The November U.S. jobs report on Friday showed the U.S. economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal had expected an addition of 200,000 jobs. Wages jumped 0.6% in November, double the expected pace. Below are some initial reactions from economists and … Read more
A man in his 50s has died from severe burns after storms ignited multiple bushfires in Western Australia’s Wheatbelt. Key points: A man has died from serious burns from a fire on a Wheatbelt farm Lightning ignited several fires yesterday Millions of dollars worth of farm machinery was destroyed by fires across the region The 57-year-old was … Read more
A water tank dating back to the 1930s has sold for a record price at a clearing sale in north-east Victoria. Key points: A Furphy water tank made in the 1930s has sold for a record $61,300 in north-east Victoria The pump has been sitting in a paddock in Beechworth for decades Furphy tanks have become collector’s items in … Read more
As the Fed kicks off its two-day interest-rate setting meeting, the focus is on whether Jerome Powell & Co. stick to their hawkish tone or indicate the pace of rate hikes may slow down. Certainly, there’s valid reason for at least slowing down, after another jumbo rate hike is delivered on Wednesday. Inflation at a … Read more
A temporary cut to a government fuel tax ends this week, but industry figures say the ensuing price rises will not necessarily be bad news for farmers and truck drivers. Key points: A temporary halving of the fuel excise ends this week, driving up fuel prices at bowsers Truck operators say changes to fuel tax credits … Read more
Not exactly TGIF this Friday. What the sellside is slowly realizing is not just that the Fed is going to be aggressive in September after the latest shocking inflation figure, but that the central bank will have to keep rates higher, and for longer. The British pound GBPUSD, -0.39%, in some respects a proxy for … Read more
President Joe Biden’s administration issued a checklist of actions needed to rein in Big Tech on Thursday, after a roundtable “listening session” on issues within the technology industry. But administration officials were not “listening” to the companies that are the targets of many of the desired actions — Google parent Alphabet Inc. GOOGL, +2.09% GOOG, … Read more
After a strong showing in July, when stock indexes rebounded from their 2022 lows of June, U.S. equities abruptly reversed course in August. Here’s the damage: Index Price change – July 29 through Aug. 30 Price change – 2022 through Aug. 30 Price change – 2021 S&P 500 SPX, +0.07% -3.5% -16.4% 26.9% Dow Jones … Read more
Text size GE wants to be a player in the electricity grid of the future. That will benefit its coming Vernova business. Brandon Bell/Getty Images NISKAYUNA, N. Y–In General Electric ’s sprawling research center here, you will find two Nobel Prizes won by GE scientists, Thomas Edison’s desk, and current research that could help create … Read more
Amazon.com Inc. decided to cut back after years of pouring money into growth, and the result was a second consecutive quarterly loss, but a beat on sales and continued strong growth from Amazon Web Services helped push the stock higher in after-hours trading Thursday. Amazon AMZN, +1.08% reported a second-quarter loss of $2 billion, or … Read more