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More Americans apply for jobless benefits

( ) -q-24- UNDATED (Correspondent Jeremy House) “the previous week.”

U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher level.

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TAG: Correspondent Jeremy House reporting. Weekly unemployment claims are widely considered as representative of layoffs.

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VERBATIM: The Labor Department reports jobless claims for the week ending July 13th rose by 20,000 to 243,000. The total number of Americans collecting unemployment benefits rose after declining last week for the first time in 10 weeks. About 1.87 million Americans were collecting jobless benefits for the week of July 6, around 20,000 more than the previous week.

Nokia sees double-digit fall in Q2 profit, sales in weak 5G market

( ) -q-28- UNDATED (Correspondent Jeremy House) “a year earlier.”

Wireless and fixed-network equipment maker Nokia has reported a double-digit fall in profit and sales in the second quarter.

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TAG: Correspondent Jeremy House reporting. Nokia has suffered in the past year from operators cutting back on investments into 5G and other telecom technology because of economic uncertainty and high financing costs.

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VERBATIM: The drop is attributable to a continuing weak market as clients are holding off investments in 5G technology. The Espoo, Finland-based company, reported Thursday a net profit of 328 million euros for the April-to-June period. That’s down 20% from 409 million euros a year earlier. Net income attributable to shareholders was 325 million euros, down from 410 million euros a year earlier.

United Airlines Q2 profit rises to $1.32 billion amid travel demand

( ) -q-21- UNDATED (Correspondent Jeremy House) “prices from rising.”

United Airlines has reported higher profit in the second quarter, thanks to record crowds at U.S. airports.

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TAG: Correspondent Jeremy House reporting. Airlines are trimming their schedules for mid-August and beyond, which United says will help reduce the oversupply of flights.

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VERBATIM: United said its profit rose 23% to $1.32 billion in the three-month period that ended June 30. However, the airline warned that its third-quarter results will fall short of Wall Street expectations. That’s because airlines are adding more flights than the market can handle, creating a glut of seats that is keeping prices from rising.

John Deere ends support of ‘social or cultural awareness’ events

( ) -q-28- UNDATED (Correspondent Jeremy House) “companies across industries.”

Farm equipment maker John Deere says it will no longer sponsor “social or cultural awareness” events.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The announcement makes the agricultural machinery manufacturer one of the latest U.S. companies to distance itself from diversity and inclusion measures. Deere’s move arrives just weeks after rural retailer Tractor Supply ended an array of its corporate diversity and climate efforts. While the companies’ responses differed, both were made amid a wider backdrop of conservative backlash that has been targeting companies across industries.

Aging bridges in 16 states will be improved or replaced

(   ) -q-25- UNDATED (Correspondent Jeremy House) “and Harrisburg, Pennsylvania.”

Federal transportation officials are providing $5 billion to replace or improve aging bridges in 16 states.

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TAG: Correspondent Jeremy House reporting. More than 42,000 bridges across the U.S. are in poor condition, and they are on average 70 years old.

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VERBATIM: The grants come from a $1 trillion infrastructure package President Biden signed into law in 2021. The largest project provides an additional $1.4 billion to help replace two bridges carrying Interstate 5 traffic over the Columbia River between Oregon and Washington. Other projects receiving $500 million or more include bridges in Mobile, Alabama and Harrisburg, Pennsylvania.

IMF: Brighter economic outlook for China, India but tepid global growth

( ) -q-25- UNDATED (Correspondent Jeremy House) “growth in 2023.”

The International Monetary Fund has upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan.

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TAG: Correspondent Jeremy House reporting. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

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VERBATIM: The IMF says worldwide progress against accelerating prices has been slowed by stickier-than-expected inflation for services, from airline travel to restaurant meals. Overall, the IMF still expects the world economy to grow a lackluster 3.2% this year. That would be unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023.

UK inflation stays at 2% target in June

( ) -q-19- UNDATED (Correspondent Jeremy House) “decline to 1.9-percent.”

Inflation in the U.K. held steady at the Bank of England’s target rate of 2% in June.

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TAG: Correspondent Jeremy House reporting. Financial markets think it’s going to be a close call as to whether the Bank of England will reduce its main interest rate from 5.25% on August first.

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VERBATIM: Britain’s Office for National Statistics says the largest upward contribution came from restaurants and hotels. The biggest downward contribution came from clothing and footwear, with widespread sales during the month. The flat annual reading compared to June a year ago was slightly higher than expected. Most economists had anticipated a modest decline to 1.9%

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Powell says Fed is more confident inflation is slowing to its target

( ) -q-22- UNDATED (Correspondent Jeremy House) “occurring in September.”

Chairman Jerome Powell said the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Powell says the Fed would cut rates before the pace of price increases actually reached two-percent. Powell told the Economic Club of Washington, “We’ve had three better readings, and if you average them, that’s a pretty good pace.” Powell declined to provide any hints of when the first rate cut would occur. But most economists foresee the first cut occurring in September.

Goldman Sachs profits more than double in second quarter

( ) -q-20- UNDATED (Correspondent Jeremy House) “consumer banking business.”

Goldman Sachs has posted a 150% jump in its second quarter profits.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Its bottom line was helped by a resurgence of dealmaking and underwriting. They led to a revival of investment banking after the slowdown of the previous couple years. Part of the surge in profits come from Goldman Sachs booking some one-time items last year as it took charges for the wind-down of its consumer banking business.

Amazon Prime Day is a big event for scammers, experts warn

( ) -q-29- UNDATED (Correspondent Jeremy House) “emails or calls.”

Amazon Prime Day is here.

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TAG: Correspondent Jeremy House reporting. A spokesperson for the organization that because Prime Day is a huge moment on the retail calendar, “it represents an enormous opportunity for a scammer, con artist or even just an unethical business or organization.”

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VERBATIM: Experts are taking advantage of this day to remind consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But the Better Business Bureau says phishing attempts increase amid the heavy spending seen during significant sales events. The Better Business Bureau advises consumers to watch out for lookalike websites, too-good-to-be-true social media ads, and unsolicited emails or calls.

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Macy’s terminating buyout talks with Arkhouse and Brigade

( ) -q-24- UNDATED (Correspondent Jeremy House) “remaining 350 stores.”

Macy’s says it will no longer pursue merger talks with Arkhouse and Brigade, citing the lack of certain financing.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: In March, Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash. Macy’s now says it will focus on its own turnaround efforts. That includes closing 150 namesake stores over the next three years and upgrading its remaining 350 stores.

China’s economy slowed in the last quarter

( ) -q-19- UNDATED (Correspondent Jeremy House) “of around five-percent.”

China says its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter.

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TAG: Correspondent Jeremy House reporting. The update Monday on the state of the economy came as leaders of the ruling Communist Party gathered for a once-a-decade conclave to set economic policy that was expected to focus on self-sufficient strategies for growth in an era of tensions over trade and technology.

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VERBATIM: The rate was sharply below the 5.3% annual pace of growth seen in the first quarter of the year. Economists say weak consumer demand and reduced government spending are dragging on growth. China’s economy grew at a 5% pace in the first half of the year, at the government’s target of around 5%.

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Wholesale inflation picked up in June amid ongoing price pressures

( ) -q-24- UNDATED (Correspondent Jeremy House) “continued to ease.”

Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier.

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TAG: Correspondent Jeremy House reporting. Excluding food and energy prices, which tend to bounce around from month to month, so-called core wholesale prices were up 0.4% from May and 3% from June 2023.

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VERBATIM: The government’s producer price index — which tracks inflation before it reaches consumers — rose 0.2% from May to June after being unchanged the month before. It’s a sign that some inflation pressures remain elevated. The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price indicators are showing that inflation has continued to ease.