This week, executive editor Jon Fine talks about how the U.S. economy has seen a boost. For the first time since the Great Recession, the declines of family income have leveled off and rose to historic levels. According to the U.S. Census Bureau, the medium household income rose 5.2 percent in 2015, which is the biggest annual increase since the Census started tracking these numbers in the 1967. The number of Americans living in poverty shrank by 3.5 million people, or an 8 percent decrease. But, the picture might not be so rosy, Fine says. The wages of American workers have not grown across the board. City dwellers, on average, saw their incomes rise 7 percent and suburbanites saw their income rise by 4 percent. But, rural Americans saw their incomes drop by 2 percent. Broadly, America has recovered from the Great Recession, but when you drill down, the rewards are going almost exclusively to big, wealthy cities and rural regions are being left behind.
Staff reporter Zoe Henry talks about how fashion companies and brands have innovated the ways they use New York Fashion Week to sell new collections. In the past, brands would strut their new collections down the runway and the clothing would go on sale in six months. But Rebecca Minkoff launched a new model called "See Now, Buy Now." Customers can buy the clothes being shown during Fashion Week right away instead of waiting for next season. After Minkoff launched this new model, other companies like Burberry, Tommy Hilfiger and others jumped on the trend. Brands bet big on new collections, which is a risk, but the new model prevents competitors from ripping off your designs before you can go to market. The model has paid off, Minkoff's sales have jumped 200 percent since launching See Now, Buy Now. Tune in to learn more.
The last segment is Exit Interview, where the team interviews Rotten Tomatoes cofounder Patrick Lee about how he and his team built the movie review site from scratch in 1998. Lee says the team decided to put movie reviews, good and bad, online and slowly turned the movie review site into a business by advertising deals, affiliate deals to sell soundtracks and movie posters and licensing deals. At one point, Rotten Tomatoes almost collapsed during the Dot Com bust and Lee had to go without a salary and sleep under his desk. But eventually, the revenue started coming in and they sold to IGN Entertainment. Eventually, Newscorp bought IGN Entertainment and now Fandango owns Rotten Tomatoes.