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The benefits of reading for pleasure have been well-documented over the years. But, according to a newly released study, the number of people who partake in the pastime has plummeted and disparities racial disparities when it comes to rates of reading have deepened. The study, which was published recently in iScience, examined cross-sectional data from 236,270 Americans collected over a 20 year span, from January 2003 to December 2023 (excluding 2020, as data collection was paused due to the pandemic). The research included analyzing surveys from those 15 and older about their daily habits. Researchers found that reading rates are way down, but not for everyone. Those who read for pleasure are doing so for longer intervals. At the start of the data collection in 20023, leisure readers read for an hour and 23 minutes per day. In 2023, that figure was up to an hour and 37 minutes. However, overall, the percentage of those who read for pleasure has seen a steep decline. Researchers concluded that activity has steadily dropped by about 3% per year over the course of the data collection.Plainly, less Americans are reading for pleasure now than they were 20 years ago. In fact, it dropped by 40%. In 2004, the number of leisure reading was at a high of 28%. Two years ago, in 2023, that figure was down to just 16%. The study’s authors say that sharp decline is cause for concern. This decline is concerning given earlier evidence for downward trends in reading for pleasure from the 1940s through to the start of our study in 2003, suggesting at least 80 years of continued decline in reading for pleasure, researchers wrote in the study.Perhaps more concerning, however, was the worsening disparity between Black and white Americans when it came to time spent reading for pleasure. In 2002, when leisure reading peaked for white adults, the percentage of those who partook in the activity was 29%. In 2023, it was down to 18%. Black adults who read for pleasure also peaked in 2004 at about 20%. But by 2023, the figure has dropped to just 9%. Therefore, Black respondents had a 49% lower prevalence of daily leisure reading than white respondents in 2023.Researchers wrote that a number of studies have shown that declines in reading are often correlated with greater use in digital media. Researchers also noted that people spent more time reading at home, as opposed to a public place like a local library, which, aside from racial disparities clearly present in the research, also brings up questions about accessibility as a factor. The research comes as funding for public libraries was recently cut by Trump’s March 2025 executive order. “By eliminating the only federal agency dedicated to funding library services, the Trump administrations executive order is cutting off at the knees the most beloved and trusted of American institutions and the staff and services they offer, an American Library Association (ALA) statement said at the time. The study noted the recent findings represent an “urgent need” for greater accessibility and opportunities for reading “particularly among high-risk groups.”
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E-Commerce
Intel received the $5.7 billion in cash on Wednesday night as part of the deal U.S. President Donald Trump negotiated for a 10% stake in the struggling chipmaker, finance chief David Zinsner said at an investor conference on Thursday. The stake in Intel announced by the U.S. government last week is an incentive for Intel to retain control of its contract manufacturing business, or foundry, Zinsner said. As part of the deal, the government negotiated an additional 5% warrant, should Intel cease to own more than 51% of its foundry operation. I dont think theres a high likelihood that we would take our stake below 50%, Zinsner said. So ultimately, I would expect (the warrant) to expire worthless.” Intel has taken steps to separate its contract chip manufacturing arm, or foundry, from its design business. The company has previously said it could take outside investment in the foundry unit, and it has created a separate management board to govern it. Intel shares were down 0.8% at $24.64 on Thursday afternoon. Arsheeya Bajwa, Max A. Cherney, and Stephen Nellis, Reuters
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E-Commerce
Stocks on Wall Street inched further into record territory in afternoon trading Thursday, following new economic data and a mixed batch of earnings reports from big U.S. companies. The S&P 500 was up 0.2% a day after climbing to a new high. The Dow Jones Industrial Average reversed an early slide to add 40 points, or 0.1%, as of 12:29 p.m. eastern time. The Nasdaq composite was 0.5% higher. Gains in technology and communication services companies tempered declines in health care and most other sectors. Broadcom rose 2.5%, Oracle was 2% higher, and Google parent Alphabet rose 2.1%. Tech giant Nvidia was down 1.2% a day after reporting quarterly earnings and revenue that beat Wall Street analysts forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market. Shares in several retailers were down following their latest quarterly results. Best Buy fell 5% after the consumer electronics chain’s second-quarter snapshot was overshadowed by an outlook clouded due to the tariffs the U.S. is imposing on trading partners. Despite also posting better-than-expected quarterly results, Urban Outfitters slid 9.7% after the retailer warned that it expects tariffs will increase pressure on its gross margins in the second half of the year. Dicks Sporting Goods fell 4.1% despite reporting second-quarter results that beat analysts’ expectations. Victorias Secret gave up an early gain and was down 1.7% Burlington Stores bucked the trend. The retail chain climbed 7% after its latest earnings topped analysts estimates. Elsewhere in the market, Spam maker Hormel sank 12.7% for the biggest drop among S&P 500 companies after its earnings fell short of Wall Streets forecasts and the company cut its outlook for the year. Traders also had their eye on new government reports on the job market and economy. The Labor Department reported that applications for unemployment benefits fell last week, the latest sign that employers are holding onto their workers even as the economy has slowed. The most recent government data suggests hiring has slowed sharply since this spring. Meanwhile, the Commerce Department reported that U.S. gross domestic productthe nations output of goods and servicesgrew at a 3.3% annual pace in the April-June quarter after shrinking 0.5% in the first three months of this year due to the fallout from the Trump administrations trade wars. The sluggishness in the job market is a key reason that Federal Reserve Chair Jerome Powell signaled last week that the central bank may cut its key interest rate at its meeting next month. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow, but they risk worsening inflation. Traders are still betting the Fed will trim its benchmark interest rate at its next meeting in September. Traders see an 85.3% chance that the central bank will cut the rate by a quarter of a percentage point, according to data from CME Group. Friday will bring another update on inflation: the U.S. personal consumption expenditures index. Economists expect it to show that inflation remained at about 2.6% in July, compared with a year ago. Businesses have been warning investors and consumers about higher costs and prices because of tariffs. Treasury yields were mixed in the bond market. The yield on the 10-year Treasury slipped to 4.21% from 4.24% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for Federal Reserve action, rose to 3.64% from 3.62%. European and Asian markets were mixed. Alex Veiga, AP business writer
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E-Commerce
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