Stocks sagged further Friday, despite a decent July jobs report from the Labor Department.
The U.S. added 164,000 jobs in July, in line with expectations. Unemployment remained at 3.7 percent. Average wages also saw an increase of 3.2 percent from last year, beating expectations. They were up 0.3 percent from June. But some were still concerned.
"Wage growth continues to fall short of what we'd expect in an economy that has had historically low unemployment — the unemployment rate has been at (or below) 4.0 percent for the past 17 months," said Elise Gould, a senior economist at the Economic Policy Institute in a release.
While many of the indicators appeared to be in line with averages, it wasn't enough to correct the market plunge sparked Thursday when President Trump announced that the U.S. will impose an additional 10 percent tariff on Chinese goods. Beijing later indicated that it plans to respond in kind, although specific details have not yet been released.
"We'd be growing at a much bigger rate if Trump laid off on the tariffs, left them behind, and tried to make deals in a better way. They are not healthy," said Tim Doescher of Heritage Foundation told Cheddar after the report's release.
There were a few key data points within the report that showed signs of weakness. The average workweek fell to 34.3 hours, the lowest in two years. While the workweek in the manufacturing industry was a longer 40.4 hours, it was also down from the previous month. Overtime hours for the sector also declined.
The Trump administration has agreed to resume processing student debt cancellations under two key income-driven repayment plans it had previously limited.
Millions of protesters flooded cities nationwide on Saturday for “No Kings” demonstrations denouncing what they call President Donald Trump’s authoritarian turn
Cynthia Chen, CEO of Kikoff, shares how their membership app helps users build credit with zero fees, no interest, and smart tools that make every point count.
OpenAI has announced that ChatGPT will soon engage in "erotica for verified adults." CEO Sam Altman says the company aims to allow more user freedom for adults while setting limits for teens. OpenAI isn't the first to explore sexualized AI, but previous attempts have faced legal and societal challenges. Altman believes OpenAI isn't the "moral police" and wants to differentiate content similar to how Hollywood differentiates R-rated movies. This move could help OpenAI, which is losing money, turn a profit. However, experts express concerns about the impact on real-world relationships and the potential for misuse.
CNN is launching a new “All Access” streaming subscription in the U.S. on October 28th, priced at $6.99 a month, or just $69.99 if you sign up for a full year.
