Financial News

Monday, February 10th
February 7, 2020
AP-NC Newswatch
February 7, 2020
Financial News

 

 

Stocks fall…US economy adds 225,000 jobs; unemployment up to 3.6%…Ford shakes up management

 

NEW YORK (AP) – Stocks are falling in morning trading on Wall Street, following other markets around the world lower. Some investors are concerned that stocks may have gotten ahead of themselves after the best week for the S&P 500 in eight months. That uncertainty overshadowed news from the Labor Department that many more jobs were created in January than economists expected. Energy stocks are suffering some of the sharpest losses as the price of oil falls again. Bond prices rose.

 

WASHINGTON (AP) – The Labor Department says hiring jumped last month as U.S. employers added a robust 225,000 jobs. A half-million people also streamed into the job market in January, though not all of them found jobs. That influx meant that more people were counted as unemployed, and it boosted the jobless rate to 3.6% from a half-century low of 3.5% in December. The government also issued its annual revisions, which showed that job growth was slower in 2018 and early last year than previously estimated. Employers added 2.3 million jobs in 2018, down from a previous figure of 2.7 million.

 

DETROIT (AP) – Ford is shaking up its management after a poor fourth-quarter financial performance and the botched launch of the Explorer SUV. The Dearborn, Michigan-based company says that automotive President Joe Hinrichs will retire. Jim Farley, president of new business and strategy, will become chief operating officer in charge of global markets and automotive operations. Ford’s full-year profit plunged by more than $3.6 billion last year, and it lost $1.7 billion in the fourth quarter. Quarterly revenue fell 5% to $39.7 billion.

 

TOKYO (AP) – Japanese automaker Honda is reporting a nearly 31% dive in its October-December profit as strong demand for its motorcycles failed to make up for falling vehicles sales. Sales for the three months slipped 6%. Honda said the damage from the outbreak of a virus that began in central China is not reflected in its forecasts through March 2020. Tokyo-based Honda said its three auto-assembly plants in Wuhan, the city at the center of the virus outbreak, will remain closed through Feb. 13.

 

DOVER, Del. (AP) – A former FedEx manager in Delaware is facing up to 15 years in prison after pleading guilty to stealing and reselling merchandise being shipped by the company. Joseph Kukta pleaded guilty yesterday to interstate transportation of stolen goods and tax evasion. He admitted stealing packages over several years and reselling the items to a Colorado resident at roughly half their retail price. Prosecutors say the Colorado resident paid Kukta more than $1.8 million for stolen merchandise worth about $3.6 million.

 

 

AP-WF-02-07-20 1555GMT