US employers still reluctant to add many jobs as hiring slows in June
WASHINGTON (AP) — U.S. employers pulled back on hiring last month and added only 57,000 jobs, less than half the previous month’s total and a sign companies still have a cautious economic outlook. The Labor Department said Thursday that the unemployment rate declined to a low 4.2% from 4.3% in May, though the decline mostly occurred because many people out of work gave up looking and were no longer counted as unemployed. The figures suggest companies remain wary of the economy’s health, with inflation at a three-year high and consumer confidence near post-pandemic lows.
Trump Accounts launch July 4, giving newborns $1,000. Here's what to know
WASHINGTON (AP) — President Donald Trump is launching Trump Accounts on July 4, aiming to boost financial independence for children born during his second term. Parents can open accounts for these children, receiving $1,000 from the government and potentially more from billionaires who've pledged funds. The funds are managed by private firms and are invested in the stock market. Children can access the money at age 18 for specific purposes, such as education or home buying. The program has faced criticism for failing to address kids’ immediate needs and for potentially widening the wealth gap. Affluent families that can afford to put their own money in the accounts will realize the greatest benefits.
Taylor Swift and Travis Kelce donate $26M to charities ahead of wedding
Taylor Swift and Travis Kelce have donated $26 million to charities this week ahead of their Friday wedding at Madison Square Garden. According to Swift's publicist, the donations were spread out across 20 local and national charities. The announcement did not include any mention of Swift and Kelce’s wedding, but a law enforcement official briefed on security plans has told AP that the wedding will be held Friday, with a smaller rehearsal dinner Thursday night. Nine of the selected organizations are based in New York, ranging from the Food Bank For NYC, City Harvest, to Musical Mentors, a nonprofit that connects music teachers with students in need.
The Dow hits a record as most of Wall Street rises, but slumping AI stocks keep indexes mixed
NEW YORK (AP) — Most U.S. stocks rose, and the Dow Jones Industrial Average set another record, but more drops for chip stocks and other AI winners kept indexes mixed. The S&P 500 finished basically unchanged on Thursday, even though seven out of every 10 stocks within the index rose. The Dow rallied 1.1%, while the Nasdaq composite dropped 0.8% after erasing an early gain. Stocks broadly got help from data showing U.S. hiring slowed last month. That pushed traders to trim bets for a possible hike to interest rates later this month. But chip stocks from Seoul to New York continued to slide.
Canada advances Alberta pipeline to Pacific Coast to expand oil exports beyond the US
TORONTO (AP) — Canada moved to advance a Pacific Coast pipeline from Alberta as Prime Minister Mark Carney seeks to diversify oil exports beyond the United States while easing separatist tensions and preserving environmental protections on British Columbia’s northern coast. Carney and Alberta Premier Danielle Smith unveiled a proposed route through southern British Columbia, saying the project would open more Canadian oil to Asian markets while preserving a ban on oil tankers off northern British Columbia. Smith has long complained that Carney’s predecessor, Justin Trudeau, hindered the province’s energy industry and fueled separatist sentiment.
Carney and Marcos deepen Canada-Philippines ties as Ottawa looks beyond US trade
VANCOUVER, British Columbia (AP) — Canadian Prime Minister Mark Carney welcomed Philippine President Ferdinand Marcos Jr. to Canada for the first visit by a Philippine leader in more than a decade as the two countries deepen economic and security ties. Carney says Filipino-Canadians are “at the very heart” of Canada, and both countries can benefit in energy security and critical minerals through a strategic partnership. The two leaders pledged to pursue a Canada-Philippines free trade agreement, deepen defense and maritime cooperation in the Indo-Pacific, and strengthen economic ties supported by Canada’s one million-strong Filipino community.
A grim job outlook meets a scrappy workforce as administrative assistants harness AI
Employment data offers a grim outlook for secretaries and administrative assistants in the age of artificial intelligence, but workers in the women-dominated occupation say the numbers don’t tell the whole story. Administrative professionals say adapting is a key part of their day-to-day. By tasking AI with the more repetitive items and freeing up time for more strategic work, some say they are using these tools as a launchpad for career growth. But according to a Brookings Institution report they may be more exposed to AI-induced displacement than other professionals.
Heat adds to strains on areas with data centers, raising the temperature on AI debates
LOWELL, Mass. (AP) — Extreme heat like the weather sweeping the eastern U.S. drives up energy demands for data centers, adding to their strain on power grids and worsening air quality for surrounding areas. The impact on local communities that face increased pollution underscores why the artificial intelligence industry is feeling so much heat over the fast-sprouting facilities. Around the country, data centers have been blamed increasingly for a host of environmental ills. Some tech industry figures say the facilities have become lightning rods for concerns over broader economic and societal changes posed by the AI boom.
Tesla sales jumped last quarter in a possible sign the worst of the Musk backlash is behind it
NEW YORK (AP) — Tesla car sales jumped over the past three months in a possible sign the worst of the boycotts against the automaker and lost market share to rivals are behind it. The electric vehicle maker run by Elon Musk reported Thursday that it delivered 480,126 cars, a 25% gain over the 384,122 sold year ago, as Europeans picked up their buying. They had shunned the company because of Musk's embrace of far right political candidates, protesting at showrooms and burning him effigy last year.
Average 30-year US mortgage rate falls to 6.43%, its lowest level in seven weeks
The average long-term U.S. mortgage rate fell this week to its lowest level since mid-May, easing borrowing costs for prospective homebuyers. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate eased to 6.43% from 6.49% last week. One year ago, the average rate was 6.67%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also declined this week. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.
