Preparing to take flight: Joby Aviation is preparing to launch a piloted electric air-taxi service, initially targeting airport routes and promising faster trips between cities while integrating ground transportation through its app. The company is conducting FAA-backed test flights and developing autonomous aircraft for cargo, but its passenger service still faces certification, infrastructure and pricing challenges. With only a handful of aircraft flying, significant quarterly losses and no paying U.S. passengers yet, Joby is aiming to begin commercial passenger flights by the end of 2026. Inc. has the full story.
Oil’s toll: The surge in oil prices has added an estimated $107 billion to U.S. consumer spending on gasoline and diesel since the Iran and Russia-Ukraine conflicts disrupted energy markets, according to Brown University researchers. Higher fuel costs are contributing to inflation and putting pressure on household budgets, with Americans’ personal saving rate falling to 3% in July. Record diesel prices are also raising costs for agriculture, construction and transportation, increasing the risk that businesses reduce operations and that higher fuel costs eventually push up food prices. The Wall Street Journal has the full story.
Lowest level in a year: U.S. homebuilder confidence fell three points to 32 in September, its lowest level in a year, as mortgage rates near 7%, labor shortages and rising material and fuel costs weigh on the housing market. Builders’ expectations for future sales dropped to their lowest level since early 2023, while 66% reported offering buyer incentives and 38% said they cut prices to attract customers. Sentiment declined across the South showing continued challenges for builders as high borrowing costs and weak consumer sentiment limit demand. Bloomberg has the full story.
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