America’s jobs boom rolls on, fuelling fears of sustained inflation

(FILES) In this file photo taken on June 03, 2022, people walk past a "now hiring" sign posted outside of a restaurant in Arlington, Virginia. - The US economy continued to add jobs in June at a rapid pace, while the unemployment rate held steady at 3.6 percent and wages rose, according to government data released on July 8, 2022. There were 372,000 new positions added in the month, far more than economists expected, the Labor Deparment reported. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)

It would normally be cause for unalloyed celebration. According to figures released on August 5th, America’s unemployment rate in July fell to 3.5%, matching a half-century low hit just before covid-19. Moreover, with nearly 530,000 jobs created last month—more than twice as many as expected—the economy has now recovered all of the jobs lost during … Read more

Summers Warns Fed on 1970s-Style Mistake With CPI Set to Slow

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Breadcrumb Trail Links PMN Business Former Treasury Secretary Lawrence Summers said he’s concerned that a slowing in headline inflation in upcoming data will prompt the Federal Reserve to conclude its policies are working, when much more action is in fact needed. Author of the article: Bloomberg News Christopher Anstey ivfia)s47){ihg6xzrc]k0fn_media_dl_1.png Bloomberg RSS Article content (Bloomberg) … Read more

Twitter-Musk drama escalates as both sides hurl claims of bad behavior in new filings

The Twitter-Elon Musk saga continued this week, as the two parties traded barbs in legal filings ahead of a five-day trial that’s scheduled to start Oct. 17. Newly released legal documents from lawyers representing Musk in a countersuit against Twitter claim the social media company engaged in a scheme to “mislead investors” by providing false … Read more

Big US job gains give Fed ‘a lot more work to do’ on taming inflation

The Federal Reserve will face more urgency in its fight to cool down the US economy with steep interest rate increases after the latest batch of labour market data showed an unexpected acceleration in jobs gains and strong wage growth. The figures released on Friday eased concerns that the American economy was sharply slowing down … Read more

Fuel cell-powered truck maker Hyzon’s stock suffers record plunge after accounting questions raise delisting fears

Shares of Hyzon Motors Inc. were suffering a record plunge toward a record low Friday, after the maker of fuel cell-powered trucks disclosed a “myriad of issues,” including accounting regularities that will cause it to miss the filing deadline for second-quarter results. That prompted a number of analysts to back away from their bullish stances, … Read more

US agency probes Tesla crashes that killed 2 motorcyclists

1 of 2 This photo provided by Utah Department of Public Safety shows the scene of an accident involving a Tesla and a motorcycle on July 24, 2022 near Draper, Utah. Two crashes involving Teslas apparently running on Autopilot are drawing scrutiny from federal regulators and point to a potential new hazard on U.S. freeways: … Read more

California Regulator Accuses Tesla of Falsely Advertising Autopilot

California’s Department of Motor Vehicles has accused Tesla of falsely advertising its driver-assistance technology in two complaints that could affect the company’s ability to sell cars in the state. The agency said Tesla had misled customers by claiming in advertisements that vehicles equipped with its Autopilot and Full Self-Driving Capability programs were autonomous. If the … Read more

Nomad: Hackers Can Keep 10% of Stolen Crypto if They Return the Rest

Photo: Tino Bandito (Shutterstock) The sheriff of the Nomad decentralized finance project has plastered the walls of the internet with wanted posters over a recent $190 million hack of the company’s systems. Nomad is attempting to play nice about the heist, and it’s asking the dozens of ne’er do wells to voluntarily hand in their … Read more