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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
