China Minister Meets US Delegation Including Apple in Beijing
Minister of Industry and Information Technology Li Lecheng discussed equipment machinery, intelligent manufacturing and business operations in China with the delegation led by US-China Business Council chair and FedEx Corp. Chief Executive Officer Rajesh Subramaniam, according to a government statement. In addition to Apple, executives from companies including Thermo Fisher Scientific Inc. and Otis Worldwide Corp. also attended the meeting, the statement said, without identifying the participants.
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Yahoo
24 minutes ago
- Yahoo
Trump orders firing of US official as cracks emerge in jobs market
President Donald Trump said Friday he has ordered the firing of a key economic official, accusing her of manipulating employment data for political reasons after a new report showed cracks in the US jobs market. US job growth missed expectations in July, Labor Department data showed, and revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. Without providing evidence, Trump lashed out at the department's commissioner of labor statistics, writing on social media that the jobs numbers "were RIGGED in order to make the Republicans, and ME, look bad." In a separate post on his Truth Social platform, he charged that Commissioner Erika McEntarfer had "faked" jobs data to boost Democrats' chances of victory in the recent presidential election. "McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months," Trump said, referring to latest data for July. "Similar things happened in the first part of the year, always to the negative," Trump said, insisting that the world's biggest economy was "booming" under his leadership. He later told reporters "we need people that we can trust," accusing the economic official of inflating hiring figures under former president Joe Biden's administration. - 'Dangerous precedent' - The United States added 73,000 jobs last month, while the unemployment rate rose to 4.2 percent from 4.1 percent, said the Department of Labor earlier Friday. Hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. This was notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. The employment data points to challenges in the key labor market as companies took a cautious approach in hiring and investment while grappling with Trump's sweeping -- and rapidly changing -- tariffs this year. The numbers also pile pressure on the central bank as it mulls the best time to cut interest rates. With tariff levels climbing since the start of the year, both on imports from various countries and on sector-specific products such as steel, aluminum and autos, many firms have faced higher business costs. Some are now passing them along to consumers. William Beach, who previously held McEntarfer post at the Bureau of Labor Statistics, warned that her firing "sets a dangerous precedent and undermines the statistical mission of the Bureau." The National Association for Business Economics (NABE) condemned her dismissal, saying large revisions in jobs numbers "reflect not manipulation, but rather the dwindling resources afforded to statistical agencies." "Firing the head of a key government agency because you don't like the numbers they report, which come from surveys using long established procedures, is what happens in authoritarian countries, not democratic ones," slammed Larry Summers, former US Treasury secretary under Democratic president Bill Clinton. - 'Gamechanger' - Heather Long, chief economist at the Navy Federal Credit Union, said Friday's jobs report was a "gamechanger." "The labor market is deteriorating quickly," said Long, noting that of the growth in July, "75 percent of those jobs were in one sector: health care." "The economy needs certainty soon on tariffs," Long said. "The longer this tariff whiplash lasts, the more likely this weak hiring environment turns into layoffs." It remains unclear when the dust will settle, with Trump ordering the reimposition of steeper tariffs on scores of economies late Thursday, which are set to take effect in a week. A sharp weakening in the labor market could push the Federal Reserve toward slashing interest rates sooner to shore up the economy. On Friday, the two Fed officials who voted this week against the central bank's decision to keep rates unchanged warned that standing pat risks further damaging the economy. Both Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller argued that the inflationary effects of tariffs were temporary. They added in separate statements that the bank should focus on fortifying the economy to avert further weakening in the labor market. Putting off an interest rate cut "could result in a deterioration in the labor market and a further slowing in economic growth," Bowman said. bys/sla/aks/acb Inicia sesión para acceder a tu portafolio
Axios
25 minutes ago
- Axios
Sales tax holidays begin as families face higher school costs
Nine states are kicking off tax-free holidays this weekend —as back-to-school inflation hits hard and families rush to lock in savings. Why it matters: It's a rare tax break for families preparing for a new school year and dealing with higher prices because of President Trump's tariffs. Four states — Alabama, Mississippi, New Mexico and Tennessee — held tax holidays in July, and four more tax-free breaks are held later in August. The big picture: Retailers like Walmart and Target are freezing or lowering prices on select items to court budget-conscious shoppers. Looming tariffs on Chinese imports — including tech and school supplies — are expected to drive prices up 12–15% this season, according to retail analysts. What they're saying:"With uncertainty around costs this fall, both shoppers and retailers are trying to lock in value now while they can," Stephanie Carls, RetailMeNot retail insights expert, told Axios. Mary Hines Droesch, head of consumer and wealth management products at Bank of America, tells Axios, that spreading out purchases can help consumers avoid impulse buys and lets families catch late-season deals. Sales tax holidays 2025 include online orders Sales tax is waived for in-store purchases and online shopping during the holidays, but exclusions apply. Arkansas tax-free weekend 2025 Arkansas holds its annual sales tax holiday on the first weekend of August each year for two days — Saturday and Sunday. Tax-free items: Clothing and shoes: Less than $100 per item. Clothing accessories or equipment: Less than $50 per item. School supplies and electronic devices used by students for study are also included, the state said. Florida sales tax holiday 2025 The Sunshine State's annual sales tax holiday is now a monthlong tax break every August. Tax-free items: Clothing, footwear and accessories: $100 or less. Most school supplies: $50 or less. Computers and accessories for personal use: $1,500 or less. Learning aids and jigsaw puzzles: $30 or less. Iowa sales tax holiday weekend 2025 The Hawkeye State's tax holiday is held annually on the first weekend in August and lasts two days, Friday and Saturday. No state or local option sales tax will be collected on clothing or footwear less than $100, according to the state. Missouri tax-free weekend 2025 Missouri's annual three-day tax holiday runs Friday through Sunday, Aug. 3, per the state. Tax-free items: Clothing: $100 or less. Personal computers and computer peripheral devices: Up to $1,500 and software up to $350. School supplies: Not to exceed $50 per purchase, graphing calculators up to $150. Ohio expanded sales tax holiday 2025 Ohio expanded its annual sales tax holiday into a two-week event, which ends at 11:59pm Aug. 14. The sales tax holiday includes "all tangible personal property that is $500 or less," including electronics, clothing, books, home goods, sporting goods, food and more. Oklahoma sales tax holiday 2025 Oklahoma's three-day sales tax holiday is held the first Friday through Sunday in August annually. Tax-free items: Clothing and footwear: Less than $100. South Carolina tax-free weekend 2025 The annual sales tax holiday in South Carolina is Friday through Sunday, Aug. 3 and exempts eligible purchases from the 6% state tax and local taxes. Tax-free items: Regardless of price, all computers, printers, school supplies, clothing and accessories, shoes and certain bed and bath items. Virginia sales tax holiday 2025 Virginia's three-day sales tax holiday — Friday through Sunday — waives tax on school supplies, clothing, footwear, emergency preparedness items as well as select appliances. Tax-free items: Clothing and footwear: $100 or less per item. School supplies: $20 or less. West Virginia sales tax holiday 2025 West Virginia's sales tax holiday runs Friday through 11:59 p.m. on Monday, Aug. 4, the state says. Tax-free items: Clothing: $125 or less. Laptop and tablet computers: $500 or less. School supplies: $50 or less. School instruction material: $20 or less. Sports equipment: $150 or less. Upcoming sales tax holidays
Bloomberg
26 minutes ago
- Bloomberg
Trump Fires Data Chief on Bad Job News, Gets Chance to Tilt Fed
President Donald Trump got some bad economic news Friday, and responded by shooting the messenger. Trump fired the head of the Bureau of Labor Statistics, hours after it sent markets tumbling with a report that showed a dramatic slowdown in US hiring. It's an escalation of his campaign against economic institutions long held to be above partisan politics — one that until now has principally targeted the Federal Reserve.
