Apartment rents; blue-collar wages; Israel strike; German elections; Sudan; College football
Ad Astra Podcast
September 2 2024
Good morning citizens of America! This is the Ad Astra Citizen Journal daily brief for Labor Day September 2nd, 2024 AD. I'm here to bring you the latest news headlines from around the world. Let's dive into today's top stories. In today's pod, we're tracking apartment rents, blue collar wages, Israel strike, German elections, Sudan, and college football. First up, apartment renters across the country may soon see the end of a brief reprieve from rising rents. For over a year, increased supply from developers had kept rents in check, but now the tide is turning. Big investors are betting that the downward pressure on rents is fading. The critical metric? New construction starts which have slowed considerably. According to the US Census Bureau, July saw a 22% drop in multifamily building starts compared to last year, and a 41% drop from the April 2022 peak. Developers are pulling back, with some projects stalled due to financing issues, signaling that renters may soon face higher costs. In a related story, the power dynamics in the job market are shifting, and it's not in favor of workers. After a year of shrinking pay for white collar recruits, wages for new hires in blue collar sectors like construction, manufacturing, and food services are now ebbing too. An analysis from Zip Recruiter reveals a stark drop in advertised pay for these sectors, with retail showing the most significant decline at 55.9%. Employers are moving roles to lower-cost cities or offering them as lower-paying contractor positions, reflecting a cooling hiring market where companies have more control over who they hire and at what pay level. Turning our attention to international news, Israel is in turmoil. Tens of thousands of Israelis took to the streets, demanding a ceasefire after six more captives were found dead in Gaza. The unrest culminated in a general strike, the first widespread industrial action since the Gaza war began nearly 11 months ago. The strike which shut down much of Israel, including Ben-Gurion International Airport, reflects growing anger at Prime Minister Netanyahu's handling of the conflict, particularly his failure to secure the release of hostages held by Hamas. In Germany, a historic political shift is underway. The alternative for Germany, AFD, party has won elections in Thuringia. Marking the first time a far-right party has secured victory in a state poll in Germany's post-war history. The results signal a significant unraveling of Germany's post-World War II political model, with potential repercussions across the EU and the Western Alliance. As we approach the Brandenburg election later this month, all eyes will be on whether this trend continues. Meanwhile, the catastrophic war in Sudan is quickly becoming a global crisis. The conflict has devastated the country, with nearly 150,000 people killed and more than 10 million displaced, more than in Gaza or Ukraine. As bodies pile up and makeshift cemeteries visible from space, the looming famine could claim millions more lives. The war's ripple effects are expected to destabilize neighboring regions and could even threaten global trade through the Suez Canal. Despite the gravity of the situation, international engagement remains limited. Now let's switch gears to sports. College football kicked off this weekend. Top ranked Georgia made a statement with a commanding 34-3 win over #14 Clemson. Notre Dame ranked #7, secured a 23-13 victory over Texas A&M on the road, while #19 Miami crushed Florida 41-17. In Texas, Redshirt freshman quarterback Arch Manning threw his first touchdown pass and rushed for his first score in Texas 52-0 win over Colorado State. Manning, the nephew of NFL legends Peyton and Eli Manning, made his mark with a stellar performance late in the third quarter. On this day in 1992, the U.S. and Russia agreed to a joint venture to build the International Space Station, a symbol of post-Cold War cooperation that continues to orbit Earth today. That's all for today's brief. Join us again tomorrow for more news and updates. This show is produced by Greg Loving, wishing you a great day ahead. Please follow and rate us on Apple Podcasts or Spotify. It helps other listeners find us. Stay informed and add past for press. [Music] [BLANK_AUDIO]