Business in brief
Published 3:03 pm Monday, April 15, 2024
Workers are entitled to time off and other job accommodations for abortions under the Pregnant Workers Fairness Act, according to finalized federal regulations published Monday.
The regulations provide guidance for employers and workers on how to implement the law, which passed with robust bipartisan Congressional support in December 2022 but sparked controversy last year when the Equal Employment Opportunity Commission included abortions in its draft rules.
The language means that workers can ask for time off to obtain an abortion and recover from the procedure.
It also covers other pregnancy-related medical conditions like miscarriage, stillbirth and lactation.
Americans increased their spending pace in March at a better-than-expected pace from the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
Retail sales rose 0.7% last month after being up a revised 0.9% in February, according to the Commerce Department’s report on Monday. Sales fell a revised 1.1% in January, dragged down in part by inclement weather. Excluding gas prices, which have been rising, retail sales were still up a solid at 0.6%.
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
Biden, the sitting Democratic president, released his tax records on the IRS Monday deadline, paying a 23.7% rate on $619,976. On Tuesday, he is scheduled to deliver a speech in about why the wealthy should pay more.
Trump, the former Republican president, says the public has no need to see his tax data. He maintains that keeping taxes low for the wealthy will supercharge investment and lead to more jobs.
U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street. The S&P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%. Stocks had been up earlier in the day, rising as oil prices eased.
But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations. Financial markets are in an awkward phase where such strength raises hopes for growing profits at companies but also hurts expectations for easier interest rates.
High rates put downward pressure on stock prices.