Strong jobs report sends bond yields, most stocks higher
NEW YORK (AP) – Stock indexes are holding close to their record highs on Wall Street after a stronger-than-expected report on the U.S. job market. The S&P 500 was up 0.1% after the first hour of trading, a day after setting another all-time high. The Dow Jones Industrial Average was up 134 points, or 0.4%. The Nasdaq composite was 0.4% lower following the Labor Department report, which raised expectations that the Federal Reserve will start paring back its assistance for the economy. Some of the sharpest action this morning was in the bond market, where Treasury yields tend to move with expectations for the economy and for inflation. The yield on the 10-year Treasury climbed to 1.29% from 1.21% late yesterday, clawing back all the losses it sustained over the last week.
WASHINGTON (AP) – Hiring surged in July as American employers added 943,000 jobs. The Labor Department says the unemployment rate dropped to 5.4% as the U.S. economy continued to bounce back with surprising vigor from last year’s coronavirus shutdown. The July numbers exceeded economists’ forecast for more than 860,000 new jobs. Hotels and restaurants, reopening and doing brisk business, added 327,000 jobs last month. Local public schools added 221,000. The number of people who reported they had jobs surged by 1 million, pushing the jobless rate down from 5.9% in June.
UNDATED (AP) – United Airlines will require U.S.-based employees to be vaccinated against COVID-19 by late October, and maybe sooner. United announced the decision today. The airline joins a growing number of big corporations that will require vaccinations. This is happening as a mutant variation of COVID-19 drives a surge in new infections. United CEO Scott Kirby says he knows some employees will disagree with the decision. But he says it’s clear that everyone is safer when everyone is vaccinated. United has 67,000 employees in the U.S. It’s the first major U.S. airline to say it will require vaccinations for workers.
UNDATED (AP) – The Consumer Product Safety Commission says about 2 million dehumidifiers made by New Widetech are being recalled in the U.S. because they can overheat and catch fire, posing fire and burn hazards. The recall also includes about 380,000 dehumidifiers in Canada and about 25,000 in Mexico. New Widetech is aware of 107 incidents of the recalled dehumidifiers overheating and/or catching fire, resulting in about $17 million in property damage. No injuries have been reported.
DETROIT (AP) – The U.S. government’s highway safety agency is investigating whether some Mercedes-Benz Sprinter vans can shift out of park and unexpectedly roll away. The probe by the National Highway Traffic Safety Administration covers an unknown number of vans from the 2019 model year. The agency says it has 11 complaints about the problem including eight crashes and one injury. Some of the complaints say the gearshift indicator shows that the vans are in park, but they were able to roll away. The agency says in documents posted Friday that it will investigate how often the problem happens and the safety consequences.