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Friday, March 24, 2023Walmart Plans Layoffs, New Home Sales Rise, Jobless Claims Decline
Walmart Plans Layoffs Walmart is reportedly laying off hundreds of workers at five U.S. e-commerce fulfillment centers, as the world’s largest retailer responds to declining consumer demand and overall jitters about the U.S. economy and a potential recession. Citing a comment from spokesperson for the retailer, Reuters reported that about 200 workers in Pedricktown, New Jersey, were let go due to staff reductions or eliminations in evening and weekend shifts. The news agency said similar changes also
Wednesday, March 22, 2023Existing Home Sales Surge as Prices Fall, Office Attendance Drops, Retailer Profits Rise
Existing Home Sales Surge as Prices Fall Existing U.S. home sales ended a year-long slide by rising 14.5% in February over the prior month. But the median price fell from a year earlier for the first time in 11 years as some prospective buyers remained on the sidelines, according to the latest data from the National Association of Realtors. The trade group reported Tuesday that the approximately 4.6 million existing homes sold in February marked the first time in the past 12 months that deals beat the
Wednesday, March 22, 2023In Meta Layoff Memo, Zuckerberg Says In-Person Work ‘Gets More Done’
Mark Zuckerberg was one of the earliest proponents of remote work, but similar to other policies adopted throughout the pandemic, the Meta CEO admits he may have "misjudged" its value. In a memo announcing another round of mass layoffs and cost-cutting measures, the Silicon Valley tech founder said engineers who work in person more frequently are more productive than those who work outside the office and encouraged them and other employees to "find more opportunities to work with your colleagues in
Tuesday, March 21, 2023‘Shock’ Coming for Real Estate Regarding Return-to-Office, IWG CEO Says
The commercial real estate industry is in for a rude awakening if it expects workers to flock back to downtown workplaces, according to Mark Dixon, CEO of flexible office giant IWG. Employees became accustomed to working from home during the pandemic, Dixon said on CNBC's “Squawk Box Europe” last week. That represents a “massive change” and a “fundamental seismic shift” that’s “a shock coming” to the real estate business once the implications sink in, Dixon said. “There’s sort of this assumption that
Tuesday, March 21, 2023Amazon Extends Downsizing Streak With Plan To Lay Off Another 9,000 Employees
Amazon is planning another round of cuts to its global workforce in a sign that its already aggressive cost-cutting measures are far from over. The Seattle retailer plans to lay off 9,000 more employees within the next few weeks, Amazon CEO Andy Jassy wrote Monday in a memo to workers. The layoffs, announced just a few weeks after the company indefinitely halted construction on the second phase of its headquarters in Arlington, Virginia, were attributed to what Jassy said was "uncertainty that exists in
Monday, March 20, 2023UBS To Buy Credit Suisse, Consumer Confidence Drops, Industrial Production Stands Put, Mortgage Rate
UBS To Acquire Credit Suisse UBS announced plans to buy troubled rival Credit Suisse on Sunday as part of a deal engineered by Swiss regulators hoping to calm jitters over the health of the banking system. UBS said the $3 billon transaction would create a behemoth that would be one of the largest asset managers in Europe, with holdings totaling more that $1.5 trillion. “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency
Monday, March 20, 2023These Cities Log Strongest US Technology Job Growth
San Francisco Bay Area, Coastal Regions Dominate Even As Industry Expands in Other Cities The nation's biggest coastal tech hubs logged job growth stronger than the national average at the end of 2022, after years of expansion across the U.S. and globally by such giants as Amazon, Microsoft and Google. Even with headline-grabbing tech layoffs, year-over-year job growth in Seattle, Silicon Valley's San Jose, San Francisco, Boston and Portland, Oregon, registered as high as 5% in December — well above the
Thursday, March 16, 2023US Office Market Imbalance Could Mean 330 Million Square Feet of Opportunity
The U.S. office market could be saddled with 330 million square feet of obsolete space by the end of the decade that would need to be repositioned lest vacancy rates rise to undesirable levels, according to a new analysis by Cushman & Wakefield. The real estate services giant projects much of that property — the equivalent of all the office space in Atlanta, the nation's eighth-largest office market — is ill-suited to meet the demands of hybrid working and environmental priorities. "We want to sound the
Thursday, March 16, 2023Retail Sales Decline, Builder Confidence Improves, Mortgage Applications Edge Higher
Retail Sales Decline February’s U.S. retail sales declined 0.4% from the prior month but showed a 5.4% improvement from year-earlier levels as consumers got some relief from high gas prices, according to preliminary figures released Wednesday by the Commerce Department. Reported as advance estimates subject to revision, government numbers showed consumers spent $697.9 billion in February at retail and food service establishments. Naveen Jaggi, president of retail advisory services at brokerage JLL, said
Wednesday, March 15, 2023Meta Plans 10,000 More Layoffs, Inflation Rate Drops, Office Attendance Holds Steady
Meta Plans 10,000 More Layoffs Plans from Facebook parent Meta to lay off 10,000 workers globally, after the 11,000 cuts made in November, adds to job reductions hitting the technology industry so far in 2023. In a letter to employees published on the company website, CEO Mark Zuckerberg said the Menlo Park, California-based company plans restructurings and layoffs in its tech groups in late April, to be followed by similar actions in its business groups in late May. The company is looking to boost
Tuesday, March 14, 2023Hotels Ramp Up Recruitment, Retention Efforts Ahead of Busy Summer Travel Season
Even though the labor market is slowly loosening up, hotels are still in fierce competition for top talent. Hoteliers have learned that they need to be extra employee-friendly to bring in and keep staff members. This is especially true as the busy summer travel season is approaching. Offering extra benefits, streamlining the interview process and settling new staffers more quickly into their jobs with mentors and others who can assist them are all ways that hoteliers can best attract these employees and
Monday, March 13, 2023Voter Registration Information for the April 4, 2023 Consolidated Election
VOTER REGISTRATION INFORMATIONApril 4, 2023 Consolidated Election Click here to find your polling place. Polls are open until 7:00 p.m. Same day registration (grace period registration) is available at the polls. For Kane County Voting dates, deadlines, and details, click here. For Cook County Voting dates, deadlines, and details click here.Early Voting For the April 4, 2023 Consolidated Election, early voting in Kane County will take place from March 10 to April 3 and from March 20 to April 3 in Cook
Thursday, March 09, 2023Most US Households Can't Afford a Median-Priced Home
Builder Group Says Housing Affordability Crunch Leaves More Property Out of Reach The National Association of Home Builders said nearly 30% of all U.S. households, or 39 million, cannot afford a home priced over $150,000 without exceeding one-third of their total household income. Another 25.8 million households are unable to afford more than $250,000. So combined, 64.8 million — or nearly 50% — of the 132.5 million U.S. households can only pay up to $250,000 for a home. But the median U.S. home actually
Thursday, March 09, 2023Private Payrolls Grow, Used Car Prices Rise, Mortgage Applications Edge Higher
Private Payrolls Grow More signs of a resilient U.S. job market arrived this week in the form of reports showing private sector employment growing in February from the prior month, including a rise in hiring by small businesses. Private employers increased hiring by 242,000 jobs and raised annual pay on average by 7.2%, according to a Wednesday report from payroll services provider ADP and Stanford University’s Digital Economy Lab. Analysts noted pay growth is positive for households but may also signal
Thursday, March 09, 2023Create a Path To Success With These Tips For A Professional Development Plan
Professional development is essential for anyone looking to take their career to the next level. Creating and executing a professional development plan can help you hone your skills and show employers that you are invested in becoming an expert in your field. The Elgin Area Chamber of Commerce understands how challenging it can be to get started; in this blog post, we will explore how to create and implement a professional development plan that will help you stay ahead of the game.Learn How to Set
Wednesday, March 08, 2023Fed Chair Warns Rates Could Go Higher Than Expected, Mall Visits Decline, Office Attendance Holds St
Fed Warns of Unexpectedly High Rates In a trend of the past several months, stock markets fell Tuesday on the prospect of interest rate hikes that might go higher and continue longer than some analysts expected after comments from Federal Reserve Chairman Jerome Powell. Powell told the Senate Banking Committee the ultimate level of the Fed’s key lending rate “is likely to be higher than previously anticipated,” as the Fed looks to bring down inflation in the face of recent economic data that was “stronger
Monday, March 06, 2023Theme Parks Extend Pandemic Rebound, Housing Affordability Worsens, Builders Oppose Union Rights Bil
Theme Parks Extend Pandemic Rebound Most major U.S. theme park operators reported sustained recovery from early pandemic shutdowns in their latest quarterly earnings calls, with SeaWorld Entertainment looking to revive long-stalled plans to add hotels to capitalize on growing crowds. Location and other details are yet to be revealed, but SeaWorld CEO Marc Swanson told analysts Feb. 28 that the Orlando, Florida-based operator of 13 U.S. parks now expects to have its first hotel open in 2025 and a second in
Friday, March 03, 2023Mortgage Rates Keep Escalating, CEO Departures Increase, Jobless Claims Edge Lower
Mortgage Rates Keep Escalating Mortgage rates have kept rising over the past month, with one outlet reporting 30-year loans averaging more than 7% this week for the first time since October. Mortgage News Daily Thursday reported 30-year, fixed-rate mortgages averaging 7.1%, though a weekly lender survey by government-backed loan agency Freddie Mac put the 30-year loan average at 6.65% for the week ended March 2. Most mortgage rate reports are averages based on national lender surveys, and Freddie Mac has
Thursday, March 02, 2023Train Derailments Spur Federal Safety Advisory, Office Attendance Edges Higher, Mortgage Application
Train Derailments Spur Safety Advisory A series of train derailments since 2021, capped by a major accident in East Palestine, Ohio, have implications for the entire U.S. cargo logistics system. They also sparked a government advisory this week, calling on railroads to update their policies regarding the use of heat-sensing detectors that might have averted problems linked to crashes. The Federal Railroad Administration said at least five derailments since 2021 have been linked to what are known as burnt
Thursday, March 02, 2023Little Relief in Sight for the Beleaguered Housing Market
A reprieve in mortgage rates from November to January brought hope that the housing market was starting to loosen up, but recent data show that there’s still a long way to go to get the market into better balance. Sellers and buyers remain at odds over pricing, existing homeowners are staying put, and homebuyers are still facing steep financing costs that are out of reach for many. In the market for newly constructed homes, developers are flush with inventory and seeking buyers who might take advantage of
Wednesday, March 01, 2023Restaurant Group Expects Sales Boost, Subsidized Chip Plants To Offer Child Care, Florida Takes Over
Restaurant Group Sees Sales Boost A prominent trade group’s forecast calls for U.S. restaurant sales in 2023 to climb 6.4% over 2022 to nearly $1 trillion, as pandemic fixtures like outdoor dining and cocktails-to-go become permanent even as emergency measures subside. “The temporary ‘pivots’ developed during the pandemic — expanded delivery services, outdoor dining options, to-go alcohol offerings and investments in technology — are the foundation of the industry’s ‘new normal,” the Washington,
Tuesday, February 28, 2023Pending Home Sales Rise, Railroads Reach Sick Leave Accords, Durable Goods Orders Fall
Pending Home Sales Rise Pending sales under contract for single-family homes rose 8.1% in January from the prior month, marking the second consecutive monthly increase and a rare positive sign for the U.S. housing economy after months of declines for completed sales. However, pending sales were down 24.1% from year-earlier levels in all regions, suggesting there is still much room for improvement in demand, according to the National Association of Realtors trade group. NAR Chief Economist Lawrence Yun
Tuesday, February 28, 2023Corner Bakery Files for Bankruptcy Protection As Office Worker Customers Stay Home
The Corner Bakery cafe chain filed for bankruptcy protection, saying it's joining the growing number of similar eateries struggling because workers that traditionally grabbed meals or placed catering orders haven't returned to downtown offices. The Dallas-based company, which has about 140 restaurants, is also trying to avert a foreclosure sale by a company that acquired one of its loans and said it is dealing with "increasingly impatient" landlords as COVID-relief funds to pay rent dry up, according to
Monday, February 27, 2023Inflation Report Rattles Markets, Mortgage Rates Rise
Inflation Report Rattles Markets Stock markets were spooked by Friday’s news that a consumer price measure favored by the Federal Reserve showed inflation remaining higher than expected in January. The Commerce Department’s personal consumption expenditures price index showed a 5.4% increase in January from a year earlier, rising from the 5.3% annual rate of December. Subtracting more volatile food and energy prices, the annual increase was 4.7% in January. The economy continues to show overall strength,
Monday, February 27, 2023US Hotels' Tax Contributions Estimated To Have Grown $5.6 Billion Since Pandemic
New analysis of governmental data by Oxford Economics and the American Hotel & Lodging Association show a $5.6 billion spike in state and local taxes paid by hotels across the U.S. The jump from $41.1 billion in 2019 to an estimated $46.7 billion for 2023 represents a 13.6% increase. Driven by the pandemic, 2020 saw a dramatic decrease in taxes from 2019 — down $13.2 billion before both travel demand and tax bills rebounded. “Hotels are making significant strides toward recovery, supporting millions
Tuesday, February 14, 2023U-46 Board of Education Appoints Dr. Suzanne Johnson Interim Superintendent
U-46 Board of Education Appoints Dr. Suzanne Johnson Interim Superintendent ELGIN - The U-46 Board of Education has appointed Dr. Suzanne Johnson as the interim superintendent for the state's second-largest school district. For the past five years, Johnson has served as the deputy superintendent of instruction for the district. "Dr. Johnson has demonstrated her unwavering commitment to students and staff during a nearly 26-year career devoted to public service in U-46," said Board President Susan
Monday, January 30, 2023TBK BANK SCHOLARS PROGRAM 2022
TBK BANK SCHOLARS PROGRAM 2023 At TBK Bank, we know the value of education. We also know the value in helping train future leaders in the communities we serve. That’s why we’ve created the TBK Scholars Program: a $1,000 scholarship for fifteen hardworking students who qualify as low to moderate income, in keeping with standards set forth by the Community Reinvestment Act. We encourage any student living in a community served by TBK Bank and demonstrating financial need to apply. PROGRAM
Monday, November 28, 2022Get Your Elgin, IL Business Ready for a Fresh Start in the New Year!
Ah, the end of the year – a time to reflect on the past twelve months, celebrate our successes, and set our sights on the future. If you're a small business owner, it's also a time to get your ducks in a row and prepare for a fresh start in the new year. Not sure where to start? Don't worry, we've got you covered. Here are some end-of-year preparations for small business owners courtesy of the Elgin Area Chamber of Commerce: Assess This Year, Plan for Next Year The fourth quarter is a great
Tuesday, June 14, 2022Gov. Pritzker Announces Nation-Leading Investments in Early Childhood
Gov. Pritzker Announces Nation-Leading Investments in Early ChildhoodOver $175 million in funding to support child care providers & families CHICAGO — Governor JB Pritzker and the Illinois Department of Human Services (IDHS) today announced new investments that strengthen and grow Illinois’ early childhood education and care field. These investments continue advancing Illinois as a leading state in the nation for children, families, and the early childhood workforce that support them. The changes
Friday, June 10, 2022Gov. Pritzker Signs Legislation to Expand Access to Higher Education
Gov. Pritzker Signs Legislation to Expand Access to Higher EducationBills aimed at increasing education equity across Illinois CHICAGO — Governor JB Pritzker today signed legislation designed to increase access to Illinois’ higher education system, close equity gaps, and improve student protections and operational effectiveness. The bills expand resources available to students and build on the administration’s efforts to expand equitable access to public universities and community colleges. House Bill
