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WASHINGTON (AP) – America’s employers continued to hire vigorously in October, adding 261,000 jobs, a sign the economy remains a picture of solid job growth and painful inflation as Election Day approaches. Hiring was brisk across industries, although the overall addition of 315,000 in September fell. The unemployment rate rose to a still-healthy 3.7% from a five-decade low of 3.5%. The government also said the average hourly wage rose by an average of 4.7% year-on-year, a smaller year-on-year increase than in September. A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates as quickly as possible since the 1980s to try to bring inflation down from a near 40-head high.
Widespread layoffs on Twitter begin a week after Musk’s acquisition
Twitter began widespread layoffs on Friday as new owner Elon Musk overtook the social platform. The company had emailed employees that they would know by 9 a.m. PDT (12 p.m. EDT) if they had been fired, but did not say how many would lose their jobs. Musk didn’t confirm or correct investor Ron Baron on a conference stage 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 in the day. Twitter’s roughly 7,500 employees have faced layoffs since Musk took the helm. Musk has already fired top executives, including CEO Parag Agrawal.
The Fed’s Kashkari: Jobs report shows why more rate hikes are needed
WASHINGTON (AP) – The solid US jobs report for October underscores why the Federal Reserve needs to raise interest rates higher than previously forecast to control inflation. So says Neel Kashkari, President of the Federal Reserve Bank of Minneapolis. In an interview with The Associated Press, Kashkari said he expects to issue a higher forecast for next year’s central bank interest rate than in September at the Fed’s next meeting in December. He says employment data shows hiring is healthy despite some slowdown in recent months.
Europe approves first single-dose drug to protect babies from RSV
LONDON (AP) – The European Commission has approved the world’s first single-dose drug against a respiratory virus that kills millions of babies and children worldwide every year. In a statement on Friday, drugmakers Sanofi and AstraZeneca said the European Commission had given the green light to nirsevimab, a lab-developed antibody to protect infants during their first exposure to RSV, or respiratory syncytial virus, a highly contagious common infection that affects people almost all babies infected by the age of 2. The European Medicines Agency previously recommended that nirsevimab, sold as Beyfortus, be approved based on research showing the drug reduced the likelihood of babies with RSV needing medical attention and appeared safe.
Richter says West Virginia governor’s coal company owes $1.5 million
CHARLESTON, W.Va. (AP) — A federal judge has ruled that one of West Virginia Gov. Jim Justice’s companies owes a Swiss company more than $1.5 million for undelivered coal. The Charleston Gazette-Mail reports that the judge on Tuesday granted an application by VISA Commodities to enforce an April order from a London-based arbitrator. It found that Bluestone Coal Sales Corp. was found liable for $1.5 million plus arbitration costs and interest. That 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 are calling for an end to pro-government bias in the public media
BUDAPEST, Hungary (AP) — Some 1,500 protesters, who have gathered at the headquarters of Hungary’s public media company, have protested what they say is biased reporting and state-sponsored propaganda favoring the country’s populist government. Demonstrators demanded the replacement of the director of the public media company MTVA. They also called for proper coverage of a recent wave of major protests and strikes by Hungarian teachers and students demanding better pay and working conditions for educators. Hungarian public media ignored most of these actions, although some protests attracted tens of thousands of people. The Hungarian government, led by nationalist Prime Minister Viktor Orban, has been accused of undermining press freedom and undermining democratic control mechanisms.
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 rose 132.31 points, or 1.3%, to 10,475.25. The Russell 2000 index of smaller companies rose 20.14 points, or 1.1%, to 1,799.87.
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