Category: Economy

Commentary: The Class Divide Is Killing the American Dream

Florida Capital Star Staff

In 1982, the American economy was in recession: 30-year fixed-rate home mortgage interest rates were 16 percent, the unemployment rate was at a post-WWII high of 10.8 percent, and construction and manufacturing, already declining from the collapse of the automobile industry, plunged deeper into decline. America’s adult males were hit particularly hard. That is precisely when my father, young and married with two toddler boys and a newborn (me), bought a house and decided to start his own business.

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Alarm Grows as Jobs, GDP Data Revised Downward

Just the News

President Job Biden’s story about the success of Bidenomics just keeps shrinking.

The Labor Department has consistently overestimated payroll growth predictions under the 46th president and has been forced to revise the data downward to reflect slower economic growth throughout 2023.

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Commentary: What Unions Don’t Want You to Know This Labor Day

Florida Capital Star Staff
A male doing electrical work with a ball cap and safety glasses on

This Labor Day, the Biden administration and Big Labor will no doubt tout the alleged successes of President Joe Biden’s “whole of government” push to increase unionization in the workplace and unions’ modest successes in breaking into a few big corporations. But those stories will also leave a lot out. They’ll leave out the side of the story that unions don’t want workers to know.

That side of the story includes the fact that unionization reached an all-time low of 10.1 percent in 2022 (and only 6.0 percent among private sector workers) as worker satisfaction reached an all-time high of 62.3 percent (according to The Conference Board’s measure, which began in 1987). It also includes the fact that while non-union wages increased by 24 percent over the past five years, union wages rose by less than 17 percent.

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Commentary: Recession May Be Coming After 514,000 More Americans Struggle to Find Employment

Florida Capital Star Staff

The national unemployment rate reported by the Bureau of Labor Statistics jumped from 3.5 percent to 3.8 percent in August as an additional 514,000 Americans said they could not find work in the Bureau’s household survey. Now 6.3 million Americans are said to be unemployed, the highest in more than a year.

But it did not come with a commensurate drop in the number of Americans saying they were working, which also increased by 222,000 to 161.48 million.

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Despite Hurricane Landfall, Florida Gas Prices Decrease Going into Labor Day

The Center Square

Despite being hit by Category 3 Hurricane Idalia, gas prices in Florida have decreased by five cents going into the Labor Day weekend.

The average gas price in Florida was $3.69 per gallon of regular according to the American Automobile Association, down from $3.75 last week but four cents more than last month. The national average is $3.83.

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U.S. Labor Department Proposing Rule to Boost Overtime Pay Eligibility for Salaried Workers

The Center Square

The U.S. Department of Labor issued notice Wednesday of a proposal to increase the threshold for required overtime payments to salaried workers whose weekly or annual wages are considered low income.

If enacted, the proposed rule would guarantee overtime pay for most salaried employees earning less than $1,059 per week, or about $55,000 per year. It also calls for an “escalator” that automatically updates the salary threshold every three years to reflect current earnings data. The Labor Department estimates the rule could apply to about 3.6 million workers nationwide.

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Energy Sector Sees 88 Percent Increase in ‘Nonbinary’ Workers from Last Year

Just the News

The number of people who identify as “nonbinary” in the energy workforce has skyrocketed by more than 88% since last year, according to data from the Department of Energy. 

The agency’s annual employment report (USEER), showed that last year, there were 22,723 individuals in the energy workforce who don’t identify as male or female (nonbinary). As of June 2023, that number had increased to 42,810—an 88.4% surge. 

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China’s Latest Data Dump Shows Economy Is Still Struggling to Regain Momentum

Florida Capital Star Staff

New state economic data released Thursday shows that China is facing headwinds in its effort to revive its struggling economy, according to The Wall Street Journal.

China struggled in August with low manufacturing activity, exports and consumer spending, adding more negative factors to the Chinese economy, which is already facing a fumbling real estate market, according to the WSJ. The new data from China follows disappointing economic growth for the country in the second quarter of 2023, with the Chinese economy only growing 0.8% for the quarter as opposed to 2.2% in the first, totaling 6.3% for the year.

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Unemployment Spikes as Job Market Continues to Cool

Florida Capital Star Staff

The U.S. added 187,000 nonfarm payroll jobs in August as the unemployment rate shot up to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated the country would add 170,000 jobs in August compared to 187,000 jobs in July, and that unemployment would remain unchanged at 3.5%, according to Reuters. The U.S. economy grew less than previously thought in the second quarter of 2023, with yearly real Gross Domestic Product being revised down from 2.4% to 2.1%.

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Commentary: New Jobs Report Proves That Bidenomics Is Failing American Workers

Florida Capital Star Staff

There’s no question about it now: The labor market is weakening. Friday’s jobs report showed 187,000 new jobs were created in August, well below the 12-month average, and the unemployment rate jumped. August marks the third consecutive month with fewer than 200,000 jobs created. June and July job creation was massively revised down by 110,000 in what’s becoming a common trend. And real wages grew slower than core inflation, continuing the nation’s decline in living standards.

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Chinese Parent Behind Company Building Michigan Battery Plants Employs 923 CCP Members

Florida Capital Star Staff

The Chinese parent company of Gotion Inc., which intends to build two electric battery plants in Michigan, employs 923 Chinese Communist Party (CCP) members, including its CEO, according to its 2022 ESG report.

The Fremont, California-based Gotion Inc. — which is “wholly owned and controlled” by Gotion High-Tech Power Energy Co., according to a Foreign Agents Registration Act filing — seeks to “invest $2.4 billion to construct two 550,000-square-foot production plants” for electric vehicle (EV) batteries in Big Rapids, Michigan, Fox News reported.

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Commentary: America’s Housing Conundrum

Florida Capital Star Staff

Americans who already own homes find themselves in an enviable position presently, particularly if they have little/no debt on them, or mortgages locked-in at super low rates that dominated the pre-lockdown years. But for the aspirational strivers in society – newlyweds or parents having more children, or the upwardly mobile entrepreneur seeking a better house – the present housing crisis presents a conundrum.

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The Fed’s Favorite Inflation Measure Just Ticked Back Up

Florida Capital Star Staff

The Federal Reserve’s preferred method of tracking inflation went up in July, following a similar move by the Consumer Price Index (CPI), according to the Bureau of Economic Analysis (BEA).

The Personal Consumption Expenditures (PCE) price index rose 0.2% for the month of July, culminating in a 3.3% rise for the year in the Fed’s preferred measure of inflation, up from 3.0% year-over-year in June, according to BEA data. The CPI, which is another measure of inflation, rose 3.2% in July, up from 3.0% in June year-over-year.

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Economy Grew Less than Previously Thought in Second Quarter

Florida Capital Star Staff

Economic growth was revised downward for the second quarter of 2022, coming more in line with economists’ original expectations, according to the Bureau of Economic Analysis (BEA).

Yearly real Gross Domestic Product (GDP) was revised down from 2.4% to 2.1% growth in the second estimate for the second quarter of 2023, according to the BEA. The revision is more in line with original expectations from economists of around 2% growth for the second quarter, showing signs of a cooling economy.

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Consumer Confidence Hits Near-Recession Low

Florida Capital Star Staff

The latest index of U.S. consumer confidence fell to a new low in the month of August, hitting levels that would normally indicate a coming recession.

As Breitbart reports, the Conference Board confirmed on Tuesday that the index fell to 106.1 in August, down from 114 in July. Economists had originally projected that it would rise to 116.6, and had predicted that July would reach 117.0.

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Average American Workers Now Demand $80K Salary to Start New Jobs

Florida Capital Star Staff

On Monday, the Federal Reserve published research suggesting that the preferred starting wage for the average American worker is at an all-time high.

According to Fox Business, the Federal Reserve Bank of New York determined that the average “reservation wage” – that is, the lowest salary at which a prospective employee will accept a job – reached $78,645 in the second quarter of 2023. This is an 8% increase from the second quarter of 2022, when the average reservation wage was approximately $72,873.

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Multiple Analyses: The California ‘Single-Use Plastic Bag’ Ban Is a Flop

The Center Square

According to a new analysis from the Los Angeles Times, California’s ban on thin plastic bags is a failure, as thicker, “recyclable” replacement bags are largely unable to be recycled in California, and the majority of consumers still opt not to bring their own bags to reuse for shopping.

Additional analyses have also found increases in purchases of plastic trash bags chip away at the plastics savings from single-use plastic bag bans, the pounds of plastic bags per-capita placed in landfills has increased since the ban, and many of the alternatives to single-use plastic bags typically end up being worse for the environment. Nonetheless, a major decrease in grocery bag litter suggests at least a partial success.

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Consumer Goods Giant 3M Fined More than $6.5 Million for Wooing Chinese Government Officials with Overseas Trips

Just the News

The consumer goods company 3M agreed to pay more than $6.5 million to resolve charges that it violated the Foreign Corrupt Practices Act after its China-based subsidiary took Chinese government officials on overseas trips in an attempt to convince them to purchase 3M products, the U.S. Securities and Exchange Commission (SEC) said.

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Report: Millions of Americans Struggling Due to Medical Debt

Florida Capital Star Staff

A new report suggests that middle-class Americans are struggling with greater medical debt than any other class of Americans, with one out of every four having unpaid medical bills.

As Axios reports, the data comes from the left-wing think tank Third Way, which calculates that as many as 17 million middle-class Americans – those making between $50,000 and $100,000 per year – are struggling to pay off medical debts. Middle-class Americans in particular are even less likely to qualify for Medicare than low-income Americans.

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Commentary: House Freedom Caucus Wants To Do Something About Out of Control Spending

Florida Capital Star Staff

On Monday, the House Freedom Caucus (HFC) struck a blow in the fight for fiscal displume. In a 431-word statement, the conservative House Republicans put Official Washington on notice that when Congress returned in September and took up the seemingly annual short-term spending bill known as a “Continuing Resolution,” the HFC would not vote to fund business as usual. Instead, HFC members would only support a short-term spending bill to keep the government open if it also included several of their key policy priorities – policy priorities that would represent significant shifts in key areas of government policy.

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Small Businesses Feel the Pain of Inflation-Driven Interest Rates

The Center Square

Small business owners are feeling the pain of inflation-driven interest rate hikes, another difficulty for those owners to overcome as they continue to recover from the COVID-19 pandemic-era shutdowns.

A rash of federal spending and an increase in the money supply in recent years have fueled inflationary pressures. Prices soared during the beginning of the Biden administration, making it hard for Americans to make ends meet.

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Commentary: The Monetary Mistakes Behind the Downfall of Cleopatra and the Last Dynasty of Ancient Egypt

Florida Capital Star Staff

When we think of ancient Egypt, most of us recall first its most famous and distinctive features: pyramids, pharaohs, and the Nile. As an economic historian, I hoped at the start of recent research that a sound currency might be another distinction of the Egyptians I would discover.

Alas, their story is pretty much the same one we find throughout history and all over the world: Money is monopolized by government officials, who then cheat the people by debasing it—which means diluting the precious metal content in it’s coinage, printing too much of it if it’s paper, or both. Egypt is no exception, though its experience is rich in colorful perpetrators, from fifteen pharaohs named Ptolemy to the Cleopatra of both Shakespeare and Hollywood fame.

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‘Choke Point 2.0’: Bank Regulators Cut Porn Industry off from Banks, States Pass Age Limits to Porn

Just the News

As Republicans lead state efforts to prevent minors from accessing pornography, the porn industry is fighting a renewed legal battle against the federal government after the Biden administration halted a rule ensuring “fair access to banking services.”

The battle is starting what critics call “Operation Choke Point 2.0,” using its authority over the banking sector.

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Powell Signals More Rate Hikes Could Be On The Horizon

Florida Capital Star Staff

Federal Reserve Chair Jerome Powell raised the possibility of more interest rate hikes in prepared remarks Friday as inflation remains above the Fed’s target rate.

Powell hinted that the Fed will raise interest rates in the future if factors like high inflation, a hot labor market and sustained economic growth persist, according to a speech given by Powell at the Jackson Hole Economic Symposium. Interest rates have been raised 11 times since March 2022 in an effort to fight inflation, bringing the federal funds rate within a range of 5.25% and 5.50%, the highest rate since January 2001.

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Major Auto Union Authorizes Strike for 150,000 Workers

Florida Capital Star Staff

The United Auto Workers (UAW) union authorized a strike on Friday in negotiations with major automakers, according to the union.

The union voted 97% in favor of a strike for its 150,000 autoworkers as negotiations continue with the Big Three automakers, which include Ford, General Motors and Stellantis, according to a union press release. The union is demanding wage increases to counter inflation, defined benefit pensions, retiree healthcare, the elimination of tiers for wages and benefits among other demands.

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Wall Street Firms That Sold Out to China Are Now Struggling

Florida Capital Star Staff

Major Wall Street firms that decided to expand their asset management operations into China are struggling to capitalize on the market, according to The Wall Street Journal.

BlackRock, a top U.S. investment company, is one of many American firms that are struggling to compete in the Chinese market, ranking only 145th out of almost 200 Chinese mutual funds, with other firms like Fidelity International and Neuberger Berman ranking even lower, according to the WSJ. Factors contributing to the firm’s woes are a lack of willingness from local companies to utilize American investment banks, a struggling Chinese economy and restrictions from both the U.S. and China.

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Commentary: Interest Rates Are Soaring, Raising the Alarm for a Painful Reckoning for America

Florida Capital Star Staff

Someone with a million dollars of credit card debt probably wouldn’t celebrate if his interest rate skyrocketed. Yet some analysts are touting rising interest rates on America’s trillions of dollars of long-term debt as a good sign for the U.S. economy.

Are they right? Are rising long-term interest rates a good thing? Certainly not for anyone looking to secure a 30-year mortgage at two-decade-high rates. And certainly not for the federal budget. Not when America is sitting on $32.7 trillion in debt.

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Florida Officials Forecast State’s Economy, Tax Revenues Will Continue Growth

The Center Square

Despite incorrectly predicting a mild recession for the first two quarters this year, Florida officials estimate that the state’s economy and tax revenues will continue to grow. 

The Office of Economic and Demographic Research held a Revenue Estimating Conference last week, with officials saying that the “current economic environment presented significant forecasting challenges.”

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Florida Officials Forecast State’s Economy, Tax Revenues Will Continue Growth

The Center Square

Despite incorrectly predicting a mild recession for the first two quarters this year, Florida officials estimate that the state’s economy and tax revenues will continue to grow. 

The Office of Economic and Demographic Research held a Revenue Estimating Conference last week, with officials saying that the “current economic environment presented significant forecasting challenges.”

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Company Behind Michigan Electric Vehicle Battery Plant Registered as Chinese Foreign Organization

Just the News

The company responsible for a controversial electric vehicle battery plant in Michigan is registered under U.S. law as a foreign entity, filings show.

While the energy company Gotion, Inc. is based out of Fremont, Calif., Foreign Agents Registration Act documents filed by the corporation earlier this year show that it “is wholly owned and controlled” by Gotion High-Tech, which is based out of Hefei, a city in eastern China.

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Expert: Public Transit Unlikely to Return to Pre-Pandemic Levels

The Center Square

Public transit ridership has fallen since the beginning of the coronavirus pandemic leading one expert to question if rates will ever return to pre-pandemic levels. 

A recent report by the American Public Transportation Association shows that total transit ridership in the United States stalled for the second time since the first quarter of 2021. Ridership grew for six of the seven quarters from the first quarter of 2021 to the fourth quarter of 2022. But there was a slight dip in the first quarter of 2023.

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The Center Square Parent Acquires Government Streaming Service

The Center Square

Franklin News Foundation, the nonprofit, nonpartisan news-media organization that publishes The Center Square newswire service, announced Friday it has acquired Advanced Digital Media, operators of BlueRoomStream.com.

ADM live streams unedited coverage of countless government proceedings across the state of Illinois, such as legislative hearings and other taxpayer-funded government activities, news conferences involving elected officials and other newsmakers, and more. Through Blue Room Stream, it makes the live streams available to subscribers including both in-state and national broadcast media partners.

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Chinese Solar Companies Have Been Dodging Tariffs, Biden Admin Says

Florida Capital Star Staff

The Department of Commerce (DOC) determined Friday that five Chinese solar panel companies have been dodging U.S. tariffs by directing their operations through other Asian countries not subject to the import restrictions.

The DOC found in its probe that Trina Solar, Canadian Solar, BYD and Vina Solar have all used other countries in Southeast Asia, such as Vietnam, Thailand, Malaysia and Cambodia, as conduits to evade tariffs designed to protect the relatively young American solar industry from Chinese competitors that can undercut them with a cost advantage, which in some cases may be derived from the use slave labor of detained Uyghur Muslims in supply chains. The findings may complicate the Biden administration’s plans to rely on solar panels as a key pillar of its sweeping climate agenda, which aims to have the U.S. economy reach net-zero carbon dioxide emissions by 2050.

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Target’s Sales Crumble for the First Time in Years amid Backlash over LGBT Kid Merchandise

Florida Capital Star Staff

Target reported Wednesday that it was lowering its sales and profit expectations for the rest of the year, with the company having faced conservative backlash earlier in the quarter over the release of LGBT products for kids, according to Target’s second quarter earnings report.

Target lowered its sales and profit expectations for the rest of the year after its quarterly sales fell for the first time in six years, declining 5.4%, while it announced it expected its share price to clock in between $7.00 to $8.00 as opposed to the previously expected $7.75 to $8.75, according to the earnings report. The decrease in expectations follows backlash from conservatives after the company announced a Pride Month collection in May that included LGBT merchandise marketed to kids.

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U.S. Aid to Ukraine Amounts to $900 Per American Household, Economist Says

Florida Capital Star Staff

Congressionally approved aid for Ukraine has cost each U.S. household hundreds of dollars, Heritage Foundation budget expert Richard Stern says.

“The formal aid packages alone amount to a staggering $113 billion—roughly $900 per American household and almost 12 times the spending cuts promised by House leadership in the annual spending bills,” Stern, director of The Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, said in an email to The Daily Signal, Heritage’s news outlet.

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Property Tax Rates Vary Wildly Among States as Some Consider Limits

The Center Square

Property taxes vary significantly across the U.S. with northeastern states imposing effective property tax rates ten times higher than in southern states. 

That comes from a Washington D.C. group that noted some states are exploring property tax caps. The Committee to Unleash Prosperity, which advocates for free trade and limited government spending, found that the average single-family-home property tax in New Jersey hit $9,500 in 2022. That compares with the average of $928 in West Virginia and $1,022 in Alabama, according to a report from the group.

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American Credit Card Debt Hits $1 Trillion for the First Time Ever

Florida Capital Star Staff

The end of July saw American credit card debt collectively hit $1 trillion for the first time ever.

According to Axios, the Federal Reserve Bank confirmed on Tuesday that credit card balances in the United States increased in the second quarter of 2023 by $45 billion, or 4.6 percent, to a new total of $1.03 trillion. However, the collective credit card debt still has a lower share of American gross domestic product (GDP) than it did in 2010 or pre-COVID 2020.

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Small Business Owners Remain Pessimistic About the Economy

The Center Square

Small businesses have ongoing concerns about the health of the economy, a newly released survey shows.

The National Federation of Independent Businesses released survey results Tuesday showing that their July polling of small business owners found they are less optimistic about the economy than the historical average.

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Feds Continue Borrowing over $5 Billion Per Day Despite Credit Downgrade

The Center Square

The federal government is borrowing an average of $5.3 billion per day this fiscal year, the U.S. Congressional Budget Office estimated Tuesday. The new estimate come just days after a top international creditor downgraded the U.S. credit rating.

“The federal budget deficit was $1.6 trillion in the first 10 months of fiscal year 2023, the Congressional Budget Office estimates – more than twice the shortfall recorded during the same period last year,” CBO said. “Revenues were 10 percent lower and outlays were 10 percent higher from October through July than they were during the same period in fiscal year 2022.”

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Interest Rate Hikes Fail to Pump the Brakes as Inflation Rises

Florida Capital Star Staff

Inflation rose in July after steadily declining from a high of 9.1% in June 2022, according to the latest Bureau of Labor Statistics (BLS) release on Thursday.

The Consumer Price Index (CPI), a broad measure of the prices of everyday goods like energy and food, increased 3.2% on an annual basis in July, compared to 3.0% in June, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 4.7% year-over-year in July, compared to 4.8% in June.

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Commentary: Red China’s Electric Vehicle Invasion of America

Florida Capital Star Staff

Chinese Communist Party (CCP) electric vehicles (EVs) manufactured in Red China are now for sale in the U.S. They are Buick’s Envision and Sweden’s Polestar 2, with Lincoln Nautilus soon to follow. Many more Red Chinese EV brands are coming. Waiting in the wings to begin export to the U.S. are BYD Co., Li Auto, Xpeng Motors, Nio Inc., and Geely.

And, as the U.S. dismantles its combustion engine industry and all the ancillary industries to make way for EVs that Americans aren’t buying, American workers are losing jobs and suffering wage decreases. People working in repair shops, garages, gas stations, parts manufacturers, and distributors are just a few of those who will suffer.

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Biden’s Burdensome Regulations Are Contributing to Lackluster Economic Productivity, Experts Say

Florida Capital Star Staff

Labor productivity remains below COVID-19 pandemic levels after its first increase year-over-year was announced Thursday since 2021, with experts citing Biden administration regulations as one of the causes for the lackluster results.

Nonfarm business labor productivity reached 1.3% growth year-over-year for the second quarter of 2023 after declining for five straight quarters starting with the first quarter of 2022, according to the Bureau of Labor Statistics. The Biden administration has imposed a large amount of regulations that have hindered productivity, and the recent return to modest growth is in spite of these costly regulations , experts told the Daily Caller News Foundation.

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Commentary: Could the Baby Boomer Retirement Wave and Labor Shortages Absorb the Recession?

Florida Capital Star Staff

The national unemployment rate dipped to 3.5 percent in July, according to the latest data from the Bureau of Labor Statistics, once again hitting more than 50-year lows.

It’s still peak employment as far as the eye can see. Even with the past two years’ high inflation dropping dramatically and disinflation usually correlating with higher unemployment and a recession, that simply has not occurred yet, despite all the warning signs typically associated with an economic slowdown or downturn.

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Midwest Landowners Notch Big Win After Regulators Deny Permit for Green Pipeline Project

Florida Capital Star Staff

North Dakota state regulators denied a permit for the route of a carbon capture pipeline project Friday amid local pushback, according to AgWeek.

The pipeline is a project of the Iowa-based company Summit Carbon Solutions, which told the Daily Caller News Foundation that it will resubmit the relevant paperwork and try to get the required permit again. The denial is a setback for the Biden administration’s green energy agenda, which relies in part on carbon capture and sequestration technology to bring down emissions in line with its goal of the U.S. reaching net-zero carbon emissions by 2050, according to a White House fact sheet.

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Coyotes: The Lynchpin to Human Smuggling Operations and Purveyors of Misery

The Center Square

by Bethany Blankley   A coyote, a colloquialism for a human smuggler, is critical to Mexican cartel human smuggling operations. Combined, they cover thousands of miles primarily guiding foreign nationals first through Central America into Mexico, then through Mexico and into the U.S. They also operate along the U.S.-Canada border.…

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$700 Million in Pandemic-Era Loans Was Not Enough to Save Yellow Corp. Trucking

Florida Capital Star Staff

Trucking company Yellow filed for Chapter 11 bankruptcy on Sunday after receiving more than $700 million in COVID-19 pandemic program loans from the federal government, according to a press release from Yellow.

The 99-year-old company ceased operations of its more than 12,000 trucks on July 30, ending its less-than-truckload business, a shipping service that does not require a whole truck to be filled and was utilized by companies like Walmart, Amazon and small businesses that did not have enough freight to ship in a full truck. The bankruptcy follows a history of financial trouble, with the company receiving $729.2 million in pandemic-era loans from the Trump administration in 2020, and had a total debt of $1.5 billion, according to The Associated Press.

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More than a Quarter of Homeowners in U.S. Are ‘House Poor’

The Center Square

Nationwide 27.4 percent of homeowners are considered “house poor,” meaning they spend more than 30 percent of their income on housing costs.

However, in some U.S. cities, far more Americans are living beyond their means, according to research from the U.S. Chamber of Commerce. In Hialeah, Florida, 59.3 percent of homeowners are spending more than 30 percent of their income on housing costs. While Hialeah has the highest percentage of homeowners spending more than 30 percent of their income on housing costs, it was not alone.

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Education Revenue from the Florida Lottery Down by $270M in 2023, Officials Predict

The Center Square

Florida officials predict that contributions to the state’s education system from the state lottery will decrease this fiscal year by $270 million.

Officials at the Florida Legislature’s Office of Economic and Demographic Research forecast that Florida Lottery and other sources such as slot machines will transfer $3.12 billion to the various education trust funds, which includes $560 million left over from the previous fiscal year.

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