US applications for jobless benefits fall for sixth straight week
Earlier in July, the Labor Department reported that US employers added a surprising 147,000 jobs in June, adding to evidence that the American labor market continues to show resilience despite uncertainty over President Donald Trump's economic policies. The job gains were much more than expected, and the unemployment rate ticked down 4.1 percent from 4.2 percent in May.
Though the job market is broadly healthy by historical standards, some weakness has surfaced as employers contend with fallout from Trump's policies, especially his aggressive tariffs which raise prices for businesses and consumers. Most economists believe the import duties make the economy less efficient by reducing competition. They also invite retaliatory tariffs from other countries, hurting US exporters and potentially driving businesses to freeze hiring or cut staff. The deadline on most of Trump's stiff proposed taxes on imports were extended again until Aug. 1. Unless Trump reaches deals with countries to lower the tariffs, economists fear they could act as a drag on the economy and trigger another bout of inflation. Companies that have announced job cuts this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google, and Facebook parent company Meta.
The Labor Department's report Thursday showed that the four-week average of claims, which evens out some of the weekly volatility, declined by 5,000 to 224,500. The total number of Americans collecting unemployment benefits for the week of July 12 remained stable, rising by just 4,000 to 1.96 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
Trump announces 25 percent tariff on India and unspecified penalties for buying Russian oil
WASHINGTON: The United States will impose a 25 percent tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. India 'is our friend,' Trump said on his Truth Social platform, but its tariffs 'are far too high' on US products. The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the US have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the US to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in US growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and US Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback Trump's approach of putting a 15 percent tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to US leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the US will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper parternship with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. The Census Bureau reported that the US ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the US market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organizations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.' The new tariffs on India could complicate its goal of doubling bilateral trade with the US to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While US has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. When Trump in February met with Modi, the US president said that India would start buying American oil and natural gas. Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a US tariff rate of at least 25 percent, saying, 'We're going to see.' Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate.
ArabGT
an hour ago
- ArabGT
Tesla Diner 's First Week Draws Crowds, Critics, and Controversy in Hollywood
A week after its bold debut in Los Angeles, Tesla Diner is continuing to spark headlines—not only for its striking design but also for the polarized reactions surrounding it. Located in the heart of Hollywood, Tesla Diner marks the brand's first foray into the restaurant world, offering a nostalgic 1950s dining experience with a futuristic Tesla twist. The two-story, 9,000-square-foot venue aims to transform EV charging into a memorable stop for food, entertainment, and brand engagement. At the core of the Tesla Diner concept is a full-service eatery paired with 80 V4 Superchargers and large outdoor cinema screens. Diners enjoy classic American fare—burgers, hot dogs, tacos—served in Cybertruck-themed packaging, with roller-skating servers enhancing the retro-futuristic ambiance. Within just six hours of opening, Tesla Diner reportedly generated around $47,000 in sales, outperforming many fast-food restaurants in the surrounding area. But the public spectacle has also drawn political and social backlash. Demonstrations outside the Tesla Diner during its opening days raised questions about the brand's broader strategies. Critics argue that the diner is more than a playful concept—it's a calculated distraction from Tesla's recent financial challenges and a move to regain public attention at a time when the company faces scrutiny. Financially, Tesla's Q1 2025 results reflected notable pressure: a 71% decline in year-over-year vehicle profits and a 20% drop in overall automotive revenue. These numbers have led some analysts to view Tesla Diner not merely as a novelty, but as a serious attempt to diversify revenue streams and reframe the brand's identity amid economic headwinds. The spectacle continued inside the diner as well. Tesla's Optimus robot made a surprise appearance during opening week, handing out popcorn and drawing social media buzz. Photos and videos of the neon décor, vintage soundtrack, and high-tech touches from Tesla Diner quickly spread online, turning the venue into a viral destination. Elon Musk has confirmed that Tesla Diner will not remain a one-off. A second location is already in progress in Texas, with plans for further expansion into other major cities and along key highway routes. Musk described the project as 'an island of good food and entertainment,' signaling his ambition to reshape the EV charging experience into a lifestyle-centered ecosystem. With just one week of operations behind it, Tesla Diner has already become a flashpoint for discussion—a blend of nostalgia, innovation, and controversy that could define the next chapter in Tesla's brand journey.
ArabGT
an hour ago
- ArabGT
How Kia Prices Are Rising Without Any Official Increase
If you've been eyeing a new Kia lately and feel like prices are climbing, you're not imagining things. On paper, Kia prices haven't officially gone up. But in reality, many buyers are walking into showrooms and walking out with a higher bill than they expected. So what's going on? It turns out Kia has quietly shifted the way it prices its cars—without actually increasing the sticker prices. The trick? Most of the affordable, base-level models are either barely available or completely missing from dealer lots. They're still listed on websites and brochures, but good luck finding one. The Price Tag Is the Same, the Cost Isn't Here's how it works: Kia prices technically start low, but when the base models aren't in stock, buyers have little choice but to go for the higher trims—the ones packed with extra features and, naturally, a bigger price tag. In short, the entry-level version might exist on paper, but not in reality. That forces buyers to spend more—often without realizing why the final cost feels so much higher than expected. More Features, More Money—Whether You Want Them or Not This shift isn't just about missing base models. Kia is also bundling features into single packages, instead of letting customers choose options à la carte. That means you could end up paying for things you don't necessarily want, like premium audio systems, bigger wheels, or navigation, just to get the model you're after. The result? Kia prices appear unchanged, but most customers are spending hundreds—or even thousands—more than they would have a year or two ago. Will This Quiet Price Hike Spread? Right now, this strategy is being seen mainly in the U.S., but it's not new in the industry. Other carmakers, like Toyota and Ford, have tried similar approaches in certain markets. The difference is, Kia's version is more noticeable and more widespread—and that raises the question of whether this pricing game will expand into global markets, including the Arab world. So while Kia prices may look the same in headlines or spec sheets, the real story is unfolding at the dealership. And for many buyers, that story ends with a bigger hit to their wallet than they expected.
