Morning Business Report: Air travel risks, jobs report delay, record markets, and Halloween spending boom
Experts warn that the longer the current government shutdown continues, the greater the risk of disruptions to U.S. air travel.
(LILAMAX)- Experts warn that the longer the current government shutdown continues, the greater the risk of disruptions to U.S. air travel. Roughly 13,000 air traffic controllers are still working but will not be paid until the government reopens. About a quarter of the 45,000 employees at the Federal Aviation Administration face furloughs, halting services such as rulemaking and safety oversight. The last major shutdown in 2019 ended after some controllers staged a sick-out.
In the job market, unemployment changed little in September, but both hiring and layoffs slowed. Consulting firm Challenger, Gray & Christmas reported that layoff announcements dropped 37% last month and were down 26% compared to a year earlier. However, the Labor Department’s monthly jobs report will not be released today due to the shutdown.
On Wall Street, the three major U.S. stock indexes all closed at record highs Thursday, with AI chipmaker Nvidia also reaching an all-time peak.
Halloween is expected to be more expensive than ever this year, with spending projected to reach a record $13.1 billion. Costumes remain the top expense at $4.3 billion, followed by decorations at $4.2 billion, candy at $3.9 billion, and greeting cards at $700 million. That comes to an average of $37.62 per person.
And for those who love both Crocs and M&M’s, the two brands have launched a first-ever collaboration. Beginning October 9, shoppers can buy two styles of Crocs and a set of M&M’s charms to decorate them. The line will be available online at both companies’ websites and in Crocs retail stores.
