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Jeudi, septembre 26th, 2024

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Businesses across the U.S. economy ramped up their hiring in September, defying surging interest rates, financial market turmoil, the ongoing threat of a government shutdown and an uncertain outlook to add the most jobs in any month since January. Stocks initially tumbled after the strong jobs report raised worries about upward pressure on inflation and the Federal Reserve keeping interest rates high. But Treasury yields pared their gains as the report also included some more encouraging nuggets for the Fed´s inflation fighters.

The S&P 500 rose 1.2% after erasing an earlier drop of 0.9%. The Dow added 288 points, and the Nasdaq composite flipped to a gain of 1.6%. NEW YORK (AP) – Wall Street rallied in a whipsaw Friday and erased its morning losses after looking deeper into the nuances of a surprisingly strong report on the U.S. Fain said GM´s move will change the future of the union and the auto industry. Union President Shawn Fain told workers in a video appearance Friday that additional plants could be added later.

DETROIT (AP) – The United Auto Workers union says it will not expand its strikes against Detroit´s three automakers after General Motors made a breakthrough concession on unionizing electric vehicle battery plants. The delay came shortly after GM agreed to bring electric vehicle battery plants into the UAW´s national contract, essentially assuring that they will be unionized. At least 25 million vehicles containing ARC-made air bags could be affected.

government appears poised to order a recall of millions of air bag inflators due to a manufacturing flaw that could send metal shrapnel rocketing through a car interior. Thursday´s hearing was one of the final steps before the agency can issue a formal recall order and take the case to court for enforcement. ARC has refused to issue a full-scale recall, setting the stage for the possible court fight. The company maintains that no safety defect exists.

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