WASHINGTON — America’s employers added a solid 223,000 jobs in December, evidence that the economy remains healthy, yet also a sign that the Federal Reserve may still have to raise interest rates aggressively to slow growth and cool inflation. The December job growth, though a decent gain, amounted to the lowest monthly increase in two ...more
Tesla Inc.’s board of directors is facing mounting pressure to prove just how prepared they are for the potential loss of Elon Musk, the erratic CEO largely behind the breakneck rise and dramatic fall in the company’s valuation. Karen Róbertsdóttir, a shareholder in Reykjavik, Iceland, has submitted a resolution for Tesla investors to vote in ...more
The U.S. government has angered Tesla Inc.’s Elon Musk and handed welcome news to other automakers like Hyundai Motor Co. with guidance on which electric vehicles will qualify for tax credits in the coming months. The changes make a new crop of vehicles eligible for credits, including used EVs for the first time. But a ...more
DETROIT — Shortages of computer chips and other parts continued to hobble the U.S. auto industry last year, contributing to vehicle sales dropping 8% from 2021 to their lowest level in more than a decade. But there’s good news for consumers in the gloomy numbers: Vehicle supplies on dealer lots are growing, albeit slowly, and ...more
Amazon.com Inc. is laying off more than 18,000 employees — the biggest reduction in its history — in the latest sign that a tech-industry slump is deepening. CEO Andy Jassy announced the cuts, which represent about 1% of Amazon’s employees, in a memo to staff Jan. 4, saying it followed the company’s annual planning process. ...more
Data released Jan. 5 reinforced the strength of the labor market, with hiring at U.S. companies far exceeding expectations and applications for jobless benefits falling to a three-month low. Private payrolls increased 235,000 last month, led by small and medium-sized businesses, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. ...more
President Joe Biden on Jan. 4 visited the worn-out Brent Spence Bridge in Kentucky as part of the administration’s renewed push to highlight the bipartisan infrastructure law. On the same day, the Federal Highway Administration announced $2.1 billion in first-round grants to repair four “ecomonically significant” bridges. “I believe it sends an important message, an ...more
Multiple failed attempts in the House of Representatives to solidify Rep. Kevin McCarthy (R-Calif.) as the next Speaker of the House prevented the GOP caucus from kicking off its legislative agenda on time, as every official function in chamber requires a signoff from the speaker. Without a speaker, elected officials could not be sworn in, ...more
LAS VEGAS — Mercedes-Benz says it will build its own worldwide electric vehicle charging network starting in North America in a bid to compete with EV sales leader Tesla. The German luxury automaker said at the CES gadget show in Las Vegas Jan. 5 that it will start building the North American network this year ...more
