The bottom line

Unemployment rate of 16- to 24-year-olds tops 18 percent; A $1.6 billion reduction in news gathering operations; Old-fashioned railroad ranks among the hottest IPOs; Outstanding consumer credit continues to fall; Aid from foreign workers dwarfs a

Unemployment rate of 16- to 24-year-olds tops 18 percent

The unemployment rate of 16- to 24-year-olds in the U.S. climbed to more than 18 percent, from 13 percent a year ago. Only 46 percent of people in that age group held a job in September—the lowest proportion since the government began to keep track of such data, in 1948.

BusinessWeek

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

A $1.6 billion reduction in news gathering operations

U.S. newspapers reduce news gathering by $1.6 billion annually

Since 2004, U.S. newspapers have collectively reduced their investment in news gathering by approximately $1.6 billion annually, according to an analysis by the journalism think tank Poynter Institute.

Poynter.org

Old-fashioned railroad ranks among the hottest IPOs

One of the hottest initial public offerings of recent weeks isn’t a tech company but rather, an old-fashioned railroad. RailAmerica, which operates small lines connecting to major freight railways, cleared $330 million from this week’s stock sale and sold 1 million more shares than expected.

The Wall Street Journal

Outstanding consumer credit continues to fall

Outstanding consumer credit in the U.S. fell in August at an annualized 5.8 percent to $2.46 trillion—the seventh straight monthly decline. Most of the drop came as a result of consumers paying down revolving debt, such as credit cards.

Financial Times

Aid from foreign workers dwarfs aid from Western countries

Foreign workers sent $328 billion from richer countries to poorer countries last year, the World Bank says. Such remittances dwarf the $120 billion in direct aid doled out to poorer countries by Western democracies.

The Economist

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us