Lower US job gain in August could aid Fed’s inflation fight
WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. The economy gained 315,000 jobs in August, a still-solid figure that pointed to an economy that remains resilient despite rising interest rates, high inflation and sluggish consumer spending. Friday’s report from the government...
Lower US job gain in August could aid Fed’s inflation fight
WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. The economy gained 315,000 jobs in August, a still-solid figure that pointed to an economy that remains resilient despite rising interest rates, high inflation and sluggish consumer spending. Friday’s report from the government also showed that the unemployment rate rose to 3.7%, up from a half-century low of 3.5%. Yet that increase was also an encouraging sign: It reflected a long-awaited rise in the number of Americans who came off the sidelines and started looking for work.
EXPLAINER: 5 key takeaways from the August jobs report
WASHINGTON (AP) — The nation’s job market last month delivered just what the Federal Reserve and nervous investors hoped for: A Goldilocks-style hiring report. Job growth was solid — not too hot, not too cold. And more Americans began looking for work, which could ease worker shortages over time and defuse some of the inflationary pressures that the Fed has made its No. 1 mission. Employers added 315,000 jobs, roughly what economists had expected, down from an average 487,000 a month over the past year. The unemployment rate reached 3.7%, its highest level since February. But it rose was for a healthy reason: Hundreds of thousands of people returned to the job market, and some didn’t find work right away.
Stocks shed early gains, end lower for 3rd straight week
Stocks gave up an early rally and ended lower on Wall Street, marking their third losing week in a row. Indexes had opened higher following a report on the job market that showed a moderate slowdown in hiring. That stoked cautious optimism that the Federal Reserve may not need to be as aggressive with high interest rates in its fight against inflation. Indexes turned lower in the afternoon after Russian energy giant Gazprom said it wouldn’t reopen a natural gas pipeline to Germany for now, a bad sign for Europe’s ongoing struggle with higher energy prices. The S&P 500 fell about 1%.
Russia’s Gazprom keeps gas pipeline to Germany switched off
BERLIN (AP) — Russian energy giant Gazprom says it can’t resume the supply of natural gas through a key pipeline to Germany for now because of what it said was a need for urgent maintenance work. Friday’s announcement came just hours before Gazprom was due to resume deliveries. The Russian state-run energy company had shut down the Nord Stream 1 pipeline on Wednesday for what it said would be three days of work. It said in a social media post Friday evening that it had identified “malfunctions” of a turbine and said the pipeline would not work unless those were eliminated.
Indonesia hikes fuel prices by 30%, cuts energy subsidies
JAKARTA, Indonesia (AP) — Fuel prices have increased by about 30% across Indonesia after the government reduced some of the costly subsidies that have kept inflation in Southeast Asia’s largest economy among the world’s lowest. Long lines of motorbikes and cars snaked around gas stations as motorists waited for hours to fill up their tanks with cheaper gas before the increase took effect on Saturday. The hike — the first in eight years — raised the price of gasoline from about 51 cents to 67 cents per liter and diesel fuel from 35 cents to 46 cents. President Joko Widodo says it was his last option as the country’s energy subsidy had tripled this year as a result of rising global prices of oil and gas.
When autumn leaves start to fall, will Wall Street follow?
NEW YORK (AP) — Welcome to the worst month of the year for Wall Street. The average September has been 10 times worse than the second-worst month of the year for the U.S. stock market, going back to 1950. Not only that, September has been the only month of the year over that span to turn in a loss more often than a gain. Stretch the horizon even further, back to 1928, and September is still the most common stinker. There’s no clear reason explaining why September has been such a bad month for stocks, though many hypotheses try.
Turkish leader Erdogan ups rhetoric on Greece amid tensions
ISTANBUL (AP) — Turkish President Recep Tayyip Erdogan has upped his rhetoric against Greece by threatening to “come down suddenly one night.” Erdogan has previously used that phrase to hint at looming military operations into Syria and Iraq against Kurdish militants that Turkey deems existential threats. Erdogan lashed out at Greece amid political and military tensions while speaking Saturday at an aerial technology festival in Samsun. Turkey has accused Greece of using Russian-made S-300 missile systems in Crete to lock onto Turkish jets in August. Ankara has also said Greek F-16s harassed Turkish jets by putting them under a radar lock during a NATO mission over the eastern Mediterranean. Turkey is submitting complaints with NATO. Athens has also accused Turkey of violating its airspace.
$1 billion in federal economic grants headed coast to coast
WASHINGTON (AP) — President Joe Biden and Commerce Secretary Gina Raimondo are announcing $1 billion in federal grants for manufacturing, clean energy, farming, biotech and more. The grants announced Friday go to 21 regional partnerships across the nation. The government chose the winners from 529 applicants that vied for grants that were part of the already-approved $1.9 trillion coronavirus relief package. The grants include $65 million in California to improve farm production and $25 million for a robotics cluster in Nebraska. Georgia gets $65 million for artificial intelligence. There’s $64 million for lithium-based battery development in New York. West Virginia coal counties receive $63 million to help with the shift to solar power and find new uses for abandoned mines.
Gorbachev buried in Moscow in funeral snubbed by Putin
MOSCOW (AP) — Former Soviet leader Mikhail Gorbachev has been buried in Moscow after a ceremony attended by thousands of mourners but snubbed by Russian President Vladimir Putin. The Kremlin’s refusal to formally declare a state funeral reflects its uneasiness about the legacy of Gorbachev. Gorbachev has been venerated worldwide for bringing down the Iron Curtain but reviled by many at home for the Soviet collapse and the ensuing economic meltdown that plunged millions into poverty. Gorbachev died Tuesday at the age of 91. He was buried Saturday at Moscow’s Novodevichy cemetery next to his wife Raisa.
Starbucks names former PepsiCo executive as new CEO
Starbucks has named a longtime PepsiCo executive as its new CEO. The coffee giant said Thursday that Laxman Narasimhan will join Starbucks on Oct. 1 after relocating from London to Seattle, where Starbucks is based. He will work closely with Starbucks’ interim CEO, Howard Schultz, through April 1, when he will assume the CEO role and join the company’s board. Narasimhan was most recently CEO of Reckitt, a U.K.-based consumer health and nutrition company that makes Lysol cleaner and Enfamil infant formula, among other products. Reckitt had announced Narasimhan’s surprise departure earlier Thursday.