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Business  |  Frank Corder  • 
July 28, 2022

Recession

U.S. economy contracts for second consecutive quarter. The U.S. economy is in recession. For the second quarter in a row, U.S. GDP is down, declining by 0.9% on the heels of a 1.6% decline in the first quarter of 2022. While unemployment remains relatively low, inflation is at a 40-year high and real wages have…
Business  |  Anne Summerhays  • 
July 27, 2022

Senate passes bill to boost computer chip production in U.S.

While Senator Wicker voted in favor of the legislation, Senator Hyde-Smith voted against it, expressing concerns over deficit spending. On Wednesday, the U.S. Senate passed the CHIPS Act (HR.4346) by a 64-33 vote. The legislation would earmark billions in federal funds to boost U.S. semiconductor production amid a nationwide chip shortage. The measure contains research and development and science,…