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US job openings unexpectedly rebounded in August as the labor market remains surprisingly resilient in the face of the Federal Reserve’s aggressive interest-rate hike campaign.

The Labor Department said Tuesday there were 9.6 million job openings in August, a marked increase from the revised 8.92 million openings reported the previous month.

Economists surveyed by Refinitiv expected a reading of 8.8 million. It marked the first time in three months that job listings trended higher.

The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control.

The higher-than-expected figure indicates that demand for employees still outpaces the supply of available workers.

The central bank has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades.

Officials have so far approved 11 rate hikes, lifting the federal benchmark funds rate to the highest level since 2001. Policymakers have signaled that an additional rate hike is on the table this year if economic data points to a resurgence in price pressures.

The latest jobs data could give policymakers more space to hike rates higher and hold them at elevated levels for longer.

“Any wonder why the Fed expects to raise interest rates again?” said Greg McBride, chief financial analyst at Bankrate. “With 1.5 job openings for every unemployed worker, there is little evidence of substantial easing in labor market demand, a risk to getting inflation lower.”

The uptick in vacancies last month largely stemmed from professional and business services, finance and other services and nondurable goods manufacturing, according to the report.

Job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million.

There are roughly 1.5 jobs per unemployed American.

“One of the top items the Fed wants to see is labor supply match labor demand, and the economy is not quite there yet,” said Jeffrey Roach, chief economist at LPL Financial.

The number of Americans quitting their jobs, meanwhile, ticked higher to 3.6 million, or roughly 2.3% of the workforce, indicating that workers remain confident they can leave their jobs and find employment elsewhere.

Switching jobs has been a windfall for many workers over the past year: Job-switchers saw their real hourly wage increase 6.4% in July, compared with a 5.4% pay increase for workers who stayed in the same job, according to recent Atlanta Fed data.

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Sports

Larson wins 2nd NASCAR Cup title, denies Hamlin

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Larson wins 2nd NASCAR Cup title, denies Hamlin

AVONDALE, Ariz. — Kyle Larson knew he wasn’t going to catch Denny Hamlin in the final laps on Sunday, not without the sort of help that only a caution flag can bring.

Larson got his lucky break.

Hamlin only got heartbreak.

Larson is now a two-time NASCAR champion after denying Hamlin what would have been his first career title when a late caution at Phoenix Raceway sent the championship-deciding finale into overtime.

Without that caution, which came with three laps to run, Hamlin had it locked up and was ready to finally shed the label of greatest NASCAR driver to never win a championship. But fellow title contender William Byron got a flat tire and hit the wall to bring out the caution, and a few minutes later, it was over.

“Just unbelievable,” Larson said. “I cannot believe it.”

Neither could Hamlin.

“I really don’t have much for emotion right now. Just numb about it ’cause just in shock,” Hamlin said after consoling his crying daughters on pit road. “We were 40 seconds away from a championship. This sport can drive you absolutely crazy because sometimes speed, talent, none of that matters.”

When the caution for Byron came out, Hamlin led the field down pit road and got four new tires on his Toyota; Larson only took two tires on his Chevrolet. It meant Larson was fifth for the two-lap sprint to the finish, with Hamlin back in 10th.

With so little time to run down Larson, Hamlin came up short with a sixth-place finish as Larson finished third. Ryan Blaney, who was eliminated from title contention last week, won the race.

“You do have to feel for that group and Denny. Doing a good job all day, it not playing out for him. But that is racing. It sucks sometimes,” Blaney said. “They can hang their head about it, but they should be very proud about the effort. They had the fastest race car here. Just one of those things where it doesn’t work out. Looked like it was going into his favor, unfortunately for him, it didn’t.”

It is the second championship for Larson, who won his first title in 2021 when he joined Hendrick Motorsports.

As Larson celebrated, Hamlin sat in his car motionless for several seconds, then wiped his face with a white towel, never showing any emotion.

Larson, who has been in a slump since his disastrous Memorial Day attempt to race both the Indianapolis 500 and Coca-Cola 600 on the same day, was also in shock.

“We didn’t lead a lap and won the championship,” Larson said. “We had an average car at best and had the right front [tire] go down, lost a lap and got the wave around, saved by the caution with the wave around. It’s just unbelievable. What a year by this motorsports team.”

When Hamlin finally got out of his car he embraced his crew members but it was a scene of disbelief among the Joe Gibbs Racing crowd. Team members were crying, some sitting in shock on the pavement; Gibbs himself stood silent, one hand on his hip and a look of disbelief on his face.

It is the sixth shot at a title to slip away from Hamlin in his 20 years driving for Gibbs. He led 208 of the 319 laps and started from the pole.

“Nothing I could do different. I mean, prepared as good as I could coming into the weekend and my team gave me a fantastic car,” Hamlin said. “Just didn’t work out. I was just praying ‘no caution’ and we had one there. What can you do? It’s just not meant to be.”

He said crew chief Chris Gayle made the correct call with four tires, but too many others took only two, which created too big of a gap for Hamlin to close on Larson in so little time.

The 44-year-old Virginia native had been extremely jinxed in five previous championship finales, with bad luck, bad strategy and bad cars breaking his heart in 2010, 2014, 2019, 2020 and 2021. Sunday was his first time eligible in the winner-take-all race in four seasons.

Hamlin was remarkably loose and calm all week, rented three houses in Scottsdale for 30 friends and family, won the pole and then dominated Sunday’s race.

He just didn’t close it out.

“Man, if you can’t win that one, I don’t know which one you can win,” Hamlin said.

Larson was OK during the race, but hasn’t won since early May, a slump that has now extended to 24 consecutive races.

Hamlin teammate Chase Briscoe finished 18th in his debut in the championship finale, while Larson teammate Byron was 33rd after his late issue. He felt awful for ruining Hamlin’s chance even though his Hendrick Motorsports teammate won the championship.

“I’m just super bummed that it was a caution obviously. I hate that. Hate it for Denny. I hate it for the 11 team,” Byron said. “I mean, Denny was on his way to it. I hate that. There’s a lot of respect there. I obviously do not want to cause a caution. If I had known what tire it was, known that a tire was going down before I got to the corner, I would have done something different.”

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Technology

China’s Baidu says it’s running 250,000 robotaxis a week — same as Alphabet’s Waymo did this spring

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China's Baidu says it's running 250,000 robotaxis a week — same as Alphabet's Waymo did this spring

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles.

Baidu

BEIJING — As Baidu ramps up its robotaxi operations worldwide, fully driverless weekly rides as of Oct. 31 have now surpassed 250,000 orders, according to a spokesperson for the company’s driverless car unit Apollo Go.

That’s on par with what Waymo reported in late April for its weekly paid U.S. rides. When contacted by CNBC, Waymo did not have a new specific figure to share. The Alphabet-backed robotaxi operator primarily operates in San Francisco and Los Angeles in California and Phoenix, Arizona. Waymo partners with Uber in Austin and Atlanta.

The ramp up in Baidu’s robotaxi capabilities comes as Chinese and U.S. companies have been competing for leadership in advanced technology, including artificial intelligence, electric cars and autonomous driving.

It was not clear for how long Apollo Go has been operating 250,000 rides a week. For the quarter ended June 30, the company averaged about 169,000 rides a week based on CNBC calculations of the 2.2 million fully driverless robotaxi rides disclosed for the period.

Baidu’s Apollo Go primarily operates robotaxis in Wuhan and parts of Beijing, Shanghai and Shenzhen in mainland China. The company is also expanding to Hong Kong, Dubai, Abu Dhabi and, most recently, Switzerland. Robotaxis typically must undergo phases of public testing before local regulators allow companies to charge fares.

Apollo Go said it has received 17 million robotaxi ride orders to date, and that its cars have driven 240 million kilometers (149 miles), with 140 million fully driverless rides.

Phoenix Mayor Kate Gallego on being first to take the robotaxi risk

On safety, Apollo Go disclosed on average there has been one airbag deployment incident for every 10.1 million kilometers driven, but so far there’s has not been any major accident involving human injury or death.

Baidu is scheduled to next release its quarterly results on Nov. 18 before U.S. market open. The company is set to hold its annual tech conference in Beijing on Nov. 13.

Weekly robotaxi figures from Chinese rivals Pony.ai and WeRide were not immediately available. Waymo did not immediately respond to a request for an update to the figures shared in April.

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Politics

Elizabeth Warren rebuffs CZ defamation threat as ‘without merit’

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Elizabeth Warren rebuffs CZ defamation threat as ‘without merit’

Elizabeth Warren rebuffs CZ defamation threat as ‘without merit’

Changpeng Zhao’s lawyer, Teresa Goody Guillén, reportedly threatened to sue Warren for “defamatory statements” on X after CZ secured a pardon from Trump.

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