More job gains point to a solid economy and Fed rate hikes
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained a low 3.6% in May, just above a half-century low. The job growth in May was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.
Biden’s challenge: Inflation overshadows robust job gains
REHOBOTH BEACH, Delaware (AP) — President Joe Biden came before the television cameras Friday to celebrate yet another month of healthy job growth and low unemployment and the fastest pace of hiring in four decades under his watch. Yet just as it often does, the subject soon turned to the rampant inflation that has emerged as the economic issue most on Americans’ minds and a leading reason for Biden’s sunken public approval ratings. Voters have made clear in opinion surveys that their attention is focused much more on soaring gasoline and food prices than on the plentiful availability of jobs.
Stocks sink as Wall Street eyes downside of solid jobs data
NEW YORK (AP) — Stocks ended another bumpy week with more losses Friday as investors considered the downside of the still-strong U.S. jobs market. The S&P 500 fell 1.6%, marking its eighth losing week in the last nine. Losses in big technology companies helped pull the Nasdaq down 2.5%. The Dow Jones Industrial Average lost 1%. A report showing stronger hiring last month than expected is good news for the economy amid worries about a possible recession. But many investors saw it keeping the Federal Reserve on its path to hiking interest rates aggressively. The yield on the 10-year Treasury note rose to 2.95%.
Firm proposes Taser-armed drones to stop school shootings
Taser developer Axon said this week it is working to build drones armed with the electric stunning weapons that could fly into schools and “help prevent the next Uvalde, Sandy Hook, or Columbine.” But its own group of technology advisers quickly panned the idea as a dangerous fantasy. The publicly traded company, which sells Tasers and police body cameras, floated the idea of a new police drone product last year to its artificial intelligence ethics board, a group of well-respected experts in technology, policing and privacy. Some of them expressed reservations. But they did not expect Axon’s Thursday announcement that it wants to send those Taser-equipped drones into classrooms.
Landmark bill to limit cryptomining passes NY Legislature
ALBANY, N.Y. (AP) — The New York Legislature has approved a milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels. Both supporters and opponents say the legislation is the first of its kind in the U.S. The Senate approved it early Friday, and it now goes to Democratic Gov. 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 what’s called proof-of-work cryptomining. Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Supporters of cryptocurrency say the measure would crimp economic development. ___
US has over 750 complaints of Teslas braking for no reason
DETROIT (AP) — More than 750 Tesla owners have complained to U.S. safety regulators that cars operating on the company’s partially automated driving systems have suddenly stopped on roadways 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 about false braking, as well as reports of crashes, injuries and deaths.
Tenants grapple with rent hikes amid overall inflation spike
LOS ANGELES (AP) — At a time when rising gasoline and food prices are already straining Americans’ budgets, many apartment tenants are grappling with soaring rents. Some parts of Florida saw median rents soar more than 50% in April, while nationally median rent has set all-time highs for 14 months in a row. Tenants are likely to see further rent hikes this year. About 72% of the landlords surveyed said they were planning to increase rents within 12 months.
Walmart adding 4 fulfillment centers, more than 4,000 jobs
BENTONVILLE, Ark. (AP) — Walmart is adding four new fulfillment centers to its existing capacity, a move that will bring more than 4,000 jobs and make next- or two-day shipping available to more Americans. Walmart said Friday 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 U.S. population with next- or two-day shipping on millions of items, including Marketplace items shipped by Walmart fulfillment services.
The S&P 500 fell 68.28 points, or 1.6%, to 4,108.54. The Dow Jones Industrial Average dropped 348.58 points, or 1%, to 32,899.70. The Nasdaq shed 304.16 points, or 2.5%, to 12,012.73. The Russell 2000 index of smaller companies lost 14.62 points, or 0.8%, to 1,883.05.