Category: Business

(NEW YORK) — Hiring grew far more than expected in August, bouncing back from a decline in employment a month earlier, according to the federal government’s monthly jobs report.

Employers added 162,000 jobs in August, which marked a major improvement from 23,000 jobs lost in July, the U.S. Bureau of Labor Statistics data showed.

Hiring came in well above a monthly average gain of 31,000 jobs over the previous 12 months.

The unemployment rate held steady at 4.1%, a low level by historical standards.

Employment surged in restaurants and bars, which added 59,000 jobs in August, after averaging just 12,000 jobs gained each month over the past year. Hiring also grew in manufacturing, continuing a period of steady gains since the end of last year.

The fresh data demonstrated economic health, despite a bout of elevated inflation that continues to weigh on shoppers and nudge central bankers toward a possible interest rate hike.

The economy has shown signs of additional strain in recent weeks, including a bond selloff that threatens to raise consumer borrowing costs and a rise in oil prices amid renewed fighting between the U.S. and Iran.

The labor market grew at a solid pace over the first half of 2026, despite a historic oil shock that has driven up fuel prices and hiked supply-chain costs for a host of other goods.

The U.S. added an average of 92,000 jobs per month over the initial six months of this year, Bureau of Labor Statistics data showed. That pace marks an improvement from an average of about 7,000 jobs lost per month over the second half of 2025.

The Iran war drove up gasoline prices and catapulted inflation to a three-year high in May. Inflation eased in June and July, but a burst of on-again, off-again fighting in recent weeks caused crude prices to rise again.

The annual inflation rate stands at 3.4% as of July, the most recent month on record, putting inflation more than a percentage point above the Federal Reserve’s target rate of 2%.

The combination of elevated inflation and a fairly resilient labor market has raised the chances of an interest rate hike at the Fed’s meeting later this month, financial markets show.

Investors peg the odds of a quarter-point rate hike on Sept. 16 at about 62%, according to the CME Group’s FedWatch Tool, a measure of market sentiment.

A rate increase could help fight inflation but the move risks a slowdown in hiring. Central bankers, in turn, may examine the jobs report for information on the sturdiness of the labor market.

The Fed opted to hold interest rates steady at its most recent meeting in July, but central bankers appeared divided over the move. Three of the 12 members on the Fed’s policymaking board voted in favor of a rate hike, marking the largest number of dissenters casting ballots in the same direction since 2016.

Fed Chair Kevin Warsh, who took the helm of the central bank in May, said in recent days that it should prioritize fighting inflation.

“Inflation is running above our 2% target so the Fed’s predominant focus right now should be on prices,” Warsh said in remarks last week at the Fed’s annual summer gathering in Jackson Hole, Wyoming.

“If the Fed gets inflation wrong and judges the economy wrong, who gets the worst of it? Not the financial high-fliers. Hard-working Americans are the ones left to deal with inflation that is too high or jobs that suddenly appear less secure,” Warsh added.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Diesel prices hit a record high in the United States on Friday, jumping to an average of $5.85 a gallon as the Iran war choked global oil supply.

Gasoline prices also climbed on Friday, registering at an average of $4.14 a gallon, the highest price ever recorded at this time of year, AAA said.

High diesel prices push up transport costs for many everyday products, including groceries, clothes and furniture.
The average price of a gallon of diesel has soared 55% since the outbreak of the Iran war in late February set off a historic oil shock, AAA data showed. The conflict prompted Iran’s near-closure of the Strait of Hormuz, which facilitates one-fifth of global crude supply.

Since diesel is the lifeblood of the supply chain, a rise in fuel costs may result in higher prices charged by wholesalers in response to elevated transport expenses. In turn, retailers could pass those costs along to shoppers, raising prices on shelves.

The price hike for any individual item would likely be modest, but the pileup of extra costs across an array of goods could weigh on wallets, analysts previously told ABC News.

Global oil prices stood at about $94 a barrel on Friday, putting them well above a level of $72.50 before the war began. A resumption of fighting in recent days pushed prices higher as investors feared an escalation of the conflict, though prices eased slightly on Friday.

The rise in diesel costs threatens to worsen a bout of elevated inflation that continues to weigh on shoppers and nudge central bankers toward a possible interest rate hike.

The annual inflation rate stands at 3.4% as of July, the most recent month on record, putting inflation more than a percentage point above the Federal Reserve’s target rate of 2%.

Grocery prices fell slightly in July, according to the latest government data, marking a bright spot in the inflation report and cooling off from a surge in the spring. The previous uptick in grocery prices owed in part to elevated diesel costs, as well as droughts and other agricultural issues.

Costs ticked lower last month for cheese, salad dressing and candy, among other foods.

The relief for grocery prices included some notable exceptions, however. Increases remained elevated for some household staples like fruits and vegetables, beef, coffee, milk and rice.

The combination of elevated inflation and a fairly resilient labor market has raised the chances of an interest rate hike at the Fed’s meeting later this month, financial markets show.

Investors peg the odds of a quarter-point rate hike on Sept. 16 at about 62%, according to the CME Group’s FedWatch Tool, a measure of market sentiment.

Fed Chair Kevin Warsh, who took the helm of the central bank in May, said in recent days that it should prioritize fighting inflation.

“Inflation is running above our 2% target so the Fed’s predominant focus right now should be on prices,” Warsh said in remarks last week at the Fed’s annual summer gathering in Jackson Hole, Wyoming.

“If the Fed gets inflation wrong and judges the economy wrong, who gets the worst of it? Not the financial high-fliers. Hard-working Americans are the ones left to deal with inflation that is too high or jobs that suddenly appear less secure,” Warsh added.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — TikTok is giving users new ways to join conversations on the platform.

The social media company on Thursday announced several new comment features that will allow people to leave voice messages, vote in polls and share multiple photos under videos.

More than 1.7 billion comments are shared on TikTok each day, according to the company.

Among the updates is Voice Comments, a new feature that TikTok says it will allow users to record and post audio messages directly under videos.

“Sound and music have shaped TikTok from the very beginning, turning songs into trends and audio clips into jokes shared across the app,” TikTok said in its announcement.

To leave a voice comment, users can tap the microphone icon in the comment box and record a message up to 60 seconds long. Once posted, anyone can tap to listen.

Voice Comments will roll out globally over the next month to accounts belonging to people ages 18 and older, according to TikTok.

The company also announced Comment Polls, which will allow creators to ask followers to vote directly under their videos.

Creators can add a poll while commenting on their own video, choose up to five options and set a timeframe for voting. They can also track results as votes come in, TikTok said.

TikTok is also expanding its photo comment feature with Photo Carousel Comments and Live Photo Comments.

With Photo Carousel Comments, users can share up to nine photos in a single comment. TikTok said the feature is designed to allow people to “share a full moment instead of just one frame.”

The feature will roll out globally over the next month.

Live Photo Comments, meanwhile, allow people to upload Live Photos directly from their camera rolls, giving images a brief burst of motion. The feature is now available globally, according to TikTok.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — For the first time ever, Southwest Airlines is joining the airport lounge race with plans to open lounges in four cities next year.

The airline announced Wednesday it will open lounges in Austin (Austin-Bergstrom International Airport), Baltimore (Baltimore/Washington International Thurgood Marshall Airport), Honolulu (Daniel K. Inouye International Airport) and Nashville (Nashville International Airport) in 2027.

At least seven more lounges are expected to open over the next several years, according to Southwest.

The Dallas, Texas-based carrier is partnering with Chase on the lounges, and travelers will need to have a Southwest credit card to access them.

The card, the Southwest Rapid Rewards Credit Card issued by Chase, will also launch in 2027, according to Southwest.

In opening lounges, Southwest is keeping up with competitors like American and Delta Airlines that already offer lounge access for travelers who hold certain credit cards.

With airline-specific credit cards, the airlines get a cut of the profit from purchases on the credit card, and the cards help build brand loyalty to the airline.

Earlier this year, Southwest made another change that also put it in line with competitors when it switched to assigned seats on its planes instead of using boarding zones.

In 2025, the airline also ended its longstanding policy of free checked bags, charging customers $35 for their first checked bag and $45 for their second checked bag.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982, Department of Energy data this week showed, revealing the continued drawdown of emergency oil as the nation weathers a global energy shortage.

The reserve shrank by more than 3 million barrels of oil over the week ending on Aug. 28, the DOE said, leaving the stockpile at 286.6 million barrels or about 40% of overall capacity.

The largest global oil supply disruption on record has catapulted U.S. gasoline prices above $4 a gallon, rekindled inflation and helped set the stage for November’s midterm elections.

At one point, global oil prices climbed above $92 a barrel on Tuesday, after the United Kingdom Maritime Trade Operations said late Monday it had received reports of an oil tanker having been struck by three projectiles off the coast of Oman.

Established after the Arab Oil Embargo triggered an energy crisis in the early 1970s, the Strategic Petroleum Reserve provides an emergency source of oil that is intended to protect the U.S. against a sudden supply crunch.

The reserve, which can reach as many as 714 million barrels, is stored in large, high-security underground salt caverns along the gulf coastlines of Louisiana and Texas.

The president retains wide discretion to release oil from the reserve when the statutory conditions under the Energy Policy and Conservation Act are met. In such cases, the U.S. sells the oil on the open market, which in theory should bring oil prices down by increasing supply.

Days after the outbreak of the Iran war in late February, the International Energy Agency (IEA) said its 32 member nations, including the U.S., would release a combined 400 million barrels of reserve oil. When completed, the move would amount to the largest oil release in the IEA’s history, the group said at the time.

The U.S. said at the time it would release 172 million barrels from its reserve over as part of the EIA commitment. So far, the U.S. has released about 128 million barrels of reserve oil since the war began, according to data compiled by the U.S. Energy Information Administration, a government agency.

Before the Iran war, the U.S. had put petroleum on the market under emergency conditions four times since it was founded in 1975, according to the DOE.

Most recently, President Joe Biden authorized the release of 180 million barrels over six months in March 2022 after a spike in oil prices that followed the Russian invasion of Ukraine.

Copyright © 2026, ABC Audio. All rights reserved.

(WASHINGTON) — Ontario Premier Doug Ford expressed firm opposition to President Donald Trump’s tariffs on Canada this weekend, saying that the result of a trade war could be harmful to both countries.

“Everyone’s feeling bullied by President Trump, and this is the worst thing you could do for the American economy,” Ford told ABC News’ “This Week” co-anchor Martha Raddatz. “I just don’t see the purpose. It’s absolutely backwards.”

The U.S. and Canada — two usually close allies — are once again locked in a trade war. Trump announced he would add 50% tariffs to many Canadian goods after trade talks between the two countries fell apart. Canada responded, adding retaliatory tariffs on many U.S. goods starting Sept. 8.

The U.S. and Canada have long had a strong trade relationship, as the U.S. is Canada’s largest trading partner. More than 70% of total exports in Canada go to the U.S., and nearly 60% of imports to Canada come from the U.S.

One big reason for the trade deficit is oil: of the crude oil the U.S. imports from other countries, 60% comes from Canada, Prime Minister Mark Carney said.

But over the weekend, the U.S. and Venezuela reached a deal for the U.S. to take a majority stake in more than 65 billion barrels of Venezuelan oil reserves.

Raddatz asked Ford about the deal and whether it gives the U.S. leverage.

“Canada makes up 60% of the United States’ crude oil imports. Does this give him a bigger bargaining chip?” Raddatz asked.

“Well, you know something? That’s going to be up to President Trump. Who do you want to deal with? An unstable government like Venezuela, or do you want to deal with your #1 trading partner, your #1 ally?” Ford said. 

Last week, Trump also said he would double the auto tariffs on Canada starting Jan. 1, 2027, writing on social media that “Canada will be treated like a state no longer.”

Ford said that if the auto tariffs were doubled, the result would be “devastating” for both countries.

“It’d be devastating on both countries, but it’d be definitely devastating on the U.S. We’re the largest purchaser of vehicles in the entire world off the U.S. … and they’re already seeing the effect,” Ford said. “A tariff on Canada is nothing more than a tax on American people, and it’s probably the worst move he could ever do.”

Since the trade war began, the attacks and insults have extended beyond trade. After bashing Canadian leaders on social media, Trump signed an executive order last week renaming Lake Ontario — one of the five Great Lakes which is in both the U.S. and Canada — as “Lake America.” Ford called that move “disappointing.”

“It was like something out of ‘Saturday Night Live’ when he signed documents saying change to Lake America. No one’s going to call it Lake of America. It’s been Lake Ontario for hundreds of years. It’s going to continue being Lake Ontario, and it’s just so, so disappointing,” Ford said.

Despite the back-and-forth criticism, Ford made it clear that he loves the American people, just not their government.

“I love the American people. Canadians love the American people,” Ford said. “We differentiate between the great American people and the president.”

Copyright © 2026, ABC Audio. All rights reserved.

(WASHINGTON) — President Donald Trump has formally signed a proclamation temporarily lifting tariffs on some foreign imports of beef beginning Sept. 1, despite the firestorm of backlash he has received from farmers and Republican lawmakers over the action. 

This action only applies to lean beef trimmings “to combine with U.S. beef” for ground beef, the White House said. These meat parts already entered the U.S. at a low tariff, but this action expands the amount to 300,000 metric tons.

The proclamation does not specify any countries by name that this action applies to — something the administration has been tight-lipped about. 

On Tuesday, Agriculture Secretary Brooke Rollins was asked in an interview where the U.S. is importing this beef from.

“I am actually not part of any of those conversations, so I am not sure what that looks like,” she said, deferring to the U.S. Trade Representative.

But the proclamation does specify that it does not apply to countries with existing country-specific beef quotas, and it does not modify preexisting beef commitments for countries with a free trade agreement with the U.S.

The proclamation said the temporary tariff pause “encourages” beef to be sold at a 25% discount. Trump suggested the possibility of ending the action early if the companies do not follow through in lowering the price of beef.

“If the action taken in this proclamation does not result in a lower sale price of imported ground beef, I may end the action taken in this proclamation in order to, among other things, prevent a windfall to foreign producers,” he wrote in the proclamation.

The president initially announced this move last Friday, touting it as an effort to lower beef prices in the U.S. This comes as midterm elections are around the corner, with grocery prices top of mind for voters. But it prompted swift backlash from farmers, ranchers and Republican lawmakers who argue that it hurts the domestic agriculture industry and undercuts American beef production. 

Montana Republican Sen. Tim Sheehy criticized the administration’s decision and said he even advised the president against it.

“I’ve advised President Trump against this course of action for a year because American ranchers have been struggling against the packer monopoly for decades, and this will further harm them – most of whom are MAGA Republicans,” Sen. Sheehy posted on social media.

Wyoming Republican Senate Majority Whip John Barrasso also expressed his disapproval for the plan, saying on social media that “Americans want US beef on the table – not foreign imports.”

“It needs to be easier – not harder – for Wyoming ranchers to feed America. I will continue to fight for policies that strengthen Wyoming beef producers and invest in the American cattle herd,” he added. 

In addition to this proclamation, the Trump administration is considering a rollout of separate policy changes sought by the beef industry in an attempt to allay some criticism from ranchers and Republican lawmakers, a source familiar with the discussions told ABC News.

The administration has repeatedly stressed that this beef import plan is short term and will only be in effect for 90 days, which will not officially begin until Sept. 1.

The 300,000 metric tons of imported lean beef trimmings that are facing tariff relief are expected to be delivered in three 30-day tranches.

ABC News’ Soo Youn contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The state of Connecticut sued Kalshi on Thursday to block alleged unlicensed sports gambling offered by the online betting platform, the Office of the Attorney General said.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Nvidia surpassed Wall Street expectations for revenue over a recent three-month period, the company said on Wednesday, demonstrating strong performance as a data center boom drives demand for the company’s advanced artificial intelligence chips.

The California-based company recorded $96.2 billion in sales over three months ending in July, which beat a Bloomberg forecast of $92 billion. The jump in revenue marked 106% growth compared to the same quarter a year earlier.

In recent years, Nvidia has defied skeptics with blockbuster revenue quarter after quarter, despite political backlash against data centers and looming concern about a financial bubble in AI.

Rip-roaring growth transformed Nvidia from an ascendant AI player into the world’s most valuable company.

The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.

As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.

The earnings reported by Nvidia offered a gauge of demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.

Before the earnings report, Karan Girotra, a professor of operations, technology, and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.

As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.

Nvidia “does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom,” Girotra said.

Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.

Despite Nvidia’s continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.

The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Nvidia is set to report earnings on Wednesday as a data center boom drives demand for the company’s advanced artificial intelligence chips, despite political backlash and looming concern about a financial bubble.

In recent years, the California-based behemoth has defied skeptics with blockbuster revenue quarter after quarter.

Rip-roaring growth transformed Nvidia from an ascendant AI player into the world’s most valuable company. Investors will be eager to see whether the firm continued to deliver staggering revenue gains over the three months ending in July.

The results hold implications well beyond Nvidia. Many analysts view the company as a bellwether for the stock market and the overall economy, which have both come to rely in part on massive spending on AI.

Nvidia is expected to report second quarter revenue of $92 billion, which would amount to a 96% jump from the same period a year earlier, Bloomberg estimates showed.

As big-tech names spend hundreds of billions on chips and data centers necessary for the energy-intensive technology, however, the financial benefits remain uncertain.

The earnings reported by Nvidia will gauge demand for a key building block of AI, showing whether appetite for the technology remains at a fever pitch.

Before the earnings report, Karan Girotra, a professor of operations, technology and innovation at Cornell Tech, said investors would watch whether the company has retained its dominance in chip manufacturing.

As opposed to the highly competitive markets for AI models and enterprise products, the chip sector has given way to a clear winner.

Nvidia “does not face a serious challenger at its layer of the stack and is probably the best chance for public market investors to profit from the AI boom,” Girotra said.

Fears of an AI bubble persisted ahead of Nvidia’s previous earnings report, but the company rebuked naysayers. Nvidia recorded $81.6 billion in sales over three months ending in April, which beat analyst expectations of $79.2 billion. The jump in revenue marked 85% growth compared to the same quarter a year earlier.

Despite Nvidia’s continued expansion, investors have proven jittery in recent months. Shares have climbed 13% so far this year after soaring nearly 39% in 2025.

The company boasts a market cap of $5.1 trillion, making it roughly equivalent to the GDP of Japan or Germany. Nvidia expanded at a breakneck pace after an AI craze set off by the release of OpenAI’s ChatGPT in 2022, soaring nearly 700% over the ensuing two years.

Copyright © 2026, ABC Audio. All rights reserved.