Morning Business Report: jobs data delayed, markets rally, and Seahawks sale talk
The January jobs report will not be released as scheduled this week due to the ongoing partial government shutdown, marking the second delay of a major labor report in the past five months.
(LILAMAX)- The January jobs report will not be released as scheduled this week due to the ongoing partial government shutdown, marking the second delay of a major labor report in the past five months. While data collection has already been completed, the shutdown has disrupted the final stages of the process. The Bureau of Labor Statistics typically spends the days leading up to a release collating data and assembling the public report, work that has been postponed amid the funding lapse.
In the tech sector, jury selection was delayed in a landmark trial examining whether social media platforms are addictive for children. Proceedings were pushed back after Meta’s lead attorney fell ill. The case could feature testimony from Meta founder Mark Zuckerberg, who is expected to appear early in the trial. The judge has indicated a goal of wrapping up the case by the end of March. TikTok, Meta, Snapchat, and YouTube are among the companies facing allegations that their platforms contribute to a youth mental health crisis.
On Wall Street, stocks surged to start the month. The Dow Jones Industrial Average jumped 515 points, signaling renewed investor optimism. Shares of Disney slipped, however, despite the company reporting solid earnings.
New research also highlights ongoing workforce challenges for women. According to data from Catalyst, caregiving responsibilities — including the cost of child care — were the leading reason women voluntarily left the workforce last year. About 42% of women who quit cited caregiving concerns, while nearly one in five pointed to low pay as a contributing factor.
In the sports business world, the Seattle Seahawks could soon be up for sale. The National Football League is reportedly pushing for a sale to comply with league rules requiring teams to be majority-owned by individuals. According to The Wall Street Journal, the move follows a 2018 trust arrangement created by the late Paul Allen, which placed his assets under the oversight of his sister, Jody Allen. The Seahawks are estimated to be worth as much as $6 billion.
