Sluggish US jobs report clears the way for Federal Reserve to cut interest rates
WASHINGTON (AP) — Hiring by America’s employers picked up a bit in August from July’s tepid pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added a modest 142,000 jobs, up from a scant 89,000 in July. The unemployment rate ticked down to 4.2% from 4.3% in July, which had been the highest level in nearly three years. Hiring in June and July, though, was revised sharply down. The cooling jobs figures underscore why the Federal Reserve is set to cut its key interest rate when it next meets Sept. 17-18, with inflation falling steadily back to its target of 2%.
Stock market today: Wall Street falls sharply to close its worst week in nearly 18 months
NEW YORK (AP) — Another rout hit Wall Street after an update on the U.S. job market came in weak enough to add to worries about the economy. The S&P 500 fell 1.7% Friday to close its worst week since March 2023. Broadcom, Nvidia and other formerly high-flying tech companies drove the market lower and dragged the Nasdaq composite down a market-leading 2.6%. The Dow Jones Industrial Average dropped 1%. Treasury yields tumbled, recovered and then fell again after the jobs report showed employers hired fewer workers in August than expected. Despite the drop, the S&P 500 is still hanging within 5% of its record set in July.
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
WASHINGTON (AP) — The IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency says, crediting spending that has ramped up collection enforcement through President Joe Biden’s signature climate, health care and tax package signed into law in 2022. Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel traveled to Austin, Texas, Friday, to tour an IRS campus and announce the latest milestone in tax collections as Republicans warn of big budget cuts for the IRS if they take over the White House and Congress.
Stellantis recalls 1.5M Ram trucks to fix software bug that can disable stability control
DETROIT (AP) — Stellantis is recalling nearly 1.5 million Ram pickups worldwide to fix a software problem that can disable the electronic stability control. The recall covers certain trucks from the 2019 and 2021 through 2024 model years. Most are in North America. Stellantis said in a statement Saturday that the trucks may have anti-lock brake software that could inadvertently shut down the stability control, which manages the throttle and brakes to avoid skidding. If that happens, the company says the brakes would still work. Dealers will update software to fix the problem at no cost to owners, who will be notified by letters starting Oct. 3.
Amazon says in a federal lawsuit that the NLRB’s structure is unconstitutional
Amazon is challenging the structure of the National Labor Relations Board in a lawsuit that also accuses the agency of improperly influencing the outcome of a union election at a company warehouse more than two years ago. The complaint, filed Thursday at a federal court in San Antonio, mirrors some legal arguments the tech giant made earlier this year in another legal filing in front of the agency. Other companies, such as Elon Musk’s SpaceX and Trader Joe’s, have also challenged the structure of the agency in pending lawsuits or administrative cases. A spokesperson for the agency declined to comment on Amazon’s lawsuit.
Japanese 7-Eleven convenience store chain operator turns down Couche-Tard takeover offer
TOKYO (AP) — The parent company of the Japanese 7-Eleven convenience store chain is turning down a takeover offer from Alimentation Couche-Tard of Canada. In a letter made public Friday, Stephen Dacus, who heads a special committee examining the proposed takeover, said the committee carefully reviewed the offer to acquire all outstanding shares of Seven & i Holdings for $14.86 per share in cash. That calculates to about $38.6 billion, or 5.5 trillion yen at the current exchange rate. He says the company decided unanimously the deal wasn’t “in the best interest” of the shareholders and undervalued 7-Eleven. He also cited U.S. regulatory concerns. Couche-Tard did not immediately respond.
Tennis attire is everywhere. Credit the pandemic, social media and pickleball
While tennis fans savor the last matches of the U.S. Open, a subset of viewers have watched the tournament as a source of fashion inspiration. It may have escaped people who don’t pay attention to clothing styles, but cities from Australia to America are awash in pleated skirts, tennis dresses and other attire that can make everyone look like they possess a respectable backhand. The “tenniscore” trend owes its timing to multiple factors, including the coronavirus pandemic and the popularity of pickleball. Brands such as Nike, Fila and Adidas, as well as luxury labels like Gucci and discount retailers like Target, have rolled out collections of sleek tank tops, skorts and sweaters to capture the momentum.
Google is blasted by UK watchdog for what it calls anti-competitive behavior through digital ads
LONDON (AP) — Google is being slammed by U.K. regulators who say it’s taking advantage of its dominance in digital advertising to thwart competition in Britain. The new claims Friday ratchet up pressure that the tech giant is facing on both sides of the Atlantic over its “ad tech” business practices. The Competition and Markets Authority said that the U.S. company gives preference to its own services to the detriment of online publishers and advertisers. Google is a major player throughout the digital ad ecosystem, providing services for publishers, tools for advertisers and an exchange where both sides come together to buy and sell ads in real time at auctions. The company disputed the allegations.
Jamaica’s female farmers rebuild after Hurricane Beryl through women-led cash voucher program
CROSS KEYS, Jamaica (AP) — More than two months after Hurricane Beryl, the strongest July Atlantic hurricane on record, some farmers in Jamaica are still unable to restore their crops and repair their homes. It’s a particular burden on female farmers, who make up one-third of the country’s registered farmers and are often heads of household caring for multiple generations. The United Way of Jamaica is helping by distributing cash vouchers for supplies to restore fields, repair roofs and buy books for their children as the school year begins. As storms intensify, the organization knows farmers will soon need help building their hurricane resilience, too.
It’s not just Harris and Trump who have a lot at stake in next week’s debate. ABC News does, too
NEW YORK (AP) — Everyone knows how much is at stake for Kamala Harris and Donald Trump during Tuesday’s presidential debate, the only one they have scheduled during their compressed campaign. It’s a big moment for ABC News, the network that’s producing the event and supplying moderators David Muir and Linsey Davis. For the journalists, it will likely be the biggest audience they ever face. Any triumph or misstep will be magnified. Although he agreed to the debate and its terms, Trump has been relentless in his criticism of ABC News in recent weeks. He said this week that “a lot of people will be watching to see how nasty they are.”
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