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109,352 TN jobs added by foreign automakers
International automakers have invested $15.6 billion in Tennessee’s auto industry, helping to create a total of 109,352 jobs in the Volunteer State, according to a new study.
A report for the American International Automobile Dealers Association (AIADA) said international automakers in Tennessee produced 413,746 vehicles, accounting for 76% of production in the state. Investments from Honda, Mitsubishi, Nissan, Toyota, and Volkswagen have cultivated economic growth and paid $8.6 billion in total employee compensation, according to the report by Autos Drive America.
“The investments our members are making are helping to resurge U.S. manufacturing while meeting evolving consumer demands,” Jennifer Safavian, president and XEO of Autos Drive America, said in a report released Friday.
Fox pays $12 million to former producer
Fox News has agreed to pay $12 million to Abby Grossberg, a former Fox News producer who had accused the network of operating a hostile and discriminatory workplace and of coercing her into providing false testimony in a deposition.
Parisis G. Filippatos, a lawyer for Grossberg, said that the settlement concluded all of Grossberg’s claims against Fox and the people she had named in her complaints, including former host Tucker Carlson and some of his producers.
Grossberg’s legal team filed a request in U.S. District Court for the Southern District of New York on Friday to dismiss a remaining lawsuit against Fox in light of the settlement.
Grossberg said in a statement Friday that she stood by her allegations, but she was “heartened that Fox News has taken me and my legal claims seriously.”
“I am hopeful, based on our discussions with Fox News today, that this resolution represents a positive step by the network regarding its treatment of women and minorities in the workplace,” she said.
Inflation index drops to lowest in two years
An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. At the same time, consumers barely increased their spending last month, boosting it just 0.1%, after a solid 0.6% gain in April.
The inflation index showed that prices rose 3.8% in May from 12 months earlier, down sharply from a 4.4% year-over-year surge in April. And from April to May, prices ticked up just 0.1%.
Still, last month’s progress in easing overall inflation was tempered by an elevated reading of “core” prices, a category that excludes volatile food and energy costs.
Europe’s inflation slips to 5.5 percent
Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags. It also won’t stop more interest rate hikes that will raise the cost of borrowing across the economy.
The European Union statistics agency said Friday that annual rate of 5.5% is down from 6.1% in May in the 20 countries that use the euro currency.
While that’s a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the United Kingdom pushed some of the world’s top central bankers to make clear they are going to keep raising rates and leave them there until inflation drops to their 2% goal.
California pork law affects pig breeding
A California law approved by voters in 2018 that promises to get breeding pigs out of narrow cages will technically take effect Saturday. That’s after years of delays, and warnings that the rules could lead to price spikes and pork shortages.
But even after the law goes into effect, California grocery shoppers won’t know for a while if pork chops they buy came from a pig whose mother was confined in a tiny crate. That’s because the state recently agreed to allow pork slaughtered before July 1 to be sold in California markets and restaurants for the rest of the year.
The pork and grocery industries welcomed the move, but others expressed exasperation at another delay.
— Compiled by Dave Flessner
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