1. U.S. adds just 160,000 jobs in April
U.S. employers added 160,000 jobs in April — fewer than expected — the Labor Department reported Friday. Economists had forecast a gain of 200,000 jobs. Analysts interpreted the number, the lowest in seven months, as an indication that slow first-quarter economic growth had sapped momentum from the nation's hiring binge. March's gains were revised down to 208,000 from 215,000 new non-farm jobs. The unemployment rate remained at 5 percent due to people dropping out of the labor force. Hourly wages rose by 0.3 percent, a bright spot in the report.
2. FDA to regulate e-cigarettes and ban sales to children
The Food and Drug Administration will start regulating electronic cigarettes, premium hand-rolled cigars, hookahs, and pipe tobacco just as it does tobacco products, the Obama administration announced Thursday. The new rules, which take effect in 90 days, will prohibit teens under the age of 18 from buying e-cigarettes. Manufacturers will have to submit currently unregulated tobacco products for approval if they were introduced after February 2007, when the now $3 billion e-cigarette industry was virtually non-existent.
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3. Mortgage rates fall close to lowest level of the year
Mortgage rates have dropped close to their lowest level of the year, Freddie Mac reported Thursday. The rate on the average 30-year fixed-rate mortgage fell to 3.61 percent with 0.6 points, down from 3.66 the week before. A year earlier the average rate was 3.80 percent. The movement came after the Federal Reserve's decision last week to hold off on hiking interest rates and expressed concerns about the economy. That news was followed by data showing that gross domestic product grew by a weak 0.5 percent in the first quarter.
Marketwatch The Washington Post
4. Amazon to double its cargo jet fleet
Amazon plans to lease 20 cargo jets from Atlas Air Worldwide Holdings in a deal that will double the size of the online retail giant's new air fleet. Earlier this year, Amazon struck a similar deal with another cargo carrier, Air Cargo Transport Services. The company is pushing into logistics "so we can serve our customers faster and faster delivery speeds," Amazon Chief Financial Officer Brian Olsavsky said. The new planes will support one- and two-day deliveries for Prime customers.
5. GM and Lyft plan to test self-driving electric taxis
General Motors and Lyft plan to start testing self-driving Chevrolet Bolt electric taxis on public roads within a year. The companies have not picked a city yet and plan to start "with a handful" of cars and expand as safety permits, said Lyft executive Taggart Matthiesen, who speaks Friday at the Detroit Techweek conference. A few months ago, GM invested $500 million in Lyft, a smaller ride-hailing rival of Uber. Google parent Alphabet this week announced a self-driving minivan project with Fiat Chrysler.
The Wall Street Journal Detroit Free Press
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