Unemployment rate, service sector growth



WASHINGTON (AP) – The U.S. unemployment rate fell last month to its lowest level since the pandemic, even as employers appeared to slow their hiring – a mixed picture that pointed to a resilient economy that puts more people to work. The government reported on Friday that private companies and other employers created just 210,000 jobs in November, the smallest monthly gain in nearly a year and less than half of October’s gain of 546,000.

___

US service sector growth hits new highs in November


WASHINGTON (AP) – Growth in the service sector, where most Americans work, hit an all-time high in November, surpassing the previous record set in October. The Institute for Supply Management reported on Friday that its monthly survey of service industries rose 2.4 percentage points in November from October’s record high at a reading of 69.1%. Part of the strength of the service sector comes from supply chain issues that make it more difficult to meet increased demand.

___

Struggling Chinese developer warns he could run out of money

BEIJING (AP) – A struggling Chinese developer struggling with debt of less than $ 310 billion has warned he may run out of money to “meet financial obligations.” Regulators have rushed to reassure investors that China’s financial markets can be shielded from a possible impact. The Evergrande group’s struggle to comply with official pressure to reduce debt has fueled concerns that a possible default could trigger a financial crisis. Economists say global markets are unlikely to be affected, but banks and bondholders could take losses because Beijing wants to avoid a bailout. The central bank and banking and securities regulators have said China’s financial system is strong and Beijing will keep credit markets functioning.

___

Sanders to Biden: Reduce Looming Medicare Premium Hike

WASHINGTON (AP) – Senator Bernie Sanders calls on the White House to cut a large increase in health insurance premiums set to take effect in a few weeks and linked to an expensive Alzheimer’s drug whose benefits have been widely questioned. In a letter to President Joe Biden on Friday, the Vermont Independent called on the president to prevent part of a “scandalous increase” in health insurance premiums attributable to Aduhelm, a newly approved Alzheimer’s drug from the drug maker Biogen priced at $ 56,000 per year. A planned increase of $ 21.60 per month in January in Medicare’s “Part B” premium for outpatient care would be reduced to nearly $ 10.

___

Stocks collapse after gloomy jobs report as markets hover

NEW YORK (AP) – Wall Street closed a turbulent week with more losses on Friday after a mixed reading in US labor markets that investors found difficult to analyze. The S&P 500 gave up an early gain and closed 0.8% lower. The benchmark is coming out of a turbulent period where it has deviated by at least 1.2% in five consecutive days, hammered by uncertainty over how the latest variant of the coronavirus and when the Federal Reserve will end its market support. Treasury yields fell, rose and then fell again as investors struggled to determine what the jobs report means the Fed will do.

___

No U.S. and China Currency Handler Tags Under Watch

WASHINGTON (AP) – The Biden administration will not name any country as currency manipulator, but it has named China, Vietnam and Taiwan among nations that have broken global agreements not to use their currencies to gain unfair trade advantages. In a report to Congress released on Friday, the Treasury Department cited China for a number of failures that prevent its trading partners from having full knowledge of how it manages its currency. The Treasury plans to closely monitor the foreign exchange activities of Chinese state-owned banks to get a clearer picture of China’s foreign exchange practices, according to the report.

___

China’s Didi quits US stock exchange amid tech crackdown

BEIJING (AP) – Chinese ridesharing service Didi Global Inc. has announced that it will withdraw from the New York Stock Exchange and move its listing to Hong Kong as the ruling Communist Party tightens its control over tech industries. Didi gave no explanation, but the company’s debut in the U.S. market in June was disrupted by a data security crackdown launched by Chinese regulators. The company previously denied reports that it was planning to buy back its US shares. The share price fell after the government said it was investigating how Didi collected and processed customer data, an increasingly sensitive issue in China. The company raised around $ 4.4 billion when it debuted in the market in June.

___

DAs, retailers say California needs tougher shoplifting law

SACRAMENTO, Calif. (AP) – Prosecutors and retailers are pushing back claims by the California Governor and Attorney General that they have enough tools to tackle shoplifting and other retail thefts. California Retailers Association president Rachel Michelin has said that recent large-scale thefts in which groups of people have been flying in plain sight or smashing and grabbing storefronts take it to a whole new level. California is hardly alone, with similar problems elsewhere in the country. California critics point to a 7-year-old voting measure that reduced some theft and drug possession offenses from felonies to misdemeanors. Governor Gavin Newsom and Attorney General Rob Bonta say police and prosecutors still have the legal tools to prosecute these perpetrators.

___

The S&P 500 lost 38.67 points, or 0.8%, to 4,538.43. The Dow Jones Industrial Average lost 59.71 points, or 0.2%, to 34,580.08. The Nasdaq tumbled 295.85 points, or 1.9%, to 15,085.47. The Russell 2000 Small Business Index lost 47.02 points, or 2.1%, to 2,159.31.


Previous Veterinary Reference Laboratories market worth $ 6.6 billion by 2026
Next Biden administrator announces reimbursement plan for COVID-19 home tests