Economy
Slower growth, sluggish borrowing expected to impact South Dakota economy
Higher interest rates, inflation, a cooling housing sector and a dip in consumer spending are expected to slow economic growth in South Dakota, according to the state Bureau of Finance and Management. The agency’s projections for two years of lower growth in the state came during Wednesday’s meeting of the Governor’s Council of Economic Advisers. […]
Advocacy groups ask FTC to expand Biden administration efforts to rein in junk fees
President Joe Biden devoted 19 sentences of his State of the Union speech to “junk fees,” which includes credit card late fees, service fees for concert tickets and airplane seating preferences that he said strain families’ budgets. Biden did not mention the numerous and opaque fees faced by prisoners and their families every day. But […]
Farmers brace for rising interest rates after years of steady lows
Rising interest rates have farmers and lenders putting extra thought toward operational costs. Taylor Sumption is a crop farmer just north of Aberdeen. He said the higher interest rates will make his annual loans cost more for things like putting his crops in the ground. “For example, looking at putting in a corn crop, just […]
Child poverty rates highest in states that haven’t raised minimum wage
Of the 20 states that have failed to raise the minimum wage above the federal $7.25 an hour standard, 16 have more than 12% of their children living in poverty, according to a States Newsroom analysis of wage and poverty data. Anti-poverty advocates say that’s a sign that there’s an urgent need for lawmakers to […]
Voters embraced affordable housing initiatives. Advocates say Congress should do the same.
Voters in Colorado approved a statewide affordable housing initiative in November; while voters in nine cities across the country OK’d measures to finance the construction of affordable housing, preserve existing rental properties and support renters. But as housing costs soar, analysts and advocates say more needs to be done and argue that federal action is […]
FTX failure divides lawmakers on how tough to get with crypto regulation
Members of a U.S. House committee disagreed at a Tuesday hearing about whether more aggressive federal regulation would have protected customers from the collapse of cryptocurrency firm FTX and the alleged fraud of its founder, Samuel Bankman-Fried. Lawmakers at the four-hour House Financial Services Committee hearing appeared to view the unfolding scandal around Bankman-Fried, arrested […]
Here’s why food prices remain stubbornly high even as inflation cools
Shoppers hoping for a little relief at the grocery store for their holiday meals will be disappointed by the Consumer Price Index released Tuesday. The CPI shows inflation cooling but food prices — particularly for some holiday staples — remain high. The CPI increased 0.1% in November, which was lower than some economists expected. Over […]
Daktronics reports $13 million loss in second quarter
Brookings-based manufacturer Daktronics lost $13 million in the second quarter of its fiscal year, the company revealed Monday in a delayed earnings report. The company blamed supply chain problems and higher costs for materials, labor and freight. The company said it aggressively secured inventory to address supply chain volatility, and that approach consumed cash. “These […]
Shareholder-rights firms circling as Daktronics postpones earnings report
Multiple law firms specializing in shareholder rights are inviting affected investors to contact them after a regulatory filing raised concerns about the finances of Brookings-based Daktronics. Shares of the company tumbled after it announced Tuesday that it was postponing its earnings report and also rescheduling a conference call about the report to 10 a.m. Central […]
Attempt to help states ease banking for marijuana businesses stumbles in Congress
The annual Defense Department policy bill members of Congress released late Tuesday did not include measures to loosen federal marijuana restrictions, to the disappointment of advocates. That leaves few avenues to pass marijuana measures seen as boons to states where the drug is legal before Congress adjourns for the year. As one of the last […]
U.S. House votes to avert calamitous rail strike, but Senate prospects murky
The U.S. House moved Wednesday to avoid an economically disastrous nationwide rail strike, voting to codify an agreement that members of some unions had already rejected and separately add paid sick leave that workers had demanded. The two-track approach allows Democrats to avert a strike that could cost the U.S. economy up to $2 billion […]
Albertsons-Kroger mega-deal raises questions from lawmakers about higher food prices
WASHINGTON — Members of a U.S. Senate Judiciary Committee panel raised concerns during a Tuesday hearing that a proposed merger between two of the largest U.S. supermarket chains could mean a monopoly on groceries and lead to higher food prices for Americans. U.S. Sen. Amy Klobuchar, a Minnesota Democrat who chairs the Subcommittee on Competition […]