ABC reports: Nonresidential construction spending inched 0.1% higher on a monthly basis in May, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data released today. Spending, which totaled $749 billion on a seasonally adjusted annual rate for the month, is up 3% from the same time last year. Public nonresidential spending increased 0.6% for the month and 4.9% for the year, while the private sector contracted 0.3% for the month but increased 1.8% year-over-year. See the full announcement.
Half-life begins: America’s oldest nuclear power plant will shut down on Sept. 17, but the Oyster Creek plant near the New Jersey shore, which opened in 1969 will stay right where it is for the next 60 years. Although the plant will stop producing electricity just before summer ends, radioactive material could be on site until the late 2070s, if not later. Officials with the U.S. Nuclear Regulatory Commission held a briefing Monday on shutdown plans for Oyster Creek, which opened in 1969. All told, it will cost $1.4 billion to shut down the plant. Read the full story.
Paid interns: A tight U.S. labor market is squeezing out the unpaid internship. As The Wall Street Journal reports, with unemployment at historic lows, more companies are paying for workers they used to get for free in order to ensure a pipeline of young talent for entry-level positions. Internships have boomed in recent decades, providing a way for students to build their résumés while giving employers access to cheap labor. In 2012, about half of all internships were unpaid. Unpaid internships have steadily declined, hitting 43% in 2017. Read the full story.
