Economy

Three Lessons From a Surprisingly Resilient Job Market
Economy

Three Lessons From a Surprisingly Resilient Job Market

The pandemic created an economic crisis unlike any recession on record. So perhaps it shouldn’t be surprising that the aftermath, too, has played out in a way that almost no economists expected.When unemployment soared in the first weeks of the pandemic, many feared a repeat of the long, slow rebound from the Great Recession: years of joblessness that left many workers permanently scarred. Instead, the recovery in the labor market has been, by many measures, the strongest on record.In early 2021, some economists foresaw a surge in inflation. Others were skeptical: Similar predictions in recent years — in some cases from the same forecasters — had failed to come true. This time, however, they were right.And when the Federal Reserve began trying to tamp down inflation, there were warnings th...
Super Bowl Viewership Rose to 123.4 Million, a Record High
Economy

Super Bowl Viewership Rose to 123.4 Million, a Record High

Sunday night’s overtime Super Bowl shattered ratings records.An audience of 123.4 million watched the Kansas City Chiefs beat the San Francisco 49ers, according to preliminary figures from Nielsen and CBS, which broadcast the game. That figure easily eclipsed last year’s record high of 115.1 million, when Kansas City defeated the Philadelphia Eagles. Final Nielsen ratings for the Super Bowl will be issued on Tuesday.The figure is the total who watched on CBS, the Paramount+ streaming app, the Spanish-language channel Univision, N.F.L. digital channels or Nickelodeon, which aired a child-friendly telecast. The vast majority watched the game on CBS, which recorded 120 million viewers, according to Nielsen. The game had a lot going for it. It went into overtime, concluded with a game-winning ...
Pro Sports in Las Vegas Aren’t Cheered by Everyone
Economy

Pro Sports in Las Vegas Aren’t Cheered by Everyone

The history of Las Vegas has been marked by a relentless churn of hotels, casinos, theaters and restaurants. But only recently has the city’s landscape included major professional sports teams.The Golden Knights of the National Hockey League were the first to start play here in 2017. The Aces of the Women’s National Basketball Association started in 2018, and the National Football League’s Raiders arrived from Oakland in 2020. Last year, Major League Baseball’s Athletics were given the go-ahead to make the same Oakland-to-Las Vegas move, and the National Basketball Association is expected to add a team in the coming years.Las Vegas’s transformation into a pro sports town reflects not just the leagues’ interest in the city and their general embrace of sports betting, but also the power of t...
Why Are Americans Wary While the Economy Is Healthy? Look at Nevada.
Economy

Why Are Americans Wary While the Economy Is Healthy? Look at Nevada.

Toni Irizarry recognizes that the economy has improved. Compared with the first wave of the pandemic, when Las Vegas went dark, and joblessness soared to levels not seen since the Great Depression, these are days of relative normalcy.Ms. Irizarry, 64, oversees a cafe at the Orleans Hotel and Casino, a property just off the Las Vegas Strip that caters mostly to locals. Guests have returned, filling the blackjack and roulette tables amid the cacophony of jingling slot machines — the sound of money.She started in the hospitality industry busing tables when she was only 16. Her paychecks have allowed her to purchase a home, raise three children and buy each of them their first car. But as she contemplates the future, she cannot shake a sense of foreboding.The outlook of people like Ms. Irizarr...
$7 Million for 30 Seconds? It’s Worth It at the Super Bowl.
Economy

$7 Million for 30 Seconds? It’s Worth It at the Super Bowl.

A cat meowing for Hellmann’s mayonnaise, Peyton Manning chucking Bud Light beers to patrons in a bar and Kris Jenner stacking Oreo cookies. They all have one thing in common: Those companies paid seven figures to get their products in front of viewers during this year’s Super Bowl.For the second consecutive year, the average cost of a 30-second ad spot during the Super Bowl was $7 million. Even as many businesses are being more disciplined with the money they have for marketing, and with spending on advertising slowing in recent years, the cost of a Super Bowl ad continues to go up.The reason is simple: There is no opportunity guaranteed to reach more people than the Super Bowl, and the slice of every other pie keeps shrinking.“It’s a throwback in terms of reaching everyone all at once,” s...
How Nevada Is Pushing to Generate Jobs Beyond the Casinos
Economy

How Nevada Is Pushing to Generate Jobs Beyond the Casinos

Before the pandemic brought everyday life to a halt, Joe Kiele supported himself through the industry that dominates Nevada’s economy. He waited tables at a steakhouse inside a casino in Reno.Four years later, Mr. Kiele, 49, remains in Reno, yet he now spends his workday inside a factory. In place of worrying about the doneness of a customer’s rib-eye, he trains people on the proper handling of industrial chemicals.His employer, Redwood Materials, is constructing an enormous complex across a lonely stretch of desert. There, the company has begun recycling batteries harvested from discarded smartphones and other electronics. It extracts critical minerals like nickel, lithium, copper and cobalt, and uses them to manufacture components for electric vehicle batteries.Not coincidentally, the pl...
Target Pulls Magnet Kit That Misidentified Three Black Leaders
Economy

Target Pulls Magnet Kit That Misidentified Three Black Leaders

Target has pulled from its stores an educational magnet collection that misidentified three Black leaders, after a high school history teacher called attention to the errors in a TikTok video.In the video, the teacher, Tierra Espy, said she bought the “Civil Rights Magnetic Learning Activity,” a tin case of 26 magnets and informational cards featuring illustrations of Black leaders and slogans from the civil rights movement, for Black History Month, which is celebrated in the United States in February.“I noticed some discrepancies, like, as soon as I opened this,” she said in the video, pointing out that a magnet labeled Carter G. Woodson, a scholar of African American history, actually pictured W.E.B. DuBois, the sociologist and author of “The Souls of Black Folk.”“Peep the ’stache,” she ...
Biden Takes Aim at Grocery Chains Over Food Prices
Economy

Biden Takes Aim at Grocery Chains Over Food Prices

President Biden, whose approval rating has suffered amid high inflation, is beginning to pressure large grocery chains to slash food prices for American consumers, accusing the stores of reaping excess profits and ripping off shoppers.“There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” Mr. Biden said last week in South Carolina. Aides say those comments are a preview of more pressure to come against grocery chains and other companies that are maintaining higher-than-usual profit margins after a period of rapid price growth.Mr. Biden’s public offensive reflects the political reality that, while inflation is moderating, voters are angry about how much they are paying at the grocery store and that is weighing on Mr. Bid...
The Federal Reserve Meets Wednesday. Here’s What to Watch.
Economy

The Federal Reserve Meets Wednesday. Here’s What to Watch.

Federal Reserve officials will conclude their two-day meeting on Wednesday, and they are widely expected to keep interest rates steady at a two-decade high when they release their policy decision at 2 p.m.But investors are likely to closely watch the meeting — particularly Chair Jerome H. Powell’s 2:30 p.m. news conference — for hints of when policymakers might begin to lower interest rates. The Fed has held its policy rate in a range of 5.25 to 5.5 percent since July, and officials projected in December that they might lower borrowing costs by three-quarters of a percentage point over the course of 2024.But both the timing and the magnitude of those rate cuts remain uncertain. On the one hand, inflation has come down more swiftly than many economists had expected in recent months. On the ...