US job market stalled in July as employers cut 23,000 jobs, delivering political setback to Trump
WASHINGTON (AP) — U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because Americans left the job market. The July jobs numbers from the Labor Department Friday marked a sharp reversal for the American labor market and amount to a political setback for President Donald Trump less than three months before his Republican party seeks to keep full control of Congress in the upcoming midterm election. Forecasters had expected job creation to approach 100,000 last month.
US stocks jump as employers unexpectedly cut 23,000 jobs, raising hopes that rate hikes can wait
NEW YORK (AP) — Stocks rose on Wall Street and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month. The S&P 500 rose 0.6% Friday, topping the all-time high it set on Tuesday. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite added 1.3%. The weaker signal on the job market raised hopes that the Federal Reserve can wait longer before raising interest rates to fight inflation. The yield on the 10-year Treasury fell to 4.64%. The price of Brent crude rose 1.3%.
New Mexico attorney general hopes Meta ruling leads to Big Tech review. Here's what to know
New Mexico's attorney general hopes a huge ruling against social media giant Meta is just a step in addressing how Big Tech can harm children. A New Mexico judge ordered Meta to pay $567 million and make changes to protect users under 18. This decision follows a previous $375 million judgment, bringing Meta's total liability to $942 million. The court found Meta knowingly harmed children's mental health and concealed child exploitation on its platforms including Facebook and Instagram. The ruling requires Meta to improve age verification, limit chatbot interactions with children, and reduce addictive features. Meta plans to appeal and says it is confident in how it protects children on its platforms.
Some US adults are using AI for financial guidance but few trust it, Gallup poll finds
NEW YORK (AP) — U.S. adults are using artificial intelligence for financial guidance, but it’s far from the most trusted source of advice. That's according to a new Gallup survey conducted in partnership with financial services firm Edward Jones. About 1 in 5 Americans who sought financial guidance in the past year used AI, but fewer than 3 in 10 adults overall have any confidence in its expertise, according to the survey. The poll found a disconnect between the resources Americans trust for financial advice, and the ones they actually rely on.
China's exports slow slightly in July despite robust demand for high-tech products
BANGKOK (AP) — China has reported its exports slowed slightly in July from the month before despite strong growth in demand for high-tech electronics and vehicles. Customs data released Friday showed China’s trade surplus narrowed to $112.5 billion from $125.6 billion in June. Exports rose nearly 24% in July from a year earlier, while imports were up 27.5% year-on-year. Trade data show China has fully transitioned from providing mostly low-cost manufacturing to supplying vital machinery and components for advanced manufacturing. Exports of high-tech items surged nearly 41% in January-July from the same period the year before, while shipments of vehicles jumped 55%.
FAA orders crack inspections for hundreds of Boeing 737 Max jets
CHICAGO (AP) — The Federal Aviation Administration orders inspections for hundreds of Boeing planes, following reports of cracks in some older models. The rule, finalized Thursday, applies to certain Boeing 737 Max models and takes effect September 10. The FAA estimates this covers 471 planes. So far, no cracks have been found in these specific Max models. However, the FAA received reports of cracks in older 737 planes. Boeing says it has been working with operators on this issue for six years and already initiated its own inspections. The company supports the FAA's latest directive.
Army opens test ranges to small companies to try to get weapons quicker to the battlefield
CAMP GRAYLING, Mich. (AP) — The U.S. Army says it’s opening up test ranges to private companies developing missiles and drones. Army Secretary Dan Driscoll told The Associated Press that it was driven in part by his observations of the war in Ukraine and how quickly that country has moved to produce new weapon systems. He told reporters Friday at a range in Michigan that he pledged to grant companies access to ranges within 30 days of a request. The announcement comes as warfare is rapidly changing, particularly with the use of cheap drones in Ukraine and Iran. The Pentagon also is grappling with the costs of the Iran war, which has diminished the nation’s stockpiles of advanced weapons.
Court orders Instagram and Facebook's Meta to pay $567M to address kids' mental health online
A New Mexico court has ordered Instagram and Facebook parent company Meta to pay $567 million to address harms to young people from its platforms. The order came late Thursday in the second phase of a landmark trial that the social media giant lost in March. Judge Bryan Biedscheid said $420 million of the money will be used for treatment services for young people. The rest will go toward awareness and prevention, screening services and other costs over the next five years. Meta said in a statement that it disagreed with the ruling and will appeal it. Meta added that it remains confident in its record of protecting teens online.
A Russian retail giant’s warehouse burns after Ukraine's latest long-range drone attack
Ukrainian long-range drones have hit a warehouse in the Ural Mountains belonging to Russia’s largest online retailer. The site of the attack, reported Friday, is over 2,000 kilometers from the border. Ukraine has been targeting distant Russian sites, showcasing its drone innovation as a response to the invasion. Officials say the Wildberries warehouse in Yekaterinburg was set ablaze, but most merchandise was unharmed. Ukrainian President Volodymyr Zelenskyy is pushing for more technological advances, especially in air defense systems. Meanwhile, Ukrainian defenses in the eastern regions remain under pressure as Russia seeks a breakthrough after months of minimal advances.
FACT FOCUS: Trump boasts about the economy but there's more to the story
President Donald Trump has been highlighting his economic achievements, pointing to record stock market highs and claims of increased hiring, manufacturing, and investment. Some claims are true, while others are exaggerated or unclear. Ahead of the November 3 midterms, voters are frustrated with the economy and high living costs. An AP-NORC poll in late July showed only 32% of U.S. adults approved of Trump’s handling of the economy. Meanwhile, 69% described the economy as “poor,” with many citing the cost of essentials like groceries and gas as major stressors.
