The daily business briefing: September 2, 2016
The Labor Department reports a drop in job growth, a SpaceX rocket explodes on its Florida launchpad, and more


1. Job growth slows to a lower-than-expected 151,000 in August
The U.S. economy added 151,000 jobs in August, beneath the 173,000 forecast and far lower than the big gains seen in June and July, according to a Labor Department report released Friday. The tally for June was cut from 292,000 to 271,000, and the July gain was bumped up from 255,000 to 275,000. The unemployment rate remains unchanged at 4.9 percent. Analysts said the hiring slowdown was not shocking, as companies cut investments and had trouble finding workers, and that it probably would delay the Federal Reserve's next rate hike closer to the end of 2016.
2. SpaceX rocket explodes on Florida launchpad
A SpaceX rocket exploded on a Kennedy Space Center launchpad early Thursday, two days before its scheduled launch. A fire broke out during a pre-launch fueling operation before several explosions rattled the test site in Cape Canaveral, Florida, and sent smoke billowing into the sky. The accident destroyed the rocket and the Amos 6 satellite it was to carry into orbit. The explosion came after a series of successes for tech entrepreneur Elon Musk's company, which succeeded in landing booster rockets on floating platforms — advancing its plan to cut costs by reusing rockets.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Samsung recalls new Galaxy Note 7 over battery problem
Samsung on Friday recalled its new Galaxy Note 7 smartphones over a battery problem that can cause the devices to catch fire. The company has sold 2.5 million of the waterproof phones, which only made their debut on Aug. 19. Samsung said it had found 35 cases of faulty devices globally. The South Korean company's stock plunged on Thursday on reports a battery problem would delay future deliveries. The recall and its cost will be so big, said Koh Dong-jin, the head of Samsung’s handset division, "it almost breaks my heart."
4. Car sales drop in August, suggesting demand has peaked
U.S. sales of new cars and trucks dropped by 4.2 percent in August compared to the same month last year. The three leading automakers — General Motors, Ford, and Toyota — on Thursday reported sales declines of at least 5 percent for the month. The fall was expected. Automakers warned demand may have peaked, decreasing the odds sales will match last year's record and increasing the chances of new consumer incentives and slower production. Spending on cars and trucks is a key barometer of consumer spending, as it accounts for one-fifth of U.S. retail sales.
5. Walmart cuts back-office jobs to shift more workers to sales
Walmart announced Thursday that it would cut 7,000 back-office jobs in an effort to shift more of its 1.5 million employees to the sales floor. Most of the office positions to be eliminated will be in accounting and invoicing at the retail giant's 4,600 U.S. stores. Their functions will be moved to a central office. The affected workers will be offered jobs directly dealing with customers, a company spokeswoman said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Scientists want to fight malaria by poisoning mosquitoes with human blood
Under the radar Drugging the bugs
By Devika Rao, The Week US Published
-
Crossword: March 31, 2025
The Week's daily crossword
By The Week Staff Published
-
Sudoku medium: March 31, 2025
The Week's daily medium sudoku puzzle
By The Week Staff Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published