Strong jobs market: The U.S. Bureau of Labor Statistics reported this morning that the jobs market cooled only slightly in June and remains strong, which some observers believe may encourage the Federal Reserve to continue raising interest rates. Total nonfarm payroll employment increased by 209,000 in June, and the unemployment rate changed little at 3.6%. Employment continued to trend up in government, health care, social assistance, and construction. Both the unemployment rate, at 3.6%, and the number of unemployed persons, at 6.0 million, changed little in June. The unemployment rate has ranged from 3.4% to 3.7% since March 2022.
Threading trough Threads: The new app Threads, launched by Facebook’s owner Meta as an alternative to Twitter, signed up 30 million users in its first 24 hours of operation. In a letter sent to Meta’s CEO Mark Zuckerberg, a Twitter attorney threatens legal action, claiming Meta hired former Twitter employees and stole Twitter’s trade secrets.
Yellen digs in: In Beijing today, U.S. Treasury Secretary Janet Yellen said the U.S. and its economic allies will resist what she described as China’s unfair economic practices. She told the Chinese that when the U.S. restricts Chinese access to technology, it’s to protect national security and not to seek economic advantage over China. Yellen’s trip to China is due to end on Sunday.
Cluster bombs for Ukraine: The Biden Administration plans to send cluster bombs to Ukraine as part of a new $800 million package of arms aid. A cluster bomb contains a number of smaller bombs that are released when the main bomb is dropped. The cluster bombs are known to have a high failure rate compared with other weapons. Some of the smaller bombs that are released do not immediately explode and prove to be hazardous to civilians long after the main bomb was dropped.
Nauta pleads not guilty: Donald Trump’s aid and valet, Walt Nauta, has pleaded not guilty to charges that he conspired with Trump to violate espionage laws in the Mar-a-Lago classified documents case. Nauta appeared in federal court in Florida. His arraignment had been delayed because he did not at first have an attorney licensed to practice law in Florida.
Greene kicked out: Members of the Republican Freedom Caucus in the House of Representatives voted to kick out right-wing extremist Marjorie Taylor Greene from the caucus, the publication Politico confirmed yesterday. Greene had been openly critical of other caucus members and had sided with House Speaker Kevin McCarthy when the Freedom Caucus was criticizing him for negotiating with President Biden over the debt ceiling and budget. When Greene was asked whether she had been kicked out of the Freedom Caucus she ducked the question.
