US employers added just 12,000 jobs last month as hurricanes and strikes sharply reduce payrolls
WASHINGTON (AP) — America’s employers added just 12,000 jobs in October, a total that economists say was held down by the effects of strikes and hurricanes that left many workers temporarily off payrolls. The report provided a somewhat blurry view of the job market at the end of a presidential race that has pivoted heavily on voters’ feelings about the economy. Last month’s hiring gain was down significantly from the 223,000 jobs that were added in September. But economists have estimated that Hurricanes Helene and Milton, combined with strikes at Boeing and elsewhere, had the effect of pushing down net job growth by tens of thousands of jobs in October. The unemployment rate remained at a low 4.1%.
Harris team warns CEOs that Trump is a threat to economy, while Trump says tariffs can drive growth
WASHINGTON (AP) — Kamala Harris’ campaign is actively warning business leaders that Donald Trump has a pattern of disregard for democracy and the rule of law that would threaten U.S. economic growth. The closing argument is designed to show the possible consequences for companies and workers if he returns to the White House. It’s a position that Trump’s team rejects as they pledge to voters that prices will be lower and growth stronger than ever before if he wins Tuesday’s election. Harris’ team is arguing that the rule of law creates the certainty that can make markets and workers thrive, while Trump is saying that tariff increases and tax cuts are the keys for growth.
Apple sells $46 billion worth of iPhones over the summer as AI helps end slump
SAN FRANCISCO (AP) — Apple snapped out of a recent iPhone sales slump during its summertime quarter. That’s an early sign its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off. Sales of the iPhone totaled $46.2 billion for the July-September period, a 6% increase from the same time last year, according to Apple’s fiscal fourth-quarter report released Thursday. That improvement reversed two consecutive year-over-year declines in the iPhone’s quarterly sales and helped Apple to deliver total revenue and profit that exceeded the analyst projections, excluding a one-time charge of $10.2 billion to cover back taxes in Europe. Apple’s stock still dipped in extended trading.
Will people leave Florida after devastating hurricanes? History suggests not
ORLANDO, Fla. (AP) — Up and down Florida’s Gulf Coast, residents are deciding whether to stay or go following two recent hurricanes. And people who might move to Florida are contemplating whether it’s worth the risk to come to a hurricane-prone state. Such questions about Florida’s appeal are raised regularly after the state experiences a busy hurricane season, such as in 2004, when four hurricanes crossed the Sunshine State. If moves into the state offer any answer, then hurricanes have served little as deterrents. Florida’s population has grown by a third to 23 million residents in the two decades since Charley, Frances, Jeanne and Ivan ravaged the state.
A Palestinian-Israeli collective made one of 2024’s most lauded docs. Will it be released in the US?
NEW YORK (AP) — Basel Adra, a Palestinian, and Yuval Abraham, an Israeli, spent five years making a movie that depicts daily life in Adra’s village under Israeli occupation. Their film, “No Other Land,” has been hailed as one of the year’s most powerful documentaries and won prizes at international film festivals. It’s also stoked controversy, prompted death threats for its makers and, despite its acclaim, been unable to find an American distributor. “No Other Land” began long before the current chapter of the Middle East conflict. It’s told largely from the perspective of Adra, who was born into a West Bank community that Israel wants to turn into a military training zone.
Exxon Mobil profit tops Street in 3rd quarter, helped by Pioneer Natural acquisition
Exxon Mobil’s third-quarter profit beat analysts’ expectations, as the oil and gas giant was helped by contributions from Pioneer Natural Resources, a recent acquisition. Exxon earned $8.6 billion, or $1.92 per share, for the three months ended Sept. 30. A year earlier the Spring, Texas-based company earned $9.07 billion, or $2.25 per share. The performance topped Wall Street’s expectations, though Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.91 per share.
MrBeast probe ends with some employees fired but finds no proof of sexual misconduct allegations
NEW YORK (AP) — Online video production company MrBeast says it has fired somewhere between 5 to 10 employees following an investigation into the YouTube empire’s workplace culture. The shakeup comes as MrBeast, whose real name is Jimmy Donaldson, deals with accusations of impropriety against himself and others within his multimillion-dollar production company that have threatened his family-friendly image. A lawyer who led the probe says investigators only identified several isolated instances of workplace harassment and misconduct. Controversies began swirling this summer. A friend lof Donaldson’s left his channel in July amid accusations she shared inappropriate sexual messages with minors. Also circulated online was recording of Donaldson making racist comments.
Stock market today: Amazon leads Wall Street higher
NEW YORK (AP) — Amazon led U.S. stock indexes higher, while a surprisingly weak jobs report marred by some unusual occurrences cemented bets on Wall Street for another cut to interest rates next week. The S&P 500 rose 0.4% Friday and recovered some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average gained 0.7%, and the Nasdaq composite added 0.8%. Amazon rallied after delivering a stronger profit for the latest quarter than analysts expected. Treasury yields pushed higher after initially falling following the jobs report, which was distorted by some unusual occurrences.
Lyft pays $2.1 million to settle case alleging the ride-hailing service deceived drivers
SAN FRANCISCO (AP) — Lyft is paying $2.1 million to settle a lawsuit accusing the ride-hailing service of exaggerating how much money drivers could make while the company was trying to recover from a steep downturn in demand during the pandemic. The agreement disclosed Friday by the U.S. Justice Department formalizes a settlement Lyft reached with the Federal Trade Commission over the same issues on October 25. Both agencies had alleged Lyft advertised deceptive compensation rates during 2021 and 2022 in an effort to recruit more drivers as the pandemic eased and ride-hailing demand perked up.
Financial market worries over the UK budget appear to ease
LONDON (AP) — Worries about this week’s tax-raising U.K. budget within financial markets appear to have eased with the interest rates charged on British debt steadying and the pound rising against most other currencies. In the wake of Wednesday’s budget statement, the first by a Labour government for 14 years, British financial assets have been choppy, with investors taking a more risk-averse approach by selling both government bonds and the pound. The budget saw taxes raised by 40 billion pounds ($52 billion), proportionately the biggest for over three decades, and borrowing and spending increased — a combination that clearly unnerved some investors. On Friday, the yield, or interest rate, charged on the U.K.’s 10-year bonds held steady, while the pound rose.
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