Congress steps in: Congress is moving swiftly to prevent a looming U.S. rail workers strike, reluctantly intervening in a labor dispute to stop what would surely be a devastating blow to the nation’s economy if the transportation of fuel, food and other critical goods were disrupted. The House was expected to act first today after President Joe Biden asked Congress to step in. Read the full story.
Number drops: U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor Department said this morning. Even with the drop, openings were slightly lower in August, when they dipped below 10.3 million before rebounding the following month. Read the full report.
Index falls further: U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoffs in the tech sector. The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October. November’s figure is the lowest since July, and likely reflected an uptick in gas prices earlier this fall, says Lynn Franco, senior director of economic indicators at the Conference Board. Read more.
