Three Things for September 8
1. The oldest suit maker in America is closing
After 142 years, Hardwick Clothes is closing its Cleveland, Tennessee production plant this month.
Founded in 1880, Hardwick Clothes is the second oldest company in Bradley County, second to only The Daily Banner. Closing the production plant means job losses for 129 employees.
The nonprofit agency who bought the plant, Hardwick Tactical Corp. and Puerto Rico Industries for the Blind Corp., sent an official notice of the plans to permanently close the plant by Sept. 30 to the Tennessee Department of Labor and Workforce Development.
"It did not come as a surprise given the dramatic loss of textile operations across the U.S. over the past 25 years," Douglas Berry, vice president of economic development for the Cleveland/Bradley County Chamber of Commerce, said to the Chattanooga Times Free Press . "Foreign competition from low-wage countries made it difficult, if not impossible, to operate in the U.S. When you factor in recent supply chain disruptions and increasing material and labor costs the business was facing, it is not hard to understand the decision, as unfortunate as it is for the community and the employees."
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2. Apple holds first in-person product launch since the start of pandemic
Apple launched their latest iPhone, series 14, at their first in-person event since the beginning of the coronavirus pandemic on Wednesday Sept. 7.
The latest launch has industry workers questioning new price increases due to the 9% inflation. During the beginning of the pandemic, Apple reduced the price of their iPhone SE but since then prices have risen.
“Pricing is a key watch-point in a tough macro which comprises inflationary pressures and pull back in consumer spending, but we believe it matters more for wearables which are considered more discretionary purchases relative to iPhone by consumers,” JPMorgan analysts wrote.
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3. A new planet 100-light-years away may be suitable for life
A new planet, roughly 100-light-years away, which may be suitable for life.
On Wednesday Sept. 7, researchers at Belgium’s University of Liege found another “super-Earth,” after NASA had discovered one in the same solar system. NASA’s satellite found planet LP 890-9b, 30% larger than Earth and orbits its sun in 2.7 days. The second “super-Earth” is 40% larger than Earth and orbits its sun in 8.5 days.
"Although this planet orbits very close to its star, at a distance about 10 times shorter than that of Mercury around our Sun, the amount of stellar irradiation it receives is still low, and could allow the presence of liquid water on the planet's surface, provided it has a sufficient atmosphere," Francisco Pozuelos, a researcher at the Institute of Astrophysics of Andalusia and one of the main co-authors of the paper said. "This is because the star LP 890-9 is about 6.5 times smaller than the Sun and has a surface temperature half that of our star."
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