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United Auto Workers strikes spread as 7,000 more workers at two plants join the picket line
DETROIT (AP) — The United Auto Workers union expanded its strikes against Detroit automakers, ordering 7,000 more workers to walk off the job in Illinois and Michigan. The move announced Friday is supposed to put more pressure on the companies to improve their offers. It marked the second time the union has widened the walkout, which started two weeks ago at three assembly plants. The most recent additions are a Ford plant in Chicago and a General Motors assembly factory near Lansing. Union President Shawn Fain told workers in a video appearance that the strikes were escalated because Ford and GM refused “to make meaningful progress” in contract talks.
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Higher gas prices lift Fed’s preferred inflation gauge but underlying price pressures remain mild
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. But measures of underlying inflation slowed in the latest sign that overall price pressures are still moderating. A 10% monthly spike in prices at the gas pump drove the increase. Excluding volatile food and gas prices, “core” inflation rose by the smallest amount in nearly three years, evidence that inflation pressures continue to ease. Fed officials pay particular attention to core prices, which are considered a better gauge of where inflation might be headed. Last month’s modest rise in core inflation could raise the likelihood that the Fed will leave interest rates unchanged at its next meeting Oct. 31-Nov. 1.
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What would a government shutdown mean for me? SNAP, student loans and travel impacts, explained
NEW YORK (AP) — With persistent gridlock in Washington, a government shutdown looks all but inevitable ahead of this weekend’s deadline. As the Senate marches ahead with a bipartisan approach aimed at keeping the government open, spending measures are still struggling to pass the Republican-controlled House. If a shutdown happens, millions of federal employees will be furloughed and many others will be forced to work without pay until it ends. A handful of federal programs that people nationwide rely on everyday could also be disrupted — from dwindling funds for food assistance to potential delays in customer service for recipients of Medicare and Social Security. The ripple effects would come down to how long a shutdown lasts and the varying contingency plans among impacted agencies.
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The Supreme Court will decide if state laws limiting social media platforms violate the Constitution
WASHINGTON (AP) — The Supreme Court has agreed to decide whether state laws seeking to regulate Facebook, TikTok, X and other social media platforms violate the Constitution. The justices will review laws enacted by Republican-dominated legislatures and signed by Republican governors in Florida and Texas. Both laws aim to prevent the social media companies from censoring users based on their viewpoints. Tech industry group NetChoice says online services have a First Amendment right “to host, curate and share content as they see fit.” The court’s announcement Friday comes as the justices grapple with how laws written at the dawn of the digital age, or earlier, apply online. The court’s new term starts Monday.
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Inflation drops to a two-year low in Europe. It offers hope, but higher oil prices loom
FRANKFURT, Germany (AP) — Inflation has dropped sharply in Europe. The European Union’s statistics agency said Friday that the annual rate was 4.3% in September for the 20 countries that use the euro, down from 5.2% in August. That raises hopes consumers will get relief from costlier groceries, vacations and haircuts and that the European Central Bank could avoid raising interest rates again. But economists say some of the dip is a statistical quirk. And if oil prices rise any further, a hoped-for decline in inflation will slow. High prices have been holding back the European economy because people’s paychecks don’t go as far as they used to in covering their bills, forcing them to avoid other spending.
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James Dolan’s sketch of the Sphere becomes reality as the venue opens with a U2 show in Las Vegas
LAS VEGAS (AP) — It started as a crude sketch of a circle with a stick person inside. Seven years later, that drawing has been made real. A $2.3 billion massive spherical venue standing 366 feet high and lighting up the Las Vegas skyline. The drawing was initially made by Madison Square Garden executive chair James Dolan. He was trying to create a plan to give the entertainment venue industry a facelift in Las Vegas. Now, Dolan’s vision will come into fruition when U2’s “UV Achtung Baby” residency kicks off the opening of his high-tech, globe-shaped venue in Las Vegas on Friday night.
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As employers face labor shortages, Biden administration rolls out playbook for training workers
WASHINGTON (AP) — The Biden administration is releasing a playbook on best practices for training workers as the low 3.8% unemployment rate and years of underinvestment have left manufacturers, construction firms and other employers with unfilled jobs. Worker shortages have been a frustration for some employers, who upped their investments in new factories and construction projects after President Joe Biden signed into law funding for infrastructure, computer chips and a shift toward renewable energy sources. Finding employees to replace retirees also has become a challenge. As part of the 2021 pandemic rescue package, state and local governments have committed $11 billion to worker training. The money must be spent by the end of 2026.
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804,000 long-term borrowers are having their student loans forgiven before payments resume this fall
NEW YORK (AP) — Student loan payments start up again for most borrowers in October, but more than 800,000 people who have been paying for years are having their loans forgiven. A total of $39 billion is being forgiven under a one-time adjustment granted by the Biden administration. It’s for people in income-driven repayment plans who have been paying back loans for 20 or 25 years but never received credit for late or partial payments or for periods before the pandemic when they were allowed to pause or reduce payments due to financial hardships.
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The S&P 500 fell 11.65 points, or 0.3%, to 4,288.05. The Dow Jones Industrial Average fell 158.84 points, or 0.5%, to 33,507.50. The Nasdaq composite rose 18.05 points, or 0.1%, to 13,219.32 The Russell 2000 index of smaller companies fell 9.21 points, or 0.5% to 1,785.10.
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