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Microsoft plans to eliminate 650 positions in its Xbox gaming division, the latest reduction hitting the tech industry as companies respond to slower consumer demand.

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The nation’s annual inflation rate posted at 2.5% in August, down from 2.9% in the prior month and continuing an economic cooldown expected to spur an interest rate reduction at the Federal Reserve’s next meeting Sept. 17-18.

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Small business confidence continued to wane in the latest monthly survey by the National Federation of Independent Business, with operators citing inflation as their top problem amid rising uncertainty about the economy.

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Record high temperatures caused massive power outages and sparked wildfires in Southern California throughout the past weekend, as the Phoenix region stretched a string of more than 100 days of temperatures above 100 degrees.

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The nation added 142,000 new nonfarm jobs in August, marking another month of cooling employment trends and providing more potential support for an interest rate cut at the Federal Reserve’s next meeting on Sept. 17-19.

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Job reductions announced by U.S.-based companies during August nearly tripled from the prior month as private payroll job growth showed further signs of slowing, according to closely watched reports issued Thursday by industry analysts.

Retailer depends on its existing stores, not Halloween City pop-ups

This Halloween season holds some retail property twists as chains across the United States try to conjure up more sales of costumes and other spooky paraphernalia.

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CEO departures at U.S.-based companies totaled 149 in July, down 36% from the prior month and dropping 24% from a year earlier as companies continue to deal with job reductions and other cost-cutting moves in a challenging economy, according to Challenger, Gray & Christmas.

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After a steep downturn in tenant occupancy in the first half of 2024, demand for industrial space is expected to increase significantly at least through mid-2026, aided largely by an increasing need for e-commerce logistics facilities, according to a new forecast report from NAIOP.

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New job cuts by Apple and fintech firm Klarna are among the latest pullbacks in a fast-shifting technology industry, with the latter firm trimming its workforce by nearly 2,000 as it increasingly deploys artificial intelligence.

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Analysts said U.S. thefts from cargo trucks rose 49% from a year earlier in this year’s first half, sparked largely by increases in Southern California due to its high density of freight logistics hubs.

Sales of New Houses Surge to Highest Point in More Than a Year

Sales of newly built single-family houses rebounded in July to the highest level in more than a year, offering what homebuilders hope is a potential preview of a healthier housing market buoyed by lower interest rates.

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Continued sluggish home sales and reduced consumer spending on big-ticket items had Lowe’s posting lowered revenue and profits in its latest quarter, as the home improvement retailer braces for more of the same later this year.

Rebuild Downtowns & Main Streets (RDMS) & Research in Illinois to Spur Economic (RISE) Recovery Implementation Grants – application deadline July 22 The Rebuild Illinois Downtowns and Main Streets Capital program (RDMS) will provide grants for construction, repair and modernization of public infrastructure and amenities to boost jobs, improve quality of life and stimulate economic activity for communities that have experienced disinvestment.

Law Requires Posting No Later Than July 15th

SPRINGFIELD – The Illinois Department of Labor (IDOL) posted updated prevailing wage rates, by construction trade, for each county on Monday this week. By requiring that local prevailing wages are paid on public works construction and infrastructure projects, the Illinois Prevailing Wage Act helps ensure that Illinois’ tax dollars are re-invested back into Illinois’ workforce and spent in Illinois’ economy.

Team RED Monthly Webinar Updates to DCEO Business Development Programs

Northeast Region Weekly Update July 15, 2024 Team RED Monthly Webinar Updates to DCEO Business Development Programs Join Team RED for a high-level overview of HB5005, the new omnibus bill to incentivize corporate development and increase Illinois’ competitive edge for attracting new businesses and capital investments. This legislation was signed on June 26th, 2024.

Exemplary performance

Congratulations to Elgin Community College. We are thrilled Diane Kerruish, senior executive assistant to the president, received the Professional Board Staff Member Award from ICCTA. This award recognizes exemplary performance in supporting an Illinois community college board of trustees. She is an incredible person we get to work with and so glad she received this well-deserved honor!

Rebuild Downtowns & Main Streets (RDMS) & Research in Illinois to Spur Economic (RISE) Recovery Implementation Grants