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Puzzle overhanging job market: When will more people return?
WASHINGTON: When the U.S. government issues the September jobs report on Friday, the spotlight will fall not only on how many people were hired last month. A second question will command attention, too: Are more people finally starting to look for work? To an extent that has confounded economists, many people who lost or quit their jobs in the pandemic recession have yet to look for work again despite a robust economic rebound that has left many employers desperate to hire to meet growing customer demand. Across the country, widespread and persistent labor shortages have hampered industries from restaurants and hotels to manufacturing and construction.
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Default crisis dodged for now with Dem-GOP debt accord
WASHINGTON: Senate leaders have announced an agreement to extend the governments borrowing authority into December, temporarily averting an unprecedented default that experts say would have decimated the economy. The first crucial vote is set for Thursday night. Senate Majority Leader Chuck Schumer made the announcement of an agreement earlier Thursday. He said he hoped the Senate could vote later in the day. Republican leader Mitch McConnell made the offer of a short term extension Wednesday. President Joe Biden and business leaders have ramped up their concerns over what an unprecedented federal default would mean for the nations economy.
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Pfizers request to OK shots for kids a relief for parents
NEW YORK: Pfizer is asking the U.S. government to allow use of its COVID-19 vaccine in children ages 5 to 11. If regulators agree, shots could begin within a matter of weeks. Pfizer already had announced that a lower dose of its vaccine worked and appeared safe in a study of the youngsters. Pfizer and its German partner BioNTech on Thursday officially filed its application with the Food and Drug Administration. FDAs advisers are scheduled to debate the evidence later htis month. Until now the vaccine was available only as young as 12, and many parents and pediatricians are clamoring for protection for younger kids.
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US jobless claims fall to 326,000, first drop in four weeks
WASHINGTON: The number of Americans applying for unemployment benefits fell last week, another sign that the U.S. job market and economy continue their steady recovery from last years coronavirus recession. The Labor Department said Thursday that unemployment claims were down by 38,000 to 326,000, the first drop in four weeks. Since surpassing 900,000 in early January, the weekly applications, a proxy for layoffs, had fallen more or less steadily all year. Still, they remain elevated from pre-pandemic levels: Before COVID-19 hammered the U.S. economy in March 2020, weekly claims were consistently coming in at around 220,000.
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Barry Dillers IAC buying magazine co Meredith for $2B
NEW YORK: Barry Dillers IAC is buying Meredith, one of the countrys largest magazine companies and the publisher of People, Southern Living and InStyle, in hopes of accelerating a digital shift as print fades. IACs Dotdash, a collection of websites including Investopedia, Brides, Serious Eats and Simply Recipes, will join with Meredith, the companies announced Wednesday. IAC is paying $42.18 per share, or about $2.1 billion. Its a big turnaround for Des Moines, Iowa-based Meredith, which only four years ago bought the Time Inc. magazines for $1.8 billion to bulk up its own magazine business.
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Stocks close higher as receding debt fears spur rally
NEW YORK: Stocks closed higher on Wall Street Thursday as investors welcomed progress in Congress standoff over extending the federal debt ceiling. A temporary extension will give lawmakers more time to reach a permanent solution. The S&P 500 rose 0.8% and the Nasdaq Composite gained 1.1%. Pfizer gained 1.7% after asking the U.S. government to allow use of its COVID-19 vaccine in children ages 5 to 11. The number of Americans applying for unemployment benefits fell last week as the job market continued its steady recovery. The Labor Department will release a more detailed employment report for September on Friday.
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Microsoft: Russia behind 58% of detected state-backed hacks
BOSTON: Microsoft says Russia once again accounted for most state-sponsored hacking, with a 58% share of intrusion attempts it detected in the past year. The targets were mostly government agencies and think tanks in the United States, followed by Ukraine, Britain and European NATO members. The devastating effectiveness of the long-undetected SolarWinds hack also boosted Russian state-backed hackers success rate to 32%, compared with 21% in the preceding 12 months. China accounted for fewer than 1 in 10 of the state-backed hacking attempts Microsoft detected. Those are among findings of the Redmond, Washington-based companys annual Digital Defense Report, which covers the year ending June 30.
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Inflation knocks businesses off balance as recovery slows
NEW YORK: Companies will soon start reporting their latest quarterly financial results and investors have been warned that inflation is going to sting. Retailers, auto makers and a wide range of manufacturers have all warned investors that a supply chain crunch and higher raw materials costs are adding to expenses and hurting profits. A COVID-19 resurgence during the third quarter threw many industries off-balance just as they were regaining their footing from the pandemic slump. Many companies were able to pass off higher costs to consumers during the first half of the year without much fuss as the economy roared back from the pandemic. But consumer spending, which is key to the economic recovery, slowed a bit over the summer as COVID-19 cases spiked.
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The S&P 500 rose 36.21 points, or 0.8%, to 4,399.76. The Dow Jones Industrial Average rose 337.95 gained, or 1%, to 34,754.94. The Nasdaq added 152.10 points, or 1%, to 14,654.02. The Russell 2000 index of smaller companies advanced 35.14 points, or 1.6%, to 2,250.09.
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