Incandescent lightbulbs are now banned in the US
StartingAugust1, the sale of energy inefficient lightbulbswillbebannedintheUS.
A new minimum standard for lightbulbs has been setat45lumens—orbrightness—perwatt.Retailers can’t sell bulbs that don’t meet the criteria, though householdscancontinueusingexistingbulbs.
Most traditional incandescent and halogen bulbs won’tmakethecut.Switchingoverfromolderbulbs to newer LED bulbs is meant to “conserve energy and help consumers save on their energy bills,” accordingtotheruleannouncedinAprillastyear.
$3 billion: How much the Department of Energy (DOE) expects consumers to save per year on their utilitybillsoncethenewrulesareimplemented.
222 million metric tons:Estimatedemissionscutas a result of the DOE rules’ implementation over the next 30 years, equivalent to the emissions generatedby28millionhomesinoneyear.
30%: Share of light bulbs sold in 2020 that were incandescent or halogen, according to industry groupscitedinaUSATodayreport
Souce:
https://qz.com/incandescent-lightbulbs-ban-us-energy-efficiency-1850694782
Fitch downgrades US debt on debt ceiling drama and governance worries
Fitch Ratings downgraded its US debt rating on TuesdayfromthehighestAAAratingtoAA+,citing “a steady deterioration in standards of governance.”
The downgrade comes after lawmakers negotiated up until the last minute on a debt ceiling deal earlier this year, risking the nation’s first default. But the January 6 insurrection was alsoamajorcontributingfactor.
In a meeting with Biden administration officials, representatives from Fitch Ratings repeatedly highlighted the January 6th insurrection as a significantconcernasitrelatestoUSgovernance, a person familiar with the matter told CNN. The credit agency did not mention the insurrection in theirfullreportonthedowngrade.
US debt has long been considered the safest of safe havens, but Tuesday’s rating cut suggests it has lost some of its luster. The downgrade has potential reverberations on everything from the mortgage rates Americans pay on their homes to contractscarriedoutallacrosstheworld.
Growth in Major States Bodes Well for National Economy
When the latest report on the nation’s gross domestic product came out last week, showing a better-than-expected 2.4% annual growth rate in the second quarter, it proved the U.S. economy is picking upsteamas it enters thesecondhalf of the year.
California, Texas and Florida – collectively accountingforabout29%oftheU.S.economy–saw notable upticks in economic activity already this year, according to the latest data from Comerica Bank.
California is the state with the largest economy in the U.S., representing close to 15% of the nation’s totaloutput.
Texas, responsible for roughly 9% of the U.S. economy,outperformedtheGoldenState.TheLone Star State saw 5.3% annualized growth in the three monthsthroughApril
The Sunshine State, accounting for approximately 5% of the nation’s economy, posted a 3.4% gain in the same three-month period ending in April, increasing 2.2% from a year earlier, according to Comerica’s economic activity index. First-quarter GDPgrew3.5%inFlorida.
Souce:
https://www.usnews.com/news/best-states/articles/2023-08-02/growth-in-majorstates-bodes-well-for-national-economy
U.S. gas prices are continuing to rise — giving drivers across the country another headache
Thenationalaverageforgaspricesstoodatabout $3.82 a gallon on Thursday — about 29 cents higher than that seen one month ago, according tomotorclubAAA.Therisingprices areespecially interesting as “fewer people are fueling up” their cars this summer compared to years past, AAA spokesperson Andrew Gross explained in an interviewthisweek.
In the U.S., gasoline prices are highly dependent oncrudeoil—whichhasalsoclimbedoverrecent weeks. West Texas Intermediate crude, the U.S. benchmark, traded over $81 a barrel Thursday afternoon. That marks a $12 jump since July 3, according to OPIS global head of energy analysis TomKloza.
Afewfactorsarecausingoilpricestorise,analysts say, including impacts of this summer’s extreme heat on refineries and global supply production cuts — notably from Saudi Arabia, which on Thursday extended its unilateral reduction of 1 million barrels a day through the end of September.
US jobs growth slowed more than forecast in July
US jobs growth was weaker than forecast in July and was revised lower fortheprevious twomonths, with thelabourmarketcoolingafteralmost18monthsofinterestraterises.
The economy added 187,000 new non-farm jobs, according to data released by the Bureau of Labor StatisticsonFriday,comparedwithforecastsof200,000.
Thatfollowedadownwardlyrevised185,000inJune—andcouldbetakenasanencouragingsignthatthe FederalReserveismakingprogressinitsfightagainstinflation.
The Fed and investors have been closely monitoring the health of the labour market, as wages and jobs growtharecriticalcontributorstoinflation.
However, the labour market more broadly was still in robust shape, with the unemployment rate dipping to3.5percent.
Hourly earnings growth was stronger than expected at 4.4 per cent year on year, well above the levels consideredconsistentwiththeFed’s2percentinflationtarget.Wagesgrew0.4percentmonthonmonth, comparedwithconsensusforecastsof0.3percent.
Souce:
https://www.ft.com/content/fcd23319-b801-4889-93a5-15ab77d24435