The bottom line
The number of new homes sold in Manhattan, New York City’s most expensive borough, in the first nine months of 2018 was 39 percent lower than in the same period last year. Prices have fallen 9 percent and could drop further, with 22 new residential towers—totaling 1,412 floors and a height of 3.6 miles—expected to open their doors by 2021, adding to a real estate glut.
With the Federal Reserve steadily upping rates, U.S. bank customers are pulling cash out of accounts that earn no interest and putting it into higher-yielding alternatives. The total in non-interest-paying accounts fell 5 percent, by about $30 billion, for the year that ended June 30, the first drop in a decade.
The Wall Street Journal
Annual child care costs rose 7.5 percent last year, to between $9,000 and $9,600 for a child in a typical American family. In the Northeast that sum is even higher, with full-time care for an infant and a 4-year-old costing $24,815. Child care workers are paid an average of $11.42 an hour.
U.S. crude-oil production has increased 25 percent since 2014, and this year could break the annual record of 3.52 billion barrels, set in 1970; natural-gas production is up 19 percent. The boom is happening, however, with fewer workers: Employment in the industry is down 20 percent since 2014.
On any given day, 37 percent of Americans will eat at a fast-food or pizza restaurant. The most enthusiastic consumers are 20 to 39 years old: 45 percent of them eat fast food on a typical day, compared with 38 percent of 40- to 59-year-olds, and 24 percent of those over age 60.
The New York Times