Company Highlights: May jobs gains, Biden challenge
More job creation points to a strong economy and Fed rate hikes
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a strong hiring streak that has supported an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient labor market that has so far ignored fears that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation . The jobless rate remained at 3.6% in May, just above a half-century low. Job growth in May was strong enough to keep the Fed on track to continue what will likely be the fastest streak of rate hikes in over 30 years.
Biden’s challenge: Inflation overshadows robust jobs gains
REHOBOTH BEACH, Del. (AP) — President Joe Biden came before television cameras Friday to celebrate another month of healthy job growth and low unemployment and the fastest pace of hiring in four decades under his direction. Yet, as is often the case, the subject quickly turned to runaway inflation which has become the economic issue most on the minds of Americans and one of the main reasons for the decline in credit ratings. public approval of Biden. Voters have made it clear in opinion polls that their attention is much more focused on soaring gas and food prices than on the plentiful availability of jobs.
Stocks fall as Wall Street eyes downside to strong jobs data
NEW YORK (AP) — Stocks ended another bumpy week with more losses on Friday as investors viewed the decline in the still-strong U.S. jobs market. The S&P 500 fell 1.6%, marking its eighth losing week in the past nine. Losses from big tech companies helped push the Nasdaq down 2.5%. The Dow Jones Industrial Average lost 1%. A report showing stronger-than-expected hiring last month is good news for the economy amid concerns about a possible recession. But many investors have seen it keep the Federal Reserve on a path of aggressive interest rate hikes. The yield on the 10-year Treasury note rose to 2.95%.
Company offers Taser-armed drones to stop school shootings
Taser developer Axon said this week it was working to build drones armed with electric stun weapons that could fly into schools and “help prevent the next Uvalde, Sandy Hook or Columbine.” But his own group of tech advisers quickly dismissed the idea as a dangerous fantasy. The publicly traded company, which sells Tasers and police body cameras, last year pitched the idea for a new police drone product to its Artificial Intelligence Ethics Committee, a group of experts. respected experts in technology, policing and privacy. Some of them expressed reservations. But they didn’t expect Axon to announce Thursday that it wants to send these taser-equipped drones into classrooms.
Landmark bill to limit cryptomining passes New York Legislature
ALBANY, NY (AP) — The New York Legislature has approved a landmark environmental measure designed to curb the spread of cryptocurrency mining operations that burn fossil fuels. Supporters and opponents say the legislation is the first of its kind in the United States. The Senate approved it early Friday, and it is now before Democratic Governor Kathy Hochul for consideration. The measure would establish a two-year moratorium on new and renewed air permits for fossil-fuel power plants used for so-called proof-of-work cryptomining. Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Cryptocurrency proponents say the measure would hamper economic development. ___
US has over 750 Teslas braking complaints for no reason
DETROIT (AP) — More than 750 Tesla owners have complained to U.S. safety authorities that cars running on the company’s partially automated driving systems suddenly stopped on the roads for no apparent reason. The National Highway Traffic Safety Administration revealed the number in an information request letter to Tesla that was posted Friday on the agency’s website. The 14-page letter dated May 4 asks the automaker for all consumer and field reports of false braking, as well as reports of accidents, injuries and fatalities.
Tenants grapple with rent hikes amid soaring headline inflation
LOS ANGELES (AP) — At a time when rising gas and food prices are already straining Americans’ budgets, many apartment tenants are grappling with soaring rents. Parts of Florida saw median rents soar more than 50% in April, while nationwide median rents hit all-time highs for 14 straight months. Tenants will likely see further rent increases this year. About 72% of landlords surveyed said they plan to increase rents within 12 months.
Walmart adds 4 distribution centers, more than 4,000 jobs
BENTONVILLE, Ark. (AP) – Walmart is adding four new fulfillment centers to its existing capacity, a move that will create more than 4,000 jobs and make next-day or two-day shipping available to more Americans. Walmart said Friday that the next-generation fulfillment centers will be built over the next three years. The four fulfillment centers will be able to provide 75% of the US population with one- or two-day shipping on millions of items, including Marketplace items shipped through Walmart fulfillment services.
The S&P 500 fell 68.28 points, or 1.6%, to 4,108.54. The Dow Jones Industrial Average fell 348.58 points, or 1%, to 32,899.70. The Nasdaq lost 304.16 points, or 2.5%, to 12,012.73. The Russell 2000 Small Business Index fell 14.62 points, or 0.8%, to 1,883.05.