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The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes.
The economy added 263,000 jobs, while the unemployment rate stayed 3.7%, still near a 53-year low. November’s job growth dipped only slightly from October’s 284,000 gain. All year, as inflation has surged and the Fed has imposed ever-higher borrowing rates, America’s labor market has defied skeptics, adding hundreds of thousands of jobs, month after month.
Reform candidates lead in UAW races with 84% of vote counted
Members of the United Auto Workers union appeared on Friday to favor replacing many of their current leaders in an election that stemmed from a federal bribery and embezzlement scandal involving former union officials. Reform-minded candidates, many part of the UAW Members United slate, are leading or close in multiple key races with about 84% of the vote counted.
GM venture to invest additional $275M at Tennessee plant
A joint venture between General Motors and South Korean battery company LG Energy Solution says it will invest an additional $275 million to expand a Tennessee battery cell factory for electric vehicles. Officials with the companies had already pledged to spend $2.3 billion to build a battery plant in Spring Hill, Tennessee. The additional investment announced Friday is anticipated to result in 40% more battery cell output when the plant is fully operational.
Compiled from Associated Press reports.
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