Money Minute: School Funding Drops After Decadeslong Rise

Funding for public schools drops for the first time in decades.

The Census Bureau says school funding for 2012, the latest year for which we have numbers, was the first decline since the government began keeping track in 1977. That was due entirely to a big decline in federal dollars as the government cut the extra stimulus provided during the recession, and states weren't able to make up the difference. In total, public school funding fell by $4.9 billion from the previous year, a drop of nearly 1 percent.

A new report could change the debate over the impact of foreign workers on wages paid to American workers. The Wall Street Journal reports on a new academic study that shows cities with the most foreign workers in the so-called STEM fields -- science, technology, engineering and math -- also had the fastest wage gains for U.S.-born college grads. The researchers said a one percentage point increase in foreign STEM workers led to 7 to 8 percent increase in wages for comparable American workers.

%VIRTUAL-article-sponsoredlinks%No matter where they were born, workers at Hewlett-Packard (HPQ) are worried about their jobs. The company plans to cut up to 16,000 more jobs. That's on top of 34,000 job cuts previously announced.

Here on Wall Street on Thursday, the Dow Jones industrial average (^DJI) added 10 points, the Nasdaq composite (^IXIC) gained 22 points and the Standard & Poor's 500 index (^GPSC) rose 4.

If you're heading out for the Memorial Day weekend, expect lots of company on the roads and at the airport. AAA says more people will be traveling than at any time since 2005. There is some good news though: the price of gasoline is about the same as it was a year ago.

Lastly, the Speedway chain of gas stations is expanding. Marathon Petroleum (MPC) is buying the Hess (HES) chain for $2.6 billion. That means Speedway will have 2,700 locations in 23 states, up from nine currently. But don't fear, the new owners plan to keep offering the popular Hess toy truck that it's sold during the holidays for the past 50 years.

-Produced by Drew Trachtenberg.

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