Shootings near Odessa and Midland, Texas leave 5 dead and 21 injured

Mark Makela | Getty Images News | Getty Images

At least five people are dead and 21 injured in shootings near Odessa and Midland, Texas, according to police. 

The active shooter was shot and killed in Odessa, Midland police said. There is not an active shooter at this time, officials said. It was unclear if the fatality reported by law enforcement officials was the shooter or a victim. 

Three law enforcement officers were shot. Information was given on their condition.  

Police say a suspect hijacked a U.S. mail carrier truck and was driving around Odessa shooting at random people.

The Midland Police Department said earlier in a Facebook post there may be two shooters in two separate vehicles.

Officials said the suspects were driving a gold/white small Toyota truck and USPS Postal Van. Around 5 p.m. ET, police said one suspected was located at Cinergy and the other was driving on Loop 250 in Midland.

It was unclear if law enforcement still believed there was a second shooter. 

Agents from the Bureau of Alcohol, Tobacco, Firearms and Explosives Dallas Field Division responded to reports of a shooting on Interstate 20, according to a tweet.

The University of Texas of the Permian Basin asked students to stay indoors.


The shootings come a month after a gunman killed 22 people in El Paso, about 300 miles away.

President Donald Trump said he was briefed by Attorney General William Barr about the shootings. The FBI is “fully engaged,” he said.

This is breaking news, check back for updates.

Here’s the No. 1 thing this retirement pro is telling his clients

Savings matter.

That’s the No. 1 idea Stadion Money Management’s Will McGough, the firm’s chief investment officer for retirement, is promoting among his clients as he tracks what he calls a burgeoning “‘savings more’ crisis.”

That’s because McGough, whose firm invests its $3 billion in assets under management almost exclusively in exchange-traded funds, believes the act of saving matters much more than even picking the right portfolio.

“Saving is by far more important than what your investment mix is going to be,” McGough tells CNBC’s “ETF Edge.” “The more people can save today, the more compounding will play off in the future.”

Compounding refers to growing the value of a given asset by allowing it to appreciate via stock market gains or increasing interest. And, for McGough, letting that process play out will benefit long-term investors much more than the occasional rally.

“Saving’s No. 1. Investments are No. 2,” he said on Monday.

And at a time when the median retirement account balance for investors 65 and older at Vanguard, one of the largest investment firms in the world, is just $58,000, McGough’s message hits home.

“Having a long-term view is very important to us,” he said. “We’re not looking at year-over-year returns.”

In that framework, McGough’s firm precisely allocated its exposure, with 65% in U.S.-based equities and 35% in international stocks. Its split between developed and emerging market investments is 80% to 20%, respectively.

“For this bull market, we definitely like the U.S. and large-cap stocks,” McGough said. “Why would you bet against the largest U.S. companies [versus] the rest of the world? Right now, even with the volatility and the marcro backdrop, they’re holding up well.”


Hurricane Dorian shifts, Georgia and Carolinas in path as well as Florida

Empty shelves that held water are seen at a Winn Dixie store as people stock up before the possible arrival of Hurricane Dorian on August 30, 2019 in Boynton Beach, Florida. Dorian could be a Category 4 storm when it makes landfall as early as Monday somewhere along the Florida coast.

Joe Raedle | Getty Images News | Getty Images

Hurricane Dorian span northwest on Saturday, churning slowly across the Atlantic in the direction of Georgia and the Carolinas, with Florida also still in its sights.

Authorities representing beach communities along Florida’s east coast told residents to stay alert, although latest forecasts indicate they may dodge a direct hit from the dangerous category 4 storm.

The Miami-based National Hurricane Center said there had been a “notable change” since Friday night, with the latest forecasts showing the eye of the storm could veer north and stay out at sea.

But it warned that its course remained unpredictable and Dorian posed an immediate threat to the Bahamas as well as millions of people along the southeast U.S. coast.

People gather at the coast hours before the Tropical Storm Dorian enters in Patillas, Puerto Rico on, August 28, 2019.

Eric Rojas | AFP | Getty Images

The NHC said Dorian was packing maximum sustained winds of 150 mph and was expected to hit the northwest Bahamas islands on Sunday and be near Florida’s east coast late Monday through Tuesday.

Bahamas tourist hotspots Great Abaco and Grand Bahamas are predicted to get up to two days of hurricane-force winds as Dorian slows to a 2 mph crawl.

“This is a very dangerous situation for the Bahamas,” NHC Director Ken Graham said in a Facebook Live video.

After previous focus on a possible Florida landfall, Graham said other southeast U.S. states now had to be on alert.

“Georgia, North Carolina and South Carolina have got to pay attention as well,” he said.

The governors of Florida, Georgia and North Carolina have all declared states of emergency.

On Florida’s east coast, popular surfing spot Cocoa Beach was quiet as tourists stayed away, while locals worked on putting up hurricane shutters and buying supplies ranging from water to power generators.

Kelly Clark, owner of the Education Station Pre School in Pompano Beach, Florida, helps workers board up her school as they prepare for Hurricane Dorian, on August 31, 2019.

Adam DelGiudice | AFP | Getty Images

Concerns grew further up the coast as NHC models on Saturday showed there was a two-thirds chance the hurricane could hit land as far north as the North Carolina-Virginia state line.

“I was going to go north, but it’s going to South Carolina, and now I don’t know what it’s doing,” said Andrea Greenleaf, 25, a freelance photographer in Jacksonville, Florida.

Ashley Rew, a 44-year-old housekeeper, said local hotels lost hundreds of bookings after a college football game was moved from Jacksonville to Tallahassee due to the storm.

“I’ve bought five cases of water, filled my car up, I have a lot of bread and food and canned items,” said Rew, who planned to head to her mother’s house in Atlanta if things got “really bad.”

A ‘No Gas’ sign is seen on a gas pump at a station after it ran out of gas as people get fuel before the arrival of Hurricane Dorian on August 30, 2019 in West Palm Beach, Florida.

Joe Raedle | Getty Images News | Getty Images

In the Bahamas, most tourists who planned to leave had already gone after Freeport’s international airport shut down on Friday night.

Southern Florida towns urged residents to remain alert despite NHC maps indicating the storm might wobble up the coast instead of hitting land.

“Don’t start taking down your shutters, don’t start disassembling your emergency plan because there’s still a high likelihood we’ll get tropical-storm-force winds,” said Eric Flowers, a spokesman for the sheriff’s office in Indian River County. “There’s still a potential for evacuations, we’ll make that decision after the 5 p.m. (NHC) update.”

Ruth Bader Ginsburg says she’s on her way to feeling ‘very well’

Supreme Court Justice Ruth Bader Ginsburg takes the stage for a discussion during the Library of Congress National Book Festival at the Walter E. Washington Convention Center on Saturday, August 31, 2019.

Tom Williams | CQ-Roll Call Group | Getty Images

Supreme Court Justice Ruth Bader Ginsburg said she’s on her way to being well.

“I am on my way to being very well,” Ginsburg said during an interview with NPR’s Nina Totenberg Saturday at the 2019 Library of Congress National Book Festival in Washington, D.C.

When asked why she wasn’t resting up for the upcoming term, Ginsburg said “I will be prepared when the time comes.”

“I love my job,” she said. “It’s the best and the hardest job I have ever had. It has kept me going through four cancer battles. Instead of concentrating on my aches and pains, I just know that I have to read this set of briefs, go over this draft opinion and so I have to somehow surmount whatever is going on in my body and concentrate on the court’s work.”

Ginsburg underwent a three-week course of radiation for a tumor on her pancreas, the Supreme Court said in an Aug. 23 release.

“How am I feeling?” Ginsburg asked the crowd. “Well, first this audience can see that I am alive. “

Her health has become a matter of public concern due to to the make-up of the Supreme Court, which has a conservative majority. The justice appeared healthy during an appearance at the University at Buffalo, where she gave an address on Monday.

The top 10 US colleges that pay off the most in big cities

Geography is one of the first factors students consider when deciding where to go to college. Do they want the charm of a quaint college town? The bustle of a big city? Something in-between?

For students with their minds set on studying in a big city, the next factor to consider is cost.

The elevated cost of living can make going to college in a city a challenge for many students, but when CNBC Make It compared hundreds of colleges and universities across the country to create our first list of the U.S. colleges that pay off the most, we found that many of the top-ranking schools located in major cities were able to keep costs low for students and graduate high-earning alumni.

To develop our list of the top colleges that pay off, we identified the true net cost of each college for the typical American student — including tuition, fees, books, supplies and other expenses — after subtracting scholarships and grants. Using data from Tuition Tracker, we looked at the net cost for students from families making between $48,001 and $75,000.

Then, using data from PayScale’s College Salary Report, we divided net cost by graduates’ expected annual earnings. (You can read our full methodology here.)

To identify the schools providing the best value for students who want to study in a large city, we took a look at the 300 U.S. cities with the biggest total populations, according to the U.S. Census. Twenty-four schools on CNBC Make It’s list are located in one of these major cities. Fifteen are in cities with more than 250,000 people.

Several schools located just outside of city limits did not make the list. Harvard and MIT both enjoy close proximity to Boston, which has an estimated population of 694,583, but the schools are actually located in Cambridge, Massachusetts, where the population is 118,977.

Similarly, California Institute of Technology in Pasadena, California, did not make the list despite being relatively close to Los Angeles, the second most populated city in the U.S., and University of California, Berkeley, did not make the cut despite being relatively close to San Francisco.

Here are the 15 U.S. colleges in big cities that pay off the most:

Baruch College

CUNY Bernard M Baruch College

Ben Hider/Getty Images

Baruch College is one of 13 four-year colleges in The City University of New York school system. The public university is known for its business program and enrolls approximately 15,024 undergraduate students. The most popular majors at Baruch include accounting, finance and marketing.

Location: New York, NY
Census population estimate: 8,398,748
CNBC Make It ranking: 10, public schools

Average net cost (income $48,001-$75,000): $11,473
Median salary for alumni with 0-5 years of experience: $57,100
Median salary for alumni with 10+ years of experience: $107,600
Salary average, early and mid career: $82,350

Columbia University

Columbia University

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Columbia University is a private Ivy League university in New York City. Founded in 1754, Columbia is the fifth-oldest college in the United States. Columbia students can choose from 80 areas of study but must take six required classes, such as Contemporary Civilization and Frontiers of Science, and must fulfill several requirements including taking a foreign language.

Location: New York, NY
Census population estimate: 8,398,748
CNBC Make It ranking: 7, private schools

Average net cost (income $48,001-$75,000): $6,592
Median salary for alumni with 0-5 years of experience: $69,200
Median salary for alumni with 10+ years of experience: $127,500
Salary average, early and mid career: $98,350

Duke University

Duke University

Lance King | Getty Images

Located in Durham, North Carolina, Duke University is a private university. The southern school, known for its strong athletic program, offers 4,000 courses each semester. The most popular major among Duke undergrads is computer science and 83% of students study more than just one major.

Location: Durham, NC
Census population estimate: 274,291
CNBC Make It ranking: 10, private schools

Average net cost (income $48,001-$75,000): $7,880
Median salary for alumni with 0-5 years of experience: $68,700
Median salary for alumni with 10+ years of experience: $133,100
Salary average, early and mid career: $100,900

Georgia Institute of Technology, Atlanta

Georgia Institute of Technology, often referred to as “Georgia Tech,” is a public university located in Atlanta. The school offers technology-focused education to more than 25,000 undergraduate and graduate students across six colleges and 28 schools focusing on business, computing, design, engineering, the liberal arts and sciences.

Location: Atlanta, GA
Census population estimate: 498,044
CNBC Make It ranking: 5, public schools

Average net cost (income $48,001-$75,000): $12,284
Median salary for alumni with 0-5 years of experience: $70,800
Median salary for alumni with 10+ years of experience: $131,900
Salary average, early and mid career: $101,350

North Carolina State University, Raleigh

North Carolina State University

DenisTangneyJr | Getty Images

NC State University in Raleigh, North Carolina, is a public university that enrolls roughly 35,479 students. The public university is known for its veterinary medicine program.

Location: Raleigh, NC
Census population estimate: 469,298
CNBC Make It ranking: 22, public schools

Average net cost (income $48,001-$75,000): $13,244
Median salary for alumni with 0-5 years of experience: $55,800
Median salary for alumni with 10+ years of experience: $104,700
Salary average, early and mid career: $80,250

Rice University

Rice University

Craig Hartley | Bloomberg | Getty Images

Rice University is a private, nonprofit university located in Houston. Undergraduate students at Rice can study more than 50 different majors in the George R. Brown School of Engineering, the Shepherd School of Music, the School of Architecture, the School of Humanities, the School of Social Sciences and the Wiess School of Natural Sciences.

Location: Houston, TX
Census population estimate: 2,325,502
CNBC Make It ranking: 15, private schools

Average net cost (income $48,001-$75,000): $10,080
Median salary for alumni with 0-5 years of experience: $69,200
Median salary for alumni with 10+ years of experience: $133,600
Salary average, early and mid career: $101,400

The Cooper Union for the Advancement of Science and Art

Cooper Union Campus

Source: Mario Morgado | Courtesy of The Cooper Union

The Cooper Union for the Advancement of Science and Art Engineering, also referred to as “The Cooper Union,” is a private college located in New York City comprised of three schools specializing in architecture, art and engineering.

Location: New York, NY
Census population estimate: 8,398,748
CNBC Make It ranking: 23, private schools

Average net cost (income $48,001-$75,000): $12,743
Median salary for alumni with 0-5 years of experience: $65,900
Median salary for alumni with 10+ years of experience: $128,300
Salary average, early and mid career: $97,100

University of Chicago

The University of Chicago

Bob Krist | Getty Images

The University of Chicago is a private, nonprofit university in Chicago’s Hyde Park neighborhood. The school is known for its strong STEM programs, but the curriculum also requires students to complete courses in three areas: humanities, civilization studies and the arts; natural sciences; and social sciences.

Location: Chicago, IL
Census population estimate: 2,705,994
CNBC Make It ranking: 3, private schools

Average net cost (income $48,001-$75,000): $4,536
Median salary for alumni with 0-5 years of experience: $61,600
Median salary for alumni with 10+ years of experience: $117,500
Salary average, early and mid career: $89,550

University of California, Irvine

School of Biological Sciences, University of California at Irvine

Source: WikiMedia Commons

University of California, Irvine, is one of 10 campuses in the University of California school system. In 2018, the public university enrolled approximately 29,736 undergraduate students. UCI is known for its engineering and criminal justice programs.

Location: Irvine, CA
Census population estimate: 282,572
CNBC Make It ranking: 15, public schools

Average net cost (income $48,001-$75,000): $13,820
Median salary for alumni with 0-5 years of experience: $57,700
Median salary for alumni with 10+ years of experience: $121,800
Salary average, early and mid career: $89,750

University of California, Los Angeles


Al Seib | Los Angeles Times | Getty Images

One of the most selective schools in the University of California school system, the University of California, Los Angeles, is known for its strong athletics department. The most popular majors at UCLA are biology, business economics, political science, psychology and psychobiology.

Location: Los Angeles, CA
Census population estimate: 3,990,456
CNBC Make It ranking: 9, public schools

Average net cost (income $48,001-$75,000): $12,416
Median salary for alumni with 0-5 years of experience: $60,000
Median salary for alumni with 10+ years of experience: $118,500
Salary average, early and mid career: $89,250

University of California, Riverside

UC Riverside

Irfan Khan/Los Angeles Times via Getty Images

Part of the University of California system, University of California, Riverside, is a public university that offers more than 80 undergraduate majors across five schools. Located east of Los Angeles, UCR enrolls roughly 20,581 undergraduate students.

Location: Riverside, CA
Census population estimate: 330,063
CNBC Make It ranking: 12, public schools

Average net cost (income $48,001-$75,000): $11,685
Median salary for alumni with 0-5 years of experience: $54,000
Median salary for alumni with 10+ years of experience: $109,300
Salary average, early and mid career: $81,650

University of California, San Diego

University Of California, San Diego

Education Images | Getty Images

University of California, San Diego, is part of the University of California school system and is located in La Jolla, California. The public university enrolls approximately 30,285 undergraduate students and is known both for its fine arts program and its engineering program.

Location: San Diego, CA
Census population estimate: 1,425,976
CNBC Make It ranking: 11, public schools

Average net cost (income $48,001-$75,000): $13,367
Median salary for alumni with 0-5 years of experience: $61,300
Median salary for alumni with 10+ years of experience: $126,800
Salary average, early and mid career: $94,050

University of Pennsylvania

University of Pennsylvania

Margie Politzer | Lonely Planet Images | Getty Images

The University of Pennsylvania is a private university known for its business program. Undergraduate students at this Ivy League school can choose from more than 90 majors across four schools: the College for Arts and Sciences, the School of Engineering and Applied Science, the School of Nursing and the Wharton Business School.

Location: Philadelphia, PA
Census population estimate: 1,584,138
CNBC Make It ranking: 17, private schools

Average net cost (income $48,001-$75,000): $12,322
Median salary for alumni with 0-5 years of experience: $70,100
Median salary for alumni with 10+ years of experience: $135,800
Salary average, early and mid career: $102,950

University of Washington, Seattle

University of Washington

Nikko Hellstern | Getty Images

The University of Washington, Seattle, is the flagship school of the University of Washington school system. The large public university offers more than 180 majors and is known for its computer science program.

Location: Seattle, WA
Census population estimate: 744,955
CNBC Make It ranking: 1, public schools

Average net cost (income $48,001-$75,000): $8,984
Median salary for alumni with 0-5 years of experience: $59,900
Median salary for alumni with 10+ years of experience: $111,800
Salary average, early and mid career: $85,850

Vanderbilt University

Vanderbilt University

Vanderbilt | Collegiate Images | Getty Images

Vanderbilt University in Nashville, Tennessee, is a private, nonprofit university. Undergraduate Vanderbilt students can earn bachelor’s degrees from the College of Arts and Science, the Blair School of Music, the School of Engineering and the Peabody College of Education and Human Development.

Location: Nashville, TN
Census population estimate: 669,053
CNBC Make It ranking: 12, private schools

Average net cost (income $48,001-$75,000): $8,451
Median salary for alumni with 0-5 years of experience: $63,800
Median salary for alumni with 10+ years of experience: $118,400
Salary average, early and mid career: $91,100

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Don’t miss: Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college

Students sit in front of Cooper Union for the Advancement of Science and Art in New York City.

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Automaker discounts are bigger for the Labor Day weekend sales push

If you’re in the market for a new car, there’s a good chance you’ll find some decent deals during the long Labor Day weekend sales push.

With vehicles sitting on lots longer and dealerships eager to make room for next year’s models, automakers have boosted their discounts ahead of the three-day weekend. The average incentive is $4,177 for August, compared with an estimated $4,074 in July and $3,878 a year ago, according to the latest data from J.D. Power and LMC Automotive.

“Consumers should see some pretty good deals,” said Kelsey Mays, senior editor at “This is one of the marquee weekends, especially when it wraps in August sales like it will this time.”

The Key Auto Mall car dealership in Moline, Illinois.

Daniel Acker | Bloomberg | Getty Images

In fact, if you’re prepared to purchase and have flexibility over the weekend, Saturday — the last day of August — would be the day most likely to yield the best deal as dealerships aim to hit their end-of-month sales goals, said Matt Jones, senior consumer advice editor at

Despite signs of economic slowing, auto sales remain relatively strong. Although down about 1.7% from last year, an estimated 17 million vehicles will be sold in 2019, according to the J.D. Power/LMC forecast.

And while the ongoing trade war with China has meant increased tariffs on materials and other parts used by U.S. auto manufacturers, it remains uncertain whether car prices eventually will bear the brunt of any additional costs or if automakers can find other ways to absorb or offset them in the short-term.

“The auto industry is reliant on Chinese parts,” said Jill Gonzalez, an analyst at personal finance website “Even for the cars manufactured in the U.S., they’re relying on parts made overseas, so the industry is paying more from tariffs already in place — and they’ll pay more if other tariffs go into effect.”

Already, the average amount that consumers pay for new cars has continued to climb due partly to shifting consumer preference to pricier SUVs and pickup trucks and away from lower-cost sedans and smaller cars. Improved technology and safety features add to the price, as well. In the first 25 days of August, SUVs and pickup trucks accounted for 71.5% of all retail sales.

The average price of a new car is now more than $36,600, compared with about $31,300 five years ago, according to Edmunds data. The average monthly payment is $556, compared with $473 in 2014.

And, consumers are stretching out the length of auto loans to afford new-car purchases: As of July, the average loan length was closing in on 70 months — two months shy of six years.

If you’re browsing deals, be aware that some of them might expire right after the weekend, Mays said.

For example, depending on the local market, you may find discounts of up to 20% on certain versions of the Ford F-150 pickup truck or 15% on certain Ram truck models. Both of those popular trucks come with prices that start below $30,000 but can range upwards of $50,000 or even $70,000. The 2019 Kia Optima, which comes with a base price of about $23,000, qualifying buyers could get $4,000 cash back or 0% financing for 75 months. All of those deals expire Sept. 3.

However, a manufacturer’s discount should not be the end of the conversation with a dealership — negotiations should be based on the reduced price, Mays said.

More from Personal Finance:
Here’s how the wage gap affects black women
The 30% rule of thumb for credit card use could cost you
Despite tax overhaul, marriage penalty still hits many couples

“That discount only comes out of the manufacturer’s margin, not the dealership’s,” Mays said. “Use that discounted price for a starting point.”

On top of manufacturer discounts, an individual dealer might give you a better deal on a trade-in, or a lower interest rate, or even extras such as free oil changes.

“We always tell folks to focus on the ‘out-the-door’ price of the vehicle,” Mays said.

That amount includes taxes and fees, and offers more information about the total cost than price alone would, Mays said.

“Ask the dealer for that amount and negotiate that number,” he said.

Get preapproved financing

The share of consumers who were able to get a rate below 4% rose slightly to 35% in July from 31% in June. The average rate for last month was 5.8%, down slightly from 6%.

Separate research from WalletHub shows that the best rates are snagged through manufacturer financing (34% below average), followed by credit unions (12% below average).

Experts recommend getting preapproved financing before heading to the dealership. If you’re offered better terms from the dealer, great. If not, you have the best deal you could find.

“A lot of times we’re so focused on shopping for the car — the make, the model, the color — that we forget we can shop around for a loan as well,” Gonzalez said.

Collect key documents

Make sure you’re armed with all the documents you’ll need to complete a sale: your driver’s license, the title and registration for your existing car (if you’re trading it in), and proof of insurance.

If you are making a down payment, call the dealership ahead of time to find out what forms of payment are accepted.

Beware the add-ons

Once you get to the nitty-gritty of a deal, you might be offered an optional feature or service contract, such as an extended warranty.

Make sure you do the math before you sign on the dotted line — not only to understand the extra monthly cost, but also to know what you would pay over the life of the loan for the add-on.

CNBC’s John Schoen contributed to this report.

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6 US cities and states that will pay you to move there

As the cost of living in major cities continues to trend ever upward, younger workers, saddled with student loan debt and salaries on the low end of the spectrum, are looking for cheaper pastures.

And certain cities and states across the country — from the tip of the Northeast to the Southwest — are happy to appeal to young people and families by offering financial incentives for moving.

It seems to be paying off for the governments: Maine, which began offering a tax credit to retain graduates of colleges and universities in the state, recently announced it would expand to higher education graduates from anywhere in the U.S.

If a move sweetened by a tax credit or grant sounds appealing, here are six places to consider.

1. Maine

This northern state is offering an enticing deal to young workers: Move to and work in Maine, and receive a tax break to reduce your student loan burden.

The Educational Opportunity Tax Credit first applied to graduates of Maine’s colleges and universities, but has now been expanded to college and university graduates from anywhere in the U.S., starting with the class of 2016.

How the credit applies to you varies depending on the year you graduated, your degree type and whether you are a Maine native or moved from somewhere else in the country. But generally, workers will be able to deduct the total amount of money they paid in student loans for the year from their state income tax bill, up to $377 per month for 2018 Bachelor’s graduates.

Sailing on the Connecticut River, Brattleboro, Vermont.


2. Vermont

3. Tulsa, Oklahoma

If Vermont isn’t quite your speed, Tulsa also offers incentives for remote workers.

The city began offering the Tulsa Remote program in 2018, which gives full-time remote workers $10,000 and a $1,000 housing stipend to relocate and work from the city, paid out over the course of a year. Remote workers need to be able to move to Tulsa within six months to qualify. You can find out more about eligibility requirements here.

The organizers said that the program has been such a success they hope to continue offering it in the years to come, in the hopes that “talented” individuals will come to call Tulsa their “forever home.”

4. North Platte, Nebraska

North Platte’s economic development group designed the WORK NP program with local employers, and it will match sign-up bonuses for new hires up to $5,000, which means a potential $10,000 signing bonus for workers. The money can be used for things like relocation expenses, down payments or deposits, student loan repayment and more, according to the program’s website.

The program does have some requirements, according NBC Nebraska: The worker must earn at least $20 per hour, must live in the city for three years and their employer must be a member of the town’s chamber of commerce. Employers apply for the money on the employee’s behalf.

5. Alaska

6. Newton, Iowa

Have student loans? Move and work in Maine, and you could receive a tax break to reduce your loan burden.


Craft beer brewers hit by Trump China tariffs

Beer being poured at Night Shift Brewing.

Source: Night Shift Brewing

Collin Castore started selling beer out of coolers in parking lots at Grateful Dead concerts.

It was the mid-1990s and craft beer was a small niche market. While most people were drinking big labels like Budweiser and Miller, Grateful Dead fans had a taste for independent labels like Sierra Nevada and Samuel Adams.

“Deadheads were always ahead of the curve in terms of quality,” Castore said.

Castore developed a love for beer at those concerts. Over the next decade, he turned that passion from a parking lot hustle into one of the first craft beer bars in Columbus, Ohio.

Castore eventually sold his bar to focus on brewing and co-founded Seventh Son Brewing Co. in 2013. There were about seven breweries in the Columbus area when Seventh Son opened, Castore said. Today, there are 55 in central Ohio. Nationwide, the industry has exploded from about 1,500 craft breweries in 2000 to 7,450 in 2018.

“We got a hockey-stick growth to brewing industry right now,” said Bill Nootenboom, president of Stout Tanks and Kettles in Portland, Oregon. “The way people are consuming beer is changing — they’re doing it in neighborhood taverns.”

But independent craft brewers are increasingly concerned about headwinds as President Donald Trump’s tariffs increase prices on everything from aluminum cans to brewing equipment.

“There’s really likelihood that fewer brewers can open,” said John Watt, founder of Stout Tanks and Kettles. “These are start-ups that a lot of the time are borrowing money from an uncle or parents. Darn near everything they need to buy is going to be impacted.”

‘We can’t just keep eating it’

The problems started for craft brewers more than a year ago, when Trump imposed a 25% tariff on steel and a 10% tariff on aluminum in March 2018.

Castore says the price he pays for an aluminum can has increased from about 15 to 18 cents to about 19 to 24 — depending on how the can is treated.

Between Seventh Son and his other brewery, Antiques on High, Castore’s business produces about 7,000 barrels and sells 800,000 cans of beer a year throughout Ohio. He estimates increased can prices are costing him about $16,000 a year. For now, Castore hasn’t passed that on to consumers, but that will change if aluminum can prices continue to increase.

“If it goes up another 20% we’ll have to figure something out — we can’t just keep eating it,” he said.

Castore isn’t alone. Rob Burns, co-founder and president of Night Shift Brewing in Everett, Massachusetts, says aluminum can prices have increased 16% since 2016 or about 2 cents.

Founded in 2012 by Burns and two buddies with about $125,000 borrowed from family and friends, Night Shift expects to brew 40,000 barrels this year or about 13.2 million cans of beer. Overall, Burns says his costs will go up by about $264,000 this year due to the increase in aluminum can prices alone.

“We’re a small independently owned family business so every penny matters,” Burns said. “Not having a quarter of a million dollars is pretty significant. That’s an opportunity to create two or three jobs; that’s an opportunity to buy equipment and grow and generate revenue.”

Night Shift Brewing co-founders Mike O’Mara, Rob Burns and Michael Oxton

Source: Night Shift Brewing

‘It’s an unjustified tax’

The business environment for craft brewers, particularly those just starting out, is about to get more challenging. The Trump administration is imposing 15% tariffs on $112 billion of goods imported from China starting Sept. 1, including brewery equipment. Last year, the U.S. imported $35 million of brewery equipment from China.

Watt has helped more than 1,000 smaller-sized breweries get up and running across the U.S. since he founded Stout Tanks and Kettles a decade ago. Watt has hands-on experience on the supply and brewing sides of the industry. Before Stout, he founded Sonoran Brewing Co. in Phoenix, which he operated for about a decade before selling it and moving back to Oregon, his home state.

Stout Tanks and Kettles works with start-up breweries to design equipment to their custom specifications. Stout sources its tanks from two factories on China’s east coast close to the ports. The smaller tanks that microbreweries use are labor intensive to fabricate, Watt said, and manufacturing the same equipment in the U.S. would be cost prohibitive for start-up businesses that are often family owned.

“You could never afford to open a business if you had to pay double for same equipment,” he said.

With the 15% tariffs looming, Watt said he will have to increase prices and that means it is going to be more expensive for his customers to get into the brewing business.

“We don’t have really big margins so the bottom line is we have to raise our prices,” Watt said.

Adrian Sawczuk is already running into this problem. He and his wife Dara have had plans to open a brewery in Myrtle Beach, South Carolina, for about two years now. Tidal Creek Brewhouse is slated as a 10-barrel operation that will make craft beverages in house. They’ve leased property and are going through the permitting and contracting process, but the tariffs have forced them to alter some of their plans.

Collin Castore, co-founder Seventh Son Brewing Co.

Source: Seventh Son Brewing Co.

Sawczuk planned to order $300,000 of brewery equipment from China. Now, he is scaling back his plans by reducing the number of fermentation tanks. He says this will reduce production from 3,000 barrels to 1,000 barrels of beer, or 66%. The brewery’s opening has also been delayed until the first quarter of 2020 and Sawczuk says he’ll likely hire fewer people.

“That money in my mind is just an unjustified tax,” Sawczuk said of the tariffs.

Castore and Burns, for their part, don’t expect to take a hit right away because they operate established breweries that already made major capital investments. But Seventh Son and Night Shift do have plans to buy more equipment to keep up with demand as they continue to grow.

Night Shift, for example, has big plans to open a new facility in Philadelphia in 2020 that will have a 30,000 barrel capacity from day one and can scale up to 200,000 barrels.

“It definitely factors into purchasing decisions,” Burns said of the tariffs. “We bought Chinese equipment in the past because it’s good quality and usually the fastest available equipment and often at the lowest price.”

Castore said Seventh Son is already putting off some purchases, such as higher-end lab equipment, as the company tightens its belt in response to the tariffs. “As we grow it will definitely affect us,” he said.

For Sawczuk, the abrupt increases in the tariff rates have created uncertainty that makes planning difficult.

“It was 10%, now it’s 15% — tomorrow it could be 20%, then it could be zero,” he said. “Uncertainty is never good.”

China’s factory activity shrinks for 4th month as trade woes deepen

Workers assemble televisions on the production line of Tianle Group Co., Ltd on July 3, 2012 in Shengzhou of Zhejiang Province, China.

Feng Li | Getty Images

Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, pointing to a further slowdown in the world’s second-largest economy.

Persistent weakness in China’s vast manufacturing sector could fuel expectations that Beijing needs to roll out stimulus more quickly, and more aggressively, to weather the biggest downturn in decades.

The Purchasing Managers’ Index (PMI) fell to 49.5 in August, China’s National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction on a monthly basis.

A Reuters poll showed analysts expected the August PMI to stay unchanged from the previous month.

The official factory gauge showed growing trade frictions with the United States and cooling global demand continued to wreak havoc on China’s exporters.

Export orders fell for the 15th straight month in August, although at a slower pace, with the sub-index picking up to 47.2 from July’s 46.9.

Total new orders – from home and abroad – also continued to fall, indicating domestic demand remains soft, despite a flurry of growth-boosting measures over the past year.

“Frontloading of exports to the U.S. ahead of higher tariffs supported trade and overall activity growth, but this effect will likely fade in the next few months,” said analysts at Goldman Sachs in a note.

Manufacturers in consumption-oriented industries such as the auto sector have been especially vulnerable. Carmakers such as Geely and Great Wall have slashed expectations for sales and profits.

The data showed activity at medium- and small-sized firms contracted, even as large manufacturers, many backed by the government, managed to expand in August.

Factories continued to shed jobs in August amid the uncertain business outlook. The employment sub-index dropped to 46.9, compared with 47.1 in July.


August saw dramatic escalations in the bitter year-long Sino-U.S. trade row, with President Donald Trump announcing early in the month that he would impose new tariffs on Chinese goods from Sept. 1, and China letting its yuan currency sharply weaken days later.

After Beijing hit back with retaliatory tariffs, Trump said existing levies would also be raised in coming months. The combined moves now effectively cover all of China’s exports to the United States.

Trump said late on Friday that trade teams from both sides continue to talk and will meet in September, but tariff increases on Chinese goods set to go into effect on Sunday will not be delayed.

The U.S. president had said earlier in the week that China wants to reach a deal “very badly”, citing what he described as increasing economic pressure on Beijing and job losses.

But most analysts are highly doubtful of an end to the dispute any time soon, and some have recently cut growth forecasts for China in coming quarters.

The sudden deterioration in trade ties has prompted speculation over whether China needs to roll out more forceful measures to keep growth from sliding below 6% this year, the bottom end of its target range of around 6.0-6.5%.

Analysts widely expect Beijing will cut some of its major lending rates in September for the first time in four years to help stabilize growth.

But sources had told Reuters before the latest trade escalations that big benchmark rate cuts were considered a last resort, as policymakers worry that could fuel a further build-up in debt and squeeze bank’s profit margins, heightening financial sector risks.

So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to deal with the economic slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies.

But analysts note infrastructure investment growth has remained subdued despite the earlier pump-priming measures, underlining the need for additional support.

Services growth

Growth in China’s services sector activity picked up for the first time in five months in August, with the official numbers from a separate business survey rising to 53.8 from 53.7 in August.

Beijing has been relying on a strong services sector to cushion some of the economic impact from trade uncertainties and sluggish manufacturing activities.

However, despite the higher overall figure, activity in the property industry contracted, the statistics bureau said in a statement.

The services sector has been propped up by Chinese consumers’ rising wages and robust spending power in recent years. However, the sector softened late last year amid a broader slowdown.

California governor announces deal to cap rising rent prices

A “For Rent”‘ sign is posted in front of a house in Richmond, California.

Justin Sullivan | Getty Images

California Gov. Gavin Newsom reached a deal with apartment owners and developers Friday on legislation that would cap how rapidly rents can rise as the state grapples with a housing crisis.

The deal would cap annual rent increases at 5% plus inflation, with a 10% maximum increase. That’s lower than the 7% threshold lawmakers had previously negotiated amid strong resistance from the real estate and development industries. Staff members Newsom’s office shared details of the deal, which is not yet in print.

It marks a victory for renters who say they are being priced out as rents rise, though many renters and social justice groups likely want an even stricter proposal. Democratic Assemblyman David Chiu of San Francisco, the bill’s author, had made numerous concessions to the real estate and development industries to even get the bill to the state Senate.

While the new deal is in renters’ favor by lowering the allowable rent increase from 7% to 5%, it changes the exemption for newer properties from those built within the last 10 years to within the last 15. The rent caps would sunset in 2030. The cost of inflation would be determined on a regional basis, meaning it could be a different percentage in San Francisco than in the Central Valley.

The proposal still needs to clear the state Legislature, which adjourns for the year in two weeks.

The California Apartment Association said it will not oppose the bill.

“Now we must get serious about moving forward on production, which is the only way we address our housing crisis,” Debra Carlton, senior vice president for public affairs, said in an email.

The California Building Industry Association is also neutral on the bill, Newsom’s office said.

“The bill will protect millions of renters from rent-gouging and evictions and build on the Legislature’s work this year to address our broader housing crisis,” Newsom, Chiu, and legislative leaders say in a statement.

A rent cap is different than rent control, which California law bans on apartments built after 1995 and single family homes. An effort to lift those restrictions failed at the ballot last November. Backers of that ballot measure have threatened to mount another initiative if lawmakers don’t act. It wasn’t immediately clear if were satisfied with Newsom’s proposal, which would not change that state law.

California needs to build about 180,000 new homes each year to meet demand for its nearly 40 million people. But the state has averaged 80,000 new homes in each of the past 10 years, according to a report from the California Department of Housing and Community Development.

This year, lawmakers proposed a number of bills that would have addressed the crisis. But many of them failed to pass. One high-profile measure by Democratic Sen. Scott Wiener would have overridden local zoning rules to allow for more housing in some areas, including near transit. It failed to get out of the state Senate.