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Written By Unknown on Minggu, 05 April 2015 | 00.48

Report: Disney to give DraftKings $250M

Boston fantasy sports startup DraftKings reportedly is getting a $250 million shot in the arm from the Walt Disney Co.

In return for the investment, DraftKings will spend more than $500 million in advertising on ESPN platforms in the coming years, the Wall Street Journal reported yesterday, citing unnamed sources. The company is now valued at about $900 million, according to the report.

DraftKings lets fans play fantasy sports online and win money if the players they pick do well in games.

Fortune.com last month reported Disney and DraftKings were in talks. Both companies declined to comment on the Journal's report.

Previous investors in DraftKings, which launched in 2012, include Atlas Venture along with Boston Seed Capital, Hub Angels and Angel Street Capital.

DraftKings earlier this week announced a multi-year expansion of its exclusive partnership with Major League Baseball, making it the league's "Official Daily Fantasy Game."

Snow takes bite out of tax revenue

Roads, public transportation and patience weren't the only things stressed during this winter's punishing snowfalls.

The state's tax revenue also took a hit.

Revenue Commissioner Mark Nunnelly said yesterday that the state's sales and use taxes are lagging "undoubtedly due to weather-related sales losses."

Revenue collections for March totaled just over $2 billion. That's $82 million — or 4.2 percent — more than last March, but $99 million below projections.

Nine months into the fiscal year, revenues are $132 million above projections.

Nunnelly said that despite strong performance in estate tax collections, March revenue collections were more than offset by the release of tax refunds that had been held up in February for additional scrutiny.

He said corporate and business taxes were up $103 million over last March.

Tesla sets quarterly delivery record

Tesla Motors yesterday said it set a new company record for the most cars delivered in a quarter, with 10,030 vehicles in the first three months of 2015.

This is the first time the company has disclosed deliveries within three days of a quarter's end, a practice Tesla said it would continue. Most auto manufacturers report vehicle sales on a monthly basis.

The company said the first-quarter global delivery figure marks a 55 percent increase from a year earlier. But it is still a long way from Chief Executive Elon Musk's estimate of 55,000 deliveries in 2015.

"Ten thousand is the best he's done yet, but it's not going to get him to 55,000," said Karl Brauer, senior analyst at Kelley Blue Book. "He still needs to get the rate of production and sales improved to a pretty good chunk between now and the end of the year."

  • Canton Co-operative Bank announced that Bela Vasconcelos, left, has been promoted to 
assistant vice-president/director of residential lending. 
Vasconcelos joined Canton 
Co-operative Bank in 2012.

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Benz with 449 hp is a head-turner

Here's what a friend of mine had to say about the 2015 Mercedes-Benz S550 4­Matic Coupe: "It looks like it's going 100 mph sitting still!"

This handsome and fast coupe's interior is elegantly trimmed in "Designo" Napa leather with piano black lacquer solid surfaces and is a dream to drive. Whether set in the Econ/Comfort or performance-minded Sport mode, the S550 — formerly badged the CL — is lightning-quick and exquisitely precise.

The front seats automatically adjust as you swing through turns, keeping you and your passenger snug in the racing-inspired leather. The front seats also electronically slide forward, revealing a smallish back seat. Although it's more than a two-seater, folks in the back might be a bit squeezed. The panoramic sunroof gives the cabin an airy feeling but maintains the feline shape and slick aerodynamics of the body.

Powered by a 449-hp V­8 4.7-liter twin turbo and mated to a silky smooth seven-speed automatic transmission, the Mercedes­-Benz powers from a stop and has plenty extra when you boot the sport-styled accelerator pedal looking to move through traffic. Reset the driving mode to Sport and you feel the air-suspension stiffen and the shift-points change to make this a formidable full-sized grand tourer.

Don't mistake the S550 for a lithe sports car, though this more than 4,500-pound machine is only eight inches shorter than the full four-door sedan it shares the class with.

The all-wheel-drive melds the car to the road, providing you a sense of complete control and confidence in the car. Sweeping on and off ramps, the S550 flattens out nicely, so maintaining a good head of steam through them is a snap. Rain and wet roads are no issue and snowy terrain is easily handled with winter-mounted 
Pirelli performance snow tires. And the accurate and sure braking keeps this two-door safely grounded.

Speaking of safety, the S550 has a full array of sensors and alerts to help keep you in your lane, awake at the wheel and at an appropriate distance from cars in front of and behind you. Bird's-eye, front and rear cameras, head's-up display and blind-spot monitors help you pilot the Mercedes free and clear of danger.

Despite what appears to be a daunting electronic display, managing your listening needs, navigation and Bluetooth integration is straightforward and simple. The "Command" system only takes a short time to learn and with audible and steering wheel controls, in addition to a center stack mouse and controller wheel, setting your favorites is quick and pain-free. Cellphone integration is a one-click setup and there's no need to raise your voice to talk. The whisper-quiet interior is only interrupted when you ask the beefy engine to get going, but the reward is a gutsy roar that settles into a dynamic hum even at highway speeds.

I took it on a coast run to Portland, Maine, in Econ mode and got a reasonable 24 mpg while managing about 16 in local driving. It loves super high test gas but only requires 91 octane to keep the fuel lines happy.

With all the technology, creature comforts, craftsmanship and performance, this classy car has a delivered MSRP of $149,875 and competes in class with the BMW 6 Series and Bentley GT.

Sadly, I had to turn the test car back in, and they had to pry the key from my fingers.


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Restored church worthy of worship

A growing number of shuttered churches in the Boston area have been converted to condominiums, but few have been to such beautiful effect as the former Mount Vernon Church in the Back Bay.

Built around 1891 by C. Howard Walker, the church at the corner of Beacon Street and Massachusetts Avenue was destroyed by fire in 1978. But the Gothic stone facade mercifully was spared and today frames a manicured, sun-drenched courtyard attached to the seven-story brownstone Graham Gund Architects designed in 1983.

Today, it's known as Church Court, and on the fourth floor, overlooking the courtyard, one of its 42 units is for sale for $1.35 million.

"What makes it special is it has a lot of amenities, but it's also in a historically significant building," said broker Todd Mikelonis of Charlesgate Realty Group.

The two-bedroom condo spans 1,132 square feet, with central heating and air and new bamboo floors, except in the two bathrooms, which have tile floors and glass showers.

The master suite consists of a bathroom, two large closets, and a bedroom with southern and western exposure and double-paned windows to keep city noise at bay.

The guest bedroom is smaller and has a closet with a sliding door and built-in storage space. And tucked in a hallway closet is a washer and dryer.

The renovated kitchen has a four-burner Bosch cooktop, an oven, a microwave, a dishwasher, a large refrigerator and ample cabinets — all paneled in dark wood with granite countertops.

The kitchen also has a pass-though opening to the living room, which has bay windows, track lighting and enough space for a dining area.

The unit comes with its own parking space and storage locker in the garage, which is accessible by elevator. Without the parking space, the unit would sell for $1.2 million to $1.225 million.

The condo is occupied by a tenant until June 1, making it one of eight units in the building that are currently rented.

The building is monitored by video and a 24-hour concierge who buzzes residents into the lobby, which has a sitting area and access to the courtyard.


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Duke, Virginia agree to $2.5 million coal ash settlement

RICHMOND, Va. — Duke Energy has agreed to a $2.5 million settlement with Virginia over a massive coal ash spill that coated 70 miles of the Dan River in gray sludge, state environmental officials announced Friday.

The settlement drew immediate criticism from a water protection group, while the hardest-hit locality — the city of Danville — continues to negotiate with Duke.

The Virginia Department of Environmental Quality said the settlement would include $2.25 million in environmental projects that Duke would perform in communities affected by the spill in February 2014. The remaining $250,000 would be placed in a fund for the department to respond to environmental emergencies.

The spill originated in Eden, North Carolina, but affected areas in Virginia, too, leaving more than 2,500 tons of the toxic ash backed up behind a dam in Danville. The ash is the waste left behind when coal is burned to generate electricity. It contains toxic metals.

The Virginia settlement is still subject to approval by the State Water Control Board. The consent order does not preclude affected localities from seeking their own settlements with Duke.

Danville officials said the spill has affected economic development and made some residents wary of the river.

"Here it is, more than a year later, and we still have citizens who are afraid to drink the water," spokesman Arnold Hendrix said. "They're still afraid that the coal ash is still there."

Hendrix said testing has shown city water supplies are safe.

City Manager Joe King said Danville has been discussing several projects with Duke that he said would restore confidence in the river.

"So far they've not responded to requests," he said.

The Roanoke River Basin Association said that the full environmental impact of the spill is still unknown and that the settlement does not rise to a "transgression of this magnitude."

"We have yet to see the total impacts on water quality, tourism, the region's image, and property values," Executive Director Andrew Lester wrote in an email to The Associated Press.

"What price do you put on these impacts? $2.5 Million is not the number," he said.

In a statement, Duke energy called the settlement a "fair outcome."

"Duke Energy is committed to working with the Virginia Department of Environmental Quality to expedite the benefits of this agreement and to help protect and promote natural resources in the state," Paul Newton, Duke Energy president for North Carolina, said in the statement.

In February, Duke and federal prosecutors said the energy giant had agreed to plead guilty to violations of the Clean Water Act and pay $102 million in fines, restitution and community service. The company said the costs of the settlement will be borne by its shareholders, not passed on to its electricity customers.

Duke adamantly denied any wrongdoing regarding its coal ash dumps for years. But in December, the company conceded in regulatory filings that it had identified about 200 leaks and seeps at its 32 coal ash dumps statewide that together ooze out more than 3 million gallons of contaminated wastewater each day.

A new state law passed in August requires Duke to either clean up or permanently cap all of its ash dumps in North Carolina by 2029.

Virginia environmental officials said they have assisted U.S. Department of Justice officials in developing a criminal case against Duke, and would press the state's interests in any settlement.

DEQ Director David K. Paylor said in a statement the consent decree with Duke ensures that the utility "is held fully accountable for the impact of this incidence."

The public will have until May 20 to comment on the settlement before the water board considers it.

___

Steve Szkotak can be reached on Twitter at http://twitter.com/sszkotakap.


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Iran nuclear deal might affect oil prices — eventually

WASHINGTON — The framework agreement over Iran's nuclear program could lead to a deluge of Iranian oil on the global market, with the potential to drive oil prices down further than they've already plummeted.

But it won't happen soon. Even if the deal outlined Thursday doesn't fall apart before the details are worked out, it's likely to be at least a year before international sanctions against Iran are lifted to allow its oil to be shipped, according to energy experts.

"I am not very optimistic that we'll see this massive flood of Iranian oil on the market anytime soon," said Phil Flynn, senior energy analyst for the Price Futures Group.

The eventual impact of letting Iranian oil on the market would be huge. Iran holds the world's fourth-largest proven oil reserves, but its production has dropped because of the sanctions, especially a European Union ban on importing Iranian oil. Iran exported 2.5 million barrels of oil a day before the sanctions were imposed. It's now down to 1.1 million.

Iran is desperate to ease the sanctions, as crude-oil exports account for 85 percent of its government revenue, according to a report from Roubini Global Economics, an analysis firm. It's storing millions of barrels of oil on supertankers in the Persian Gulf, just waiting for permission to sell.

"If the sanctions were lifted today it would have a major impact," Flynn said. "They have miles of tankers filled with oil. It would be like a fire sale into a global market already oversupplied with oil."

The nuclear agreement with Iran, though, is just a framework, with the specifics to be negotiated by June 30. The unresolved details include the exact process for lifting sanctions and, given earlier delays in the talks, the negotiations might drag beyond the deadline.

Analysts said the deal also appears to demand that before the sanctions are lifted the International Atomic Energy Agency must certify that Iran is complying, including allowing inspections and removing centrifuges used for nuclear enrichment. It's not clear how long that would take.

"There were some expectations that Iranian oil could come back to the market very quickly, and this is clearly not going to happen," said Raymond James energy analyst Pavel Molchanov.

The toughest requirement for Iran to meet might be clarifying past research it's suspected of conducting on missile-borne nuclear warheads, ClearView Energy Partners said in a research note.

The energy research firm doesn't expect Iranian oil to hit the world market before next year.

There's already a global oil glut, which has led prices to plummet by more than half since last summer. The unleashing of Iranian oil would send them tumbling further, which is good for drivers but bad for the energy industry and governments that rely on oil revenue. The international benchmark price of oil fell nearly 4 percent after news of the Iran framework agreement.

Flynn, of the Price Futures Group, said the energy market could be different by the time the sanctions were lifted, and it's not guaranteed that introducing Iranian oil is going to send prices on a nosedive.

He said he thought the global demand for oil would rise with central bank efforts to stimulate economies in Europe and China. And Saudi Arabia would need to decide whether it was willing to cut its oil production to make room for Iran and prevent the global price from tanking.

Saudi Arabia and Iran are backing different factions in the war in Yemen, but they're both members of the Organization of the Petroleum Exporting Countries. Flynn cited a traditional understanding in OPEC that if a country can't produce its oil quota and other members take its market share, they're supposed to pull back when that country is ready to resume pumping.

"It will be interesting to see if they will separate the Yemen proxy-war politics from the OPEC politics for the sake of unity in the cartel," he said.

———

©2015 McClatchy Washington Bureau

Visit the McClatchy Washington Bureau at www.mcclatchydc.com

Distributed by Tribune Content Agency, LLC

_____


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Westport farm restricted from selling animals

A Westport dairy farm has agreed to stop selling animals for human consumption after federal regulators said they found illegal drug residues in cattle.

During an inspection last June, the Food and Drug Administration documented multiple violations of federal food laws at Michael P. Ferry Inc., after the U.S. Department of Agriculture found illegal residues of penicillin and other drugs in cattle Ferry sold for slaughter — violations similar to those the FDA documented in an Aug. 11, 2011, letter to Ferry.

Illegal drug residues can pose a "significant public health risk," the agency said, because certain consumers may have "severe allergic reactions" after eating food containing "above-tolerance" antibiotic levels.

"When a company refuses to comply with food safety laws and regulations, the FDA must take legal action to protect public health," said Daniel McChesney, director of the Office of Surveillance and Compliance at the FDA's Center for Veterinary Medicine. "We ... will continue to monitor the dairy to confirm that the terms of the agreement are met."

The agreement prohibits the farm from selling animals for human consumption until it implements record-keeping systems to identify and track animals that have been treated with drugs, and ensure that drugs are not used in a way contrary to the labeling without a valid veterinarian-client-patient relationship.

A call to the dairy farm was not returned yesterday.

Since 2005, the FDA has sent 449 warning letters nationally about illegal drug residues, adulterated animals sold for slaughter and extralabel drug use.


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Church to host conversion

A landmark Beacon Hill church has been sold, and early redevelopment plans call for a conversion to residential condos and office space.

Boston real estate investment firm Ad Meliora and Rhino Capital managing principal Michael Olson bought the Church of St. John the Evangelist and rectory at 33-35 Bowdoin St. for $4.5 million.

Two condos and an office for Ad Meliora are under consideration for the church, along with three or four condos in the rectory, according to Ad Meliora president Jan Steenbrugge.

"It's a historical building, so we're working together with the Massachusetts Historical Commission and Beacon Hill Commission to find something that everybody can be happy about," Steenbrugge said. "We want to keep the church space as open and authentic as possible, so that limits what we can do there. We are absolutely not planning any high-density project. We want to use the space without causing a nuisance in the neighborhood with parking issues."

Members of the Church of St. John the Evangelist and Cathedral Church of St. Paul on Tremont Street voted to merge in 2013, and the combined Episcopal congregation is using the Bowdoin Street church for a few more months under a lease deal with Ad Meliora while St. Paul's undergoes renovations.

The Church of St. John the Evangelist was designated a national historic landmark in 1966. It was built in 1831 for the Bowdoin Street Congregational Society, which was led by the Rev. Dr. Lyman Beecher, the paternal grandfather of American abolitionist and author Harriet Beecher Stowe. Parishioners of note have included poet T.S. Eliot and Supreme Court Justice Oliver Wendell Holmes.

The granite Gothic Revival-style church was designed by architect Solomon Willard, who also designed the Bunker Hill Monument in Charlestown. The adjacent four-story brick Greek Revival row house that serves as the rectory was built around 1843.


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Brooks rocks lobster shoe for marathon

Brooks Running Co. has launched a limited edition Boston-themed version of its Launch 2 sneaker, just in time for the Boston Marathon.

The Lobster Launch 2 has images of the crustacean, a blue ocean midsole, rope laces and wood lace aglets that represent fishing traps.

"Through imagery of the New England lobster and product details inspired by the region's famed fishing industry, the Lobster Launch 2 embodies the toughness and resiliency of the Northeast," said Shane Downey, senior business manager.

The shoe, which is available at specialty running stores in Boston, the Brooks Running booth at the Boston Marathon expo and online, comes packaged in a white fishing net.


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March figures hint at larger economic slowdown

Employers added fewer jobs in March than expected as the labor market began to fall in line with other signs that the economy is lagging, said analysts who predict slower hiring will continue in the coming months.

"Disappointing is the key word for sure, but in retrospect it really shouldn't have been surprising," said Doug Handler, chief U.S. economist for IHS Global Insight. "There will be a period of weak employment until we can kick out the last few months."

Employers added 126,000 jobs last month, far below the 245,000 jobs that was the consensus expectation of economists, the Labor Department said yesterday. January and February job numbers also were revised downward a combined 69,000 jobs. The unemployment rate remained at 5.5 percent.

The sluggish job growth comes as other economic indicators have lagged as well, putting the economy's strength into question. Exports and home sales have disappointed in recent months, and plunging gasoline prices have not had the expected impact on consumer spending.

"It does add to some other recent data that suggests the economy was doing not very well in the first quarter," said Nigel Gault, co-chief economist at The Parthenon Group.

For the 12 months prior to March, at least 200,000 jobs had been added every month, gains that at times seemed to far outpace other economic numbers.

"I think the numbers are going to improve, but I doubt we're going to be running consistently at 250,000, 300,000 a month," Gault said. "The labor market, employment increases, are going to be softer than they were."

The unexpectedly weak job growth also may throw a wrench in the plans of the Federal Reserve, which has been eyeing an interest rate increase in the coming months.

"It does seem pretty unlikely that the Fed will raise interest rates in June," Gault said.

Fed chairwoman Janet Yellen has said the central bank will only raise rates when it is confident the economy can withstand the higher cost of borrowing money.

U.S. Labor Secretary Thomas Perez, speaking in a live Periscope broadcast yesterday, said the economy remains on track.

"We have more work to do, there's no doubt about it," he said, "but the economy continues to move in the right direction."


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Why job growth and cheap gas aren't doing what they should

WASHINGTON — Steady hiring is supposed to fire up economic growth.

Cheap gasoline is supposed to power consumer spending.

Falling unemployment is supposed to boost wages.

Low mortgage rates are supposed to spur home buying.

America's economic might is supposed to benefit its workers.

Yet all those common assumptions about how an economy thrives appear to have broken down during the first three months of 2015.

The economic benefits that normally would flow after a full year of solid hiring have yet to emerge. Just 126,000 jobs were added in March, the government said Friday. Average weekly paychecks fell.

Restaurants cut back on hiring because savings at the gas pump didn't lead to more dinner reservations. Builders and manufacturers each cut 1,000 workers from payrolls, thanks to tepid construction activity and so-so factory orders.

Had Friday's report been released a few days earlier, "it would have been laughed at as a great April Fools' joke," said Gregory Daco, head of U.S. macroeconomics at Oxford Economics.

The middling gains confirm evidence elsewhere of a broad economic slowdown. During the first three months of the year, the Atlanta Federal Reserve forecasts that the economy actually came to a standstill — failing to grow at all.

Some of the first quarter's slowdown is no doubt due to an especially harsh winter. Yet nearly six years into the recovery from the Great Recession, the economy's muddled progress seems inescapable. A long-awaited breakout remains elusive, suggesting that the economy's direction has never been quite as simple as some analysts, politicians and bar stool philosophers would have it.

Now, some analysts are pointing to factors that might have been downplayed or overlooked this year. Others are holding to their projections about the economy as it theoretically should be. After all, they reason, March may prove to be a hiccup akin to what happened in 2014, when a first-quarter slump was followed by a burst of growth in the ensuing months.

Here are five factors that help explain why the U.S. economy isn't accelerating as you might expect.

— NASTY WEATHER

For parts of the United States, it felt like endless winter. The snowfall and frigid temperatures that lingered until the closing days of March can freeze economic growth.

Construction crews built fewer homes: On a seasonally adjusted basis, builders broke ground on 17 percent fewer homes between January and February. Shoppers skipped visits to the mall and auto dealers, choosing instead to crank up the thermostat. Retail sales fell in January and February.

"Losses to construction and some moderation in retail hiring relative to last year suggest unusually harsh winter weather played some role in explaining the weakness," said Diane Swonk, chief economist at Mesirow Financial.

If weather was a culprit, it might actually be an encouraging fact. It would mean that the economy remains fundamentally healthy — something that would become evident once the clouds lift and the sun emerges in spring.

And that would be exactly what occurred last year.

Still, Swonk cautions that weather explains "some but not all" of the disappointing growth.

— STRONG DOLLAR

Many U.S. factories ship their wares around the world. But because the U.S. economy has fared better than its trade partners, U.S. factories are now at a disadvantage: America's relative health has helped drive up the dollar's international value. Goods from U.S. factories are about 20 percent costlier in Europe than a year ago, an increase that has dampened sales.

So the U.S. economy's very strength has helped create a weakness.

Which is why Maryland-based Marlin Steel has held off on plans to hire more metal workers.

"It's not just me selling into Europe — it's all of my clients selling into Europe," said Drew Greenblatt, president of Marlin Steel. "They're all dealing with the pain."

— OIL'S SLICK MOVES

A barrel of crude oil costs under $50, having more than halved in price since June. This means wells are pumping out smaller profits, if not losses. When oil prices plunge and billions of dollars are at stake, oil companies tend to respond quickly to curb production. The number of active rigs has fallen 50 percent since October, according to Baker Hughes, the oilfield services company. This has led to layoffs, tighter budgets and fewer orders for equipment, all which hurt growth.

Consumers, by contrast, have yet to respond to their savings from cheaper gasoline by spending much more. The lag means that the oil companies' cutbacks have yet to be offset by greater retail spending. So the economy has suffered all the downside, while the upside has yet to appear, said Carl Tannenbaum, chief economist at Northern Trust.

Tannenbaum predicts that consumers will eventually respond to gas prices, which are on average 33 percent lower than a year ago. When they finally do, the economy should perk up.

— MEAGER PAY RAISES

It's hard for consumers to spend more if their paychecks barely move. Average annual wage growth is stuck at a meager 2.1 percent even as the U.S. unemployment rate has tumbled over the past year to a near-normal 5.5 percent from 6.6 percent. And average hours worked declined last month, causing workers to earn even less than they did in February.

In theory, the hiring surge that occurred over the past year should lead to higher wages. After all, when the unemployment rate falls, it usually becomes harder for companies to hire capable workers, forcing them to offer better pay. But despite recent raises at McDonald's, Wal-Mart and other companies with lower-paid workers, there's little evidence that pay growth is accelerating.

It might be that the unemployment rate needs to fall even further. The Federal Reserve now says a normal economy should have a rate as low as 5 percent.

But another possibility is that a sizable pool of workers remains available around the world, providing cheap labor that suppresses wage growth in the United States. In recent years, the global labor pool has added more than 3.5 billion working-age people from emerging economies. This increase can suppress U.S. pay growth, said Megan Greene, chief economist at John Hancock Asset Management.

"If you have that many jobs globally, it's hard to see why wages would be pushed up in a sustainable way," she said.

Consider the housing market. Since home prices bottomed in 2012, they've surged at a 13-1 ratio compared with raises, according to an analysis by RealtyTrac, a real estate information company. Without rising incomes to save for a down payment and cover monthly mortgage payments, most people who hope to own a home can't take advantage of historically low mortgage rates. This has led to sales running below last year's pace, according to the National Association of Realtors.

— GOING AUTOMATIC

The U.S. economy is undergoing seismic technological shifts. And many employers are finding automation preferable to hiring. A survey of Harvard Business School alumni released in September found that nearly half would rather invest in technology than hire or retain workers. This displacement can undermine the usual connection between falling unemployment and rising wages.

Even smaller employers are turning to tech. Recent job ads failed to produce enough qualified applicants at Massachusetts-based retailer Dave's Soda and Pet City, which sells soda and pet food at seven locations. Founder Dave Ratner said his 150 employees earn on average $15 an hour. Raising pay would make him less competitive with national chains. So Ratner chose instead to automate his stores' ordering system.

"We're spending a ton of money trying to automate everything we do," he said. "Anywhere we can cut down on the amount of labor without sacrificing customer service. ...We've just never done that before. But it's really a necessity."


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