November jobs report is most important data for inflation this year- and not in a good way

November jobs report is most important data for inflation this year- and not in a good way

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

Goomalling man dead after storms spark multiple fires in Western Australia’s Wheatbelt

Goomalling man dead after storms spark multiple fires in Western Australia’s Wheatbelt

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

Collectable Furphy water cart sells for record $61,300 in north-east Victoria

Collectable Furphy water cart sells for record $61,300 in north-east Victoria

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

This reliable indicator of recession has yet to buckle, and so the Fed won’t either, strategist says

This reliable indicator of recession has yet to buckle, and so the Fed won’t either, strategist says

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

Motorists face higher fuel prices as excise cut ends but farmers, trucking industry expect relief

Motorists face higher fuel prices as excise cut ends but farmers, trucking industry expect relief

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

A further 27% drop in the S&P 500 could be coming if inflation hawks are right, Goldman Sachs team warns

A further 27% drop in the S&P 500 could be coming if inflation hawks are right, Goldman Sachs team warns

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

Biden finalized his plan to rein in Big Tech. Big Tech wasn’t invited.

Biden finalized his plan to rein in Big Tech. Big Tech wasn’t invited.

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

Here are the worst (and best) performing stocks of August and for 2022

Here are the worst (and best) performing stocks of August and for 2022

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

GE Is Building the Electricity Grid of the Future. Here’s What We Found on a Tour.

GE Is Building the Electricity Grid of the Future. Here’s What We Found on a Tour.

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 stock jumps 14% as sales beat and AWS growth overcome a second straight quarterly loss

Amazon stock jumps 14% as sales beat and AWS growth overcome a second straight quarterly loss

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