Morning Business Report: Unemployment claims fall, markets slide, and major corporate moves shape the economy
New economic data shows jobless claims remain well below expectations.
(LILAMAX)- New economic data shows jobless claims remain well below expectations. First-time unemployment filings totaled 218,000 last week — significantly lower than the Dow Jones estimate — easing fears of a weakening labor market.
Despite that good news, U.S. markets fell in Thursday trading. Meanwhile, the government collected $31 billion in tariffs for August, putting the U.S. on pace for $350 billion annually. The Committee for a Responsible Federal Budget projects tariffs could shrink the national deficit by $4 trillion.
In the corporate world, Starbucks announced a restructuring plan to close 1% of its stores and cut 900 jobs after six straight quarters of declining sales. Ford is offering lower interest rates to buyers with poor credit as it works to clear out 2025 truck models amid high dealer inventory.
The White House finalized a deal with China on TikTok, allowing American investors to take majority control of the app. And Instagram hit a milestone this week: 3 billion monthly users, according to Meta CEO Mark Zuckerberg.
Finally, retailers are gearing up for Halloween. The National Retail Federation expects Americans to spend $13 billion this season — a 13% jump from last year.
