Jobless claims fall again as hurricane effects fade
The number of Americans...
The number of Americans filing for unemployment benefits dropped significantly for the second consecutive week, reaching 227,000 in the week ending October 19. This decline of 15,000 claims from the previous week reverses the spike caused by Hurricanes Helene and Milton earlier in the month, which had particularly affected states like North Carolina and Florida.
Raw unemployment claims fell to 202,365 last week, with decreases reported in 39 of 53 states and territories. However, continuing claims increased by 28,000 to 1.9 million, surpassing prepandemic levels, as job seekers are taking longer to find new employment.
While jobless claims remain historically low, their accuracy typically diminishes during the holiday season from November to January due to temporary hiring fluctuations. Nevertheless, with the Federal Reserve reducing interest rates, the economy is expected to maintain growth at a pace that supports low unemployment and minimal layoffs.
Bechtel is seeking more workers as it oversees the construction of a liquefied natural gas export terminal for NextDecade at the Port of Brownsville in Texas. Specifically, the company is looking for riggers, crane operators and rebar ironworkers, and will eventually seek additional help in other trades, said Monica Tellam, community relations and communications manager for the Rio Grande LNG project.
The Department of Transportation's Pipeline and Hazardous Materials...
The Department of Transportation's Pipeline and Hazardous Materials Safety Administration will grant $196 million to support 60 projects designed to upgrade and replace deteriorating natural gas pipelines in 20 states. "Aging, leak-prone natural gas pipes can be dangerous, drive up energy costs for families, and harm the environment, which is why the Biden-Harris Administration is supporting funds to replace aging pipelines," said Transportation Secretary Pete Buttigieg.
✈️Striking Boeing workers reject new contract proposal.
Boeing machinists ...
Boeing machinists voted against a revised labor deal proposed by the company, extending a strike that has lasted more than one month and halted most plane production. Nearly two-thirds of union members said no to the new contract, which included a 35% wage increase over four years and more contributions to retirement plans. It’s a big setback for new CEO Kelly Ortberg, who said that ending the strike was key to his turnaround plans. Earlier in the day, Boeing said it lost $6.1 billion last quarter, its biggest quarterly loss since 2020.
US confirms North Korea deployed troops to Russia. Defense...
US confirms North Korea deployed troops to Russia. Defense SecretaryLloyd Austin verified reports that North Korean troops are training in Russia, likely in preparation to fight against Ukraine. South Korean lawmakers said that North Korea has already shipped 3,000 troops to Russia with plans to send a total of 10,000 to assist in the war effort. North Korea has been supplying Russia with munitions after the two countries signed a mutual defense pact in the spring. Austin noted that it’s unclear whether the North Korean soldiers will end up on the front lines, warning that it would be a “very, very serious” issue for Europe and Asia—but also a manifestation of Russia’s desperate manpower shortage.
Apple and Goldman Sachs were ordered to pay $89 million by the Consumer Financial Protection Bureau for failing to address thousands of consumer disputes of Apple Card transactions.
Novo Nordisk asked the FDA to ban cheap copies of its weight loss drugs Wegovy and Ozempic, arguing they pose safety risks.
Netflix is joining forces with TED Talks to launch a daily word game that you will presumably play while not really paying attention to whatever Netflix show you have on in the background.
Secretary of State Antony Blinken visited Israel, where he urged officials to agree to cease-fires in Gaza and Lebanon following the killing of Hamas leader Yahya Sinwar last week. Meanwhile, Israel continued to strike Hezbollah targets in Lebanon, including in the ancient city of Tyre.
Frontier and Spirit Airlines are once again exploring a merger, the Wall Street Journal reported, after previous attempts to combine the low-cost airlines floundered.
