The daily business briefing: November 4, 2016
The U.S. economy adds a solid 161,000 jobs, the World Series finale breaks a TV record, and more
1. U.S. economy adds a solid 161,000 jobs in October
The U.S. economy added 161,000 non-farm jobs in October, according to the jobs report released Friday. The gains fell just short of the 175,000 increase predicted by economists surveyed by MarketWatch. Hiring figures from the two prior months also were adjusted slightly higher than initially reported. Together, the figures added to recent upbeat data supporting expectations that the Federal Reserve will decide that the economy is strong enough to justify nudging interest rates higher in December. The unemployment rate dropped to 4.9 percent in October, down from 5 percent, and hourly wages rose by 0.4 percent.
2. World Series finale most-watched baseball game in a quarter century
More than 40 million people watched Game 7 of the World Series, making the cliffhanger finale the most-watched baseball game in 25 years. The 10-inning game, in which the Chicago Cubs ended a 108-year championship drought by beating the Cleveland Indians 8-7, capped a series that was already a ratings success. Game 5, in which the Cubs started their comeback from a 3-1 deficit in the best-of-seven series, was watched by more people than that evening's Sunday Night Football match-up between the Dallas Cowboys and the Philadelphia Eagles — the first time a World Series game has topped SNF since 2013.
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. U.K. government says it will challenge Brexit ruling
British cabinet ministers said Thursday that the government would challenge a High Court ruling requiring a parliamentary vote before officially starting negotiations for the U.K. to leave the European Union. Brexit Secretary David Davis said the government had "the biggest mandate in history" to get the process underway after 17.4 million voters backed exiting the E.U., and that waiting for lawmakers' approval would disrupt the government's plans to get the job done. The court will consider the appeal next month.
4. S&P 500 continues to slide on election jitters
The S&P 500 fell for an eighth straight session on Thursday, weighed down by a warning from Facebook that its revenue growth was headed for a slowdown. Facebook shares dropped by 5.7 percent, and the S&P 500 lost 9 points, or 0.4 percent. The big-stock index is on its longest losing streak since the 2008 financial crisis. Another factor dragging down stocks has been increasing uncertainty about the looming presidential election. Investors view Democrat Hillary Clinton, who has been leading in polls, as a known quantity. In recent days, however, Republican Donald Trump has gained in some surveys, and investors don't know what to expect if he wins, analysts say.
5. GoPro shares dive after gloomy quarterly report
GoPro shares plunged by 20 percent in after-hours trading following a dismal quarterly report on Thursday. The action-camera maker said it had swung to a $104 million loss, or 74 cents a share, in the third quarter, from a profit of $18.7 million a year earlier. The company's revenue dropped by 40 percent, and CEO Nick Woodman said fourth quarter sales would be lower than previously expected because of production issues with the new Hero 5 camera and Karma drone.
Create an account with the same email registered to your subscription to unlock access.
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.
-
'New arrivals are more than paying for themselves'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
6 stylish homes in Portland, Oregon
Feature Featuring a wall of windows in Collins View and a historic ballroom in Portland Heights
By The Week US Published
-
What's next for US interest rates?
The Explainer Stubborn inflation forestalls anticipated rate cuts
By Becca Stanek, The Week US Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published