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US hires increase in July, but the variant is the wild card
WASHINGTON (AP) – Hires surged in July as US employers created 943,000 jobs. The unemployment rate has fallen to 5.4% as the US economy continues to rebound with surprising strength since the coronavirus shutdown last year. July’s figures beat economists’ forecasts for more than 860,000 new jobs. The hotels and restaurants, which are reopening and doing good business, created 327,000 jobs last month. The number of people who reported having a job rose by 1 million, pushing the unemployment rate down from 5.9% in June. The economy and labor market, however, face a growing threat from the highly contagious delta variant of the coronavirus.
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United Airlines will require U.S. employees to be vaccinated
CHICAGO (AP) – United Airlines will require U.S.-based employees to be vaccinated against COVID-19 by the end of October, and possibly sooner. United announced the decision on Friday. The airline is joining a growing number of large companies that will require vaccinations. This happens as a mutant variation of COVID-19 leads to an increase in new infections. United CEO Scott Kirby said he knew some employees would disagree with the decision. But he says it’s clear – that everyone is safer when everyone is vaccinated. United has 67,000 employees in the United States. It is the first major US airline to declare that it will require vaccinations for workers.
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Biden gives Senate boost over ‘historic’ $ 1 million infrastructure bill
WASHINGTON (AP) – President Joe Biden congratulates the Senate for bringing the bipartisan infrastructure plan closer to the passage. Biden on Friday compared the “historic investment” to building the transcontinental railroad or the interstate highway system – lofty themes he has already touched upon as he cheered on Congress. He says the public works projects launched will be fueled by well-paying blue-collar jobs. The president’s nod of encouragement comes as the Senate stalled overnight, unable to speed up the process towards votes. Some senators wanted more chances to amend the 2,700-page package, and some opponents were hesitant about the price. A key vote is now scheduled for Saturday.
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SEC approves Nasdaq plan to require board diversity
ARLINGTON, Va. (AP) – The Securities and Exchange Commission has approved the groundbreaking Nasdaq proposal to increase the number of women, racial minorities and LGBTQ people on the boards of corporate America. The new policy requires that most of the approximately 3,000 companies listed on the Nasdaq have at least one woman on their board of directors, as well as someone from a racial minority or who identifies as gay, lesbian, bisexual, transgender or queer. Companies with five or fewer board members, however, will only have one diverse member. Companies that do not meet the diversity criteria will not be delisted but will have to explain publicly why they were not able to comply. The rules also require companies to publicly disclose diversity statistics from their boards.
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Strong jobs report sends most stocks and bond yields higher
NEW YORK (AP) – Treasury yields rose on Friday and two major stock indexes hit record highs after a report showed the US labor market is improving broadly. The S&P 500 added 0.2% and the Dow Jones Industrial Average rose 0.4%, both marking all-time highs. Declines by several Big Tech companies helped push the Nasdaq composite down 0.4%. The government’s monthly jobs report showed hiring was stronger across the economy in July compared to economists’ expectations. This has raised expectations for the Federal Reserve to soon cut its aid to the economy. It would be a drag on all stocks, especially high-flying tech companies.
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Democratic senator urges Fed to start cutting back on bond purchases
WASHINGTON (AP) – A prominent Democratic senator, expressing concern about inflation, is urging the Federal Reserve to start cutting back on monthly bond purchases. In a letter to Fed Chairman Jerome Powell, Senator Joe Manchin said he had become “increasingly alarmed” that the Fed continues to buy $ 120 billion a month in government bonds. Treasury and Mortgage Backed Securities even with the recession triggered by COVID. the pandemic is over and “our strong recovery is well underway”. While a number of Republicans have criticized the Fed for failing to start cutting monthly bond purchases even as signs of inflationary pressures mount, Manchin is the first Democrat to issue similar criticisms.
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As Americans Pay More Rent, Homeowners Get Some Relief
LOS ANGELES (AP) – Americans are paying more to live in apartments as demand for housing increases and many potential buyers are forced to rent because house prices have become too high. A key measure of rent growth in the apartment industry rose in the second quarter for the first time since the first quarter of 2020. Recent data from Zillow shows that rents jumped 7.1% in June, the highest year-over-year increase dating back to 2015. Soaring rental costs are a boon to owners of large apartment communities more than a year after the economy slipped into a recession that has left millions of Americans unemployed and struggling to pay their rent.
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Norwegian Cruises challenges Florida’s passenger vaccine law
ST. PETERSBURG, Fla. (AP) – Norwegian Cruise Line on Friday asked a federal judge to block a Florida law prohibiting cruise lines from requiring passengers to present written proof of coronavirus vaccination before boarding a ship. Norwegian argues that Republican Gov. Ron DeSantis’ ban on ‘passport vaccine’ enacted in May endangers the health and safety of passengers and crew and constitutes an unconstitutional violation of the freedom of speech guarantee of the First Amendment, among others. Norwegian lawyer Derek Shaffer told U.S. District Judge Kathleen Williams in a remote hearing that the vaccination requirement for her passengers is especially needed because Florida has recently seen a sharp increase in COVID-19 cases. and hospitalizations.
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The S&P 500 gained 7.42 points, or 0.2%, to 4,436.52. The Dow Jones Industrial Average rose 144.26 points, or 0.4%, to 35,208.51. The Nasdaq lost 59.36 points, or 0.4%, to 14,835.76. The Russell 2000 Small Business Index rose 11.75 points, or 0.5%, to 2,247.76.
