Porsche Cuts Outlook as US Tariffs, Model Revamp Eat Into Profit
The manufacturer's return on sales for 2025 could slide as low as 5%, having previously targeted at least 6.5%, the Volkswagen AG -controlled brand said Wednesday. The lower forecast includes the hit from US tariffs the European Union agreed and roughly €1.3 billion ($1.5 billion) of costs related to the brand's strategic reset, including adding more combustion-engine and plug-in hybrid models, Porsche said.
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Yahoo
9 minutes ago
- Yahoo
Trump says to name new labor statistics chief this week
US President Donald Trump said Monday that he would pick an "exceptional replacement" for his labor statistics chief, days after ordering her dismissal after a report showed weakness in the jobs market. In a post on his Truth Social platform, Trump reiterated -- without providing evidence -- that Friday's employment report "was rigged." He alleged that commissioner of labor statistics Erika McEntarfer had manipulated data to diminish his administration's accomplishments, drawing sharp criticism from economists and a professional association. "We'll be announcing a new (labor) statistician some time over the next three-four days," Trump told reporters Sunday. He added Monday: "I will pick an exceptional replacement." US job growth missed expectations in July, figures from the Bureau of Labor Statistics showed, and sharp revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. Trump ordered the removal of McEntarfer hours after the figures were published. "We had no confidence. I mean the numbers were ridiculous," Trump told reporters Sunday. He charged that McEntarfer came up with "phenomenal" numbers on his predecessor Joe Biden's economy before the 2024 election. - Hiring slowdown - Even as he called for more reliable data Monday, White House economic adviser Kevin Hassett conceded that the jobs market was indeed cooling. But Hassett maintained in a CNBC interview that this softening did not reflect the incoming effects of Trump's flagship tax and spending legislation -- signed into law early last month. US employment data point to challenges as companies took a cautious approach in hiring and investment while grappling with Trump's sweeping -- and rapidly changing -- tariffs this year. The United States added 73,000 jobs in July, while the unemployment rate rose to 4.2 percent, the Department of Labor reported. 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. These were notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Over the weekend, Hassett defended McEntarfer's firing in an NBC News interview: "The president wants his own people there so that when we see the numbers they are more transparent and more reliable." Trump's decision has come under fire. William Beach, who previously held McEntarfer's post, said the move set a "dangerous precedent." The National Association for Business Economics condemned her dismissal, saying large revisions in jobs numbers "reflect not manipulation, but rather the dwindling resources afforded to statistical agencies." In addition to a successor to McEntarfer, Trump is also expected to name a replacement for Federal Reserve governor Adriana Kugler. Kugler's early resignation, effective Friday, allows Trump a vacancy to fill as he pushes the independent central bank to lower interest rates. German Finance Minister Lars Klingbeil on Monday emphasized the importance of supporting "independent, neutral and proven institutions." He said: "It is right that independent institutions remain independent and that politics do not interfere with them." McEntarfer, a labor economist, was confirmed to the commissioner role in January 2024. abs-lob-bys/aha Sign in to access your portfolio
Yahoo
9 minutes ago
- Yahoo
Former Obama adviser quips that Trump is ‘combing Fox News' for new Labor Stats chief after firing
After Donald Trump's pledge to nominate a new Bureau of Labor Statistics commissioner in the next few days, former Obama adviser David Axelrod joked that the president is 'probably combing Fox News' for a replacement. Following a weak jobs report Friday that found not only did the U.S. economy add only 73,000 jobs in July but that the 258,000 fewer jobs were created in the previous two months, the president announced that he had axed the chief labor statistician Erika McEntarfer. 'I believe the numbers were phony, just like they were before the election, and there were other times,' the president told reporters over the weekend when pressed on his decision. Since then, Trump has repeatedly and baselessly claimed that the jobs report 'was RIGGED' and that McEntarfer – who was appointed by his predecessor Joe Biden – had manipulated the numbers to make him 'look bad.' While the president has faced some criticism from Republican lawmakers for firing McEntarfer, who was overwhelmingly confirmed by the Senate last year, White House officials were tasked over the weekend with justifying and defending Trump's rash move. Their efforts were met with mockery and ridicule from cable news outlets and editorial boards. The Wall Street Journal labeled the president's economic adviser the 'bureau of labor denial' while Morning Joe host Joe Scarborough claimed that Trump's aides had to 'put on their Baghdad Bob hat this weekend because there was no justification for' the firing. Axelrod, who now works as a CNN senior political commentator, took a decidedly snarky tone over the news that Trump would soon offer up a replacement for McEntarfer. Sharing a New York Times article that noted the president had told reporters he'd announce a new BLS commissioner 'over the next three or four days,' Axelrod tweeted Sunday: 'He's probably combing Fox News right now for a qualified replacement.' Of course, Axelrod – who served as a senior advisor to former President Barack Obama and helped run his two presidential campaigns – was referencing Trump's penchant for using the conservative cable giant to staff up his administration. Trump created a revolving door between Fox News and the White House during his first term in office, and his second term has seen roughly two dozen former Fox News employees take on roles in the administration – with several of them filling Cabinet-level jobs. Axelrod wasn't the only one who jokingly suggested that the president would look for a loyalist to lead the Bureau. George Conway, the former GOP lawyer who has become a leading anti-Trump critic in recent years, created a fake White House press release announcing that the president had named former Trump Organization CFO Allen Weisselberg to be the next Labor Stats chief. Weisselberg pleaded guilty to charges of grand larceny, criminal tax fraud and falsifying business records in 2022. He also later pleaded guilty to perjury charges for lying under oath in a New York civil trial. In his newsletter, The Atlantic contributing writer Derek Thompson argued that Trump was waging a war against reality, adding that weak job growth wasn't 'the only inconvenient statistic that the Trump administration has tried to suppress in its first seven months.' As Thompson pointed out, the administration has also dismissed scientists in charge of vaccine evaluations at the CDC and gotten rid of experts who put together national climate assessments so insurance companies can gauge risk, not to mention the firing of McEntarfer. In a wild post on Truth Social Monday morning, Trump claimed that he was the victim of 'FAKE' numbers that were meant to hide the economic success of his tariff policies. 'Last weeks Job's Report was RIGGED, just like the numbers prior to the Presidential Election were Rigged. That's why, in both cases, there was massive, record setting revisions, in favor of the Radical Left Democrats,' he wrote. 'Those big adjustments were made to cover up, and level out, the FAKE political numbers that were CONCOCTED in order to make a great Republican Success look less stellar!!! I will pick an exceptional replacement. Thank you for your attention to this matter. MAGA!'
Miami Herald
10 minutes ago
- Miami Herald
South Floridians spend more on transportation than almost anyone else in U.S.
Driving in South Florida can be harrowing — and costly. Of residents in the 10 largest U.S. metropolitan areas, Miamians tie Houstonians for spending the most on transportation. Roughly 20% of what people residing in Greater Miami spend each year goes toward getting around, according to data from the Bureau of Labor Statistics. On average, that's more than $14,400 per household in the tri-county area of Miami-Dade, Broward and Palm Beach. Americans in general are spending more on cars now than almost ever before. According to Kelley Blue Book, new car buyers paid almost $50,000 per purchase at the end of 2024, just under 2022 highs, when supply chain disruptions led to shortages of new vehicles on the market. And that number doesn't yet take into account the Trump administration's 15% tariffs on auto imports from Japan and the European Union, said Chairman Howard Dvorkin. Those costs hit especially hard in Greater Miami, where residents generally earn less than their counterparts across the country. Tri-county residents' net automobile expenditures — the difference between what they paid for their cars and what they recouped by selling their old ones — accounted for nearly half of Miamians' transportation costs and 9% of their total annual expenses, again tying Houston, according to the Bureau of Labor Statistics. Necessity explains part of that expenditure, said Cathy Dos Santos, director of Transit Alliance Miami, a local nonprofit promoting walkability, bikeability and better public transit. Greater Miami, she noted, offers few practical alternatives to driving. 'We're asking people to choose between paying really high costs for transportation by having to own or lease their car,' Dos Santos said, 'versus spending sometimes twice as long using public transit to get around.' Unsurprisingly, most stick to their cars. And given how far many South Floridians have to travel to get to work, it's hard to blame them. Census data shows that more than half of tri-county workers commute at least 10 miles to get to work. Nearly 15% have a 50-plus mile commute. Compounding those distances is often-grinding traffic. According to INRIX, a traffic-data analytics company, Miami is the 14th most car-congested city on Earth, with local drivers spending the equivalent of nearly three days a year stuck in traffic. And those cars, whether they're actually moving or idling, need fuel — another big line-item for locals. Gas eats up roughly 4% of Greater Miamians' annual household spending, one of the highest shares among major U.S. metro areas, according to the Census Bureau. They also need to be insured. Due largely to the higher risk of severe weather conditions and rates of uninsured drivers, Floridians pay more than $3,200 in car insurance premiums — the second most in the country behind Louisianians — according to MarketWatch. But beyond necessity, culture can explain some of those high costs, says Dvorkin. 'A lot has to do with image,' he said, observing that South Floridians tend to 'like fancy cars,' even if their checking accounts are dwindling. Fancy or not, South Floridians need cars to get around because much of where they live is built for and around automobiles, said Dos Santos. That's something local governments can take steps to correct. Low-density, sprawling housing — a large portion of the tri-county's housing stock — makes it difficult for people to live within walking or biking distance of work, or even regular errands, she said. Denser, multi-use zoning can make it easier for people to meet their needs within a walk or short public transit commute of where they live, Dos Santos noted. That, along with investment in capital projects that can improve public transit across South Florida, could ultimately reduce what residents pay. But they're longer-term projects. In the immediate future, Dos Santos said, local governments can invest in cheaper, high-impact 'small infrastructure' — bike lanes, sidewalks and improved pedestrian street crossings to make non-car transit, which is the cheapest way to get around, more attractive, especially for short trips. But for those who drive dozens of miles just to get to work, as many South Floridians do, their employers can play an important role in reducing transportation costs, said United Way of Florida CEO Melissa Nelson. By providing gas or bus cards — if employees have convenient access to mass transit — for example, employers can help ease their workers' transportation cost burdens. For workers receiving government assistance, those perks can help offset costs without increasing their taxable income. That distinction is crucial. Sometimes, slight increases in income can cost assistance recipients thousands of dollars in lost benefits by pushing them over eligibility thresholds — a phenomenon known as a 'benefits cliff.' But perhaps most critically, offering flexibility — especially for work that doesn't necessarily need to be done in person or at a specific time — is key to reducing time and money spent on transportation, Nelson said. Such adaptability is especially invaluable for families with children that need to be picked up from childcare or school. Ultimately, she said, helping workers remove transportation barriers opens doors to personal and professional development. 'People who are stuck in their car for three hours a day' can't invest in themselves, said Nelson. 'They're not doing any continuing education, which means they're not training for the job that you might like them to move into.' This story was produced with financial support from supporters including The Green Family Foundation Trust and Ken O'Keefe, in partnership with Journalism Funding Partners. The Miami Herald maintains full editorial control of this work.
