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    Along the Hollywood Walk of Fame, a Struggle to Make a Living

    Ruth Monrroy parks her metal cart on Hollywood Boulevard in Los Angeles six days a week.Adam Perez for The New York TimesKurtis Lee and Growing up in Guatemala, Ruth Monrroy often spent time at her mother’s restaurant watching in awe of how she connected with customers.“I knew I wanted to have my own business,” Mrs. Monrroy said on a recent weekday afternoon on Hollywood Boulevard, where her childhood wish has come true.Mrs. Monrroy, 44, parks her metal cart in front of the TCL Chinese Theater six days a week, selling items including fruit salad, hot dogs and energy drinks.“Mango, water, soda, Gatorade, hot dog!” she calls out to the crowds traipsing over Hollywood Walk of Fame stars dedicated to Bruce Willis and Billy Crystal.Street vending is a quintessential California job — from the pickup trucks selling cartons of strawberries next to fields near Fresno to the pop-up stands offering carne asada tacos along Oakland thoroughfares. In Los Angeles alone, an estimated 10,000 street vendors sell food.Until recently, vendors along Hollywood Boulevard were operating outside the law. And while that legal cloud has lifted, eking out a living remains a challenge. Cost-conscious tourists sometimes scoff at the prices, even if sellers struggle to break even. And while longtime street vendors respect and recognize the turf of other regulars, there are more sellers working in the area, and competition has increased.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    World Bank Sees Rosier Growth Outlook

    But rising trade barriers pose a long-term threat to global output as protectionist policies spread, the bank said.The World Bank on Tuesday raised its outlook for the world economy this year but warned that the rise of new trade barriers and protectionist policies posed a long-term threat to global growth.In its latest Global Economic Prospects report, the World Bank projected global growth to hold steady at 2.6 percent this year, an upgrade from its January forecast of 2.4 percent, and predicted that output would edge higher to 2.7 percent in 2025. The forecasts showed the global economy stabilizing after being rocked in recent years by the pandemic and the wars in Ukraine and the Middle East.“Four years after the upheavals caused by the pandemic, conflicts, inflation and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a statement accompanying the report.However, sluggish growth continues to haunt the world’s poorest economies, which are still grappling with inflation and the burdens of high debt. The bank noted that over the next three years, countries that account for more than 80 percent of the world’s population would experience slower growth than in the decade before the pandemic.The slightly brighter forecast was led by the resilience of the U.S. economy, which continues to defy expectations despite higher interest rates. Overall, advanced economies are growing at an annual rate of 1.5 percent, with output remaining sluggish in Europe and Japan. By contrast, emerging market and developing economies are growing at a rate of 4 percent, led by China and Indonesia.Although growth is expected to be a bit stronger than previously forecast, the World Bank said prices were easing more slowly than it projected six months ago. It foresees global inflation moderating to 3.5 percent in 2024 and 2.9 percent next year. That gradual decline is likely to lead central banks to delay interest rate cuts, dimming prospects for growth in developing economies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Europe Has Fallen Behind the U.S. and China. Can It Catch Up?

    A “competitiveness crisis” is raising alarms for officials and business leaders in the European Union, where investment, income and productivity are lagging.Europe’s share of the global economy is shrinking, and fears are deepening that the continent can no longer keep up with the United States and China.“We are too small,” said Enrico Letta, a former Italian prime minister who recently delivered a report on the future of the single market to the European Union.“We are not very ambitious,” Nicolai Tangen, head of Norway’s sovereign wealth fund, the world’s largest, told The Financial Times. “Americans just work harder.”“European businesses need to regain self-confidence,” Europe’s association of chambers of commerce declared.The list of reasons for what has been called the “competitiveness crisis” goes on: The European Union has too many regulations, and its leadership in Brussels has too little power. Financial markets are too fragmented; public and private investments are too low; companies are too small to compete on a global scale.“Our organization, decision-making and financing are designed for ‘the world of yesterday’ — pre-Covid, pre-Ukraine, pre-conflagration in the Middle East, pre-return of great power rivalry,” said Mario Draghi, a former president of the European Central Bank who is heading a study of Europe’s competitiveness.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Why Are People So Down About the Economy? Theories Abound.

    Things look strong on paper, but many Americans remain unconvinced. We asked economic officials, the woman who coined “vibecession” and Charlamagne Tha God what they think is happening.The U.S. economy has been an enigma over the past few years. The job market is booming, and consumers are still spending, which is usually a sign of optimism. But if you ask Americans, many will tell you that they feel bad about the economy and are unhappy about President Biden’s economic record.Call it the vibecession. Call it a mystery. Blame TikTok, media headlines or the long shadow of the pandemic. The gloom prevails. The University of Michigan consumer confidence index, which looked a little bit sunnier this year after a substantial slowdown in inflation over 2023, has again soured. And while a measure of sentiment produced by the Conference Board improved in May, the survey showed that expectations remained shaky.The negativity could end up mattering in the 2024 presidential election. More than half of registered voters in six battleground states rated the economy as “poor” in a recent poll by The New York Times, The Philadelphia Inquirer and Siena College. And 14 percent said the political and economic system needed to be torn down entirely.What’s going on here? We asked government officials and prominent analysts from the Federal Reserve, the White House, academia and the internet commentariat about what they think is happening. Here’s a summary of what they said.Kyla Scanlon, coiner of the term ‘Vibecession’Price levels matter, and people are also getting some facts wrong.The most common explanation for why people feel bad about the economy — one that every person interviewed for this article brought up — is simple. Prices jumped a lot when inflation was really rapid in 2021 and 2022. Now they aren’t climbing as quickly, but people are left contending with the reality that rent, cheeseburgers, running shoes and day care all cost more.“Inflation is a pressure cooker,” said Kyla Scanlon, who this week is releasing a book titled “In This Economy?” that explains common economic concepts. “It hurts over time. You had a couple of years of pretty high inflation, and people are really dealing with the aftermath of that.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    How China Pulled So Far Ahead on Industrial Policy

    For more than half a century, concerns about oil shortages or a damaged climate have spurred governments to invest in alternative energy sources.In the 1970s, President Jimmy Carter placed solar panels on the roof of the White House as a symbol of his commitment to developing energy from the sun. In the 1990s, Japan offered homeowners groundbreaking subsidies to install photovoltaic panels. And in the 2000s, Germany developed an innovative program that guaranteed consumers who adopted a solar energy system that they would sell their electricity at a profit.But no country has come close to matching the scale and tenacity of China’s support. The proof is in the production: In 2022, Beijing accounted for 85 percent of all clean-energy manufacturing investment in the world, according to the International Energy Agency.Now the United States, Europe and other wealthy nations are trying frantically to catch up. Hoping to correct past missteps on industrial policy and learn from China’s successes, they are spending huge amounts on subsidizing homegrown companies while also seeking to block competing Chinese products. They have made modest inroads: Last year, the energy agency said, China’s share of new clean-energy factory investment fell to 75 percent.The problem for the West, though, is that China’s industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.China’s unrivaled production of solar panels and electric vehicles is built on an earlier cultivation of the chemical, steel, battery and electronics industries, as well as large investments in rail lines, ports and highways.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Big Sky, Big Growth: How Montana’s Newcomers Are Shaping Its Senate Duel

    In Montana, a recent influx of wealthy out-of-state transplants has led to a surge in luxury housing developments that obscure the mountain views in places like Bozeman.Soaring prices and cultural clashes are leading some longtime residents, like Dylan Heintz, to consider moving away.The new arrivals are an X-factor in the political landscape as Montana hosts one of this year’s top Senate races. Just how will they vote?Big Sky, Big Growth: How Montana’s Newcomers Are Shaping Its Senate DuelGrowing up in Bozeman, Mont., Dylan Heintz loved the picturesque views of the snow-capped mountains and the small-town charm. Things were cheap: His dad bought the family home for about $80,000.These days, Bozeman feels less quaint. A steady stream of out-of-state transplants to Big Sky Country became a deluge during the pandemic, leading to soaring prices, a boom in luxury apartments that blot out the rustic scenery and a rash of higher-end businesses like Whole Foods. Drawn by Montana’s natural beauty and easy access to outdoor activities, the newcomers have created an affordability crisis and a local backlash that are transforming the state’s economy and politics.“I love this place, but it’s just a tough place to live in,” said Mr. Heintz, 28, an auto body repairman. Rent has doubled in his trailer court, and he and his wife cannot afford to buy a home in town, leaving them considering a move to Florida. “There are a lot of out-of-staters that have some money, and they’re willing to pay above asking price. That definitely hurts people.”The fresh population of wealthier residents — often retirees, technology workers able to do their jobs remotely and other big-city transplants — is one of the largest question marks hanging over Montana’s crucial race for Senate. As Jon Tester, the Democratic incumbent, looks to fend off Tim Sheehy, a businessman and retired Navy SEAL who is expected to capture the Republican nomination, tensions over the exploding growth will be a top issue in November.And how the new Montanans vote could prove decisive.Senator Jon Tester of Montana, a Democrat, faces a tough re-election fight in his conservative state.Haiyun Jiang for The New York TimesTim Sheehy, a businessman and retired Navy SEAL, is expected to be the Republican nominee.Tailyr Irvine for The New York TimesOn the surface, their presence might seem to benefit the embattled Mr. Tester, because a sizable chunk of them — 35 percent of arrivals in 2022 — hail from left-leaning states like California, Colorado, Oregon and Washington, according to census data analyzed by the real estate firm CBRE. Some political experts, though, believe the arrivals could tilt more to the right, noting a broader phenomenon in which conservatives have left their home states in part because of what they see as liberal overreach.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    North Carolina Triad Tries to Reinvent Its Economy

    Scott Kidd didn’t expect a terribly busy job when he became the town manager of Liberty, N.C., a onetime furniture and textile hub whose rhythms more recently centered on a yearly antiques festival.Those quiet times, less than three years ago, soon became a whirlwind. Toyota announced it was building a battery factory on the town’s rural outskirts for electric and hybrid vehicles, and since then Mr. Kidd has reviewed ordinances, met with housing developers and otherwise sought to meet the needs of a seven-million-square-foot facility.The flurry of activity reflects new investments in a region of North Carolina that has lagged behind: the Triad. The average income in Randolph County, which includes Liberty, is $47,000, and some jobs at Toyota will offer an hourly wage comfortably above that. More people moving into the area could breathe life into Liberty’s downtown.But the potential dividends for the area — which includes Greensboro, Winston-Salem and High Point, in the center of the state — depend on equipping its workers with the skills needed for those new jobs. Mr. Kidd worried that many local workers lacked the education and skills to work at the plant.For those jobs, “they don’t write anything down — they put it in a computer,” Mr. Kidd said. “And if you don’t know how to do that, you kind of get x-ed out.”At the same time, some residents and local leaders who welcome the new industries worry about maintaining the area’s character, lest it become like the rapidly growing — and expensive — sprawls elsewhere in the South.“We don’t want to be Charlotte,” said Marvin Price, executive vice president of economic development at the Greensboro Chamber of Commerce, referring to the banking center 100 miles down Interstate 85. “We want to be the best version of Greensboro.”Like many states, North Carolina has drawn on new federal and state incentives to attract more advanced manufacturing and clean technology businesses. And the Triad, built on the tobacco, textile and furniture industries, is trying to pivot toward advanced manufacturing, offering a potential blueprint to other regions whose economic engines sputtered with globalization and the rise of automation.When it opens next year, Toyota’s Liberty factory will make batteries for vehicles built in Kentucky. Ten minutes away in Siler City, Wolfspeed, a semiconductor manufacturer, is building a factory with a $5 billion investment. Toyota has been awarded almost $500 million in incentives and tax breaks from the State of North Carolina, while federal legislation like the Inflation Reduction Act of 2022, the CHIPS Act and the Infrastructure Investment and Jobs Act have enticed investment.“The Biden administration policies have helped North Carolina and especially the Triad become a clean energy epicenter in this country,” Gov. Roy Cooper, a Democrat, said at a recent event in Greensboro.Toyota is building a battery factory for electric and hybrid vehicles on the rural outskirts of Liberty.A former furniture factory is being used as a warehouse in High Point, N.C., which is part of the Triad region.For decades, the Triad has been the state’s manufacturing base. High Point became known as the home furnishings capital of the world, with the city and surrounding areas accounting for 60 percent of the country’s furniture production at their peak. Along with furniture, Greensboro and Winston-Salem specialized in textiles and tobacco. And while the Research Triangle of Raleigh, Durham and Chapel Hill had renowned universities in the University of North Carolina, Duke and North Carolina State, the Triad had Wake Forest University.But like many manufacturing regions, its fortunes started to decline in the 1970s. Jobs in textiles started being moved overseas or automated, furniture contracted with the arrival of cheaper Chinese imports, and tobacco contracted because of a decline in smoking. Mills shut down, sitting vacant for decades, and downtowns languished.At the same time, the economy of the Triangle, which had the country’s largest corporate research park, took off as research and tech companies grew. In 2001, the Research Triangle and the Triad had roughly the same economic output; by 2021, the two had diverged. Both regions gained population, but the Triangle grew faster, buoyed by growing numbers of college-educated workers.Some industries have received a lifeline in recent years: Furniture boomed during the height of the pandemic from increased demand for home furnishings, and manufacturing has been resurging across the country. But hundreds of workers lost their jobs last year with the shuttering of several factories.“This area of the state has found itself in a situation where it has to diversify,” said Jerry Fox, an economics professor at High Point University. “This is an opportunity for people in our area to have better-paying jobs.”Signs of change are evident in downtowns. In High Point, a hosiery mill sat vacant for decades, opening only for biannual furniture showrooms. But in 2021, a group of local investors joined with the city’s Chamber of Commerce and a local foundation that donated more than $40 million to convert the site to a co-working space, Congdon Yards. Today, it houses around 50 employers and 360 employees.The Congdon Yards co-working space in High Point occupies a former hosiery mill.The former mill is now home to dozens of employers and hundreds of employees.The space sat vacant for decades before investors came together to raise funds for the conversion.The former R.J. Reynolds Tobacco Company factory in Winston-Salem is now part of the Wake Forest Innovation Quarter.Mike Belleme for The New York TimesSimilar projects have been undertaken in Winston-Salem and Greensboro. In downtown Winston-Salem, old cigarette factories have become the Wake Forest Innovation Quarter, a research-focused district that cost more than $500 million. In Greensboro, one of the city’s oldest textile mills has been converted into a mixed-use complex, with amenities like a pizzeria to go along with office space.Still, challenges remain.One is preparing the region’s workers for jobs that require different skills. Thomas Built, a bus manufacturer based in High Point since 1916, has been making electric buses over the past decade. It has nearly 2,000 employees in High Point, making it one of the city’s top employers.Kevin Bangston, the chief executive of Thomas Built, said the company had hired more than 300 workers over the past 15 months. But he has found it difficult to hire for more skilled jobs that handle automated processes in the factory.“Demand is very high for those positions, and supply is very low,” Mr. Bangston said.Key to that transition is the role of work force development programs, which involve partnerships between businesses and community colleges to provide the skills to work in advanced manufacturing.One school offering such training is Guilford Technical Community College, the site of Mr. Cooper’s Greensboro appearance. At the same event, Jill Biden, the first lady, highlighted what she saw as the importance of such programs to enacting President Biden’s economic agenda.The school offers apprenticeships, enabling students to work while earning an associate degree. One program, designed by Toyota, aims to qualify workers for jobs at the company.Guilford Technical Community College’s campus in Greensboro, N.C., where students learn skills they can use in advanced manufacturing jobs.Students at the school learn about electricity, motor controls and the components of car batteries.Devante Cuthbertson joined the apprenticeship program at Guilford Tech last year.The president of Guilford Tech said the arrival of Toyota had increased interest in the school’s programs.Devante Cuthbertson, 28, grew up in Greensboro and was working for a flooring company around 30 minutes away as a machine operator, but he left that job in 2023 to join the apprenticeship program at Guilford Tech. There, he takes classes twice a week and goes to the Toyota battery plant site three times a week for an apprenticeship program, applying classroom learning about electricity, motor controls and the components of car batteries.“I wanted to ensure I had an education,” said Mr. Cuthbertson, who said he intended to apply for a job at Toyota as a maintenance technician when he graduates in 2025.Anthony Clarke, the president of Guilford Tech, said the arrival of Toyota — with the promise of high-paying jobs — had boosted interest in the school’s programs.“Any time employers stand up and say, ‘Hey, we’ve got really good-paying jobs,’ students pay attention to that, and they flock to that,” Dr. Clarke said.Economic development leaders and elected officials have cited the area’s affordability as a draw for companies and workers alike, particularly as housing costs have skyrocketed nationally. According to Zillow, the average home valuation in the Triad’s three main cities is around $250,000, compared with more than $300,000 for the state as a whole and more than $400,000 in the Triangle.The Triad has become a destination for some college-educated workers leaving coastal cities. Along with her husband, who worked for Nike, Melissa Binder left Portland, Ore., in 2019 for Winston-Salem to raise their child. They bought their house for $315,000 in 2019, and Ms. Binder said it offered more space than the house they owned in Portland.After renting in New York’s West Village for several years, Julia and Ryan Hennessee knew they wanted a home to raise a family. In 2018, they chose Winston-Salem to be close to Mr. Hennessee’s family and bought a single-family home for $445,000.The Hennessees said they welcomed the growth offered by the arrival of companies like Toyota. At the same time, they want Winston-Salem to retain the smaller-town charm that drew them to the region — as well as the cost of living — and not become like other Southern cities.“Winston knows how it’s different from a place like Atlanta, and doesn’t have aspirations of becoming that,” Ms. Hennessee said.Julia and Ryan Hennessee moved to Winston-Salem from New York City in 2018.The Triad has become a destination for some college-educated workers leaving coastal cities. But for others in the Triad, particularly in more rural parts like Liberty, the transition could prove more challenging.Brenda Hornsby Heindl, a librarian in Liberty, said the Toyota plant could improve the town’s fortunes. But primary education in the county remains underfunded, she said, and literacy levels are lower than the state average.“While my goal for the future of our community is that anyone could apply as an engineer at Toyota, right now we’ve got adults and kids that couldn’t read an application,” Ms. Hornsby Heindl said. “It’s going to take more than Toyota to have that happen.” More

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    Antony Blinken Visits China

    Tensions over economic ties are running high, threatening to disrupt a fragile cooperation between the U.S. and China.Secretary of State Antony J. Blinken cheered on the sidelines at a basketball game in Shanghai on Wednesday night, and spent Thursday chatting with students at New York University’s Shanghai campus and meeting American business owners. It all went to emphasize the kind of economic, educational and cultural ties that the United States is pointedly holding up as beneficial for both countries.But hanging over those pleasantries during his visit to China this week are several steps the U.S. is taking to sever economic ties in areas where the Biden administration says they threaten American interests. And those will be the focus of greater attention from Chinese officials, as well.Even as the Biden administration tries to stabilize the relationship with China, it is advancing several economic measures that would curb China’s access to the U.S. economy and technology. It is poised to raise tariffs on Chinese steel, solar panels and other crucial products to try to protect American factories from cheap imports. It is weighing further restrictions on China’s access to advanced semiconductors to try to keep Beijing from developing sophisticated artificial intelligence that could be used on the battlefield.This week, Congress also passed legislation that would force ByteDance, the Chinese owner of TikTok, to sell its stake in the app within nine to 12 months or leave the United States altogether. The president signed it on Wednesday, though the measure is likely to be challenged in court.Mr. Blinken’s visit, which was expected to take him to Beijing on Friday for high-level government meetings, had a much more cordial tone than the trip he made to China last year. That trip was the first after a Chinese spy balloon traveled across the United States, tipping the American public into an uproar.Mr. Blinken talking with Ambassador Burns while attending a basketball game between the Shanghai Sharks and the Zhejiang Golden Bulls in Shanghai on Wednesday.Pool photo by Mark SchiefelbeinWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More