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North America
CNBC Finance

FAA says Boeing 737 Max software glitch not a flight-safety issue

The Federal Aviation Administration said Friday that it has determined a new software glitch on some Boeing 737 Max aircraft isn't a flight-safety issue. The determination paves the way to certification for the last model in the company's best-selling family of airplanes, the 737 Max 10, just as Boeing seeking to sell and deliver more aircraft after years of safety and manufacturing crises. Boeing flagged the software issue, which could affect certain landing procedures, last month and the FAA on Monday said it was reviewing to determine if it poses a safety of flight issue. "Following a thorough review, a panel of FAA safety experts on Friday determined a software issue in certain Boeing 737 MAX flight computers is not a safety concern," the FAA said. "The FAA's Corrective Action Review Board made that determination because pilots retain full control of the aircraft and the indications to the flight crew are clear and unambiguous." Boeing said the issue could arise after a missed approach when pilots alter a preprogrammed flight path, and that pilots must take additional steps to use automated tools on subsequent approaches. The FAA said on Friday that it will issue a special bulletin to airlines on how to recognize and respond to the issue if it arises. The agency convened a review board on Friday to assess the issue. Participants included FAA experts on airframes, flight controls, propulsion, flight testing and others. "As with any situation, the FAA will consider appropriate action if it receives new information about this issue," the agency said. U.S. airlines said they're not affected by the issue since they could revert to older versions of the software, but the problem raised questions about certification of the Boeing 737 Max 10, which Boeing and airlines expected to come in early fall. The Max 10 is the largest in the family of airplanes and would be the last of the Max lineup to win government certification to fly. The FAA approved the Max 7, the smallest in the Max family, in August. Chief executives of 737 Max 10 customers, Alaska Airlines and Ryanair, earlier this week brushed off concerns about the aircraft's certification delays. Get this delivered to your inbox, and more info about our products and services.

FAA says Boeing 737 Max software glitch not a flight-safety issue
North America
CNBC Finance

Why Lilly and Novo are betting on amylin to power a new wave of obesity drugs after GLP-1s

The next generation of blockbuster obesity drugs isn't trying to replace GLP-1 medicines. Instead, drugmakers are developing treatments that can complement existing drugs and push weight loss further, or offer new options for potentially millions of people who may not get enough benefit from GLP-1s. That's the early potential of a new slate of injections, pills, and combination regimens targeting the amylin pathway, which involves a hormone released in the pancreas alongside insulin that helps regulate hunger and fullness. Amylin gives Eli Lilly, Novo and several other companies another biological lever to pull in treating obesity and Type 2 diabetes, either as an independent treatment or layered on top of existing drugs. The company's experimental amylin-targeting drug, eloralintide, helped produce substantially more weight loss when combined with tirzepatide – the active ingredient in its blockbuster Zepbound and Mounjaro shots – in a Phase 2 trial on patients with obesity and Type 2 diabetes. At 48 weeks, people receiving the highest-dose combination lost an average of 23.3% of their body weight, compared with 14.8% among those only taking a high dose of tirzepatide. Those figures are based on efficacy analysis that assumes patients remained on treatment in the trial. "These are encouraging results," said Benjamin Bikman, a professor at Brigham Young University and leading expert on metabolic health and insulin resistance. "Adults with type 2 diabetes typically lose less weight on these therapies than those without diabetes." Lilly is developing eloralintide both as a standalone treatment and as part of that combo therapy. The two components make up what some analysts view as a major future franchise for the company. Leerink Partners analyst David Risinger forecasts $23.2 billion in annual sales for Lilly's eloralintide products by the end of 2035. He said he expects the standalone drug to launch first in 2029, followed by the combo in 2030. "There are millions of individuals, potentially over 10 million people, who have tried GLP-1s and failed due to efficacy reasons, tolerability issues, or genetic issues where they simply do not respond to one," Risinger told CNBC. "We think this novel mechanism, this amylin analog … will offer a major new treatment alternative for patients, both as a monotherapy and as a combination therapy. " Risinger said he sees greater potential for standalone eloralintide given the "huge independent patient pool" that hasn't seen success on existing GLP-1s. Lilly still sees a clear opportunity for pairing the medications. "Patients may not get what they need from a drug like tirzepatide," Ken Custer, president of Lilly Cardiometabolic Health, said in an interview. "They may not get what they need from a drug like a eloralintide on its own." Bikman also said he sees the combo as an opportunity for patients who started on tirzepatide alone but saw their weight loss plateau.

Why Lilly and Novo are betting on amylin to power a new wave of obesity drugs after GLP-1s
North America
CNBC Finance

Ford fends off Hyundai to retain No. 3 U.S. sales position in third quarter

DETROIT — Ford Motor retained its No. 3 U.S. sales position during the third quarter by a narrow margin over Hyundai Motor, which had been forecast to overtake the Detroit automaker. Ford on Friday reported a year-over-year sales decline of 6.6% during the third quarter to 507,395 light-duty vehicles. That figure excludes its largest heavy-duty trucks, which are classified differently. That compares to the South Korean automaker, including Hyundai, Kia and Genesis brands, reporting a 5.4% increase to 506,200 vehicles during the quarter. Both companies performed better than expected. A forecast last week by Cox Automotive had called for Hyundai to overtake Ford in quarterly sales for the first time. Hyundai has been making major inroads in the U.S. this year. Ford, meanwhile, has struggled with production of its crucial F-Series pickup trucks after two supplier fires last year that disrupted production and sales. Ford retains a roughly 89,700-unit sales lead for the year over Hyundai through the third quarter, according to data reported this week by the companies. The current U.S. sales leader for 2026 is General Motors, followed by Toyota Motor. However, the Japanese automakers has been making gains against GM this year. Ford on Friday downplayed Hyundai's proximity in sales, citing Kia and Hyundai brands operating separately in the U.S. despite having a corporate parent. In addition to the F-Series production problems, Ford's year-over-year sales comparisons have been tough due to the discontinuation of vehicles such as the Ford Escape. Rob Kaffl, Ford's head of U.S. sales, said Friday that sales and inventories of F-Series pickups, including its F-150, continued to improve during the quarter. "Some of the headwinds we had early in the year are kind of behind us, and it's really setting us up for a really strong Q4 as we move in," Kaffl said during a media call. F-Series sales were only off 1.9% during the third quarter, including a 97.1% decline of the discontinued F-150 Lightning electric pickup truck.

Ford fends off Hyundai to retain No. 3 U.S. sales position in third quarter
North America
Yahoo Finance

U.S. economy adds just 29,000 jobs in September

Video Ad Feedback U.S. economy adds just 29,000 jobs in September Link Copied! ZipRecruiter labor economist Nicole Bachaud reacts to the numbers. Video Ad Feedback U.S. economy adds just 29,000 jobs in September 3:10 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/rye-founder-and-owner-martin-auer.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/rye-founder-and-owner-martin-auer.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Max Foster, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-10-02T21:42:46.007Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/10/02/business/video/new-york-sixty-dollar-bread-auer-live-100104pseg2-cnni-business-fast" data-branding-key="" data-video-slug="new-york-sixty-dollar-bread-auer-live-100104pseg2-cnni-business-fast" data-first-publish-slug="new-york-sixty-dollar-bread-auer-live-100104pseg2-cnni-business-fast" data-video-tags="cnni-fast" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Video Ad Feedback NYC bakery's $60 loaf of bread sparks social media buzz 3:34 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/sept-jobs-report.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/sept-jobs-report.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="" data-show-html="" data-byline-html=" " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-10-02T13:14:37.668Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/10/02/business/video/what-to-make-of-the-final-jobs-report-before-the-midterm-elections-cnc" data-branding-key="" data-video-slug="what-to-make-of-the-final-jobs-report-before-the-midterm-elections-cnc" data-first-publish-slug="what-to-make-of-the-final-jobs-report-before-the-midterm-elections-cnc" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> What to make of the final jobs report before the midterm elections 3:27 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/thumb-23030759-1812536-084-thumb.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/thumb-23030759-1812536-084-thumb.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="The Lead" data-byline-html=" By Jake Tapper, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-30T23:09:01.670Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/30/business/video/exiger-ceo-reacts-to-tech-execs-pledging-to-self-police-ai-companies-lead-jake-tapper" data-branding-key="" data-video-slug="exiger-ceo-reacts-to-tech-execs-pledging-to-self-police-ai-companies-lead-jake-tapper" data-first-publish-slug="exiger-ceo-reacts-to-tech-execs-pledging-to-self-police-ai-companies-lead-jake-tapper" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> CEO reacts to tech execs pledging to ‘self-police’ their AI products 2:06 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/screenshot-2026-09-29-at-3-07-17-pm.png?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/screenshot-2026-09-29-at-3-07-17-pm.png?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Blake McGill, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-29T18:54:56.387Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/29/business/video/cncpm-trump-bans-canadian-alcohol-imports" data-branding-key="" data-video-slug="cncpm-trump-bans-canadian-alcohol-imports" data-first-publish-slug="cncpm-trump-bans-canadian-alcohol-imports" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Video Ad Feedback Trump bans Canadian booze. Will American shoppers notice? 2:57 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-23025583-47741-still.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-23025583-47741-still.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Maisie Linford, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-29T13:25:58.487Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/29/business/video/greenland-energy-ceo-robert-price" data-branding-key="" data-video-slug="greenland-energy-ceo-robert-price" data-first-publish-slug="greenland-energy-ceo-robert-price" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Video Ad Feedback Greenland Energy CEO says 'The world needs oil' 4:06 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/screenshot-2026-09-28-at-1-59-23-pm.png?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/screenshot-2026-09-28-at-1-59-23-pm.png?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Blake McGill, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-28T17:55:37.455Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/28/business/video/cncpm-nvidia-new-software-platform-rogue-artificial-intelligence-agents-jensen-huang" data-branding-key="" data-video-slug="cncpm-nvidia-new-software-platform-rogue-artificial-intelligence-agents-jensen-huang" data-first-publish-slug="cncpm-nvidia-new-software-platform-rogue-artificial-intelligence-agents-jensen-huang" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Video Ad Feedback Nvidia launches new tool to keep AI agents from going rogue 6:02 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/mims-ai-inflation.png?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/mims-ai-inflation.png?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Pamela Brown and David Goldman, CNN " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-28T16:21:26.020Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/28/business/video/cnn-sitroom-brown-goldman-make-it-make-sense-ai-boom-inflation" data-branding-key="" data-video-slug="cnn-sitroom-brown-goldman-make-it-make-sense-ai-boom-inflation" data-first-publish-slug="cnn-sitroom-brown-goldman-make-it-make-sense-ai-boom-inflation" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Video Ad Feedback Make It Make Sense: Why is the AI boom making inflation harder to tame? 4:22 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/videothumbnails/32651642-68501534-generated-thumbnail.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/videothumbnails/32651642-68501534-generated-thumbnail.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="Smerconish" data-byline-html=" " data-timestamp-html=" Published 6:33 PM EDT, Fri October 2, 2026 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-09-26T14:20:05.950Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/09/26/business/video/smerconish-0926-wealth-growth-america" data-branding-key="" data-video-slug="smerconish-0926-wealth-growth-america" data-first-publish-slug="smerconish-0926-wealth-growth-america" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="" data-unselectable="true" data-details=""> Smerconish speaks with Eric Zwick, co-author of the book "The Everywhere Millionaire", about "main street millionaires", a class of Americans across the country operating businesses in their communities, and the entrepreneurial promise that offers another path to upward mobility.

U.S. economy adds just 29,000 jobs in September
Europe
BBC Business

UK diesel price hits £2 a litre as US calls for Europe to release more stocks

Image source, PA MediaByLucy HookerBusiness reporterPublished2 October 2026, 11:11 BSTUpdated 39 minutes agoThe average price of diesel has risen above £2 a litre in the UK for the first time, according to the RAC motoring body, as the fallout from the Iran war continues to push up the cost of fuel. Diesel has now hit an average of 200.01p a litre, the RAC said, and petrol prices are also still rising, reaching 174.71p a litre on average. The motoring group said price rises were "showing no signs of slowing, heaping more misery onto motorists". The US has put increasing pressure on European countries to release more diesel stocks, to help lower diesel prices worldwide, with President Trump threatening to ban US exports of the fuel. Banning exports would mean more US diesel for the domestic market, which could ease prices for American motorists ahead of the midterm elections in November. However, it would be likely to push up prices elsewhere, including in the UK and the EU. US President Donald Trump said he was considering a ban, and backed his Treasury Secretary Scott Bessent who has urged European countries to release diesel supplies "immediately", arguing that US farmers, truckers, and businesses "should not be left carrying the burden" as prices soar. On Friday, the EU said it "fully rejects" the US threat to ban diesel exports if Europe fails to release more of its reserves onto the market. "It would undermine our trust in the United States as a reliable partner," an EU spokesperson said. EU countries agreed in March to release some stocks as part of an internationally co-ordinated response to the Iran war. With prospects for the war and fuel supplies still uncertain, not all EU countries have met those commitments. "We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry," a government spokesperson said. The government has stressed that there is no cause for concern about potential diesel shortages, though prices are expected to rise further.

UK diesel price hits £2 a litre as US calls for Europe to release more stocks
Europe
BBC Business

Suppliers pile pressure on government over energy bills

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished3 October 2026, 04:47 BSTUpdated 2 hours agoThe government should take immediate action to help those struggling with energy bills this winter, the suppliers' trade body has said. Energy UK said domestic gas prices, which rose on Thursday, and forecasts of steep rises in January meant inaction would lead to a longer-term, more costly and deeper crisis. Figures revealed by the BBC earlier this week showed forecasters predicting a 16% rise in domestic energy prices in the new year for 20 million households on variable tariffs affected by regulator Ofgem's price cap. Prime Minister Andy Burnham said the government was considering any measure that took the pressure off. Households in England, Scotland and Wales on variable energy tariffs set by Ofgem's price cap, which puts a maximum price on each unit of gas and electricity, were hit with a 4% price increase at the start of October. That is the equivalent of about £60 per year - or £5 per month - taking an annual bill to £1,723 for the typical household using both electricity and gas and paying by direct debit if this level was sustained for a year. But forecasts show a far greater increase is possible for bills in January. Consultancy Cornwall Insight said its latest forecast suggested the same typical annual bill would rise to £1,999. Energy UK said it accepted the government had already provided some support. VAT on electricity bills was cut on Thursday, and some levies were cancelled or shifted into taxation earlier this year. But the trade body said these savings had been wiped out by high wholesale prices, paid by suppliers, that were the result in part of international events - namely conflict in the Middle East and the disruption to shipping through the Strait of Hormuz. It said bills were soaring as they had in 2022 when they were driven up by the impact of Russia's invasion of Ukraine. "We cannot afford to wait for the same scale of crisis before acting again. We must heed the lessons from that time," said Dhara Vyas, chief executive of Energy UK. She said that the urgent intervention needed was highlighted by growing levels of customer debt, the cost of which now added an average of £67 a year to everyone's bills.

Suppliers pile pressure on government over energy bills
Europe
The Guardian

G7 to release up to 100m barrels of emergency oil and diesel reserves

Emmanuel Macron said ministers had agreed to release stocks from their strategic oil reserves after crisis talks. Photograph: Jeanne Accorsini/Sipa/ShutterstockView image in fullscreenEmmanuel Macron said ministers had agreed to release stocks from their strategic oil reserves after crisis talks. Photograph: Jeanne Accorsini/Sipa/ShutterstockOilG7 to release up to 100m barrels of emergency oil and diesel reservesLeaders agree a coordinated drawdown after surge in prices and Donald Trump’s threat to cut off US supplies Leaders of G7 nations are to release up to 100m barrels of their emergency diesel and crude oil stockpiles after Donald Trump threatened to cut off supplies of US diesel. The French President, Emmanuel Macron, said ministers from some of world’s largest economies had agreed to release stocks from their strategic oil reserves after crisis talks on Friday. Macron convened the leaders’ video call to discuss the global surge in diesel prices, and Trump’s threat to cut off US diesel exports unless Europe tapped their own stockpiles to help cool global markets. Under proposals reportedly drawn up by Macron, the current G7 chair, members will release 50m barrels of diesel and 50m of crude oil into the global market to ease prices. The agreement suggests European countries will avoid being cut off from vital supplies of US diesel after coming under pressure from the White House in recent days to release their emergency supplies or face a US diesel export ban. Trump said he was considering a ban on diesel exports after the surge in sales to overseas buyers pushed US diesel prices to record highs in a blow to the economy before the US midterm elections in November. Macron said G7 nations – which also includes the US, UK, Germany, Italy, Canada and Japan – wanted to “work in a coordinated manner to help bring down the prices of petroleum products, particularly diesel”. He added that the G7 members and partners would front-load a substantial diesel release within the first 20 days and that ministers would discuss the “possibility of additional diesel releases as necessary” in the coming days. “We have all committed together to releasing these strategic reserves in the proportions I mentioned, with a focus on diesel, and we are all committed to ensuring there are no export bans, and President Trump, in particular, was very clear on this point,” Macron said. 9:37Diesel export ban: will Trump push global energy prices even higher? - The LatestTrump said in a post on his Truth Social platform that Europe had “agreed to release a massive amount of their heavily stocked Diesel Oil” and that the process would start “immediately”. The threat of a US export ban presented a considerable challenge for Europe, which produces about 70% of the diesel it consumes from domestic refineries but relies on imports to make up the shortfall.

G7 to release up to 100m barrels of emergency oil and diesel reserves
Europe
BBC Business

US jobs market sees sharp slowdown ahead of midterm elections

Image source, Getty ImagesImage caption, Workforces remained unchanged across major sectors, from tech to retail. American firms are choosing to hold steady rather than hire or fire staff The US jobs market saw a sharp slowdown in September, with employers adding just 29,000 jobs in the final update before the midterm elections. Headcounts were little changed in major sectors from tech to retail as hiring fell significantly from August, according to figures from the Bureau of Labor Statistics (BLS). Meanwhile, the unemployment rate rose slightly from 4.1% in August to 4.2% in September. The figures signal a cooling US economy, which experts said reduced the likelihood of a series of further interest rate hikes by the Federal Reserve. The 29,000 jobs created in September was down from a figure of 133,000 in August, according to revised BLS figures for the month. But George Brown, senior economist at Schroders, said while job gains have been a “rollercoaster“ this year, a single soft report is unlikely to point to a lasting collapse. And Bradley Saunders, North America economist at Capital Economics, said the lower figure was “not disastrous“, adding that a drop in government roles and temporary visa policy changes weighed on overall growth. Jeffery Roach, chief economist at LPL Financial, added that the data showed tension between “goods producing sectors that support the AI boom” and service industries feeling the effect of changes brought about by the tech. “Given the overall softness of the labour market, the likelihood of two Fed hikes is going lower,” he said. The BLS report stands in sharp contrast to President Donald Trump's insistence that America's economy is booming and it is the "hottest" nation in the world. The disconnect is likely to present significant challenges as the president and his fellow Republicans hit the the campaign trail with just a month to go before the midterm congressional elections.

US jobs market sees sharp slowdown ahead of midterm elections
Europe
The Guardian

US added just 29,000 jobs in September in sharp drop from last month’s gains

A man walks by a hiring sign posted outside a restaurant in Arlington, Virginia, on 3 June 2022. Photograph: Olivier Douliery/AFP/Getty ImagesView image in fullscreenA man walks by a hiring sign posted outside a restaurant in Arlington, Virginia, on 3 June 2022. Photograph: Olivier Douliery/AFP/Getty ImagesUS unemployment and employment dataUS added just 29,000 jobs in September in sharp drop from last month’s gainsFinal jobs report before the midterm elections also shows the US unemployment rate rose slightly to 4.2% US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, and unemployment rose slightly to 4.2%, a sign of a cooling labor market in the final jobs report before the midterm election. The numbers were under half of economists’ expectations of just under 70,000 new jobs. Most job gains were concentrated in the healthcare industry, which added 17,000 new jobs, while the information, financial and professional industries saw losses, according to the latest data from the US Bureau of Labor Statistics. Earlier jobs figures were also revised down: Initial reports from July and August altogether dropped by 60,000. The labor market contracted by 10,000 jobs in July after revisions, while August saw 133,000 jobs added. Growth in average hourly earnings slumped to 3%, the lowest rate in over five years. The unemployment rate has remained relatively steady since last year, when it hit 4.5% in November. US jobless claims also inched lower for the fourth week in a row, the labor department said on Thursday. But a closer look at the data also reveals how not all Americans are experiencing the same labor market. Unemployment among Black Americans grew an entire percentage point to 7%, double the rate of white Americans. Though job growth slumped over the summer – the labor market unexpectedly contracted in July and figures in June and May were revised sharply down from initial reports – 162,000 jobs were added in August, the highest since March. Job openings and the number of hires have also remained little changed in August, according to the recent data from the labor department, as the “slow-hire, slow-fire” job market continues. Data from private employers released by the payroll firm, ADP, earlier this week had painted a much rosier picture of the labor market. It found that private sector hiring accelerated last month for the first time since May, carried by growth in the healthcare, education and hospitality industries, and private employers added 90,000 new jobs. The labor market has remained largely strong this year even as the US-Israel war on Iran has upped inflation, especially energy prices. Last month, the Federal Reserve raised interest rates for the first time in three years, citing higher prices. At the time, the Fed chair, Kevin Warsh, emphasized the strength of the US labor market, which “is basically running consistent with full employment”, but he noted that “inflation is too high and has been for too long”.

US added just 29,000 jobs in September in sharp drop from last month’s gains