Breaking News

Business News

The most dangerous move you can make with your 401(k) to risk your mortgage

More Americans are taking early withdrawals from their 401(k) accounts to pay emergency expenses such as mortgage payments. But that’s a dangerous game to be playing with the money meant for your retirement. New data shows that the average 401(k) balance fell by 4% to $141,000 at the start of 2026. The average individual retirement account balance was also down 4% to $131,380 in the first quarter of 2026, according to data released May 28 from Fidelity Investments. But this has been an ongoing occurrence for the better part of the past 18 months. In 2025, 6% of people enrolled in ...

Business briefs

NEW HIRES: YBI, formerly known as the Youngstown Business Incubator, announced this week the addition of five new staff members along with the promotion of Stephanie Gaffney to chief manufacturing officer. YBI is a leading nonprofit economic development organization and the designated Ohio Center of Excellence for Advanced Manufacturing. “YBI is continuing to build an exceptional team to support the growth of entrepreneurs, manufacturers, and emerging businesses across our region,” said Colleen Kelly, YBI senior vice president of YBI. “The addition of these five talented ...

TCTC students earn national recognition at business conference

Three teams representing Trumbull Career & Technical Center captured first- and second-place honors at the 2026 Business Professionals of America National Leadership Conference, which took place May 6-10 in Nashville, Tennessee. BPA is one of the nation’s premier career and technical student organizations, serving more than 52,000 members across the country. BPA prepares students for successful careers in business management, information technology and related fields through competitions, events, leadership opportunities, and real-world professional experiences. “These ...

American Airlines cuts flights

NEW YORK (AP) — American Airlines is temporarily suspending some of its routes this summer, as steep jet fuel costs continue to strain carriers’ budgets amid the war with Iran. In a statement, American said it had adjusted service for “select routes” in August and September — and that impacted travelers would be offered alternative arrangements or refunds. The Texas-based airline cited elevated fuel costs, and maintained that these changes were in line with wider industry trends. American also said that it was not cutting any of its routes indefinitely and that it was proud ...

Claims for jobless aid hit 4-month high

WASHINGTON (AP) — The number of Americans filing for jobless aid hit their highest level in four months last week, but layoffs remain historically low despite ongoing economic uncertainty brought on by the war in Iran. U.S. applications for unemployment benefits for the week ending May 30 increased by 13,000 to 225,000, the Labor Department reported Thursday. That’s the most since early February, before the U.S. and Israel launched attacks on Iran, but still a historically low level. Analysts surveyed by FactSet expected 211,000 new applications. Weekly filings for unemployment ...

State grant boosts Valley’s manufacturing efforts

A local agency dedicated to workforce development received $250,000 as part of the state’s Industry Sector Partnership Grant Program. The Mahoning Valley Manufacturers Coalition has already transitioned the funds to established projects. In a news release issued Wednesday, the Ohio Department of Development selected the Mahoning Valley Manufacturers Coalition among 22 organizations to share $5 million in the agency’s sixth round of funding. This marks the fifth time the coalition garnered the award, coalition Executive Director Alex Hertzer said. “We’ve always used this ...