US job openings fell in September to a 3 1/2-year low
WASHINGTON (AP) — U.S. job openings tumbled last month to their lowest level since January 2021, a sign that the labor market is losing some momentum. Still, openings remain well above pre-pandemic levels. The Labor Department reported that the number of job openings dropped to 7.4 million in September from 7.9 million in August. Economists had expected the level of openings to be virtually unchanged. The number of layoffs also rose. And the number of Americans who quit their jobs fell below 3.1 million, the lowest level since August 2020, a sign that more people are losing confidence in their ability to find better work elsewhere.
Newspaper non-endorsements at Washington Post, LA Times fit a trend, but their readers aren’t happy
Newspaper owners across the country have been ditching presidential endorsements, figuring they shouldn’t alienate readers with something most of them don’t care about. Yet in following that trend this past week, the Washington Post and Los Angeles Times found their readers cared very much. Thousands have canceled subscriptions, and journalists worry the fallout will lead to jobs lost. Faced with a continued backlash, billionaire owner Jeff Bezos at the Post took the unusual step of publicly defending the action, and suggesting endorsements contribute to a public view that journalists can’t be trusted to play it straight.
Owner Jeff Bezos defends Washington Post’s decision not to endorse as the right, ‘principled’ one
NEW YORK (AP) — The Washington Post owner Jeff Bezos is defending the newspaper’s decision not to endorse a presidential candidate as the “right” and “principled” one. The billionaire businessman, also owner of Amazon, wrote a note to readers Monday evening as the non-endorsement unleashed a spasm of anger. NPR reported that the newspaper has lost more than 200,000 subscribers since the decision was announced on Friday. Bezos wrote that the decision has nothing to do with his business interests. He said the endorsements have little impact, but they increase the perception that the newspaper is biased. He said he wouldn’t let the Post “fade into irrelevance.”
In a visit to Baltimore, Biden will announce $3 billion to reduce carbon emissions at US ports
WASHINGTON (AP) — The Biden administration is awarding nearly $3 billion to boost climate-friendly equipment and infrastructure at ports across the country, including in Baltimore, where a deadly bridge collapse killed six construction workers and disrupted maritime traffic for months. President Joe Biden is set to visit the city’s main port Tuesday to announce the grants, which officials say will improve and electrify port infrastructure at 55 sites nationwide, reducing pollution and combating the climate crisis. The presidential visit, a week before Election Day, is intended to highlight efforts by Biden and Vice President Kamala Harris to promote clean energy while protecting and creating good-paying union jobs.
The EU will impose duties on electric vehicle imports from China by Thursday
BRUSSELS (AP) — The European Union says it will impose duties on imports of electric vehicles from China by Thursday after talks between Brussels and Beijing failed to find an amicable solution to their trade dispute. Electric vehicles have become a major flash point in a broader trade dispute over the influence of Chinese government subsidies on European markets and Beijing’s burgeoning exports of green technology to the bloc. According to the European Commission, sales of Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, in part by unfairly undercutting EU industry prices. A commission spokesperson says the duties will remain in force for five years.
McDonald’s US sales rebound on value meals, but E. coli outbreak could slow that momentum
Value meals helped turn around McDonald’s U.S. sales in the third quarter. But that recovery could be dented by an E. coli outbreak tied to the company’s Quarter Pounder hamburgers. McDonald’s said Tuesday that its U.S. same-store sales rose 0.3% in the July-September period. Revenue was also up 3% to $6.87 billion. McDonald’s launched a $5 value meal in late June and it said the value message resonated with consumers. But last week, the company pulled Quarter Pounders off the menu in 3,000 U.S. stores after a federal investigation tied an E. coli outbreak to the burger’s raw onions.
American consumers feeling much more confident as Election Day nears
WASHINGTON (AP) — American consumers are feeling quite a bit more confident this month as Election Day approaches, a business research group says. The Conference Board said Tuesday that its consumer confidence index jumped to 108.7 in October from 99.2 in September. It was the biggest monthly gain since March of 2021. Analysts forecast a more modest reading of 99.3. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market jumped to 89.1. The Conference Board says a reading under 80 can signal a potential recession in the near future.
Google ad change could affect millions of small businesses
NEW YORK (AP) — Google is changing the way its Google Local Services ads work, which could affect millions of small businesses. Google Local Services ads run locally and are a big way that small businesses market their goods and services. Ads appear on the top of Google search results. Starting Nov. 21, only businesses with a verified Google Business Profile will be able to run the ads. The change affects businesses in Europe, the Middle East and Africa and “select” businesses in the U.S. and Canada, Google said in an online post. Getting verified on Google isn’t difficult but could take up to seven business days.
7 steps to forecasting your cash flow needs in retirement
New retirees frequently rhapsodize about the joys of tossing their alarm clocks into the trash and filling their days with whatever activities they find gratifying. But if they’re honest, most new retirees find the financial aspect of the retirement transition to be a little jarring. While retirees are often counseled to estimate that they’ll spend 75% to 80% of their working incomes in retirement, research shows that higher-income, higher-saving households may need just 60%, or even less, of their preretirement income during retirement, while lower-earning, lower-saving households may need closer to 90%. Following certain steps can make it easier to estimate your cash flow needs after you retire.
Treasury issues rule to block US investors from helping China develop advanced military technology
WASHINGTON (AP) — The U.S. Treasury Department, seeking to keep the Chinese military from gaining an edge in advanced technologies, issued a rule Monday to restrict and monitor American investments in China in artificial intelligence, computer chips and quantum computing. The finalized rule arises from an executive order issued in August 2023 by President Joe Biden. The order sought to limit the access that “countries of concern” — specifically China including Hong Kong and Macao — have to American dollars to fund technologies that could be used, for example, to break codes or develop next-generation fighter jets. It will take effect Jan. 2.
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