US Hiring Picked up in August as Pay Surged Most in 9 Years
Hiring in the United States picked up in August, and wages grew at their fastest pace in nine years — evidence that employers remain confident despite the Trump administration’s ongoing conflicts with its trading partners. Employers added a strong 201,000 jobs, and the unemployment rate remained at 3.9 percent, near an 18-year low.
Jobs to Left, Tariffs on Right: Can US Economy Defy Threats?
The U.S. economy is showing consistent strength even after nearly a decade of growth, with Friday’s jobs report for August signaling that employers remain confident enough to hire freely and are finally paying more generously. Consumers, the principal drivers of growth, are more confident than they’ve been in nearly 18 years. Americans are splurging on restaurant meals, clothes and cars. Still, potential problems loom.
Tesla Stock Falls as CEO Appears to Smoke Marijuana on Video
Shares of electric car maker Tesla Inc. tumbled about 6 percent after CEO Elon Musk appeared to smoke marijuana during an interview and the company’s accounting chief left after a month on the job. During a podcast that was shown on YouTube, Musk inhales from what the host says is a combined marijuana-tobacco joint. As the video gained traction, more news hit: The Palo Alto, California, company announced that Chief Accounting Officer Dave Morton resigned after a month on the job, citing public attention and the fast pace of the post.
Trump: Ready to Tax an Additional $267B in Chinese Imports
President Donald Trump said Friday that he’s prepared to impose tariffs on an additional $267 billion in Chinese imports. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of U.S. businesses and consumers.
Trump Warns of ‘Devastating’ Taxes on Canadian Cars
President Donald Trump says he does not want to hurt Canada’s economy but also warns that if he imposes taxes on cars it would be “devastating” for the neighboring country. Trump spoke to reporters aboard Air Force One while Canadian Foreign Minister Chrystia Freeland was meeting in Washington with U.S. Trade Representative Robert Lighthizer. They have been trying to reach a deal that would allow Canada to remain in a North American trade bloc with the U.S. and Mexico.
As Google Turns 20, Questions Over Whether It’s Too Powerful
Twenty years after Larry Page and Sergey Brin set out to organize all of the internet’s information, the search engine they named Google has morphed into a dominating force in smartphones, online video, email, maps and much more. That resounding success has regulators and lawmakers questioning whether the company has become too powerful. Those concerns may spur attempts to break up Google.
Nike’s Kaepernick Campaign Signals Change in Shoe Politics
Nike’s decision to use Colin Kaepernick as a spokesman may signal a major change in shoe politics. Kaepernick is the new face of the “Just Do It” campaign. The company is being criticized by some white customers who say they will boycott and burn Nike gear. But athletic apparel companies have long used black athletes and black culture as part of their business strategies. They have to weigh possibly losing that core audience support.
Under DeVos, Full Loan Relief Rare for For-Profit Students
Preliminary data obtained by The Associated Press show the Trump administration is granting only partial loan forgiveness to the vast majority of students it approves for help because of fraud by for-profit colleges. The data demonstrate the impact of Education Secretary Betsy DeVos’ new policy of tiered relief, in which students swindled by for-profit schools are compensated based on their earnings after the program.
Stocks Fall Again on Trade War, Rate Worries
U.S. stock indexes fell Friday after President Donald Trump said he may intensify his trade battle with China. A strong jobs report also pushed investors to gird for higher interest rates. The S&P 500 bounced between modest gains and losses in an up-and-down day, but its most decisive move was downward after Trump said he’s ready to impose tariffs on essentially every good that’s imported from China. That helped push the S&P 500 to its fourth straight day of moderate losses.
The S&P 500 lost 6.37 points, or 0.2 percent, to 2,871.68 and closed out just its second down week in the last 10. The Dow Jones Industrial Average lost 79.33, or 0.3 percent, to 25,916.54, and the Nasdaq composite fell 20.18, or 0.3 percent, to 7,902.54. The Russell 2000 index of smaller-company stocks declined 1.29 points, or 0.8 percent, to 1,713.18.
Benchmark U.S. crude lost 2 cents to settle at $67.75 per barrel. Brent crude, the international standard, rose 33 cents to $76.83 a barrel. Natural gas inched up by a fraction of a cent and settled at $2.78 per 1,000 cubic feet. Heating oil rose a penny to $2.22 per gallon, and wholesale gasoline rose 2 cents to $1.97 per gallon.
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