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Mars will acquire Kellanova for $35.9 billion in cash, tying together some of the largest U.S. candy and snack brands, the companies announced Tuesday.

The M&M owner Mars is acquiring the Kellogg spin-off company for $83.50 per share, according to the press release. The addition of Kellanova, which separated from its parent company in 2023, will bring massive brands like Pringles and Cheez-Its to Mars’ snacking unit.

“Kellanova has been on a transformation journey to become the world’s best snacking company, and this opportunity to join Mars enables us to accelerate the realization of our full potential and our vision,” said Steve Cahillane, chairman, president and CEO of Kellanova, in a statement.

The move comes after Kellogg separated its business last year, with its cereal segment trading under WK Kellogg Co, and the remaining snacking and plant-based brands under Kellanova. Kellanova’s 2023 net sales topped $13 billion.

After years of high inflation, some consumers are pulling back on spending and struggling to afford brand-name snacks, making acquisitions more attractive. Many grocers have leaned into private-label options to entice consumers who are looking for value.

Mars’ buyout aims to create a “broader, global snacking business” through recognized and popular brands, according to Andrew Clarke, global president of Mars Snacking.

“The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Clarke said in a statement.

The growing snacking category includes brands marketed as healthier. Kellanova will bring products like RXBAR and Nutri-Grain to the Mars business, complementing KIND and other Mars snacks, according to the release.

The transaction is expected to close in the first half of 2025, according to the release.

This post appeared first on NBC NEWS

Google on Tuesday announced new artificial intelligence features that are coming to Android devices. The move to bring its Gemini AI assistant to supported devices shows again how Google aims to put its AI in front of consumers before Apple, which will launch its AI on iPhones, Macs and iPads later this year.

Google doesn’t make a lot of money from its hardware business but the latest Android features could help drive new revenue through the company’s Gemini AI subscription program.

“We’ve completely rebuilt the assistant experience with Gemini, so you can speak to it naturally the way you would with another person,” said Android Ecosystem President Sameer Samat in a Tuesday blog post. “It can understand your intent, follow your train of thought and complete complex tasks.”

“Starting today, you can bring up Gemini’s overlay on top of the app you’re using to ask questions about what’s on your screen,” Samat wrote. It will be available on hundreds of phone models from dozens of device makers, according to Google.

Google previously had some AI features in Android, but this is the first year it’s heavily emphasizing new capabilities powered by a large AI language model installed on devices.

One example the company provided involved a user uploading a photo of a concert list and asking Gemini to see if their calendar is free, after which Gemini checks Google Calendar. If the user has availability in their schedule, Gemini offers to create a reminder to check ticket prices later that night.

The assistant can also perform tasks using information from Google apps.

“For example, Gemini can help create a daily workout routine based on your personal trainer’s email, or use your resume in Google Drive to write a work bio,” the company stated in its blog post. 

The company also said a user might ask the Gemini assistant to draft an email and “create an image of a cake for someone who loves space,” which the assistant can create and attach to the email. Or, in YouTube, a user might ask Gemini a question about the content in a video.

You can ask about what’s on your phone screen in other apps, too, like Maps, Flights and Gmail. Google said it’s working to add support for third-party extensions, which suggests developers may be able to add the option to their apps later.

Gemini’s assistant has a range of voices. A user can have a human-like conversation through its Gemini “Live” feature, which the company first announced at its May developer conference. “Live” will initially be available for select devices and subscribers to Google’s Gemini Advanced program, which costs $19.99 per month.

In June, Apple announced its long-awaited artificial intelligence push, Apple Intelligence, that can do tasks like recognize notifications important to personal context, and do cross-application tasking as well as letting Siri tap into OpenAI’s ChatGPT when needed for tasks such as its writing tools and creating images.

Apple’s system is currently in testing. Some early features will launch this fall alongside new iPhones, but the bulk of the system won’t be released until next year.

Google also announced its latest line of homegrown “Pixel” phones, including the Pixel 9, the Pixel 9 Pro, the Pixel 9 Pro XL and the Pixel 9 Pro Fold, which come with the Gemini AI features.

The Pixel 9 series has, among other new features, an upgraded camera and a screen that’s 35% brighter for better viewing in direct sunlight. It ships with Google’s latest Tensor G4 processor and 16GB of RAM to support AI use. RAM stands for random access memory —an important part of a computer’s hardware that stores data needed to run applications.

RAM is a crucial component for running artificial intelligence inside a smartphone. Google has said that the amount of memory is a major factor in determining whether a phone can run AI.

By contrast, only high-end iPhones released in 2023 can run Apple Intelligence, which AI developers believe is due to lower amounts of memory installed on older iPhones.

The Pixel 9 starts at $799, which costs $100 more than the Pixel 8, however, smartphone costs have risen across most phone makers in the last year. The Pixel 9 Pro, which comes with a free year of “Gemini Advanced” subscription, starts at $999 and the Pixel 9 Pro XL starts at $1,099. The Pixel 9 Pro Fold starts at $1,799.

Lastly, Google also announced the Pixel Watch 3. It’s available in two sizes, 41 millimeter and 45 mm, with larger screens than earlier models. New features include the option to plan running workouts, information on your recovery with readiness and cardio load data, and AI-powered workout recommendations. Google also said the Pixel Watch 3 is more deeply embedded with its ecosystem, allowing you to access Nest camera and doorbell feeds, the Google TV remote, offline Google Maps, and more. The Pixel Watch 3 offers up to 24 hours of battery life, or up to 36 hours with Battery Saver mode.

— CNBC’s Kif Leswing contributed to this report.

This post appeared first on NBC NEWS

Wall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era.

Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz. In its last two quarters, Starbucks reported same-store sales declines as its U.S. business floundered. Once he takes over, Niccol will be charged with rejuvenating demand for the company’s coffee.

“In our view, Starbucks picks up a hall of fame restaurant CEO, and his appointment as Starbucks CEO and Chairman suggests a new era is underway,” TD Cowen analyst Andrew Charles wrote in a note to clients, emphasizing the importance of the combined role.

Investors are confident that he can revive the company. Shares of Starbucks climbed 20% in afternoon trading on the news, putting them on pace for their best day since the company’s IPO in 1992. Meanwhile, Chipotle’s stock fell 9% as shareholders bemoaned the loss of the longtime chief executive.

Piper Sandler, TD Cowen and Baird all upgraded Starbucks stock in the wake of the leadership changes.

Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks’ sluggish sales. A challenging consumer environment, worsening customer experience and rising competition from smaller coffee shops have hurt the chain’s performance recently.

“We view this as a dream hire for SBUX, and could not think of a more equipped leader to take a fresh look at SBUX’s operations, competitive positioning and overall strategy,” Oppenheimer analyst Brian Bittner said.

Niccol’s hiring could also spell the end of Schultz’s huge influence over the company he turned into a global coffee giant.

“Importantly, Brian is likely the one restaurant executive that has the gravitas to address the Howard Schultz Founder ‘overhang,’” Evercore ISI analyst David Palmer wrote.

Schultz served as CEO from 1986 to 2000, from 2008 to 2017 and then from 2022 to 2023, stepping in twice to save the company when sales turned sluggish. His last return sparked concerns about the company’s succession.

At the end of his last stint, he swore that he wouldn’t return as chief executive again, although his presence still looms large over the company. In May, after a brutal quarter for Starbucks, he wrote an open letter on LinkedIn about the company’s challenges and offered advice to its leaders — without naming Narasimhan.

Even after his retirement, Schultz’s involvement in the company has remained “a question hanging over the stock,” Morgan Stanley analyst Brian Harbour wrote in a note Tuesday. Mellody Hobson, who stepped down as Starbucks chair to become lead independent director as part of Tuesday’s leadership shake-up, said on CNBC’s “Squawk Box” that she told Schultz about the discussions with Niccol, keeping him in the loop despite him having no formal role within the company anymore.

Schultz also remains a major Starbucks shareholder, with a roughly 2% stake.

Schultz endorsed Niccol’s hiring in the press release announcing the shakeup. In a statement, the chairman emeritus said he believes that Niccol is the leader the company needs at a “pivotal moment in its history.”

Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver’s seat could mean that Schultz finally moves on. Niccol will also succeed Hobson as chair of the board, giving him more latitude to make changes.

“This will be the last time investors care what he has to say because Niccol now has the wheel and there is no longer ANY room for a backseat driver,” Gordon Haskett analyst Don Bilson wrote.

Niccol also has previous experience taking over a founder-led brand and making it his own. When he joined Chipotle in 2018, he took the reins from founder Steve Ells, who had led the chain since 1993. Niccol moved the burrito chain’s headquarters from Denver to Newport Beach to attract different talent — and maybe evolve the brand from being founder-led, as Bernstein analyst Danilo Gargiulo wrote in a note.

While analysts largely cheered Niccol’s appointment, some were more cautious, noting that Starbucks is a larger and more complex business than Chipotle.

“Starbucks is a much more complicated model than Chipotle, with company and licensed stores, domestic and international locations, and a significant presence in struggling China,” BTIG analyst Peter Saleh wrote.

Chipotle has few licensed locations, except for some airport restaurants, and a relatively small international footprint, although Niccol has been pushing to grow its presence outside the U.S. in recent years.

Starbucks, on the other hand, has more international locations than U.S. cafes. And while investors have recently focused on the chain’s domestic performance, China, its second-largest market, has continued to struggle as competition there ramps up and the country’s economy lags.

Narasimhan said on the company’s latest conference call that he was exploring “strategic partnerships” for its China business, which could include a joint venture, tech partnership or other options. Niccol’s appointment could mean that Starbucks abandons that exploration, although he does have some experience with spinoffs from his time as head of Yum Brands’ Taco Bell. While he was there, the conglomerate spun off its China business into Yum China.

And while Chipotle’s burritos are still in high demand, consumers’ economic concerns have dampened their desire for coffee. That may prove to be a tougher hurdle for Niccol than investors anticipate.

“His challenge is to connect with a new customer,” Wedbush analyst Nick Setyan said. “Aside from the power to change the direction of macro headwinds, we view the shareholder euphoria (as expressed in the share price this morning) as premature.”

This post appeared first on NBC NEWS

A construction boom in the U.S. has resulted in lower rents and other benefits for renters.

Record-construction activity since the pandemic has increased the supply of empty units, meaning more inventory is available for renters. More multi-family units were completed in June than in any month in nearly 50 years, according to Zillow Group, an online marketplace for real estate.

Landlords are taking notice and are now adding rent concessions — discounts, incentives or perks to attract new renters — like free weeks of rent or free parking. 

About a third, 33.2%, of landlords offered at least one rent concession in July across the U.S., up from 25.4% last year, Zillow found.

Meanwhile, the median asking rent prices for all bedroom counts slid in July, the first time that’s occurred since 2020, according to Redfin, a real estate brokerage site.

The median asking rent price for a studio or one-bedroom apartment fell 0.1% to $1,498 a month; two-bedroom apartments decreased 0.3% to $1,730; and units with three bedrooms or more, were down 2.% to $2,010, per Redfin data. 

Rents are still high because of how much prices climbed during the pandemic, said Chen Zhao, who leads the economics team at Redfin. But now, rent growth has flattened, which can be “good news for renters,” she said.

Metro areas in Florida and Texas, two Sun Belt states that have introduced a high number of newly built apartments since the pandemic, are seeing significant rent price declines as more units become available, according to Redfin.

For example, the median asking rent price in Austin, Texas, dropped to $1,458 in July, a 16.9% decline from a year prior, according to Redfin. It was the biggest drop among all other analyzed metro areas in the national report, the firm noted.

The median asking rent price in Jacksonville, Florida, declined 14.3% in the same timeframe, to $1,465, per Redfin.

To compare at a state-wide level, the median rent price in Texas stands at $1,950, according to Zillow. The median rent price in Florida is $2,500, the marketplace found.

Rent concessions are up from a year ago in 45 of the 50 largest metro areas in the U.S., according to Zillow.

The annual increase in the share of rental listings offering concessions is the highest in Jacksonville, Florida, which saw concessions rise 17 percentage points, followed by Charlotte, North Carolina (up 15.7 percentage points), Raleigh, North Carolina (up 14.7 percentage points), Atlanta (up 14.5 percentage points); and Austin, Texas (up 14.1 percentage points), per Zillow data.

Historically, wage growth and rent growth have been very linked, said Orphe Divounguy, a senior economist with Zillow’s Economic Research team.

How tight the labor market is can be predictive of how tight the housing market is going to be, he explained.

The labor market is winding down as the amount of candidates outnumbers the amount of jobs available. In July, nonfarm payroll increased by just 114,000 for the month, down from 179,000 in June, according to the Bureau of Labor Statistics. The unemployment rate jumped to 4.3%, the highest level since October of 2021.

“When wages are rising rapidly, that helps to support housing demand,” said Divounguy. “As the labor market loosens, we expect the rental market to continue to loosen.”

Wages are growing 4% to 5% year over year, said Zhao: “That’s good. That means that rents are actually falling relative to wages. Your wages are increasing more than rents are.” 

To be sure, wage growth has slowed down. Wages and salaries increased 5.1% in June for the 12-month period ending in June 2024 and increased 4.7% a year ago, according to the Bureau of Labor Statistics. 

Wage growth peaked at 9.3% in January 2022, and has slid down to 3.1% by mid-June and returning to pre-pandemic wage levels, according to Indeed Hiring Lab Institute.

This post appeared first on NBC NEWS

LONDON — Travelers in Europe can now take unlimited flights for 499 euros ($550) a year under a new travel subscription service from budget carrier Wizz Air.

The annual “all you can fly” pass, which allows passengers to book one-way and roundtrip flights throughout the year, will be available for the introductory fee until Friday before the price rises to 599 euros.

Details on the airline’s website show passengers can book flights with “no limits” to any of its international destinations — including Athens, Greece, Madrid, Paris and Reykjavik, Iceland — up to three days before departure, with the booking window opening in September.

Each booking is subject to an additional flat fee of 9.99 euros and luggage beyond one personal item will be charged as extra.

The airline said it initially plans to release 10,000 “all you can fly” memberships, while FAQs on its website note that seats will be subject to availability, depending on “several external and internal factors.”

The launch follows similar subscription packages by U.S. carriers, such as Frontier Airlines, which last year announced a $599 unlimited Go Wild! pass for its North America routes.

However, while some European carriers offer multiflight bundles for a set fee, unlimited packages remain a novel concept on the Continent.

It comes as Wizz Air has seen its profits deteriorate and customer satisfaction wane amid wider pressure on the sector following the post-pandemic travel boom.

Earlier this month, the Hungarian airline reported a 44% drop in its first-quarter operating profit. Meantime, a customer satisfaction rating of 44% put it at the bottom of a February ranking of short-haul European carriers by consumer group Which?

CEO Jozsef Varadi told CNBC on the day of releasing its first-quarter results that supply constraints were impacting the company’s short-term outlook while inflationary pressures were weighing on consumer demand.

The airline, which already runs flights to the Maldives, Cairo and Dubai, United Arab Emirates, has previously said it is exploring new routes from Europe to India.

This post appeared first on NBC NEWS

As investors face economic uncertainty, financial advisors have guidelines for how much cash they should have set aside.

Despite second-quarter economic growth, nearly 60% of Americans wrongly think the U.S. is currently in a recession, according to a June survey of 2,000 adults from Affirm.

While Goldman Sachs and JP Morgan raised recession forecasts in August, other experts still expect an economic “soft landing,” meaning the Federal Reserve’s policy won’t cause a downturn.

Meanwhile, inflation continues to ease, but a weaker-than-expected jobs report for July triggered stock market volatility last week.

Amid the uncertainty, nearly 60% of Americans aren’t comfortable with their level of emergency savings, up from 48% in 2021, according to an annual Bankrate survey that polled more than 1,000 U.S. adults in May.

As of the polling, some 27% of those surveyed had no emergency savings — the highest percentage since 2020, Bankrate found.

Regardless of the economic climate, investors need emergency savings to cover expenses in the event of a job loss or other unexpected bills. Here’s how much cash to set aside, according to financial advisors.

Double-income families should aim to save at least three months of living expenses, according to certified financial planner Greg Giardino, vice president of Wealth Enhancement Group in Oakland, New Jersey. 

However, you could adjust that guideline “depending on the reliability of those income sources,” he said. For example, commissioned workers with unpredictable cash flow may need more than tenured professors.

Building that level of cash reserves isn’t easy. Only 44% of Americans have three months of expenses saved for emergencies, according to Bankrate’s survey.

Generally, single individuals or families with a single income should save at least six months of expenses, experts say.

But higher levels of cash reserves could offer more flexibility when faced with a job loss or economic downturn.

Douglas Boneparth, a CFP and president of Bone Fide Wealth in New York, prefers six to nine months of savings for single earners.

“I’ve never come across someone who was upset that they had a little bit more cash than they needed,” said Boneparth, who is also a member of CNBC’s Financial Advisor Council.

Boston-based CFP and enrolled agent Catherine Valega, founder of Green Bee Advisory, said she is “more conservative than most other advisors” and recommends 12 to 18 months of living expenses in “safe, liquid investments” for single earners.

Although the Federal Reserve could start cutting interest rates in September, investors still have “high-yield savings opportunities,” she added.

Entrepreneurs: Keep up to one year of expenses

With unsteady income, entrepreneurs or small business owners could also benefit from higher levels of savings — eight to 12 months of expenses, according to Giardino of Wealth Enhancement Group.

Of course, the exact amount for emergency savings depends on your unique circumstances and your family’s needs.

This post appeared first on NBC NEWS

For his entire aborted 2024 reelection campaign, no issues threatened to hamstring President Joe Biden quite as much as the economy and immigration.

The economy is almost always voters’ top issue, and views of Biden’s handling of it were routinely way underwater. Immigration is generally less important in voters’ minds, but a border crisis pushed Biden’s numbers on the issue to historically low levels — to the point where three-fourths of independents and large numbers of Democrats disapproved. One poll early this year showed Americans preferred Donald Trump over Biden on immigration by more than 30 points.

Vice President Kamala Harris replacing Biden as the Democratic presidential nominee has significantly blunted those liabilities for Democrats.

A new poll this week piqued more than a few people’s interest. It came from the Financial Times and the University of Michigan’s Ross School of Business, and it showed that about as many Americans preferred Harris on the economy (42 percent) as preferred Trump (41 percent). Such a finding was previously unthinkable, after many months of the economy dogging Biden.

That might overstate how much Harris has mitigated this issue for Democrats. But it’s surely somewhat.

Across three other recent polls to compare the two candidates on the issues — national polls from NPR/PBS/Marist College and Marquette University Law School and a swing-state poll from the New York Times and Siena College — Harris has trimmed between six and nine points off Biden’s previous deficits to Trump on the economy.

On immigration, she has trimmed between four and seven points off Biden’s previous deficits.

That said, she still trails Trump on these issues — by between three and 12 points on the economy, and by between five and 18 points on immigration. And a CNBC poll last week showed that about twice as many voters said they thought they’d be better off financially if Trump wins (40 percent) as said the same of Harris winning (21 percent).

That suggests these key issues remain a liability, just less of one.

Harris has redrawn the issue contrast rapidly on other issues, too. And she has built a bigger lead on some key ones that already favored Democrats.

The key one: Polls suggest she’s much better situated to take advantage of Democrats’ advantage on abortion rights. While Biden led Trump on that issue by around 10 points in previous Times/Siena and Marquette polls, Harris now leads by 19 points in the Times/Siena poll and 23 points in the Marquette poll.

Harris has also gained somewhat in these polls on another issue Democrats have sought to emphasize, democracy, as well as health care and Medicare and Social Security.

Harris now leads by double digits on each of these issues, which Democrats hope will offset their deficits on the economy and immigration.

It’s valid to ask why Harris suddenly over-performs Biden on these issues, particularly given that she has served alongside him for 3½ years. There is little indication thus far that her policies differ markedly from his, and she has yet to detail too many policies — though that is beginning to change this week.

But policy isn’t the only factor; so too is a candidate’s perceived ability to effectuate that policy and be a strong leader. It seems possible that, amid plenty of Democratic fretting about how Biden didn’t seem to get enough credit for strong, non-inflation economic indicators, many voters were dinging Biden because of their belief that he simply wasn’t up to the task — not necessarily because of specific outcomes.

And perhaps there was an opening for them backing off these concerns. Many voters, for instance, perceive their own finances or the economy in their area as being strong, even as they viewed the national economy much more negatively. That suggests this might not be as immediate and lingering an electoral concern as it might seem.

What’s clear is that, for whatever reason, Harris isn’t bogged down on these issues due to her connection with Biden. She might not be the “change” candidate, per se, but she benefits from a perception that she’d be better.

It’s not enough to give her an advantage on those two top-line issues (that Financial Times poll notwithstanding), but it is enough to give her more of a fighting chance — for now.

This post appeared first on washingtonpost.com

One month ago, the Republican Party was convening in Milwaukee to anoint Donald Trump as its presidential nominee for the third consecutive election. The convention was energetic and brash; the attempt on Trump’s life had reinforced Republicans’ already robust enthusiasm for their candidate, and Trump skeptics had long ago been rooted out of the inner circle. Polling showed that the former president was on a glide path to election. States that hadn’t been red in decades suddenly looked like they might be in play in 2024.

Then the convention ended. President Joe Biden announced that he would no longer seek the Democratic Party’s nomination, clearing the way for Vice President Kamala Harris. Democrats, suddenly giddy about their chances and about their candidate, threw cash at the revamped candidacy. Harris surged in the polls.

But that wasn’t the only shift the race has undergone in recent months. In addition to Trump suddenly facing an entirely new opponent — to his obvious chagrin — he’s also facing a shifted political landscape. He’d intended to run against Biden and the Biden administration’s track record on crime, immigration and inflation. But none of those attacks is as potent as it was two years ago.

Crime

It goes without saying that the coronavirus pandemic upended the country in numerous ways. What was not clear at the time, though, was how sticky the effects might be. When violent crime surged in 2020 and into 2021, for example, it wasn’t clear whether this was a permanent reversion of the downward trend the country had seen since the early 1990s.

Fox News has been consistently insistent that crime is surging under Biden, making fearmongering about crime a central component of its coverage before the 2022 midterms. Since that point, though, data has repeatedly indicated that crime — and violent crime in particular — has declined over the past few years.

As we’ve noted, measuring national crime trends in real time is tricky. Data are available in some cities, but consistent national data is gathered only well after the fact. Even then, it’s often incomplete. But the data that are available and outside analyses of city-level trends suggest a noteworthy decline.

Last week, the Major Cities Chiefs Association, an organization of law enforcement leaders, released data showing sharp drops in violent crime in a number of large American cities between the first half of 2023 and the first half of 2024. Biden hailed the data, crediting the American Rescue Plan.

Category
2023
2024
Change
Homicide
3,783
3,124
-17%
Rape
14,472
13,064
-10%
Robbery
48,529
45,575
-6%
Agg. assault
141,944
134,293
-5%

This is not the only such data. FBI data released in June showed a similar year-over-year decline, as did data the bureau released in December. When the agency released its data for 2022, it showed a decrease in crime that year — contrary to Fox News’s coverage.

Immigration

Mirroring his 2016 campaign for president, Trump has focused heavily on immigration in his bid to regain the presidency. He’s fond of amplifying data about the number of apprehensions at the U.S.-Mexico border to suggest that the country is overrun with new arrivals, particularly those who entered the country illegally.

This rhetoric is enabled by the complexity of the subject (like that those entering the country to seek asylum are often granted permission to remain and that a large percentage of those apprehended have been quickly removed from the country). But Trump’s assertions about an “open border” are also hobbled by the striking decrease in apprehensions in recent months.

In December, nearly 250,000 people were apprehended between border checkpoints on the border with Mexico. In January, though, the number was half as large. From February to March, the monthly figure dropped by 2 percent. From March to April, it was down 6 percent. Then 9 percent the next month and, in June, down 29 percent over May — the month in which the Biden administration unveiled new rules governing asylum applications. The result is that apprehensions in June were a third of those seen in December.

The figure is still high, certainly, more in line with levels of apprehensions seen during the administration of George W. Bush than that of Barack Obama. Apprehensions were low under Obama in part because the U.S. economy was still recovering from the recession; they were unusually low in 2020 because of the pandemic.

Another way to look at it: There were fewer apprehensions between border checkpoints in June 2024 than there were in June 2019 under Donald Trump.

Prices

The central argument Trump has been using for his candidacy, of course, is that the country has been wracked by inflation. And that’s true; after the initial restrictions linked to the pandemic were eased, prices surged along with demand.

Trump points to various products to emphasize those price increases. He often claims that gasoline jumped from $1.87 during his administration to somewhere north of $5 under Biden. Speaking to Elon Musk on Monday, he offered another example: Bacon now costs “4 or 5 times more than it did a few years ago.”

The reason gasoline was cheap during the Trump administration, of course, is that demand crashed as people were staying home to avoid the coronavirus. Nor are national prices north of $5; they’ve leveled off in recent months in the $3.50 range, according to the Energy Information Administration. Bacon did surge in cost in 2021, but has since stabilized (well below four times what it cost a few years ago).

It’s worth noting, by the way, that the national average price of gas in recent months is somewhat lower than it was under Obama. It was during the Obama administration that prices dropped to the levels that Trump now exaggerates.

What’s important about the gas and bacon prices, though, is that, after the initial surge, prices didn’t keep climbing higher and higher. Prices of those products jumped — and then remained at those new higher levels.

This isn’t great, and these are just two products. It is also true, as the administration argues, that average wages have increased more rapidly since 2021 and that the increase in the rate of inflation has slowed. (You can see it on the graph at right below, that little inflection point marked with the vertical dotted line.) The rate of increase in wages has in recent months consistently been larger than the rate of increase of inflation, in fact.

On Wednesday, the Bureau of Labor Statistics released new data on inflation showing that the annual increase last month was lower than at any point since March 2021. Again, this isn’t deflation, a decrease in prices. But it does suggest that the valid concerns about the rate at which prices were increasing have been significantly addressed.

This is an esoteric evaluation of the economy, certainly, but polling data suggests that Trump’s advantage on the economy has narrowed, in part thanks to the change at the top of the Democratic ticket.

These shifts also are not likely to change Trump’s rhetoric. He is no more interested in presenting accurate information about crime, immigration and inflation than he ever was, so he highlights things like the unmeasured-and-exaggerated concept of “migrant crime” to stoke fears about the direction of the country.

Still, the current numbers are a reflection of how the ground under Trump’s feet has shifted. He’s running against the first half of Biden’s administration, when Biden was his opponent and crime, inflation and immigration were acute problems. But now, to his chagrin, it’s 2024. The landscape is very different.

This post appeared first on washingtonpost.com

The messaging in presidential political advertisements has dramatically shifted in the weeks since President Joe Biden abandoned his bid for a second term and Vice President Kamala Harris united the Democratic Party to seize the nomination.

A Washington Post analysis of data from the political research firm AdImpact found that Democrats have shifted the primary focus of their ads from Donald Trump’s character and dire warnings about the twice-impeached former president’s threat to democracy to issues such as abortion and the economy.

Republicans also have recalibrated their messaging, heavily focusing on immigration and accusing Harris of mishandling the U.S.-Mexico border among other criticisms.

Harris is set to accept the party’s nomination next Thursday at the Democratic convention in Chicago, a month and a day since Biden dropped his bid. In the weeks since, the two parties have changed the tone and topics of their ads, seeking to capitalize on issues to energize their bases and win over swing voters in what is expected to be a close Nov. 5 election.

Biden forged his 2020 and 2024 campaigns on a message casting Trump as an existential threat to the nation. But since he dropped out and Harris took over as the nominee, the Democratic ad campaign has shifted from that serious forewarning in favor of a sunnier political vision. The move comes as Democrats, including Harris’s choice for vice president, Minnesota Gov. Tim Walz, adopted a more colloquial criticism, calling Trump and vice-presidential nominee JD Vance “weird.”

With Harris’s shorter-than-usual runway to the general election, the most frequently run Democratic ads since Biden dropped out have been aimed at introducing her to voters by focusing on her biography, depicting her as someone who has fought for everyday Americans.

In one such ad paid for by “Harris for President,” a male narrator calls the vice president “fearless” and recites the arc of her career — from prosecutor to California attorney general to vice president — before talking about how Trump “wants to take our country backward.”

Another ad that aired nationally during the Olympics highlights Harris’s own remarks on abortion and the economy.

“I’m running to fight for an America where the economy works for working people, where you only have to work one job to pay the bills and where hard work is rewarded,” Harris says in the ad from FF PAC. “Where reproductive rights are not just protected by the Constitution of the United States, but guaranteed in every state because that’s our America, and that’s the America I believe in.”

On the airwaves, the data show that abortion, the economy and fighting crime also have been the top issues in the Democratic ads since Biden dropped out, replacing the previous top priorities of Trump’s character and cutting health-care costs.

The Republican ads portray a far different version of Harris, suggesting that she hid that Biden was unfit for office.

“Kamala knew Joe couldn’t do the job, so she did it,” a female narrator says in the ad, which was paid for by the MAGA Inc. super PAC. “Look what she got done. A border invasion, runaway inflation, the American Dream dead. They created this mess.”

The Post reviewed all presidential television political advertisements collected by AdImpact from Super Tuesday, March 5, through Aug. 9. AdImpact classifies up to three issues as the primary focus of each ad based on the narration and videos. The firm also measures how many times each advertisement has been aired. The Post analyzed which issues appeared most frequently before and after Biden dropped out.

The Harris campaign and officials from MAGA Inc., and Future Forward PAC had no immediate comment.

After the Supreme Court overturned Roe v. Wade, Harris became the Biden administration’s most vocal advocate for abortion access — an issue that the president, a practicing Catholic, had long struggled to discuss. The issue has proved to be a successful one for Democrats, and it’s expected to emerge as a motivating factor for voters in November.

There were major victories for abortion access last year in conservative-leaning states, and Democrats have seen a wave of election wins tied to their emphasis on protecting reproductive rights since Roe was overturned.

On Tuesday, Missouri and Arizona — the latter a key battleground state — both secured ballot initiatives aimed at enshrining abortion rights in their state constitutions, state officials said. The issue is also set to go before voters this year in Colorado, Florida, Maryland, New York, South Dakota and another battleground state, Nevada.

The GOP’s presidential campaign message has depicted a dark vision of Democratic rule, steeped in grievance about the direction of the country. Since Biden dropped out, Republican ads have focused less on inflation and the economy. Immigration has been emphasized in 98 percent of Republican presidential ads aired since Harris became the likely nominee. Other prevailing themes emphasized in the ads have included crime and illegal drugs.

When asked what drove the Trump campaign’s shift in messaging, national press secretary Karoline Leavitt said in a statement that the former president and his campaign would “use every tool at” their disposal “to ensure every American knows that Kamala Harris is responsible for the illegal immigration and inflation crises that we face.”

Republicans for years have attacked Harris as a failed “border czar,” deeming her responsible for dealing with the surge of migrants attempting to enter the country. Biden directed her as vice president to tackle the root causes of migration from El Salvador, Guatemala and Honduras. She was never put in charge of the border nor designated a “czar.”

Americans’ concerns about immigration have risen sharply this year, according to a poll by the Chicago Council on Global Affairs released earlier this month. Half of Americans said the large number of immigrants and refugees entering the country is a “critical threat” to U.S. interests, the highest level since 2010. The poll found that most Americans support two proposals laid out by Trump: using U.S. troops to stop migrants from entering the country and expanding the U.S.-Mexico border wall. But a larger majority of Americans oppose Trump’s proposal to put undocumented immigrants in mass-detention camps.

Immigration has not exactly been a great winning play for Trump since his 2016 run for president. Ahead of the 2018 midterm election, Trump leaned into the issue, repeatedly warning about the threat of a migrant caravan crossing into the United States. Although immigration was a top issue of concern for voters that cycle, Democrats were still able to take control of the House, largely on fears about the GOP effort to repeal the Affordable Care Act.

Crime has also become a flash point of both campaigns. Democrats’ ads have focused on Harris’s record combating crime as a prosecutor. Republican ads assert that Harris was a progressive prosecutor who let dangerous criminals go free, and that she is responsible for the crimes committed by immigrants in the United States while she has been vice president.

Data released by the FBI in June showed drops in crime across the United States over the last year. Violent crime was down nationally in the first quarter of 2024 by more than 15 percent relative to the prior year, according to the data. And the drop in the number of murders reported by the FBI was also the largest in the country’s biggest cities. But not every law enforcement agency reports its data to the FBI on time, and the accuracy of reports provided by individual agencies varies.

Emily Guskin contributed to this report.

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President Joe Biden reiterated his call Wednesday for the release of freelance journalist Austin Tice, saying that his administration has “repeatedly pressed” Syria to work with the United States to secure his return.

Biden’s comments came in a statement marking 12 years since Tice was abducted in Syria.

“We have repeatedly pressed the government of Syria to work with us so that we can, at last, bring Austin home,” Biden said in the statement. “Today, I once again call for his immediate release.”

Tice, a Marine veteran and Texas native, was abducted on Aug. 14, 2012, while reporting on the civil war in Syria. He disappeared at a checkpoint outside Damascus, and video surfaced months later showing him blindfolded and being held by a group of armed men.

U.S. officials have long insisted the Syrian government is holding Tice, which the country has denied. Biden said in 2022 his administration knows “with certainty” that Syria has had Tice in captivity.

Earlier this month, Biden helped bring home two American journalists held abroad, Evan Gershkovich and Alsu Kurmasheva, as part of the largest prisoner exchange since the Cold War. They were freed along with a third American who had been imprisoned in Russia, Marine veteran Paul Whelan.

Secretary of State Antony Blinken also released a statement on the 12-year anniversary of Tice’s abduction.

“This has gone on for far too long,” Blinken said. “We call on the Syrian government to work with the United States to end Austin’s captivity and to provide an accounting for the fate of other Americans who went missing in Syria.”

Echoing Biden, Blinken said the United States has “repeatedly offered to find a way to bring him home.”

The FBI has posted a reward of up to $1 million for any “information leading directly to the safe location, recovery, and return” of Tice.

Tice worked for a number of news organizations, including CBS, The Washington Post and McClatchy. In a statement on the recent prisoner swap, The Post’s leaders called for the “safe return of American journalist Austin Tice and all wrongfully detained journalists and hostages.”

“Independent journalism is a critical function of democracy,” the statement said. “The U.S. government must make it a priority to bring them all home safely and champion the importance of press freedom worldwide.”

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