Wall Street’s main indexes opened lower on Friday after data showed the economy added jobs at a rapid pace last month, feeding into fears that the Federal Reserve could keep interest rates higher for longer in its fight against inflation. The Dow Jones Industrial Average fell 127.64 points, or 0.37 percent, at the open to…
Wall Street Tumbles at Open as Jobs Data Fans Higher Rate Worries
February 3, 2023
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Three Reasons ‘There’s No Stopping’ Deglobalization for America Right Now: Analyst
Geopolitical analyst and author Peter Zeihan believes that the United States is pushing forward with deglobalization and that the trend is something that will not stop anytime soon. Zeihan pointed to three reasons why the country, even though it has benefited from globalization for so long, wouldn’t “double down” on it even if this system…
US Economy Adds 517,000 New Jobs in January as Fed Tightening Fails to Cool Labor Market
The U.S. economy created 517,000 new jobs in January, up from an upwardly revised 260,000 in December, according to the Bureau of Labor Statistics (BLS). This is also higher than economists’ expectations of 185,000. The unemployment rate dipped to 3.4 percent, down from 3.5 percent and below the market estimate of 3.6 percent. Average hourly…
Dollar Slips as Euro Picks Up Ahead of US Jobs Data
LONDON—The dollar slipped on Friday as investors awaited the latest U.S. jobs figures, after jumping in the previous session following a raft of central bank decisions. The U.S. currency dipped against the euro, reversing earlier gains. The euro was last up 0.17 percent to $1.093, remaining far above September’s 20-year low of $0.953. The Federal…
Oil Steadies as Market Eyes China Recovery and EU Embargo
February 3, 2023
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LONDON—Oil prices steadied on Friday but were on track for a second week of losses as the market awaited further signs of fuel demand recovery in China and the impact of an EU embargo and price cap on Russian oil products. Brent crude futures fell 18 cents, or 0.2 percent, to $81.99 a barrel by…
Global Shares Trade Mixed Ahead of US Jobs Report
February 3, 2023
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TOKYO—Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7 percent in early trading to 7,116.31, while Germany’s DAX dipped 0.9 percent to 15,362.64. Britain’s FTSE 100 added 0.2 percent to 7,832.20. U.S. shares were set to drift lower with…
European Central Bank Raises Rates by a Half Percent, Vows Another Large Increase in March
February 2, 2023
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The European Central Bank raised interest rates for the fifth consecutive time at its first meeting this year. The hawkish move in Europe is in contrast to the U.S. Federal Reserve, which slowed down its benchmark policy rate increase on Feb. 1, with a quarter-point hike. Central bank policymakers in Frankfurt vowed to continuing hiking policy…
Department of Energy Makes Major Push to Regulate Gas Stoves and Ovens
Debate over gas stoves is sure to be reignited after the Department of Energy on Wednesday proposed new efficiency rules for natural gas stoves and other consumer cooking appliances. The Energy Department’s proposal would set limits on energy consumption for the stoves and energy usage standards on both electric and gas stoves and ovens. Both gas and…
Wisconsin to Vote on Look-for-Work Requirement to Collect Welfare
February 2, 2023
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Wisconsin voters will have a chance to weigh in on whether they support a look-for-work requirement for able-bodied childless applicants in order for them to collect welfare checks. The Republican-controlled legislative assembly recently voted along party lines to approve a resolution that adds an advisory referendum to the upcoming April election ballot. “Shall able-bodied, childless…
Job Openings Unexpectedly Rose, While Demand for Tech Workers Fell in December
Job openings increased, and beat expectations, to 11 million in December, up from 10.5 million the previous month, while the number of quits declined slightly, to 4.1 million, down from 4.2 million, according to the latest data from the Bureau of Labor Statistics (BLS). Blue-collar jobs were foremost in worker demand, with openings in accommodation and…
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