Global Glance: US hiring jumps after hurricanes; Powell brings gift of forging consensus to Fed post

Powered by The Associated Press

Here are today’s top business headlines from across the nation and world:

US hiring jumps after hurricanes as employers add 261K jobs

WASHINGTON (AP) — U.S. employers added a robust 261,000 jobs in October in a bounce-back from the hurricanes that slammed the Southeast in September. The unemployment rate declined to 4.1 percent, the lowest in nearly 17 years, from 4.2 percent in September, the Labor Department said Friday. October’s burst of hiring mostly reflects a rebound from the hurricanes that temporarily depressed job gains in September. But it also shows that for all their fury, the storms did not knock the economy off course. Over the past three months, hiring has averaged 162,000. That is similar to the pace of hiring before the hurricanes. Read more

What Powell brings to Fed post: A gift for forging consensus

WASHINGTON (AP) — As a choice to lead the Federal Reserve, Jerome Powell defies any recent mold. He isn’t a trained economist. He’s produced no trail of research. He built a fortune as an investment manager. Yet by the reckoning of Fed analysts — those who know him and those who don’t — Powell is equipped to lead the world’s most influential central bank, presiding over a U.S. economy on solid ground but hardly without risks. What Powell brings to the position most of all, they say, are a formidable intelligence, an appreciation of intellectual diversity and a gift for forging agreement. Read more

Carmakers join forces in Europe to make electrics widespread

FRANKFURT, Germany (AP) — A group of major automakers plans to open hundreds of fast-charging stations for electric cars in Europe in coming years and use a common plug technology in what they hope will be a big step toward mass acceptance of battery-powered vehicles. BMW, Daimler, Ford and the Volkswagen Group with its Audi and Porsche brands have equal shares in the venture, Ionity, plans for which were first announced last year. They said Friday that they will open the first of 20 stations this year in Germany, Austria and Norway at 120-kilometer (75-mile) intervals along major roads. They plan to expand the network to more than 100 stations next year and have about 400 in place across Europe by 2020. Read more

GOP tax bill would be broadest tax code rewrite in 30 years

WASHINGTON (AP) — With fanfare and a White House kickoff, House Republicans unfurled a broad tax-overhaul plan that would touch virtually all Americans and the economy’s every corner, mingling sharply lower rates for corporations and reduced personal taxes for many with fewer deductions for home-buyers and families with steep medical bills. The measure, which would be the most extensive rewrite of the nation’s tax code in three decades, is the product of a party that faces increasing pressure to produce a marquee legislative victory of some sort before next year’s elections. GOP leaders praised the plan as a sparkplug for the economy and a boon to the middle class and christened it the Tax Cuts and Jobs Act. Read more

Can Apple to live up to the hype for the iPhone X?

SAN FRANCISCO (AP) — The iPhone X’s lush screen, facial-recognition skills and $1,000 price tag are breaking new ground in Apple’s marquee product line. Now, the much-anticipated device is testing the patience of consumers and investors as demand outstrips suppliers’ capacity. Apple said Thursday that iPhone sales rose 3 percent in the July-September quarter, a period that saw the iPhone 8 and 8 Plus come out in the final weeks. Sales could have been higher if many customers hadn’t been waiting for the iPhone X, which comes out Friday. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students