Economy Archives - Page 11 of 59

U.S Economy Adds 311,000 New Jobs as Labor Growth Continues

The U.S. economy added 311,000 new jobs in February, according to the latest figures. Economists had projected 205,000 new positions last month. However, the number was down from 504,000 in January, according to the Bureau of Labor Statistics (BLS). The unemployment rate climbed to 3.6 percent, up from 3.4 percent,…

Elon Musk Responds after FTC Makes 350 Demands for Internal Twitter Information

The Federal Trade Commission (FTC) has allegedly demanded that Elon Musk hands over internal information about Twitter. The federal agency has reportedly demanded internal communications and information about layoffs, according to a House Judiciary Committee report. The demands were made as part of an FTC investigation into the social media…

Biden Admin Reverses Course, Gives Congress Green Light to Pass Bill Banning TikTok

President Joe Biden's administration has reversed course this week by announcing that it would support a Senate bill to outlaw the Chinese app TikTok in the United States. The Biden admin had been at a standstill for two years over how to deal with the threat to national security posed…

Congress Tackles ChatGPT amid AI Revolution

This week, senators and representatives have held separate hearings regarding the perils and promises of artificial intelligence (AI). The move signals lawmakers’ growing regulatory appetite in the wake of actions on the technology from the Biden administration. "AI is no longer a matter of science fiction nor is it a…

Senior Intelligence Official Warns of TikTok’s Influence on American Children

U.S. National Security Agency Director Paul Nakasone has warned that the Chinese Communist Party-linked social media app TikTok is influencing American children. During testimony delivered before the Senate Armed Services Committee on March 7, Nakasone said he is concerned about what data TikTok may be collecting on U.S. users. Nakasone…

Railroad Offers Temporary Help to East Palestine Residents Impacted by Toxic Train Derailment

Norfolk Southern Railway, the railroad company that owns the train that derailed in Ohio last month, has offered temporary help to the residents of East Palestine who are impacted by the toxic disaster. As cleanup continues more than a month after one of its freight trains derailed in the small…

Fed’s Logan Warns Financial System Vulnerable to Bond Stress, Bostic Open to Rate Hikes

America's financial system is vulnerable to stress in the government bond market, Federal Reserve Bank of Dallas President Lorie Logan has warned. Logan delivered a speech at an event hosted by the University of Chicago Booth School of Business. She explained that the bond market is susceptible to substantial shocks.…

Falling Labor Participation Rate ‘Really Troubling’ for Economy, Experts Warn

America’s low labor participation rate has become a problem for the U.S. economy, experts are warning. A large number of American workers have failed to return to work since the Covid pandemic. Economists are saying that an unprecedented drop in labor participation across the country has become widely noticeable. Health…

Amazon Pauses Construction of New Virginia HQ amid Revenue Losses

Online retail giant Amazon has paused the construction of its new headquarters in Virginia as revenue losses weigh heavily on the company. The facility in Arlington, Virginia would be Amazon's second headquarters. But a poor 2022 financial performance, that saw the company register over $2 billion in losses, has scuppered…

Federal Agency Advances Gas Stove Ban Proposal Floated by Commissioner

A U.S. federal agency has advanced its proposal on banning gas stoves from American homes after it was first floated by one of its commissioners in January. The U.S. Consumer Product Safety Commission (CPSC) has issued a request for information on gas stove hazards. On March 1, the CPSC announced…