Jobs Report on Inflation, Recession Fears Grow
With inflation and recession fears growing among middle-class Americans and affecting spending habits, the much-anticipated monthly jobs report is due out on Friday. Some economists are expecting brighter news for this area of the economy, and Wells Fargo raised its forecast for 240,000 non-farm jobs added in July, up from 215,000. However, weekly jobless claims have crept to the highest levels since late 2021 despite not being seen at alarming levels yet. However, layoffs or hiring freezes continue to be announced almost daily, and some economists expect more as the economy slows under the weight of higher interest rates.
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Senator Kirsten Senema’s support establishes the Inflation Reduction Act
Senator Kirsten Senema, D-Arizona, announced late Thursday that she will “go ahead” to give Senate Democrats the support they need in the inflation-reduction law they look to pass this week. Senema, the last of the Democrats to reject the bill, said Democrats agreed to scrap a provision that raises taxes on “transferable interest,” or dividends that go to private-equity CEOs, resolving a key difference that has hampered its support. Democrats hope to pass the bill on a partisan voting line through a process known as budget compromise that would allow for approval by a simple majority and avoid the 60-vote threshold to overcome Republican obstruction. You will need the support of all Democrats in an evenly divided Senate.
House Speaker Nancy Pelosi visits Tokyo on the last leg of her Asian tour
House Speaker Nancy Pelosi said on Friday that China would not isolate Taiwan by preventing US officials from traveling there. She made the remarks in Tokyo on the last leg of an Asian tour, highlighted by a visit to Taiwan that angered China. China considers Taiwan part of its territory, although Taiwan considers itself a sovereign country. Pelosi met Japanese Prime Minister Fumio Kishida over breakfast Friday in Tokyo. Kishida said China’s military exercises targeting Taiwan prompted by Pelosi’s visit pose a “serious problem” threatening regional peace and security after five ballistic missiles were launched as part of the exercises that landed in Japan’s exclusive economic zone. Pelosi, who is the first female speaker of the House of Representatives to visit Taiwan in 25 years, said her trip to Taiwan is not aimed at changing the island’s status quo, but rather at maintaining peace in the Taiwan Strait.
Musk’s response to the Twitter lawsuit was made public
A judge ruled on Wednesday that Elon Musk’s response to Twitter’s lawsuit over its attempt to back out of a $44 billion deal to buy the social media company will be announced by Friday evening at the latest. Musk’s attorneys wanted to file a public version of their response and counterclaims in Delaware court Wednesday. But Twitter’s lawyers have complained that they need more time to review and possibly redact Musk’s sealed files, saying they refer “widely” to Twitter’s internal information and data given to Musk. Chancellor Kathleen St. Jude McCormick held a conference call on Wednesday before agreeing with Twitter, directing that registrations be made in public files by 5 p.m. Friday. Twitter’s lawyers have argued that court rules require five business days to elapse before a public version of Musk’s file can be released.
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The Republican Party is preparing to choose the host city for the 2024 conference
The midterm elections are still three months away, but the Republican Party is planning for 2024. The Republican Party is expected to choose the host city for its next national convention on Friday, with Milwaukee the likely option. A site selection committee voted to recommend Milwaukee last month, and the city’s joint council approved a framework agreement for the event. Nashville, Tennessee, was the other finalist but appeared to be knocked out of the race after local leaders voted this week to reject a draft agreement to host it. But while Tennessee is a strongly Republican, Wisconsin is a major swing state that Donald Trump won in 2016 and Joe Biden won in 2020. Democrats chose Milwaukee to hold their convention in 2020, but it has turned into a mostly hypothetical event due to the pandemic.
Contributing: Associated Press