Record home prices and elevated interest rates caused homebuilder confidence to fall for the eighth straight month in August, according to a new survey. The housing market index calculated by the National Association of Home Builders (NAHB) and Wells Fargo dipped six points this month and turned negative for the first time since May 2020….
Author: Karl Evers-Hillstrom
‘Shocked and disheartened’: How coal country is reacting to Manchin’s climate deal
Coal country is still reeling from Sen. Joe Manchin’s (D-W.Va.) decision to back a sweeping climate and energy package that will accelerate the nation’s transition away from coal. In the Mountain State, the once-burgeoning coal industry says it feels betrayed, displaced coal workers are celebrating the bill’s black lung benefits and Republicans seeking Manchin’s seat…
On The Money — IRS will focus on auditing the rich, Yellen says
The Biden administration wants the public to know that $80 billion in new IRS funding won’t result in more audits for the average taxpayer. We’ll also look at falling wholesale inflation figures, gas finally dropping below $4 and the FTC’s consumer privacy initiative. But first, read about why dried up lakes should concern everyone. Welcome…
Jobless claims rise again to highest level since November
New applications for unemployment benefits rose slightly in the first month of August to the highest level since November, according to Labor Department data released Thursday. Jobless claims totaled 262,000 in the week ending Aug. 6, up 14,000 from the previous week’s revised total. Claims continue to hover around pre-pandemic levels, but they’ve risen in…
Lobbying world
Drew O’Brien joined Seven Letter as a partner. O’Brien most recently was executive vice president and managing director at Burson Cohn & Wolfe and previously served as special representative for global partnerships under then-Secretary of State John Kerry. Illy Jaffer joined the Blue Cross Blue Shield Association as managing director of federal government relations. Jaffer…
Micron announces $40 billion investment in US chip manufacturing
Micron Technology plans to invest $40 billion in U.S. semiconductor manufacturing after Congress approved massive chip subsidies, the company said Tuesday. The Boise, Idaho-based chipmaker said that the investment will create 40,000 new jobs including 5,000 highly paid technical and operational roles and bring the “world’s most advanced memory manufacturing” to the U.S. The announcement…
Bottom line
INFRASTRUCTURE The Tree of Life synagogue hired Brownstein Hyatt Farber Schreck to lobby for federal aid to help build a memorial and museum honoring the victims of the 2018 Pittsburgh shooting. Nadeam Elshami, former chief of staff to Speaker Nancy Pelosi (D-Calif.), will work on the account. EV charging startup SWTCH Energy hired Boundary Stone…
US Chamber applauds Sinema, attacks stock buyback tax
The U.S. Chamber of Commerce on Friday cheered Sen. Kysten Sinema (D-Ariz.) for softening her party’s corporate minimum tax measure but criticized a new stock buyback tax proposal included in the Inflation Reduction Act. In a deal to appease Sinema, Senate Democrats on Thursday evening agreed to modify the 15 percent minimum corporate tax so…
AARP, Big Pharma locked in battle over drug pricing bill
The nation’s largest seniors group is locked in a battle with the pharmaceutical industry over Democrats’ drug pricing overhaul. AARP is blanketing the airwaves with ads backing the measure to counter drugmakers’ efforts to pressure key Democrats to vote “no” on the measure which would lower prescription drug prices. It’s also mobilizing its nearly…
Lobbying world
Amazon Web Services hired Judd Smith as a lobbyist. Smith most recently served as GOP counsel on the Senate Judiciary Committee, where he was helping draft antitrust legislation to crack down on Amazon and other tech giants that has lost momentum in Congress. Michael LaRosa joined Hamilton Place Strategies as a managing director. LaRosa is…