than 70 percent.

But in this Portuguese seaside idyll, confidence in cryptocurrencies is undimmed. Every Friday, 20 or so visitors from Europe and beyond gather at Bam Bam to share their unwavering faith in digital currencies. Their buoyancy and cheer endure across Portugal and in other crypto hubs around the world, such as Puerto Rico and Cyprus.

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In beach towns like Ericeira and Lagos, shops and restaurants show their acceptance of digital currencies by taking Bitcoin as payment. Lisbon, the capital, has become a hub for crypto-related start-ups such as Utrust, a cryptocurrency payment platform, and Immunefi, a company that identifies security vulnerabilities in decentralized networks.

“Portugal should be the Silicon Valley of Bitcoin,” Mr. Taihuttu said. “It has all the ingredients.”

MIAMI–(BUSINESS WIRE)–CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the second quarter (“Q2 2022”) and six months ended June 30, 2022.

2022 Second Quarter Financial Overview Compared to 2021 Second Quarter

Net rental revenue rose 144% to $10.2 million from $4.2 million
Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue
Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million
Net income improved to $0.8 million, or $0.04 per diluted share, from a net loss of $(1.1) million
EBITDA was $2.1 million compared to EBITDA of $(0.6) million

2022 Six Months Financial Overview Compared to 2021 Six Months

Net rental revenue rose 158% to $19.3 million from $7.5 million
Gross profit improved to $5.4 million, or 28% of net rental revenue, from a loss of $(0.4) million
Income before provision for income taxes improved to $2.9 million from a loss of $(2.4) million
Net income improved to $2.2 million, or $0.10 per diluted share, from a net loss of $(2.4) million
EBITDA was $4.1 million compared to EBITDA of $(1.8) million

Operational Highlights

Generated gross proceeds of $13.5 million via Initial Public Offering (August 2022)
Commenced trading on Nasdaq Capital Market (August 2022)
For the six months ended June 30, 2022, managed 590 units under long-term lease
Subsequent to June 30, 2022, CHG announced the signings of separate 15-year Master Lease Agreements (“MLA”) with two luxury hotels in New York City and an historic boutique hotel in New Orleans
Inclusive of these new MLAs, CHG’s portfolio currently consists of 10 hotel properties in eight U.S. cities comprising 1,037 units
Based on current MLA pipeline, CHG expects more than 1,200 units to be operational in 10 cities during Q4 2022

“We are excited to announce our Q2 results, which we believe reflect the success of our asset-light business model, the vibrancy of our target markers, and the opportunities inherent in our industry,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “Q2 2022 net rental revenue increased by 144%, gross profit increased 19-fold, net income improved by $1.9 million, and EBITDA for the quarter was $2.1 million. Our available units for rent increased quarter over quarter, occupancy rates improved as the effects of COVID pandemic wane, and we realized certain efficiencies from scale.

“We currently operate hotels under long-term lease agreements in Boston, Denver, Los Angeles, greater Miami, New York City, Washington, DC, and Seattle, and will commence operations in New Orleans in mid-October.

We are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units in destination locations across the United States and Europe. We believe that we are creating win-win opportunities by providing property owners the ability to create stable cash flow streams to maximize returns on their properties, which have been significantly impacted by restrictions on travel and leisure activities due to the COVID-19 pandemic. CHG then markets these units under our customer facing LuxUrban^TM brand to increase occupancy rates and drive operational efficiencies, thus creating the opportunity to generate high margin, recurring and predictable revenue streams. Supported by a strengthened balance sheet and seasoned team of executives, we believe that are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.”

Q2 2022 Overview

Net rental revenue in Q2 2022 increased 144% to $10.2 million from $4.2 million in the second quarter ended June 30, 2021 (“Q2 2021”), driven primarily by an increase in average units available to rent from 376 in Q2 2021 to 565 at Q2 2022, as well as better occupancy rates and average daily rates (“ADRs”) over this period.

Cost of revenue, which includes rental expenses for available units to rent, rose to $7.3 million in Q2 2022 from $4.0 million in Q2 2021, due primarily to the increase in size of CHG’s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable / WIFI costs and credit card processing fees.

Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue. Higher gross profit and gross margin was primarily attributable to a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs.

Total general and administrative expenses in Q2 2022 increased to $0.9 million, or 9% of net rental revenue, from $0.7 million, or 18% of net rental revenue, in Q2 2021, attributable to an increased number of units in operation.

Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million, reflecting a significant increase in net rental revenue in Q2 2022 compared to Q2 2021 and the benefits of scale-driven operating efficiencies.

Net income improved to $0.8 million, or $0.04 per diluted share, compared to a net loss of $(1.1) million.

EBITDA rose to $2.1 million, or 21% of net rental revenue, in Q2 2022 compared to negative EBITDA of $(0.6) million.

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures” below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company’s operating performance.

Conference Call and Webcast

The Company will host a conference call on Tuesday, September 27, 2022 at 9:00 am Eastern Time to discuss the results.

Investors interested in participating in the live call can dial:

(877) 407-9753 – U.S.
(201) 493-6739 – International

A webcast of the event may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ltKz5SSV.

CorpHousing Group Inc.

CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic Service^TM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner.

Forward Looking Statements

This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption “Risk Factors” in the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company’s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company’s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business.

A reconciliation of net income to EBITDA will be provided in the company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022 to be filed on September 26, 2022, under the section thereof entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to EBITDA.”

Condensed Consolidated Balance Sheet (Unaudited)

	(unaudited)
	June 30,			December 31,
	2022			2021
ASSETS
*Current Assets*
Cash	$	556		$	6,998
Processor retained funds		4,616,255			56,864
Prepaid expenses and other current assets		512,939			166,667
Deferred offering costs		1,234,500			771,954
Security deposits – current		276,943			276,943
Total Current Assets	$	6,641,193		$	1,279,426
*Other Assets*
Furniture and equipment, net		8,944			11,500
Restricted cash		1,100,000			1,100,000
Security deposits – noncurrent		4,108,010			1,377,010
Operating lease right-of-use asset, net		49,941,971			—
Total Other Assets		55,158,925			2,488,510
Total Assets	$	61,800,118		$	3,767,936
LIABILITIES AND STOCKHOLDERS’ DEFICIT
*Current Liabilities*
Accounts payable and accrued expenses	$	5,301,053		$	4,209,366
Rents received in advance		4,071,095			1,819,943
Merchant cash advances – net of unamortized costs of $0 and $57,768, respectively		575,489			1,386,008
Loans payable – current portion		2,780,054			1,267,004
Loans payable – SBA – PPP Loan – current portion		815,183			815,183
Convertible loans payable – related parties – current portion		2,596,865			—
Loans payable – related parties – current portion		1,071,128			22,221
Operating lease liability – current		7,182,381			—
Income taxes payable		750,000			—
Total Current Liabilities		25,143,248			9,519,725
*Long-Term Liabilities*
Loans payable		545,789			925,114
Loans payable – SBA – EIDL Loan		800,000			800,000
Loans payable – related parties		—			496,500
Convertible loans payable – related parties		700,195			2,608,860
Line of credit		94,975			94,975
Deferred rent		—			536,812
Operating lease liability		43,962,492			—
Total Long-term Liabilities		46,103,451			5,462,261
Total Liabilities		71,246,699			14,981,986
Commitments and Contingencies
*Stockholders’ Deficit*
Members’ Deficit		—			(11,214,050	)
Common stock (shares authorized, issued and outstanding – 90,000,000; 21,675,001; 21,675,001; respectively)		216			—
Accumulated deficit		(9,446,797	)		—
*Total Stockholders’ Deficit*		(9,446,581	)		(11,214,050	)
*Total Liabilities and Stockholders’ Deficit*	$	61,800,118		$	3,767,936

Condensed Consolidated Statement of Operations

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Rental Revenue

12,656,540

6,728,686

24,419,439

11,688,873

Refunds and Allowances

2,455,202

2,545,820

5,118,676

4,199,978

Net Rental Revenue

10,201,338

4,182,866

19,300,763

7,488,895

Cost of Revenue

7,344,720

4,035,238

13,930,882

7,920,531

Gross Profit (Loss)

2,856,618

147,628

5,369,881

(431,636

)

General and Administrative Expenses

Administrative and other

809,121

701,040

1,559,742

1,258,458

Professional fees

76,500

37,390

305,485

90,404

Total General and Administrative Expenses

885,621

738,430

1,865,227

1,348,862

Net Income (Loss) Before Other Income (Expense)

1,970,997

(590,802

)

3,504,654

(1,780,498

)

Other Income (Expense)

Other income

137,154

434

587,067

467

Interest and financing costs

(595,742

)

(542,764

)

(1,159,879

)

(660,007

)

Total Other Expenses

(458,588

)

(542,330

)

(572,812

)

(659,540

)

Income (Loss) Before Provision for Income Taxes

1,512,409

(1,133,132

)

2,931,842

(2,440,038

)

Provision for Income Taxes

Current

750,000

—

750,000

—

Net Income (Loss)

762,409

(1,133,132

)

2,181,842

(2,440,038

)

Basic and diluted earnings per common share

0.04

—

0.10

—

Basic and diluted weighted average number of common shares outstanding

21,675,001

—

21,315,747

—

Non-GAAP Financial Measures

To supplement the condensed consolidate financial statements, which are prepared in accordance with GAAP, we use EBITDA as a non-GAAP financial measure.

The following table provides reconciliation of net income (loss) to EBITDA:


	Three Months Ended June 30, (unaudited)					Six Months Ended June 30, (unaudited)
	2022		2021			2022		2021
Net Income (loss)	$	762,409	$	(1,133,132	)	$	2,181,842	$	(2,440,038	)
Provision for Income Taxes	$	750,000	$	—		$	750,000	$	—
Interest and Financing cost	$	595,742	$	542,764		$	1,159,879	$	660,007
Depreciation Expense	$	—	$	—		$	2,556	$	—
EBITDA	$	2,108,151	$	(590,368	)	$	4,094,277	$	(1,780,031	)

EBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. We utilize EBITDA because it provides us with an operating metric closely tied to the operations of the business.

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RICHMOND, Va. — In late July, Norman Otey was rushed by ambulance to Richmond Community Hospital. The 63-year-old was doubled over in pain and babbling incoherently. Blood tests suggested septic shock, a grave emergency that required the resources and expertise of an intensive care unit.

But Richmond Community, a struggling hospital in a predominantly Black neighborhood, had closed its I.C.U. in 2017.

It took several hours for Mr. Otey to be transported to another hospital, according to his sister, Linda Jones-Smith. He deteriorated on the way there, and later died of sepsis. Two people who cared for Mr. Otey said the delay had most likely contributed to his death.

the hospital’s financial data.

More than half of all hospitals in the United States are set up as nonprofits, a designation that allows them to make money but avoid paying taxes. Although Bon Secours has taken a financial hit this year like many other hospital systems, the chain made nearly $1 billion in profit last year at its 50 hospitals in the United States and Ireland and was sitting on more than $9 billion in cash reserves. It avoids at least $440 million in federal, state and local taxes every year that it would otherwise have to pay, according to an analysis by the Lown Institute, a nonpartisan think tank.

In exchange for the tax breaks, the Internal Revenue Service requires nonprofit hospitals to provide a benefit to their communities. But an investigation by The New York Times found that many of the country’s largest nonprofit hospital systems have drifted far from their charitable roots. The hospitals operate like for-profit companies, fixating on revenue targets and expansions into affluent suburbs.

California launched a publicly funded website to promote the state’s abortion services, listing clinics and linking to financial help for travel.

“Abortion remains legal and protected in California. We have your back,” said California Governor Gavin Newsom.

Newsom touted a brand new state website dedicated to locating and accessing abortion services.

The new site is a direct appeal to women in seven GOP-led states where abortion bans are in effect or in motion.

In those seven states Newsom ran a billboard campaign directing people to the new website.

Republicans are blasting him for the move. South Dakota Governor Kristi Noem defended her state as a “destination for freedom and life.”

“These are extremely dangerous times,” said Noem.

This is a new push as Democrats at a national level make abortion a centerpiece of their midterm election pitch. They’re arguing Republican wins this fall would galvanize the party around a national abortion ban, which Senator Lindsey Graham proposed this week.

“I think we should have a law at the federal level that would say after 15 weeks, no abortion on demand, except in cases of rape, incest, to save the life of the mother. And that should be where America is at,” said Graham.

The latest Pew Research data shows adults think abortion should be legal in most or all cases, as Republicans hesitate to embrace Graham’s bill.

“I think most of the members of my conference prefer that this be dealt with at the state level,” said Sen. Mitch McConnell, the Senate Minority Leader.

California is now trying to solidify its place as a sanctuary state in a country where most people want abortion access, but many states restrict it.

“Visit abortion.ca.gov to learn more about your freedom to choose in California,” said Newsom.

The site offers ways to find, get to and pay for abortion services from in or outside California.

A political strategy, no doubt, but a potentially critical move for people looking for abortion care in states where it’s not allowed.

“These are extremely personal decisions that women make and should only make in the context of their lives, their faith, their medical needs, not with what the congressman from their district thinks they should do,” said Rep. Katherine Clark.

: newsy.com

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During the pandemic the trucking industry struggled due to loss of drivers. Now the industry is picking back up as driver enrollment increases.

Manny Guzman’s life on the road is a far cry from his long days four years ago when the father of one was taking orders for wedding cakes and pastries at a bakery in Chicago.

“I worked 16 hours a day, seven days a week — there was no day off,” said Guzman. “I got my license and I was lucky enough to get a job with this company that does flatbed haul steel.”

Manny is part of a new breed of truckers that’s critical to the rapidly-changing backbone of American commerce.

The American Trucking Association said it was already short about 61,000 drivers before the pandemic decimated the industry.

Even back in 2017 Leah Shaver, COO of the National Transportation Institute, said “students are not coming in at fast enough rates, and they’re not sticking with the industry the way we need.”

So when 2020 came around, trucking was nowhere near prepared for what happened. Just as demand for shipping skyrocketed, more drivers decided to hang up the keys.

“Most of the drivers are aging out, we’re in our 50s, 60s and 70s and we raised our families — its time to come off the road,” said Mary Okeefe, a Pinellas Technical College lead instructor.

Fewer drivers on the roads and more cargo ships sitting on ports made for a supply chain mess. But more than two years later a new breed of truckers could drive what trucking schools hope will be a rebound in late 2022.

“We normally have 55 to 60 students. We have 82 right now. All of the companies are experiencing shortages. They call us constantly and they call constantly for drivers,” said Larry Scott, an instructor at ATDS Driving School.

And trucking’s rebirth, if you will, is also an opportunity to change how it looks. Right now, the average truck driver is a white 48-year-old man. But the American Trucking Association says the rate of Black and Latino drivers over the last two decades has jumped 45%.

It’s still just shy of 8% of all drivers today that are women, but that’s an all-time high.

“I love to travel. I don’t have any kids yet so whats wrong with seeing the world and making some money,” said Tanzania Kellum, an ATDS student.

And if we didn’t understand the value of truckers before COVID, our increased demand for them has given drivers more leverage to get more out of their work.

The average driver made more than $69,000 last year.

That’s 18% higher than the year prior.

Trucking companies hope higher wages attract younger drivers and tee up long-term careers, to give the industry some stability.

But federal regulations can make that tricky. While most states let anyone over 18 get a commercial driver’s license, federal law says no one under 21 can drive a big rig across state lines.

The federal Safe Driver Apprenticeship Pilot Program aims to change that by allowing drivers under 21 to cross state lines while accompanied by an experienced trucker. It’s a move that could help fill driver gaps.

So could autonomous semi-trucks. They’re currently undergoing tests in Arizona, with commercial shipments expected to start next year.

“We believe autonomous trucking is coming to the industry, we believe its gonna be on our roads in the very near future,” said Lee White, the VP of strategy for TuSimple.

Until then, industry leaders hope more truckers like Manny Guzman see driving as a life-changing career, to cushion their bank accounts and stabilize the American economy.

“It is the best decision because I’ve made more money doing this than I ever made in my life doing the bakery thing, owning my own business. Even when I started driving for somebody else, I was making more money than I was making working 16 hours a day seven days a week for myself. It was like a no-brainer,” said Guzman.

: newsy.com

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By Associated Press
September 15, 2022

Consumer spending accounts for nearly 70% of U.S. economic activity.

Americans picked up their spending a bit in August from July even as surging inflation on household necessities like rent and food took a toll on family budgets.

U.S. retail sales rose an unexpected 0.3% last month after falling 0.4% in July, the Commerce Department said Thursday. Excluding business at gas stations, sales rose 0.8%.

Sales at grocery stores rose 0.5% , helped by rising prices in food.

There was, however, weakening in some areas of discretionary spending with Americans fully aware of inflation’s bite. Business at restaurants ticked up 1.1%, but the pace has slowed. Sales at furniture stores fell 1.3%. Online sales fell 0.7% last month after Amazon’s Prime Day boosted e-commerce sales in July.

“Retailers would probably like to be growing more, especially relative to inflation, but I’m not sure they could realistically hope for much more,” said Ted Rossman, senior industry analyst at Bankrate.com. “Consumer spending habits are changing as the pandemic continues to recede and inflation remains high.”

Consumer spending accounts for nearly 70% of U.S. economic activity and Americans have remained mostly resilient even with inflation near four-decade highs. Yet surging prices for everything from mortgages to milk have upped the anxiety level. Overall spending has slowed and shifted increasingly toward necessities like food, while spending on electronics, furniture, new clothes and other non-necessities has faded.

On Thursday, it appeared that the U.S. dodged a national freight rail strike, which could have sent retail prices higher.

Still, inflation remains stubbornly high. Lower gas costs slowed U.S. inflation for a second straight month in August, but most other prices across the economy kept going up — evidence that inflation remains a heavy load for American households.

Consumer prices rose 8.3% from a year earlier and 0.1% from July. But the jump in “core” prices, which exclude volatile food and energy costs, was especially worrisome. It outpaced expectations and sparked fear that the Federal Reserve will increase interest rates more aggressively and raise the risk of a recession.

The government’s monthly report on retail sales covers about a third of all consumer purchases and doesn’t include spending on most services, ranging from plane fares and apartment rents to movie tickets and doctor visits. In recent months, Americans have been shifting their purchases away from physical goods and more toward travel, hotel stays and plane trips as the threat of the virus fades.

Additional reporting by The Associated Press.

: newsy.com

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As managers try to draw people back to the office, they’re wrestling with how to rebuild a sense of community without taking away the focus that often came with remote work. Meanwhile, some workers are getting nostalgic for the silence they had at home, especially because many of the office changes aimed at bringing people back often make it harder to concentrate. (One company, for example, added a rock climbing wall.)

Research tends to back up the squishy sense that people get more done outside the office. A study from Stanford of a 16,000-person travel agency found that call center employees working remotely were 13 percent more productive than their in-person colleagues. Another study of 1,600 professionals found that they wrote 8 percent more code working a hybrid schedule compared with being fully in the office.

“We freed people of group think, we freed them of some exclusion and disrespect, we freed them of micromanaging, deafening and distracting noise,” said Adam Grant, an organizational psychologist at the University of Pennsylvania’s Wharton School. “We have literally a mountain of evidence that if you let individuals generate ideas alone, you not only get more ideas, you get better ideas.”

But many executives feel strongly about the benefits of the office: the opportunities to find mentors, build relationships and brainstorm. Some workers also struggle to be productive at home, especially those with care-taking responsibilities. So companies are going to extremes to bring quiet into the office.

Azeema Batchelor, who works at the law firm Wiley Rein in Washington, D.C., has become reliant on her office’s red light, green light system. A rod the width of a sharpie sticks out of her monitor with a dome on it. When she needs to focus, she turns the dome red. When on a call, she switches it to yellow. When she is open to people strolling through her office to chat, a green light beckons them in.

Ms. Batchelor’s office introduced the colored lighting system earlier this year, as employees started coming in two or three days a week. The aim is to help them find that balance between productivity and the actually desired stop-and-chat. Just the other day, for example, Ms. Batchelor’s boss came by her office to discuss a training they were planning. The green light was on.

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Labor Day Weekend could be one of the most expensive in years for travelers as airline staffing shortages continue and pilots demand pay increases.

Another weekend of travel crunch for struggling airlines.

“We need to find some solutions — desperately find some solutions,” said Rick Hoefling, the president and CEO of CommutAir.

As passengers clog airports in pre-pandemic numbers pilots are demanding better pay amid a pilot shortage that’s stretching their working hours and testing their patience.

Outside American Airlines headquarters Thursday an endless line of pilots at airports across the country this week. Delta pilots are threatening to strike echoing calls they’ve been making for months.

“We’re faced now with a country that rebounded very, very quickly in terms of demand for air travel and a void that needed to be filled,” said Hoefling.

The CEO of CommutAir, a regional carrier that flies planes for United Airlines talked about his company’s recent pay bump for pilots who are now making $72 an hour in junior positions and $100 per flight hour as captains.

“When you start pulling pilots into regional airlines, that starts affecting small cities across America. And 60% of the airports in the United States are served only by regional airlines,” said Hoefling.

But change can’t come fast enough.

The pilot shortage was forecast before the pandemic.

Now it’s settled in with some help from COVID making travel rebound expensive.

“The sooner you buy your tickets the better off you are in regards to pricing,” said David Fishman, a travel agent in Michigan.

He sees an expensive fall ahead of us and pricier tickets for the winter holidays.

“Rght now, I’ve seen ticket prices to Florida as high as over a thousand dollars,” said Fisherman.

And it’s already started with this Labor Day weekend, one of the most expensive in years.

Travel website Hopper says ticket prices this weekend cost travelers 23% more than last year, and 20% more than 2019 before the pandemic.

Still the Consumer Price Index shows average airfare trending down later in the summer — which means as you make holiday plans buy sooner rather than later.

“Everybody else is thinking about summer travel, Labor Day travel, and that’s why now is the time when you actually do see some of those cheap holiday flights pop up,” said Scott Keyes, the founder of Scott’s Cheap Flights.

: newsy.com

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By Associated Press

and Newsy Staff
August 29, 2022

In six games — all victories — the team from Hawaii outscored opponents 60-5 to go on and win the state’s fourth Little League World Series title.

For a week and a half at the Little League World Series, no team came close to Hawaii. The championship Sunday was no different.

Hawaii got back-to-back homers from Kekoa Payanal and Kama Angell in the first inning, sparking a 13-3 win in just four innings over Curacao.

The LLWS title is Hawaii’s fourth. It won in 2018 and this same Honolulu team finished third last year, when COVID-19 travel restrictions prevented international teams from participating.

West Region takes the banner! 🎉 pic.twitter.com/yTKBP8yzCv

— Little League (@LittleLeague) August 28, 2022

How good was Hawaii? In six games, all victories, the closest margin was four runs. Hawaii outscored opponents 60-5.

“We’re fortunate that everything clicked at the right moment,” Hawaii Manager Gerald Oda said. “I’m very grateful that these kids played loose and relaxed.”

Part of that run was without Oda, who missed several games with COVID-19. Oda also managed Hawaii’s 2018 team.

“After 2018, I thought the next time I came to Williamsport was going to be as a spectator,” he said. “I never thought in my wildest dreams I’d be back in 2022 coaching a team.”

Hawaii starter Jaron Lancaster was dominant once again Sunday as he threw all four innings, while only allowing three runs, three hits and striking out 10 Curacao hitters.

“I knew Curacao was going to be a great team,” Jaron said. “My mindset was to go out there, do my best and do my thing. I know my offense and defense got my back.”

Jaron’s father, James Lancaster, said all the work that went into the title run was worth it.

“It’s been a rough ride,” said Lancaster, whose family lives about 4,800 miles from central Pennsylvania. “We haven’t been home in over a month.”

Your 2022 Little League Baseball World Series Champions from Honolulu Little League #LLWS75 pic.twitter.com/MbBpFrSeCO

— Little League (@LittleLeague) August 28, 2022

Curacao took the first lead of any team over Hawaii in the tournament when Davey Jay-Rijke led off the game with what looked like a bloop single, but he bolted on to second when neither middle infielder were covering that bag. Davey-Jay eventually came around to score on a wild pitch.

“Sooner or later, someone’s going to score,” Oda said. “We told our kids to keep fighting and battling. It’s going to be a great day.”

Hawaii only trailed for a few minutes. A home run from lead-off hitter Kekoa to left field, and a shot by Kama that barely cleared the wall in center, reignited the Hawaii side and put the team from the West region up 2-1. It also chased Curacao starter Shemar Jacobus.

“Any time when someone can score a run that’s huge,” Oda said. “When someone hits a home run, the whole team gets excited and lifts everyone’s spirits.”

The game ended in the fourth inning when Kama hit a single down the left-field line that scored Esaiah Wong to clinch the victory and another championship for Hawaii.

Under Little League rules, a team wins if it is leading by 10 runs or more after four innings.

“I saw the ball go down and I saw coach sending in Ruston (Hiyoto),” Kama said. “I was very emotional. It was the best time I had in my life.”

Curacao sits at one title, which came back in 2004. But the team from a small Caribbean island with a population about the size of Springfield, Massachusetts, made it to the final in 2019 as well as this year.

“I’m so proud of these guys,” said Curacao Manager Zaino Everett, whose team won five elimination games to get to the title game. “We are a champion and the second team in the whole world. Nobody expected us to be here.”

After the trophy presentation and news conference were over, and most fans were gone, the Hawaii players celebrated their title in just the way a bunch of 10-to-12-year-old boys would. They went sliding on cardboard sheets down the big hill behind Lamade Stadium.

Additional reporting by The Associated Press.

: newsy.com

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