Breaking Ground: A visit to the “Silicon Desert”

The economy is cooling, based on the latest inflation report, in part because American consumers are pulling back on spending. That’s good news for the Federal Reserve and its 2% inflation target. Also in this episode: GM says goodbye to the Malibu, OPEC+ members to talk about production quotas, and teen boys flock to luxury perfume counters.

Revised gross domestic product for the first quarter shows even slower growth than the original estimate. With U.S. GDP representing nearly a quarter of global output, what happens here can affect other economies. Also in this episode: why companies opt for machines over people, how cyberattacks affect small businesses, and what one South Gate, California, business owner thinks of prices.

A small neighborhood in the Phoenix area, full of farm animals and dirt roads, is in turmoil: A huge TSMC semiconductor plant, now under construction, is bringing with it a wave of commercial development and new residents. Champions of the project say the jobs and housing are sorely needed, but locals feel the transformation threatens their way of life. In this episode, we’ll visit the so-called Golden Triangle and meet stakeholders who include longtime residents, small-business owners, a city councilwoman and a real estate developer.

Commercial Israeli banks process transactions with Palestinian banks — about $10 billion in trade per year, and paychecks for tens of thousands of Palestinians with jobs in Israel. Normally, the government protects them legally if any funding finds its way into terrorists’ hands. Israeli finance minister Bezalel Smotrich recently threatened to end these waivers. In this episode, what could happen to the Palestinian economy if he follows through? Plus, what’s included in “cost of living” indexes, why consumer confidence is rising, and are we in a climate change housing bubble?

Nearly two-thirds of Americans drink coffee every day, according to the National Coffee Association. If you’re part of that 63%, you may have noticed coffee getting more expensive. Some of it has to do with the cost of the raw crop, which is at a 45-year high, partly due to climate change reducing yields. And it doesn’t help that global demand is growing. Also in this episode: Mexico City is in a water crisis, Zoom cashiers usher in a new wave of digital offshoring and machinery and other things-that-make-things purchases were up last month.

Per Bank of America’s annual workplace benefits report, more full-time workers are feeling secure in their jobs compared to last year. But there’s a catch: Those upbeat responses came from men, while the percentage of women who feel financially stable dipped slightly. Plus, the Federal Reserve’s inflation frustration, the SEC’s near-approval of spot ether ETFs and the federal tax code’s post-election future. Our fundraiser ends Friday, and we need your help to reach our goal. Give today and help fund public service journalism for all!

This week, we got some gloomy news on the housing market: In April, new homes sales fell 4.7% and existing home sales dropped about 2% from the month before, and in May, homebuilder confidence took a dive. The most likely culprit? High mortgage rates. Also in this episode: Why DuPont is splitting its company into three, what Olympic and Paralympic athletes are doing to raise funds for Paris, and how business is going for a maker of custom cowboy boots in Virginia. Our May fundraiser ends Friday, and we need your help to reach our goal. Give today and help fund public service journalism for all!  

About 7% of U.S. adults have long COVID, according to a new survey by the Centers for Disease Control and Prevention. Many of those nearly 18 million people say their symptoms affect their ability to work. Disability accommodations could be the answer. Also in this episode, competitors work on catching up to AI chipmaker Nvidia, companies offer 401(k) matching of student loan payments and the Consumer Financial Protection Bureau starts regulating buy now, pay later platforms. Our May fundraiser ends Friday, and we need your help to reach our goal. Give today and help fund public service journalism for all!

On Monday, JPMorgan Chase CEO Jamie Dimon hinted at retiring soon after running the banking powerhouse for 18 years. But finding replacements for veteran CEOs can be a tricky business. Also in this episode: New research finds that Native households are more financially stressed. Plus: Lowe’s invests in professional contractors, and Chicago vendors scramble after grocery stores shutter. Our May fundraiser ends Friday, and we need your help to reach our goal. Give today and help fund public service journalism for all!

Fast-casual sit-down restaurant chains have a lot on their plates right now. They’re unpopular with Gen Z customers, struggling to maintain reasonable prices and can’t compete with made-to-DoorDash options like Chipotle. Meanwhile, at the other end of the restaurant spectrum, reservations at trendy spots are hot tickets in resale markets. Also in this episode: The Port of Baltimore hopes for a return to normalcy, Texans gear up for a sweltering summer and homeowners in extreme weather-prone areas turn to state governments for insurance. It’s your last chance to double your impact during our May fundraiser — the Investors Challenge Fund is matching donations up to $25,000 today! Give right now.