US job growth falls short of expectations for AugustPosted: Updated:
Here's a look at your latest business and tech headlines from Cheddar on News 12:
U.S. job growth fell short of expectations for the month of August, adding to concerns that the economy is slowing amid the headwinds of the trade war and softness in manufacturing. The economy added 130,000 jobs, which was artificially inflated due to the federal government hiring 25,000 temporary workers in preparation for next year's census. The median estimate was for a gain of 158,000 new jobs. Still, the unemployment rate remained historically low, unchanged at 3.7 percent, as wage growth exceeded expectations. Markets had a tempered reaction to the miss, largely because it helped solidify the conventional wisdom that the fed would move to cut rates when it meets later this month.
Walmart made a major change to its gun and ammunition policy this week. The retailer said it would cease selling ammunition that could be used in assault-style rifles, and called on Congress to consider an assault weapon ban and debate a background check bill. Walmart also revised its long-standing policy of letting customers "open carry" their firearms in states where it's legal. Walmart CEO Doug McMillon called on other retailers to join him ? and they did. Kroger also asked customers to refrain from carrying weapons in stores, followed by Walgreens, CVS, and Wegmans.
And in a sign that the retail apocalypse is sparing some best-in-breed brands, Lululemon reported quarterly earnings that blew past expectations. The athleisure giant also raised its full-year outlook, as CEO Calvin McDonald predicted "significant runway" ahead. Lululemon is expanding its focus from trendy leggings and workout tops into personal care and investing heavily in e-commerce. The strategy is working: online sales were up over 30 percent in the quarter as it expanded its buy-online, pickup-in-store offering nationwide. Same-store sales rose 15 percent, and the stock is up more than 50 percent on the year.
- The $1 trillion market cap club just got a little bigger. Google's parent company, Alphabet, is now worth more than $1 trillion, making them the fourth U.S. technology company to reach that benchmark.
- Here’s the latest business and technology headlines courtesy of Cheddar.
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