The US gained 64,000 jobs in November but lost 105,000 in October; unemployment rate at 4.6%
WASHINGTON (AP) — The United States gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration, the government said in delayed reports. The unemployment rate rose to 4.6%, highest since 2021. Both the October and November job creation numbers, released Tuesday by the Labor Department, came in late because of the 43-day federal government shutdown. Hiring has clearly lost momentum, hobbled by uncertainty over President Donald Trump’s tariffs and the lingering effects of the high interest rates the Federal Reserve engineered in 2022 and 2023 to rein in an outburst of inflation.
Trump orders blockade of 'sanctioned oil tankers' into Venezuela, ramping up pressure on Maduro
WASHINGTON (AP) — President Donald Trump says he is ordering a blockade of all “sanctioned oil tankers” into Venezuela, ramping up pressure on the country’s authoritarian leader Nicolás Maduro. The moves comes after U.S. forces last week seized an oil tanker off Venezuela’s coast, an unusual move that followed a buildup of military forces in the region. In a post on social media Tuesday night announcing the blockade, Trump alleged Venezuela was using oil to fund drug trafficking and other crimes. Venezuela’s government accused Trump of “violating international law, free trade, and the principle of free navigation” with “a reckless and grave threat.”
US tariffs are having an uneven effect on holiday prices and purchases
NEW YORK (AP) — Many U.S. consumers say they’ve noticed higher than usual prices for holiday gifts in recent months, according to a a December poll from The Associated Press-NORC Center for Public Affairs Research. A contributing factor is the unusually high import taxes the Trump administration put on foreign goods. While the worst-case consumer impact that many economists foresaw from the administration’s trade policies hasn’t materialized, some popular gift items have been affected more than others. Most toys and electronics sold in the U.S. come from China. So do most holiday decorations. Jewelry prices have risen due to the cost of gold.
Retail sales unchanged in October hurt in part by a decline in auto sales
NEW YORK (AP) — Sales at U.S. retailers and restaurants were unchanged in October from September as consumers moderated their spending amid worries about higher prices and other economic uncertainties after splurging over the summer. But a big factor dragging down the figure was a 1.6% drop in sales at auto dealerships, hurt by the expiration of subsidies that sliced demand for battery-powered electric cars. Excluding that category, retail sales rose 0.4%, the Commerce Department said. Tuesday's report was delayed more than a month because of the 43-day government shutdown. The overall flat spending in October was less than economists expected and followed a revised 0.1% increase in September, the agency said. Retail sales jumped 0.6% in July and August and 1% in June.
FAA head vows to maintain safety measures implemented after tragic DC plane crash
The head of the Federal Aviation Administration says he won’t forget the 67 people who died when an airliner collided with an Army helicopter over Washington, D.C., in January. Bryan Bedford says he won't allow operations in the airspace over the nation’s capital to revert back to the way they were before the crash. Bedford gave the House aviation subcommittee an update on a number of key concerns about his agency. Provisions in a major defense bill have been widely criticized by safety experts who say they will make flying riskier.
16 states sue Trump administration again over billions in withheld electric vehicle charging funds
DETROIT (AP) — Sixteen states and the District of Columbia are suing President Donald Trump’s administration for what they say is unlawfully withholding billions of dollars in funding for two electric vehicle charging programs. The lawsuit filed Tuesday in Washington state is the latest legal battle that several states are pursuing to receive funding for EV charging infrastructure that they say was obligated to them under former President Joe Biden.
Texas sues utility company to recover damages from historic wildfire sparked by downed power lines
AUSTIN, Texas (AP) — Texas is suing the utility company whose downed power lines sparked the largest wildfire in state history. The deadly Smokehouse Creek fire in 2024 destroyed homes and livestock, and charred miles of landscape, causing more than $1 billion in damage. The lawsuit accuses Xcel Energy of neglecting aging utility poles that needed to be replaced. The company says it has taken responsibility for the downed lines, and has paid more than $350 million in damage claims. And it says it was not negligent and will fight the lawsuit.
Ford scraps fully-electric F-150 Lightning as mounting losses and falling demand hits EV plans
DETROIT (AP) — Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles. Instead it'll invest in more efficient gasoline-engines and hybrid EVs, the company said Monday. The Detroit automaker, which has poured billions of dollars into electrification along with most of its industry peers, said it will no longer make the F-150 Lightning electric pickup truck, instead opting for an extended range version of the vehicle.
Wall Street slips as oil prices keep dropping
NEW YORK (AP) — The U.S. stock market drifted through a mixed day of trading after reports on the economy did little to clear uncertainty about where interest rates may be heading. The S&P 500 slipped 0.2% Tuesday and remains a bit below its all-time high set last week. The Dow Jones Industrial Average dipped 302 points, and the Nasdaq composite rose 0.2%. Stocks of oil companies weighed on themarket after the price for U.S. crude fell to its lowest level since 2021. Treasury yields eased after reports on the U.S. job market, retail sales and business activity did little to clear uncertainty about where the Federal Reserve may take interest rates.
Jared Kushner pulls out of Paramount’s hostile bid for Warner Bros. Discovery
A private equity firm owned by Jared Kushner says it's no longer backing Paramount’s hostile acquisition bid for Warner Bros. Discovery. Warner agreed to be bought by Netflix in early December. But Paramount launched a rival bid that seeks to bypass Warner’s management and appeal directly to its shareholders with more money. Paramount is offering $30 per Warner share to Netflix’s $27.75. Experts say an acquisition of the “big five” studio could supercharge the winning company and reshape the streaming wars. Warner is reviewing Paramount’s offer and is expected to tell shareholders soon whether it’s a better deal than selling to Netflix.
