On Tuesday, the Bureau of Labor Statistics (BLS) published a revision of its latest job numbers, a report that shows just how far off its estimates of overall employment were from reality.   The latest data just confirms what many already suspected—that the situation is worse than we thought. There’s something incredibly wrong at BLS, and for the sake of our economy, it’s time to fix it.   From March 2024 to March 2025—a period mostly covering the final year of the Biden administration — BLS overestimated j ...

Core Insights - Oracle's stock surge has significantly increased co-founder Larry Ellison's net worth, surpassing Tesla CEO Elon Musk to become the richest person in the world [1][5][8] - The stock price rose over 32% in after-hours trading and continued to increase, reaching a gain of over 39.6% by Wednesday morning [2][8] - Ellison's net worth increased by approximately $111 billion, with his holdings representing about 41% of Oracle's total outstanding shares [2][5] Stock Performance - Oracle's stock price jumped to $344.88, reflecting a change of +103.32 or +42.77% [8] - The surge in Oracle's stock was attributed to a positive earnings release that indicated strong sales and a bullish outlook for the cloud business [1][2] Wealth Comparison - Ellison's net worth rose to about $294 billion before the stock surge, while Musk's net worth was approximately $384 billion prior to the increase [5][9] - Following the stock surge, Ellison's wealth increased by around $70 billion in one day, allowing him to surpass Musk [5][6] Market Context - The net worth of both Ellison and Musk is closely tied to the stock performance of Oracle and Tesla, respectively [10]

Core Points - The United States is increasing the domestic manufacturing of amoxicillin to address a national shortage, with Walmart and McKesson partnering with USAntibiotics to ensure supply [1][2] - USAntibiotics aims to meet 100% of the nation's demand for amoxicillin, which is crucial for treating bacterial infections, especially in children [2][6] - Walmart's commitment includes investing an additional $350 billion in U.S.-sourced products by 2030, reinforcing its support for domestic manufacturing [8][9] Company and Industry Insights - The partnership between Walmart, McKesson, and USAntibiotics is seen as a significant step towards enhancing U.S. health security and reducing reliance on foreign pharmaceutical supply chains [2][5] - The FDA declared a national shortage of amoxicillin in 2022, highlighting vulnerabilities in the U.S. supply chain that depend on imports from countries like China and India [8] - The move aligns with broader industry trends advocating for onshoring pharmaceutical manufacturing to improve supply chain resilience and reduce drug costs for consumers [5][10][12]

Core Points - A federal judge has blocked President Trump from firing Federal Reserve Governor Lisa Cook, allowing her to remain in her position for the time being, with an appeal expected from the administration [1][2] - The judge indicated that Cook has demonstrated "irreparable harm" due to her absence from the Federal Reserve, emphasizing her role in monetary policy [3] - Cook's lawsuit against Trump argues that her firing undermines the independence of the Federal Reserve, and it does not address the allegations of mortgage application fraud against her [10][11] Legal Proceedings - U.S. District Judge Jia Cobb has moved Cook's request into a preliminary injunction, which will maintain her status until the case is resolved [2] - The case is expected to be complex, with both sides facing novel legal questions [7] - Cook's attorneys have been granted additional time to file a formal motion for a temporary restraining order (TRO) [7][8] Background Information - Cook was ousted by Trump on August 25, leading her to file a lawsuit three days later [10] - The allegations against Cook involve misrepresentation of multiple properties in mortgage filings, which were brought to light by a Trump appointee [11] - Cook's appointment marked a historic milestone as she became the first Black woman to serve on the Federal Reserve Board [13][15]

Apple on Tuesday kicked off an event featuring the unveiling of a new lineup of iPhones headlined by a new thinner smartphone as the tech giant explores new design features. Apple's new thinner smartphone offering is known as the iPhone Air and is expected to be in the middle of the company's iPhone lineup between less expensive iPhone 17 models and more expensive iPhone 17 Pro models.The company said the iPhone Air is its thinnest iPhone ever, and it's only 5.6mm with a 6.5 inch display. It's protected by ...

The Trump administration on Tuesday blasted the Labor Department’s annual jobs revisions, which revealed the U.S. added hundreds of thousands fewer jobs than first thought – the largest correction on record. The revisions, compiled by the Bureau of Labor Statistics, showed that previous jobs reports were overstated by 911,000. The latest adjustment – on the higher end of Wall Street’s expectations – comes as President Donald Trump steps up his calls for the Federal Reserve to cut rates to stimulate the U.S. ...

The Labor Department on Tuesday published the preliminary estimate of its annual benchmark revision to nonfarm payrolls, which showed the U.S. economy added significantly fewer jobs than previously reported. The Bureau of Labor Statistics (BLS) published its first estimate of the annual benchmark revision, which lowered its estimate of employment by about 911,000 jobs over the April 2024 to March 2025 period.BLS goes through the benchmarking process each year to incorporate more accurate data from state une ...

The Senate Banking Committee is set to vote Wednesday on Stephen Miran’s nomination to the Federal Reserve Board of Governors.  If he clears the panel, the full Senate would consider the nomination to the panel that helps chart the nation's economic path. To block him, at least four Republican senators would need to break ranks.MIRAN VOWS INDEPENDENCE, UNPAID LEAVE FROM WHITE HOUSE IF CONFIRMED Miran, the chair of the Council of Economic Advisers (CEA) and a veteran of both Trump administrations, was nomina ...

The United Auto Workers (UAW) labor union is condemning Hyundai for what it calls a "disgraceful record on worker safety" following an immigration raid at an electric car battery factory in Georgia. Most of the 475 people detained on Sept. 4 under suspicion of being in the United States illegally – with at least 300 reportedly hailing from South Korea – were employees of subcontractors, rather than direct employees, LGES and Hyundai Motor Company have said, according to Reuters."For years, Hyundai—including ...

Home prices are rising, which is boosting American homeowners' net worth – though those gains may be eroded by stubbornly high inflation. Data from Realtor.com showed that median home listing prices were up 0.5% in July from a year ago, though the outlet noted in a report that inflation has outpaced those gains and is up 2.7% year over year.That dynamic is known as home equity erosion and occurs when the value of a home rises at a pace that isn't enough to keep up with inflation. As inflation rises at a fas ...