US jobless claims fall for 6th straight week
US Labor Department data released Thursday showed initial jobless claims fell by 4,000 to 217,000 in the week ending July 19, down from the prior week's unadjusted reading of 221,000.
Economists had expected an increase of 6,000 claims to 227,000.
The four-week moving average, considered a more reliable gauge of labor market trends, also fell by 5,000 to 224,500, compared to the previous week's average of 229,500.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ArabGT
3 hours ago
- ArabGT
Cheap Cars Vanish from U.S. Market as Major Automakers Shift Gears
Finding a budget-friendly new car in the U.S. is becoming almost impossible. The once-thriving market for vehicles priced under $30,000 is rapidly vanishing, with American auto giants playing a key role in its decline. Back in 2019, nearly 38% of all new car sales were in the sub-$30,000 range (around SAR 112,500). Fast forward to today, and that figure has shrunk dramatically. Fewer than one in ten new cars now fall under that price point. Entire models have vanished from showrooms—take the Mitsubishi Mirage, once priced just below $15,000 (about SAR 56,250), now discontinued. Why Are Cheap Cars Disappearing? The vanishing act of affordable cars is no mystery—it's the result of a combination of economic and strategic shifts: Rising production costs driven by inflation and international trade tariffs A shift in focus by automakers toward high-margin SUVs and luxury vehicles Competitive market forces that push prices upward and deprioritize economy segments Automakers like Ford and General Motors have gradually moved away from producing entry-level cars, citing reduced profitability compared to more lucrative categories. They're investing more in upscale models, where returns are more predictable. Used Cars: No Easy Escape The situation isn't much better in the used car market. With affordable new cars in short supply, demand for older, lower-priced vehicles has spiked. The result? Scarcity. Many drivers are holding on to their vehicles longer, as upgrading is no longer economically feasible. The numbers are stark: new cars priced below $25,000 have plummeted by 78%. This isn't just a statistical trend—it's a sign of a deeper economic shift. For many families, the traditional milestone of buying a first car for a teenager or a dependable ride for an aging parent is slipping out of reach. The Harsh New Reality for Budget-Conscious Buyers If this trajectory continues, low-income drivers and first-time buyers will be left with two unappealing choices: settle for an overpriced used vehicle or spend nearly double on a new one that's likely bigger, more complex, and far more expensive to maintain. The clear message? Affordable cars are vanishing—and America's largest automakers are driving the shift. Their pricing strategies and production priorities have effectively erased budget models from their plans. The era of the cheap, dependable car is becoming a relic of the past.
ArabGT
3 hours ago
- ArabGT
Tesla Awards Elon Musk $29 Billion in Stock Compensation
In a bold move to retain Elon Musk at the helm during a pivotal transformation, Tesla has granted its CEO a stock package valued at approximately $29 billion. The company is shifting its focus from electric vehicle manufacturing toward cutting-edge ventures in autonomous taxis and humanoid robotics. As part of this agreement, Tesla will issue 96 million new shares to Musk. The grant serves as a gesture of goodwill in recognition of a compensation deal originally struck in 2018 but later nullified by a Delaware court. That decision remains under appeal by Musk. Conditions Tied to Continued Leadership Musk will only gain access to the newly awarded shares if he continues to serve in a senior executive capacity for the next two years and if the court does not reinstate the previous compensation plan. The shares must also be held for five years, and Musk retains the right to purchase them at a fixed price of $23.34 per share—mirroring the terms of the 2018 agreement. Tesla plans to present a revised long-term compensation proposal for Musk at its annual shareholder meeting, scheduled for November 6. Doubling Down on Musk Despite Mounting Scrutiny This strategic decision reinforces Tesla's confidence in Musk's leadership as it embarks on a new chapter of innovation and technological development. While his political involvement and commitment to other projects—such as AI startup xAI—have sparked criticism, Tesla's board appears steadfast in its belief that Musk is best equipped to steer the company through upcoming challenges. Tesla Bets on Musk's Vision Amid Market Pressures The timing of this package is critical. Tesla has been grappling with declining sales, an aging lineup, intensifying competition, and growing concerns about the impact of Musk's outspoken political views on the brand's public perception. Recent market research indicates a significant drop in customer loyalty since Musk publicly supported former U.S. President Donald Trump last year. The stock award will increase Musk's ownership in Tesla from 12.7% to over 15%, further cementing his influence over the automaker. Until now, Musk had no active compensation plan and had not received substantial earnings from the company since 2017. The board cited the importance of retaining Musk's 'extraordinary talent' as the litigation surrounding the 2018 package continues to unfold. Independent Review of the Compensation Plan A special committee made up of Tesla's board chair Robyn Denholm and independent director Kathleen Wilson-Thompson was formed to assess Musk's pay structure. While acknowledging his numerous ventures, the committee expressed confidence that this package would effectively motivate Musk to maintain his focus on Tesla's future. However, not everyone agrees with the board's decision. Critics argue that the move sidesteps the Delaware court ruling. Corporate governance specialist Charles Elson remarked that this new plan is merely 'a repackaged version of the previous one deemed invalid,' and added that Musk doesn't require further incentives, as walking away from Tesla would cost him a major portion of his wealth. Market Reaction Signals Support Despite the surrounding controversy, the market reacted positively. Tesla shares climbed nearly 2% following the announcement. Analysts interpreted the package as a strategic measure to provide clarity and stability regarding Musk's role in the near term, effectively securing his presence at Tesla for at least two more years.
Arab News
3 hours ago
- Arab News
Reports: LAFC agree to terms with Tottenham F Son Heung-Min
LAFC will pay a transfer fee of around $26 million, GiveMeSport and ESPN reported For the latest updates, follow us @ArabNewsSport
