WASHINGTON (AP) — U.S. employers added a staggering 528,000 jobs last month despite warning signs of an economic slowdown flashing, recession fears easing and President Joe Biden delivering good news ahead of the midterm elections. Unemployment fell another notch from 3.6% to 3.5%, hitting the more than 50-year low set just before the pandemic hit. The economy has now regained all 22 million jobs lost in March and April 2020 when COVID-19 hit the US. The Department of Labor reported hot numbers on Friday. Economists had expected just 250,000 new jobs last month, compared with a revised 398,000 in June. Instead, July turned out to be the best month since February.
Hourly workers are still influential as US hiring increases
NEW YORK (AP) – As inflation soars, hourly workers are constantly changing jobs in search of higher wages. And with unemployment still near a 50-year low, experts say that option is likely to remain open for the foreseeable future. A new poll from the Pew Research Center shows that about one in five American workers say they are very or fairly likely to be looking for a new job in the next six months. But for many at the bottom of the pay scale, inflation has already eroded or wiped out any wage gains.
Wall Street falls as jobs data suggests Fed rate hikes are far from over
NEW YORK (AP) – Stocks mostly closed lower on Friday after new data on a hot U.S. jobs market suggested the Fed might not rein in its aggressive rate hikes any time soon. The S&P 500 fell 0.2% and the Nasdaq fell 0.5%, while the Dow Jones edged up. Employers unexpectedly accelerated hiring last month, creating hundreds of thousands more jobs than expected. While the data suggest the economy may not be in recession, it is also undermining investor hopes that inflation may be nearing its peak. Treasury receipts skyrocketed. Warner Bros. Discovery had its third-worst day after reporting weak second-quarter results.
In his counterclaim, Musk accuses Twitter of fraud in the number of “bots”.
DOVER, Delaware (AP) — Elon Musk has accused Twitter of fraud in a countersuit over his abandoned $44 billion deal for the social media company, which he says withheld necessary information and told his team about his true user base in has led astray. A countersuit filed Thursday by the billionaire Tesla CEO alleges Twitter of fraud, breach of contract and violations of the Texas Securities Act. Musk’s counterclaims were filed confidentially last week and were unsealed in Delaware Chancery Court late Thursday. Twitter called Musk’s claims a fabricated story based on shoddy data from a generic web tool.
Amazon will buy the iRobot vacuum cleaner for about $1.7 billion
NEW YORK (AP) — Amazon announced on Friday that it has inked a deal to acquire vacuum cleaner maker iRobot for about $1.7 billion. It’s a move that will allow Amazon to acquire another company to expand its collection of smart home devices amid broader concerns about its market power. iRobot sells its products all over the world and is best known for its Roomba round vacuum cleaner. Amazon says it will acquire the company for $61 per share in an all-cash deal that will include iRobot’s net debt. The transaction is subject to shareholder and regulatory approvals. Upon completion, iRobot CEO Colin Angle will remain in his position.
The American authority is investigating Tesla accidents in which 2 motorcyclists died
DETROIT (AP) — Two crashes involving Teslas appearing to be running on autopilot are drawing the attention of federal authorities and point to a potential new hazard on America’s highways: Semi-automated vehicles are not allowed to stop motorcycles. The National Highway Traffic Safety Administration last month sent investigation teams into two accidents in which Teslas collided with motorcycles on freeways in the dark, killing the drivers. In both cases, the authority suspects that Tesla’s partially automated driver assistance system was used. The agency says that once it gathers more information, it could include accidents in a broader investigation of Tesla vehicles parked along freeways. Messages were left asking for comment from Tesla.
Storms land US air travelers as airlines cancel flights
NEW YORK (dpa) – Storms on the east coast are causing headaches for tens of thousands of air passengers when they travel. Airlines had canceled more than 1,100 flights in the United States as of Friday afternoon. The three major New York City-area airports — JFK, LaGuardia, and Newark — have had the most flight cancellations, and at Washington DC’s Reagan National Airport, American Airlines is canceling more than 200 flights — 6% of its schedule. This is reported by the FlightAware location service. The Federal Aviation Administration says many airports have experienced lengthy delays — more than 90 minutes at LaGuardia and Newark airports.
Warner Bros. Discovery Q2 results are issued with a view of Wall Street
NEW YORK (AP) — Warner Bros. Discovery, which went public in April, missed Wall Street expectations in the second quarter as the media giant struggles to weather mounting difficulties over its merger. The New York-based company lost $3.42 billion, or $1.50 per share, in the quarter. Adjusted loss was 11 cents a share. Analysts polled by Zacks Investment Research were awaiting the results. Total sales came in at $9.83 billion, less than the $11.53 billion Wall Street was asking for.
The S&P 500 index weakened 6.75 points, or 0.2%, to 4,145.19. The Dow Jones Industrial Average rose 76.65 points, or 0.2%, to 32,803.47. The Nasdaq fell 63.03 points, or 0.5%, to 12,657.55. The Russell 2000 index of smaller companies rose 15.37 points, or 0.8%, to 1,921.82.