Business Highlights: Job gains remain resilient in August; Walgreens CEO exits
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US employers added a solid 187,000 jobs in August in sign of a still-resilient labor market
WASHINGTON (AP) — American employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed. Last month’s job growth marked an increase from July’s revised gain of 157,000 but still pointed to a moderating pace of hiring compared with the sizzling gains of last year and earlier this year. The unemployment rate rose from 3.5% to 3.8%, the highest level since February 2022 though still low by historical standards. But the rate rose for an encouraging reason: A sizable number of people began looking for work last month, the most since January, and not all of them found jobs right away.
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Stock market today: Wall Street edges higher following data that shows the labor market is cooling
Stocks edged higher on Wall Street after a choppy day of trading. The market got a boost early on after a closely watched report signaled that the job market, while still healthy, has been showing some signs of cooling. The report supported the market’s hopes that the Federal Reserve can soon ease up on its campaign to slow the economy by raising interest rates. The S&P 500 rose 0.2%. The index is coming off its first monthly loss since February. The Dow rose 0.3% and the Nasdaq composite ended little changed. Treasury yields rose slightly.
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Walgreens CEO exits less than 3 years after taking over drug store chain
NEW YORK (AP) — The CEO of Walgreens Boots is stepping down after less than three years at the helm of the drug store chain. Walgreens Boots Alliance confirmed Rosalind Brewer’s exit Friday. According to the Illinois company, the board of directors and Brewer “mutually agreed” to her resignation effective Thursday. According to the Illinois-based company, the board of directors and Brewer “mutually agreed” to her resignation. Ginger Graham, who currently serves as Walgreen Boots Alliance’s lead independent director, has been named interim CEO. Brewer’s departure comes as Walgreens attempts to help its customers focus on their overall health.
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Federal student loan interest has started accruing again. Here’s what you need to know
NEW YORK (AP) — Interest on federal student loans has started accumulating again after a three-year pause because of the COVID-19 pandemic. Borrowers still have at least another month before they’ll need to start paying back your loans, so don’t panic if you’re on of them. The first step is to log in to your StudentAid.gov account and check who your loan servicer is. Once you know that you can check account details and find out what your payments will be. If you don’t think you can afford them, you can research income-driven repayment plans.
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Billionaires want to build a new city in rural California. They must convince voters first
SAN FRANCISCO (AP) — Silicon Valley investors behind a secretive $800 million land-buying spree got off to a rocky start with the voters they need to build a green new city in Northern California. A former Goldman Sachs trader announced Thursday he is the founder of a group that wants to build walkable neighborhoods in rural Solano County northeast of San Francisco. Flannery Associates LLC is the single largest landholder in the county after quietly purchasing more than 78 square miles of farmland since 2018. Their secrecy has frustrated community leaders who have reached out for information, only to be ignored. The investment group needs approval from voters to develop farmland for urban use.
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From strikes to new union contracts, Labor Day’s organizing roots are especially strong this year
NEW YORK (AP) — Labor Day is right around the corner. And while many may associate the holiday with major retail sales and end-of summer barbecues, Labor Day’s roots in worker-driven organizing feel especially visible this year. In the U.S. and Canada, the early-September tribute to workers has been an official holiday for almost 130 years — but similarities around the world of work remain, from rapid economic transformation to stark inequalities. High-profile efforts seen in recent months — including ongoing strikes in Hollywood and unionized UPS workers’ fight towards a new contract — has also given an arguably stronger spotlight on labor organizing than seen in recent memory, experts say.
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After outrage over Taylor Swift tickets, reform has been slow across the US
SACRAMENTO, Calif. (AP) — Many of the major reforms to ticket sellers in the U.S. have failed to pass this year. The proposals were inspired in part by complaints from fans who were unable to buy tickets last fall to Taylor Swift’s summer stadium tour. The outrage prompted congressional hearings and bills in state legislatures to better protect consumers. A proposal in Congress has failed so far to advance in the U.S. Senate. Legislation in Colorado was vetoed by the governor after drawing concerns from consumer groups. Legislation in California has been delayed until at least next year.
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US will regulate nursing home staffing for first time, but proposal lower than many advocates hoped
NEW YORK (AP) — An association that lobbies for health care facilities says President Joe Biden’s decision to require nursing homes to comply with federal rules on staffing levels will cost them billions of dollars. The American Health Care Association calls the staffing proposal “unrealistic” and says it’ll worsen existing problems. The government says most of the 15,000 U.S. nursing homes would have to add staffers and keep a registered nurse on duty 24 hours a day. The move has been sought for decades by older adults and those with disabilities. But the proposed staffing minimums announced Friday are lower than many advocates had hoped. The nursing home industry opposes staffing minimums. ___ The S&P 500 rose 8.11 points, or 0.2%, to 4,515.77. The Dow Jones Industrial Average rose 115.80 points, or 0.3%, to 34,837.71. The Nasdaq composite fell 3.15 points, less than 0.1%, to 14,031.81. The Russell 2000 index of smaller companies rose 21.15 points, or 1.1%, to 1,920.83