After the final jobs report for 2019 showed wage growth missed expectations, the Dow closed below 29,000 after reaching the milestone for the first time in intraday trading.
But Grover Norquist, conservative activist and president of the advocacy group Americans for Tax Reform, said the jobs report was “good on all counts”
“I particularly like the U6, which is the unemployment number that includes discouraged workers,” he told Cheddar. Discouraged workers are those individuals who stop looking for jobs and no longer count toward general unemployment numbers.
“Unemployment is at a historic 50-year low, but discouraged workers is also at an all-time low,” he said. The discouraged and underemployed workers rate fell to 6.7 percent. He noted that the number is the lowest since the government began being measured in 1994.
In today’s report, the Labor Department said nonfarm payrolls increased by only 145,000 versus the 160,000 that had been expected as the unemployment rate held steady at 3.5 percent.
Today’s report also marked a slow rise in average hourly earnings, which rose by 2.9 percent, below the 3.1 percent projection.
Of those employed, women held more U.S. jobs than men for the first time in a decade. The last time women overtook men in payrolls was between January 2009 and April 2010, according to the Wall Street Journal.
X Corp, formerly known as Twitter, is facing over 2,200 arbitration cases.
Google Flight added a new feature that tracks flight prices.
Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.
American Airlines said it was fined $4.1 million for keeping passengers on planes during long on-ground delays.
3M said it will pay $6 billion to settle lawsuits claiming that it sold defective earplugs to the U.S. military.
Meta said it disrupted a campaign of disinformation linked to Chinese law enforcement.
Buying your first home can be challenging with rising interest rates and other costs. Cheddar News spoke with Amira Elgoneimy, a premiere agent with Redfin who caters to the New Brunswick, NJ area, and Daryl Fairweather, chief economist with Redfin, about the process involved in purchasing a residence in a competitive market.
Experts from Redfin real estate brokerage explain the challenges buyers are experiencing as they try to buy their first homes.
The Biden administration is targeting the blood thinner Eliquis, diabetes treatment Jardiance and eight other medications for Medicare's first-ever drug price negotiations as it seeks to lower medical costs for Americans.
Disney's visual effects workers filed to unionize, according to Variety.
