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US Employers Pull Back on Hiring

The nation’s employers slowed their hiring in October, adding a modest but still decent 150,000 jobs, a sign that the labor market may be cooling but remains resilient despite high interest rates that have made borrowing much costlier for companies and consumers. Last month’s job growth, though down sharply from a robust 297,000 gain in September, was solid enough to suggest that many companies still want to hire and that the economy remains sturdy. And job growth would have been higher in October if not for the now-settled United Auto Workers’ strikes against Detroit’s automakers. The strikes likely shrank last month’s job gain by at least 30,000, economists say.

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Wall Street’s Best Week of 2023

Another rally for Wall Street is slapping an exclamation mark on the stock market’s best week in more than a year. The S&P 500 was 1.3% higher Friday. The Dow was up 301 points, and the Nasdaq composite was 1.6% higher. Stocks surged this week on rising hopes the Federal Reserve is finally done with its market-crunching hikes to interest rates, meant to get inflation under control. A report on Friday underscored that pressure is easing on inflation after it showed employers hired fewer workers last month than expected. Treasury yields tumbled, releasing more of the pressure that had built up.

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Supreme Court Will Rule on Ban on Rapid-Fire Gun Bump Stocks

The Supreme Court has agreed to decide whether a ban on gun attachments that allow semi-automatic weapons to fire rapidly like machine guns violates federal law. The justices said Friday they’ll hear arguments next year over a gun bump stocks regulation the Justice Department implemented after the 2017 Las Vegas mass shooting. Federal appeals courts have come to different decisions about whether the regulation defining a bump stock as a machine gun comports with federal law. The justices say they’ll review the Biden administration’s appeal of a ruling by the 5th U.S. Circuit Court of Appeals in New Orleans that invalidated the ban.

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‘Last Week Tonight’ Censored

A Dubai-based television network broadcasting across the Middle East cut substantial portions of an episode of the satiric news program “Last Week Tonight with John Oliver” over references to Saudi Arabia’s crown prince being implicated in the killing of Washington Post columnist Jamal Khashoggi. The decision by OSN highlights the limits on speech in both the United Arab Emirates as well as neighboring Saudi Arabia. It also highlights how sensitive Khashoggi’s killing remains more than five years since he was slain inside the Saudi Consulate in Istanbul. The “Last Week Tonight” episode, which aired on Oct. 22, focused primarily on the New York-based management consulting firm McKinsey and Co., which has worked with Saudi Arabia in recent years.

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$653M in Grants for Port Upgrades

The Transportation Department is awarding $653 million in grants to upgrade and improve 41 water-based ports across the United States. The grants awarded on Friday are part of the $1 trillion in infrastructure investments made possible by a bipartisan law signed by President Joe Biden in 2021. Biden administration officials say the projects being supported will allow ports to meet greater shipping demands as well as lowering costs for consumers and improving worker safety.

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New Ruins at Chellah Unearthed

Archaeologists have unearthed more ancient ruins of what they believe was once a bustling port city near the capital of modern-day Morocco. Researchers from Morocco’s National Institute of Archaeological Sciences and Heritage on Friday presented new discoveries made this year at Chellah. The site is a 1.2-square-mile or 3.15 square kilometer UNESCO World Heritage Site. They showed new evidence of thermal baths and working class neighborhoods near the ancient necropolis. Morocco hopes the expansive Roman ruins near its capital city will lure tourists and scholars in the years ahead.

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