Thursday, December 1 2022

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US employers are hiring fast even in the face of rate hikes

WASHINGTON — U.S. employers continued to hire vigorously in October, adding 261,000 jobs, a sign that as Election Day approaches, the economy remains a picture of solid job growth and painful inflation. Hiring was brisk across all industries, although the overall gain was down from 315,000 in September. The unemployment rate fell from a five-decade low of 3.5% to a still healthy rate of 3.7%. The government also said average hourly earnings rose an average of 4.7% from a year ago, a smaller year-on-year gain than in September. A strong labor market is compounding the challenges the Federal Reserve faces as it raises interest rates at the fastest pace since the 1980s in an attempt to bring inflation down from a nearly 40-year high .

Widespread layoffs on Twitter begin a week after Musk takeover

Twitter began widespread layoffs on Friday as new owner Elon Musk overhauls the social platform. The company had told employees by email that they would know by 9 a.m. PDT (noon EDT) if they had been laid off, but did not specify how many would lose their jobs. Musk neither confirmed nor corrected investor Ron Baron at a conference in New York on Friday when he asked Musk how much money the billionaire Tesla CEO would save after he ‘fired half of Twitter’ earlier during the day. Twitter’s roughly 7,500 employees have been expecting layoffs since Musk took over as CEO. Already, Musk has fired top executives, including CEO Parag Agrawal.

Fed’s Kashkari: Jobs report shows why more rate hikes are needed

WASHINGTON — The strong U.S. jobs report for October underscores why the Federal Reserve needs to raise interest rates higher than previously expected to control inflation. That’s according to Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. In an interview with The Associated Press, Kashkari said that at the Fed’s next meeting in December, he plans to release a higher forecast for the central bank’s benchmark rate next year than he did. did in September. He says jobs data shows hiring is healthy despite some slowdown in recent months.

Europe approves first single-dose drug to protect babies against RSV

LONDON – The European Commission has authorized the world’s first single-dose medicine for a respiratory virus that sickens millions of babies and children around the world every year. In a statement on Friday, drugmakers Sanofi and AstraZeneca said the European Commission had given the green light to nirsevimab, an antibody developed in the laboratory to protect infants during their first exposure to RSV, or respiratory syncytial virus, an infection very contagious common disease that infects almost all babies before the age of 2 years. The European Medicines Agency previously recommended that nirsevimab, sold as Beyfortus, be licensed based on research that showed the drug reduced the chances of babies with RSV needing medical attention and appeared safe .

Judge says West Virginia governor’s coal company owes $1.5 million

CHARLESTON, W.Va. — A federal judge has ruled that one of West Virginia Gov. Jim Justice’s businesses owes a Swiss company more than $1.5 million for undelivered coal. The Charleston Gazette-Mail reports that the judge on Tuesday granted a request by VISA Commodities to enforce an April order from a London-based arbitrator. He concluded that Bluestone Coal Sales Corp. was liable for $1.5 million plus arbitration fees and interest. This arbitration came after Bluestone failed to honor an April 2021 settlement in which it agreed to pay the $1.5 million by July 30, 2021.

Hungarians demand an end to pro-government bias in public media

BUDAPEST, Hungary — About 1,500 demonstrators gathered at the headquarters of Hungary’s state-run media company have protested what they say is biased media coverage and state-sponsored propaganda that favors the country’s populist government. The demonstrators called for the replacement of the director of the public media company, MTVA. They also demanded adequate coverage of a recent wave of major protests and strikes by Hungarian teachers and students for better wages and working conditions for educators. Hungarian state media ignored most of these actions despite some demonstrations attracting tens of thousands of people. Under Nationalist Prime Minister Viktor Orban, the Hungarian government has been accused of eroding press freedom and rolling back democratic checks and balances.

The S&P 500 rose 50.66 points, or 1.4%, to 3,770.55. The Dow Jones Industrial Average rose 401.97 points, or 1.3%, to 32,403.22. The Nasdaq gained 132.31 points, or 1.3%, to 10,475.25. The Russell 2000 Small Business Index rose 20.14 points, or 1.1%, to 1,799.87.

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