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Pandemic-era inflation left millions of workers with a lasting pay cut. Now it’s happening again.

American workers’ wages are once again failing to keep up with inflation — a painful financial déjà vu of the pandemic years.  The repeat situation may feel even more acute given that many workers are still catching up from the 2021-2022 inflationary bout, when companies gave workers only moderate pay raises that fell short of four-decade-high price…

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In upset, moderate David Crowley defeats democratic socialist Francesca Hong in Wisconsin gubernatorial primary

Moderate Democrat David Crowley will win his party’s primary for Wisconsin governor, CBS News projects, in a narrow, upset victory over Francesca Hong, a democratic socialist who was widely viewed as a frontrunner in the race. Crowley will face GOP Rep. Tom Tiffany on the ballot in November.  Crowley overcame significant headwinds, especially after he…

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Rep. Ed Case defeats progressive primary challenger in Hawaii’s 1st District

Rep. Ed Case defeated a primary challenger in Hawaii’s 1st District, the Associated Press projected, defying a recent trend of progressive challengers ousting moderate incumbents. With 91% of the vote counted, Case had a nearly 14-point lead over his nearest challenger, state Sen. Jarrett Keohokalole.  Keohokalole had criticized Case for his vote to send military…

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The Fed was expected to hike interest rates in September. Don’t bet on that now, economists say.

What a difference a day can make for monetary policy.  On Thursday, interest rate futures were decidedly tilted toward the Federal Reserve hiking its benchmark rate in September, according to CME FedWatch, which tracks traders to forecast the central bank’s policy decisions. But after Friday morning’s dismal July jobs report, which showed that employers unexpectedly…

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