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

Venture capital’s silent crash: when the tech boom met reality

The venture capital world is in the grip of a silent crash. Unlike the stock market, there are no daily market indexes to broadcast the pain, and no individual share prices for anxious tech employees to watch as their personal wealth evaporates. In fact, for many of the investors and entrepreneurs who have just lived … Read more

Exxon, Chevron post blockbuster profits on oil price boom

Comment on this story Comment The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices. On Friday, Exxon reported net income of $17.9 billion for the three months … Read more

Oil company profits boom as Americans reel from high fuel prices

The US’s biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities. On Friday, ExxonMobil reported an unprecedented $17.85bn (£14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a … Read more

They Flocked to China for Boom Times. Now They’re Thinking Twice.

A.H. Beard, a 123-year-old luxury mattress manufacturer based in Australia, started eyeing China around 2010. At the time, the family-owned company faced looming competition from low-cost, foreign-made mattresses in its home market. China, with its 1.4 billion consumers and a growing middle class with a taste for premium brands, seemed like a good place to … Read more

Slow uptake of Pfizer’s Covid drug hints at end to sales boom

Sales of Pfizer’s antiviral drug Paxlovid have leapfrogged a rival pill developed by Merck and now dominate the Covid-19 treatments market, but slower than expected patient uptake could dent sales over the next six months and beyond. Airfinity, a health data analytics group, said recent data showed the whirlwind pace of new supply deals Pfizer … Read more