BUSINESS AND MONEY
Helen Roscha 28, Nov 3 mins
3 mins
The Ritz Herald
© Łukasz Nieścioruk
The new-vehicle sales pace in November is expected to finish near 16.0 million, equal to last month, and up 0.5 million from last November's 15.5 million pace

New-vehicle sales for November are expected to maintain a steady seasonally adjusted annual rate (SAAR) of 16.0 million, consistent with the sales pace observed in October, according to the Cox Automotive forecast released today. This represents an increase from last November’s SAAR of 15.5 million.

However, the sales volume is expected to reach 1.32 million, a decline of 1.3% from October but a 6.6% increase from one year ago, reflecting the differences in the number of selling days compared to last month and a year ago. There are 26 selling days this month, one less than last month and one more than last year.

According to Charlie Chesbrough, senior economist at Cox Automotive: “With the U.S. election now in the rearview mirror, we may see vehicle sales finish the year in a strong position. With less uncertainty in the market, consumer confidence is moving higher, which will likely increase consumer willingness to buy a new vehicle. Additionally, vehicle affordability is improving, thanks to higher incentives and falling auto loan rates, which increase consumers’ ability to buy.”

Sales Pace Continues to Reflect Improved New-Vehicle Inventory Levels and Higher Incentives

New-vehicle inventory volume topped 3.0 million units at the start of November for the first time since the pandemic, which is higher by more than 677,000 units compared to one year ago. Days’ supply climbed to 85 at the start of November, up two days from the revised start of October count and 10 days higher than in November 2023. Higher inventory levels are also pushing sales incentives higher, with new-vehicle sales incentives jumping to 7.7% of the average transaction price in October, marking the fifth consecutive month of higher…

CURRENT EDITION

WEATHER

TODAY

RH

WASHINGTON BUREAU

U.S. Central Command Conducts Successful Self-Defense Strikes Against Threats in Eastern Syria
U.S. Central Command Tuesday morning successfully engaged and destroyed several weapon systems that posed a
The Ritz Herald
USS George Washington Returns to Japan
The Nimitz-class aircraft carrier USS George Washington (CVN 73) returned to Commander, Fleet Activities Yokosuka,
The Ritz Herald
CED Releases Solutions Brief on U.S. Infrastructure Investment: Highlights Need for Public-Private Collaboration and Long-Term Strategy
The Ritz Herald

The Committee for Economic Development (CED), the public policy center of The Conference Board, has issued a new Solutions Brief, Strategic Investment in Infrastructure: Priorities for Implementation. It offers a three-year progress report on the $1.2 trillion Infrastructure Investment and Jobs Act, as well as the CHIPS and…

New York Employers Have the 4th Smallest Hiring Struggle in the U.S.
The Ritz Herald

With the labor force participation rate at 62.7% and slightly above pre-pandemic levels, WalletHub released its report on 2024’s States Where Employers Are Struggling the Most in Hiring, as well as expert commentary.

In order to see where employers are having the most trouble hiring new workers, WalletHub compared the…

New York Claims 44% More Unemployment Benefits Than National Average
The Ritz Herald

A new study has revealed the states with the most unemployment benefits claims, with New Jersey taking the top spot.

AI productivity platform Plus, analyzed 2024 data from the United States Department of Labor on unemployment insurance claims in each state between 04/13/2024 and 04/20/2024. The total number of claims…

September’s Booming Job Gains Underscore US Economy’s Resilience
The Ritz Herald

The US labor market proved resilient in September, adding 254,000 to payrolls for the highest gain since March. Leading into today’s release, June–August showed an average of 116,000 monthly payroll gains; revisions to July and August data now bring average gains over that period to 140,000, before September’s…

Ericsson and INFORM to Strengthen Financial Services Security and Combat Advanced Fraud
The Ritz Herald

Ericsson and INFORM collaborate to integrate RiskShield, an advanced Anti-Money-Laundering and Fraud Management solution, with Ericsson’s Mobile Financial Services Platform. The collaboration strengthens Ericsson’s suite of tools to tackle sophisticated financial threats for banks, fintech, and communication service providers. This collaboration highlights Ericsson’s dedication to expanding its financial services…

4 mins
Boston, Massachusetts. © Life Of Pix
The Ritz Herald
Net loss accelerated in recent years; main reasons include high taxes, housing and healthcare

A Pioneer Institute study released on Tuesday shows that Massachusetts lost $10.6 billion in adjusted gross income (AGI) to net out-migration between 2020 and 2022, more in those three years alone than the $10 billion it lost from 2012 to 2019.

In all, the Commonwealth experienced a four-fold increase in AGI loss from 2012 to 2022, according to a new study published by Pioneer Institute.

The net loss of taxpayers followed a similar pattern, rising from just over 6,000 in 2012 to more than 26,000 in 2022.

“It’s imperative that states losing residents and employers assess what’s going wrong and seek to right the ship,” said Aidan Enright, Economic Research Associate at Pioneer Institute and author of “Mass Out-Migration: Outflow of Wealth and Residents Continues.”

Massachusetts rose from ninth among the states in net out-migration of AGI in 2019 to fifth in 2022.

The study finds that an important reason for the outflow of people and wealth is that Massachusetts is one of the most expensive places in the country to live, with an acute housing shortage, high tax rates and expensive healthcare.

While 21 states reduced income taxes in 2021 and 2022, Massachusetts voters adopted a 4 percent surtax on annual incomes over $1…

3 mins
Andrew Sobko, BATCH CEO
The Ritz Herald

New York Stock Exchange TV recently spotlighted the technology-enabled logistics brokerage firm BATCH Freight as part of its Taking Stock series. BATCH is an online freight marketplace that connects shippers with carriers to move cargo. Its proprietary platform offers shippers the tools to book, manage, and track shipments in real time.

Meanwhile, carriers can schedule loads and get paid through the BATCH portal. Key features include visibility tracking, logistics optimization with artificial intelligence and machine learning, automated storage fee transactions, carbon monitoring, quoting, and more.

Taking Stock host Trinity Chavez sat down with BATCH CEO, Andrew Sobko, to discuss the firm’s past, present, and future plans in more detail.

Introducing BATCH

Backed by Sequoia and Brookfield, BATCH is focused on first-mile logistics in all major ports. CEO Sobko formed BATCH by a tri-party merger.

BATCH’s thesis is to build the most prominent tech-enabled digital wholesaler in the freight industry. It’s doing so by continuing to BATCH shipments designed for sale to small and medium-sized trucking companies. Most of BATCH’s current clients on the shipper side are NYSE-listed Fortune 500 companies.

BATCH’s Past 12 Months

BATCH CEO Andrew Sobko revealed to New York Stock Exchange TV’s Trinity Chavez how the firm had enjoyed a successful…

The State of the Union in the Direct-to-Consumer Space: Strategic Shifts and Challenges
The Ritz Herald

As we head into budgeting season, retail executives are increasingly scrutinizing their Direct-to-Consumer (DTC) strategies. Rising advertising costs, fierce competition, and a slowing economy are causing many to reevaluate their approach. Fears of waning demand are prompting some to consider pulling back from DTC, but the question remains: is…

Bloomberg Tax Predicts More Moderate Inflation Rates for 2025
The Ritz Herald

Bloomberg Tax & Accounting released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% from 2024. This is about half the increase in 2024, and a significant drop from the 7.1% increase in 2023.

Bloomberg Tax’s annual Projected U.S. Tax Rates Report…

U.S. Automobile Dealer Sentiment Stumbles in Q3 as Political Climate Heats Up
The Ritz Herald

The Q3 2024 Cox Automotive Dealer Sentiment Index (CADSI) shows automobile dealers in the U.S. continue to view the market as weak. The overall Q3 market sentiment index dropped to a score of 40, down from 42 in Q2 and 45 from a year ago, signaling a weakened market…

Oasis Gold Group’s Strategic Vision for Long-Term Financial Security
The Ritz Herald

Uncertainty looms in today’s financial markets, leading to increased scrutiny of traditional investment vehicles. One company that is challenging how individuals achieve long-term financial security through precious metals is Oasis Gold Group. It offers an opportunity to capitalize on gold and silver through its solutions that center on…

Fisher Capital Giving People an Alternative to the Stock Market
The Ritz Herald

For as reliable as they have been over the course of several decades of American history, stocks and bonds have never been quite as volatile as they are right now. With the elevated risk in today’s financial markets, and the current accelerating inflation devaluing U.S. currency in the global…

8 mins
The Ritz Herald
Los Angeles, CA. © Dillon Shook
Sixteen percent of California households could afford to purchase the $880,250 median-priced home in the third quarter of 2024, up from 14 percent in second-quarter 2024 and up from 15 percent in third-quarter 2023
By / Associate Writer

Slower home price growth and more favorable interest rates in third-quarter 2024 buoyed California’s housing affordability from both the previous quarter and a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said last Thursday.

Sixteen percent of the state’s homebuyers could afford to purchase a median-priced, existing single-family home in California in third-quarter 2024, up from 14 percent in the second quarter of 2024 and 15 percent in the third quarter of 2023, according to C.A.R.’s Traditional Housing Affordability Index (HAI).

The third-quarter 2024 figure is less than a third of the affordability index peak of 56 percent in the third quarter of 2012. Rates started the third quarter on a downward trend but have climbed since bottoming out in early September. With the dwindling chance of another sizable Fed rate cut in 2024 due to a stronger-than-expected economy, mortgage rates shot back up above 7 percent in recent weeks, reaching their highest levels since early July. Rates could still come down before the end of the year, but the odds of a meaningful decline in the next couple months have reduced sharply from where they were three months ago.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $220,800 was needed to qualify for the purchase of an $880,250 statewide median-priced, existing…

Why Investing in RELT Ahead of ONAR’s Public Debut Could Be a Game-Changer
The Ritz Herald

As ONAR prepares to go public through a reverse merger with Reliant Holdings (OTCQB: RELT), investors have a unique opportunity to get ahead of the market. The upcoming merger is set to transform ONAR into a publicly traded powerhouse, making now an ideal time to consider investing in RELT…

Florida’s Housing Market Sees Rise in Inventory and New Listings in June 2024
The Ritz Herald

Florida’s housing market in June and second quarter (2Q) 2024 showed rising inventory levels (active listings), more new listings and moderating median sales prices compared to a year ago, according to Florida Realtors®’ latest housing data.

“Florida’s economy and lifestyle continue to attract people who want to live and work…

Interview With Leandro Iglesias, CEO of iQSTEL
The Ritz Herald

Leandro, iQSTEL has seen impressive growth over the past year. Can you share with us the key drivers behind the company’s 50% revenue increase in 2023?

Thank you. 2023 was indeed a remarkable year for iQSTEL. The 50% increase in revenue, bringing us to $140 million, was largely driven…

3 mins
Standard & Poor's Financial Services LLC signage is displayed outside of the company's building in New York, on April 10, 2012. © Michael Nagle
The Ritz Herald
Platts to boost transparency in global pork market with new daily price assessments starting November 1

Platts, part of S&P Global Commodity Insights, will enhance transparency in the global pork market with the launch of daily spot physical price assessments for pork in Europe and North Asia, effective November 1.

According to S&P Global Commodity Insights, global pork consumption has steadily grown to the current rate of about 118.3 million metric tons per year and is expected to continue an upward trajectory. Globally, pork continues to be the protein of choice across Asia and the Caribbean and makes up 40% of global per capita consumption and 68.6% of consumption in China.

The Platts EU Pork Marker (EUPM) will reflect the spot physical value of frozen pork belly (bacon) on a Free Carrier (FCA) basis, Barcelona, Spain, while the Pork Belly Cost and Freight (CFR) North Asia assessment will focus on frozen pork belly delivered on a cost and freight basis to Busan, South Korea. These new price references build on the suite of protein price assessments launched for chicken, beef, and seafood earlier in the year, providing critical insights for stakeholders in the largest export markets and top importing regions.

Platts’ deeper expansion into proteins significantly enhances transparency across the wider food value chain, and extends its existing…

EDITOR'S

CHOICE

New Index Reveals Middle-Class Financial Resilience Shows Gradual Improvement Amid Ongoing Economic Challenges

Duncan / RH
The American Council of Life Insurers (ACLI) released a new index that measures middle-class households’ ability to manage financial challenges and plan for a stable future. ACLI’s Financial Resilience Index
More Americans are Living Paycheck to Paycheck Despite Increased Budgeting
The Ritz Herald

Debt.com’s 2024 budgeting survey of 1,000 Americans shows a mixed financial picture. While more people are budgeting and finding it beneficial to stay out of debt, the number of individuals living paycheck to paycheck has risen 10% over the past two years.

In 2022 and 2023, 50% reported living…

Bank of America Named Official Bank Sponsor of FIFA World Cup 26
The Ritz Herald

FIFA has announced that Bank of America will be the Official Bank Sponsor of FIFA World Cup 26™. This partnership demonstrates the global financial institution’s commitment to promoting wellness, supporting excellence, and making a positive impact on communities through the power of sports. Through this collaboration, FIFA and Bank…

Why the World Is Running Out of Workers and What to Do About It
The Ritz Herald

The global labor shortage crisis is here. The US economy alone needs 4.6 million additional workers per year to maintain current levels of supply, demand, and population balance.

That amounts to 2% of the US population—and shortages are even more dire elsewhere: Germany needs to find 1.6 million workers (3%),…