Connect with us

Published

on

US employers added 187,000 jobs in July, the lowest number since COVID peaked in 2020, the Labor Department said Friday.

The latest figures shown in the Bureau of Labor Statistics’ July report, released Friday, are a key indicator that the red-hot labor market is officially cooling after nearly 18 months of interest rate hikes — part of the Federal Reserve’s aggressive tightening cycle to bring inflation back down to its pre-pandemic level of 2%.

Job openings last month mark a slight decrease from the 209,000 jobs added to the US economy in June, and a sharper drop from the robust 339,000 jobs that were gained in May.

The figures mark the slowest increase since December 2020, though the US is currently enjoying a 30-month streak of monthly job gains.

The government agency’s report also showed that unemployment was little changed month-over-month, to 3.5% from 3.6%.

Employment in healthcare added 63,000 jobs last month, increasing the most.

Jobs in construction, financial activities and wholesale trade also trended positively, the report showed.

Fed officials have warned that strong hiring can often fuel inflation if companies feel compelled to raise pay to attract and keep workers.

Thus, a slowdown in job growth and pay raises could help the Fed reach its 2% inflation target.

The Fed last week hiked interest rates to a 22-year high — to a range between 5.25% and 5.5% — and Powell suggested that further lifts could be imminent if officials though it were necessary to combat stubbornly-high inflation.

Friday’s report came in under what economists had expected.

They had forecast 200,000 new jobs in June with the unemployment rate holding steady at 3.6%, according to The Wall Street Journal.

Experts have long been forecasting that the jobs market would cool by the fourth quarter of the year, though bankers are shrugging off recession concerns as US consumers have reportedly been keeping up their loan payments.

JPMorgan chief Jamie Dimon said in an earnings conference call last month: “Even if we go into recession, theyre going with rather good condition, with low borrowings and good house price value still.”

Bank of America CFO Alastair Borthwick also said that “the consumers actually in pretty good shape,” citing elevated deposits and strong asset quality.

Powell has also said that Fed staff is no longer forecasting a recession.

We do have a shot for inflation to return to target without high levels of job losses, the Fed Chairman said.

However, when ratings agency Fitch shockingly downgraded the US’ top-tier sovereign credit rating from AAA to AA+ earlier this week, it pointed to a looming recession by the end of the year as reason for doing so.

The agency noted that it expects the US economy to slip into a mild recession from the fourth quarter of this year into the first quarter of 2024.

Tighter credit conditions, weakening business investment and a slowdown in consumption will push the US economy into a mild recession, Fitch said in the statement.

Fitch’s decision was bashed among top economists, with the likes of Former Treasury Secretary Larry Summers and CUNY economics professor Paul Krugman both calling the move “bizarre.”

Continue Reading

Politics

BlackRock launches Bitcoin ETP after UK lifts trading ban

Published

on

By

BlackRock launches Bitcoin ETP after UK lifts trading ban

BlackRock launches Bitcoin ETP after UK lifts trading ban

BlackRock’s iShares Bitcoin ETP debuts on the London Stock Exchange as UK regulators ease rules on crypto-linked investment products.

Continue Reading

Environment

Volvo milestone: first L90 Electric wheel loader reaches customers

Published

on

By

Volvo milestone: first L90 Electric wheel loader reaches customers

After logging more than 100 million all-electric miles with deployed fleet of battery-powered semi trucks, Volvo’s latest EV milestone can be found OFF the highway: the company’s new L90 Electric wheel loader has reached its first customers.

“This is a milestone for our wheel loader lineup,” reads Volvo CE’s announcement, on LinkedIn. “The first L90 Electric has entered customer service and it’s ready to work.”

Volvo first announced the new L90 Electric wheel loader at last summer’s Volvo Days event, with has dedicated electric motors for propulsion and hydraulics, enabling full available power to both systems, but enjoys a faster response and shorter cycle times than conventional models. The L90 Electric offers 4-5 hours of continuous operation across most applications, and up to 8 hours in lighter duty applications.

The announcement was followed with an expansion of the company’s Shippensburg, PA production facility, which seems complete (enough) that the battery electric construction vehicles are now reaching customers.

Advertisement – scroll for more content

This first Volvo L90 Electric has been to work at a groundbreaking for a new data center (which, let’s face it, the world needs like a hole in the head), providing all the flexibility and functionality of a diesel machine with lower on-site emissions and significantly reduced noise.

Electrek’s Take


Volvo CE has one of the most comprehensive lineups of electric equipment in the business, and they’re constantly expanding it. That lineup now includes mobile charging solutionstrailered battery energy storage systems, and on-site power generation.

Fleets looking to electrify their off-highway operations should talk to their friendly neighborhood tax experts, too, to see if, when, and how they can save on their new electric vehicle purchases under the revised Section 179 and 168(k) tax codes.

SOURCE | IMAGES: Volvo; via LinkedIn.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Science

NASA Confirms Brightening Comet SWAN Could Be Visible With Binoculars: When and Where to See It

Published

on

By

Comet SWAN (C/2025 R2), discovered via NASA’s SOHO spacecraft, is rapidly brightening as it nears its October 20–21 Earth flyby. Skywatchers should look to the western horizon after sunset to spot its vivid green coma and tail — possibly visible to the naked eye in dark conditions.

Continue Reading

Trending