Oct 04, 2024
Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Harris buoyed by strong jobs report, port strike end An expectation-smashing jobs report followed the quick suspension of the longshoremen strike to give an economic boost to Vice President Harris’s campaign.  © AP Photo/Mark Schiefelbein The port strike threatened to cripple the economy and was the most politically threatening of a trio of recent challenges faced by Harris and the White House.       The White House heavily pressured both the International Longshoreman’s Association (ILA) and the U.S. Maritime Alliance (USMX) to come to the table in the days before and after dockworkers walked off the job early Tuesday morning.     The longshoreman’s union and the coalition of companies reached a tentative agreement Thursday night to end the strike.       Democrats also got a boost from Friday’s jobs report, which showed the labor market remained strong despite fears this summer of weakening.   The U.S. added an impressive 254,000 jobs in September, well above the 140,000 anticipated by economists.     Upward revisions for July and August showed an additional 72,000 jobs added across the two months, suggesting earlier signs of weakening weren’t as pronounced as they first appeared.      The unemployment rate also ticked down to 4.1 percent last month, similarly easing concerns about rising joblessness.       The strong jobs report comes as inflation inches closer to the Federal Reserve’s 2 percent target. After peaking at 9.1 percent in June 2022, inflation has eased significantly, falling to 2.5 percent this August.       The central bank, which raised interest rates to a two-decade high in the face of rising prices, signaled an end to its war on inflation last month, reducing rates for the first time with a 50 basis-point cut.    “Harris is not literally running for reelection, but she is coming out of an incumbent administration, so she is being judged on the state of the current economy,” Ernie Tedeschi, director of economics at the Yale Budget Lab and former chief economist at the White House Council of Economic Advisers, told The Hill.    “Anything that is good about the current economy probably helps her, whether fairly or unfairly.”    The Hill’s Julia Shapero has more here.    Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   Biden makes first briefing room appearance as president to tout economy, port deal President Biden on Friday made his first appearance in the press briefing room since taking office to tout strong jobs data and the resolution of a strike at East and Gulf Coast ports that threatened to upend the economy.  Full Story   JPMorgan Chase denies Trump’s claim that Jamie Dimon endorsed him JPMorgan Chase said Friday that CEO Jamie Dimon did not endorse former President Trump, shortly after the Republican presidential candidate claimed he received his support.  Full Story   Senate Democrats press DOJ to prosecute Boeing executives over passenger safety Democratic Sens. Elizabeth Warren (Mass.) and Richard Blumenthal (Conn.) urged the Department of Justice (DOJ) to investigate Boeing executives in a letter Wednesday, accusing the company of putting profits over safety.  Full Story   Harris to bash Vance over Michigan EV plant jobs at rally Vice President Harris on Friday is set to bash former President Trump and Sen. JD Vance (R-Ohio) over autoworker jobs at her campaign rally in Flint, Mich., according to a senior campaign official.  Full Story   The Ticker  Upcoming news themes and events we're watching: Federal Reserve Gov. Michelle Bowman speaks Monday at the Independent Bankers Association of Texas annual convention at noon E.T.   In Other News  Branch out with more stories from the day: Supreme Court leaves in place two Biden environmental regulations WASHINGTON (AP) — The Supreme Court left in place Friday two Biden administration environmental regulations … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Mortgage rates spike after stronger-than-expected jobs report (CNBC) Harris’s Brother-in-Law Forges Business Ties—but Makes Left Nervous (The Wall Street Journal) What Dictators, Corruption and Threesomes Have to Do With a Lawsuit That Could Kneecap Fox News (Politico)   What Others are Reading  Top stories on The Hill right now: Pilot flying Helene rescue missions in NC threatened with arrest When Jordan Seidhom woke up Saturday morning, he saw a Facebook post that tens of thousands of people were commenting on and sharing. Read more White House bashes GOP ‘lies’ about FEMA funds The White House bashed Republicans on Friday for what it argues are lies about the Hurricane Helene federal response effort. Read more   What People Think  Opinion related to business and economic issues submitted to The Hill: Donald Trump’s tariff plan could bring us back to the 1930s      You're all caught up. See you next week! 
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