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Biden admin announces $162M to expand computer chip factories in Colorado and…

WASHINGTON — The Biden administration is providing $162 million to Microchip Technology to support the domestic production of computer chips — the second funding announcement tied to a 2022 law designed to revive U.S. semiconductor manufacturing. The incentives announced Thursday include $90 million to improve a plant in Colorado Springs, Colorado, and $72 million to expand a factory in Gresham, Oregon, the Commerce Department said. The investments would enable Microchip Technology Inc., which is based in Chandler, Arizona, to triple its domestic production and reduce its dependence on foreign factories. Much of the money would…

Private sector gained jobs for fourth straight month to end 2023: report

Private employers added 164,000 jobs in December and wages were up 5.4 percent from last year, according to the new National Employment Report released by the ADP Research Institute on Thursday. “We’re returning to a labor market that’s very much aligned with pre-pandemic hiring,” said Nela Richardson, ADP’s chief economist, in a press release. “While wages didn’t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.” December marked the fourth consecutive month of private-sector job growth, with a big bump in leisure and hospitality hiring — two industries…

Online holiday spending jumps nearly 5% to new record, Adobe Analytics says

A UPS worker sorts packages in New York on Dec. 18, 2017. Adam Jeffery | CNBC Online spending rose 4.9% year over year, setting a record for e-commerce during the holiday season, as shoppers pounced on discounts and leaned on buy now, pay later to cover more of their purchases, according to Adobe Analytics. Sales totaled $222.1 billion on retailers' websites and apps from Nov. 1 to Dec. 31, according to Adobe. Adobe's data covers more than 1 trillion visits to U.S. retail websites, 100 million unique items and 18 total product categories. This year, more purchases rather than higher prices drove spending, Adobe said. Prices have…

Office space, “zombie buildings” key risk to Colorado’s economic outlook in 2024

Commercial real estate represents an anchor that is likely to only grow heavier in the months ahead as apartments join office space in stressing banks and weighing on the larger economy. “Office is a four-letter word right now,” said Marcel Arsenault, CEO and founder of Louisville-based Real Capital Solutions, while moderating a panel on commercial real estate at the , hosted by University of Colorado Boulder in early December. Falling interest rates might provide some relief, but they won’t reverse the reluctance lenders have when it comes to refinancing the massive amount of commercial real estate loans coming due, loans that…

Short Sellers Gang Up on China’s EV Leader

Short sellers have raised their positions on BYD, China’s—and the world’s—largest manufacturer of electric vehicles amid expectations of weakening sales. BYD recently dethroned Tesla from the top spot among global EV sellers after it closed the final quarter of 2023 with higher sales than the U.S. major. It sold more than 526,000 cars in the last three months of the year, while Tesla delivered a little over 484,500. if(window.innerWidthADVERTISEMENTfreestar.config.enabled_slots.push({ placementName: "oilprice_medrec_atf", slotId: "oilprice_medrec_atf" });';document.write(write_html);} BYD, which is backed by Warren Buffett, can…