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US employers shrug off virus and accelerate hiring
WASHINGTON: US employers boosted their hiring in October, adding a solid 531,000 jobs, the most since July and a sign that the virus-induced slowdown is being overcome by the pandemic slowdown. Is. The unemployment rate fell to 4.6 percent last month, from 4.8 percent in September. The jobs report also showed that gains in August and September were not as weak as initially reported: The government revised its recruitment estimate for those two months to a combined 235,000 jobs. All told, the figures point to an economy that is steadily recovering from the slowdown of the pandemic, with healthy consumer spending prompting companies to add workers in nearly every industry.
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COVID-19 pill cuts hospital, death risk 90%, says Pfizer
WASHINGTON: Pfizer says its experimental pill for COVID-19 has cut hospitalization and death rates by nearly 90% in patients with mild to moderate infections. The company announced Friday that it would soon ask the US Food and Drug Administration and international regulators to authorize its pill, which is taken twice a day for five days. A similar pill from competitor Merck is currently under FDA review and was approved by UK regulators on Thursday. Drugmakers around the world are racing to develop an easy-to-use pill to blunt the effects of COVID-19. All treatments now authorized in the US require an IV or injection.
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Bidens bet that the economy will get a boost, Democrats fall flat
WASHINGTON: The US economy should have helped President Joe Biden and the Democrats, but lately it has been hurting them with voters. Americans have become pessimistic about the economy as inflation remains. On Tuesday, voters in Virginia rewarded Republican Glenn Youngkin with a victory in the gubernatorial election, based on a belief that he would be better suited to economic growth. The president could not ignore these realities, yet he said Friday at the White House that the latest numbers reflect a strong, energetic economy.
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Lawsuits over workplace vaccine rule focus on states’ rights
Jefferson City, Mo.: Attorneys general for 26 states have filed federal lawsuits challenging a vaccine mandate for employers issued by the Biden administration. They generally argue that the authority to force vaccination rests with the states, not the federal government. The new mandate applies to private employers with at least 100 employees. The Biden administration says it is confident his need will meet challenges, but legal experts are divided as to which side is likely to prevail. Several businesses also joined the lawsuits filed on Friday, saying they do not want to involve themselves in the health care decisions of their employees.
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The S&P 500 ranks seventh in a row on Wall Street
NEW YORK: US stocks hit record highs on Friday after encouraging reports of hiring across the country. The S&P 500 closed up 0.4%, hitting an all-time high for the seventh day in a row. However, trading was poor, and after climbing to an early gain of 0.8%, the S&P 500 at one point almost gave up. A surprise drop in Treasury yields led the stock to plummet in the middle of the day. The 10-year yield, which moves in line with the economy and inflation expectations, fell to 1.44% and is close to its lowest level since September. Crude oil prices rose.
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Peloton hits wall after running through pandemic
Silver Spring, MD: Peloton has suffered its worst day as a publicly traded company. The exercise bike and treadmill company told investors it would lose more money than expected in FY22 after the sell-off. Peloton recorded its first and only profitable quarters during the pandemic. Americans unable to go to the gym, instead made space to work out at home. But Peloton’s skyrocketing sales have stalled since the rollout of COVID-19 vaccines. Gyms have reopened and people are spending money on travel and other things like restaurants. Its stock lost 35% of its value.
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China slams Hong Kong press freedom survey
HONG KONG: China has criticized a press freedom poll by the Hong Kong Foreign Correspondents Club that found nearly half of its members are considering leaving the city. The survey said members are concerned about a decline in press freedom under a broad national security law imposed by Beijing after massive anti-government protests in 2019. Eighty-three of the 99 journalists surveyed said the work environment had changed for the worse. The law was introduced last June, leading to the arrest of more than 120 people. The commissioner’s office of China’s foreign ministry in Hong Kong warned the FCC to stop making noise and accused the organization of being a black hand interfering in the city’s affairs. It says that there is no complete freedom of the press anywhere.
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Renowned eclectic mill owner Aaron Feuerstein dies at 95
Brookline, Mass.: Aaron Feuerstein has died at the age of 95 after a life in which he rose to fame for continuing to pay workers even after his Massachusetts textile mill closed fire operations. Feuerstein died Thursday night of complications from a fall at his home in Brookline. He was the owner of Malden Mills. The textile factory in Lawrence was known for its Polartec synthetic wool fabrics. The complex burned down in December 1995. But Feuerstein continued to pay his employees for months after the fire. He also committed to rebuilding the factory. His grandfather opened it in 1906.
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The S&P 500 rose 17.47 points, or 0.4%, to 4,697.53. The Dow Jones Industrial Average rose 203.72 points, or 0.6%, to 36,327.95. The Nasdaq closed at 15,971.59, up 31.28 points by 0.2%. The Russell 2000 Index of Small Companies rose 34.65 points, or 1.4%, to 2,437.08.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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