Venture capitalist Ben Horowitz and his wife Felicia plan to make a "significant" personal donation to Vice President Kamala Harris' presidential campaign, Axios has learned.
Why it matters: Horowitz and business partner Marc Andreessen stunned Silicon Valley in July by endorsing and donating to Donald Trump, saying he was the best candidate for technology startups.
When the apolitical officials at the Bureau of Labor Statistics get new information about the economy, they update prior data to reflect that reality.
Why it matters: A string of public figures and social media commentators have incorrectly suggestedthat the monthly jobs figures are "fake," pointing to the number of downward revisions in recent months.
A blowout jobs report this morning suggests the labor market is thriving, bucking fears that a recession is ahead. And the port strike — feared to cause widespread economic damage — is over.
Why it matters: These two risks have hung over the economy, with just weeks to go until the election, when economic sentiment is expected to sway voters.
What they're saying: "Good news all around today for the frontline workforce," Edward Hearn, an economist at payroll processing firm UKG, wrote in a note.
The big picture: Last night, the dockworker union announced a tentative deal with the United States Maritime Alliance.
Spirit Airlines has been weighing options to restructure its balance sheet — including a potential bankruptcy filing, according to a WSJ report.
Shares closed down 24.6% today, off 90% now for the year.
A Spirit spokesperson referred us to CEO Ted Christie's comments from an August earnings call, in which he called "productive conversations" with bondholders "a priority."
Context: The budget carrier has been grappling with widening losses amid growing competition and an engine recall that grounded part of its fleet.
With bitcoin's popularity higher than ever, HBO is diving into one of the tech world's new favorite pastimes: "Unveiling" the identity of Satoshi Nakamoto.
Catch up fast: Satoshi, for crypto newbies, was the name used by the anonymous creator of the world's biggest cryptocurrency.
A blowout jobs report Friday suggests the labor market is thriving, bucking fears that a recession was ahead. And the port strike — feared to cause widespread economic damage — is over.
Why it matters: In less than 24 hours, two risks hanging over the economy look to be solved, at least for now. That paves the way for less economic turmoil with just weeks to go until the election, where economic sentiment is expected to sway voters.
America dodged a sledgehammer on Thursday night, when striking stevedores reached a tentative agreement to return to work.
The big picture: It sounds like the White House successfully cajoled the employers into boosting their wage offer, up to a reported 62% raise over six years, but the two sides couldn't come to terms on the future of port automation and semi-automation.
Good news on jobs means you can say goodbye for now to your dreams of continued aggressive rate cuts from the Federal Reserve.
State of play: The Fed may have adjusted rates by a supersized half percentage point in September, but strong employment data released Friday morning put on ice the possibility that it would do so again anytime soon.
The sky is not falling. The clanging alarm bells can be quieted. Recession fears can be put aside for at least another month.
The big picture: Those are the implications of an excellent September jobs report that points to the U.S. labor market remaining resilient and throws cold water on a more worrying picture that had emerged in data over the summer.
The U.S. economy added a blowout 254,000 jobs last month, while the unemployment rate ticked down to 4.1%, the Labor Department said on Friday.
Why it matters: The big gain is a relief after previous data suggested the job market was sluggish. The new report should ease fears of a labor market slowdown.
Democratic presidential candidate Kamala Harris' plan to build 3 million new houses has one group very excited: the YIMBYs.
Why it matters: The "yes in my backyard" activists who bemoan the U.S. housing shortage and push for more home building say they've never seen a politician on the national level that's been as explicitly pro-housing.
The union for striking dockworkers said Thursday evening they'll return to work at 14 major ports stretching from Maine to Texas, after reaching a tentative deal with the United States Maritime Alliance.
Why it matters: There were concerns that if the first port strike on the East Coast since 1977 had continued it could have hit supply chains and driven shortages and higher prices, per Axios' Emily Peck.
