Business briefs - July 4, 2025
U.S. labor market surprises with 147,000 new jobs
WASHINGTON (AP) — The U.S. job market delivered another upside surprise last month, churning out a better-than-expected 147,000 jobs. The unemployment rate ticked down unexpectedly, too. But the headline numbers masked some weaknesses as the U.S. economy contends with fallout from President Donald Trump's economic policies, especially his sweeping import taxes and the erratic way he rolled them out.
U.S. applications for jobless aid fell to 233,000 last week as layoffs remain low
Fewer Americans applied for unemployment benefits last week as layoffs in the U.S. remain low despite uncertainty about how tariffs will impact the economy. The Labor Department reported Thursday that jobless claims for the week ending June 28 fell by 4,000 to 233,000, less than the 241,000 that analysts forecast. The four-week average of claims, which evens out some of the weekly volatility, fell by 3,750 to 241,500. Applications for unemployment aid are considered a proxy for layoffs. The total number of Americans collecting unemployment benefits the week of June 21 held steady at 1.97 million.
South Korea's leader says trade deal with U.S. remains unclear ahead of Trump's deadline
SEOUL, South Korea (AP) — South Korean President Lee Jae Myung says that it remains unclear whether Seoul and Washington can conclude their tariff negotiations by next week's deadline set by President Donald Trump. Lee told a news conference Thursday that both nations were still working to clarify their positions and identify areas of agreement. Lee also reiterates his intentions of improving badly frayed ties with North Korea, though he acknowledges that mutual distrust between the Koreas is too deep to heal anytime soon. It was Lee's first press conference since taking office last month.
Nissan recalls over 480,000 vehicles in the U.S. and Canada due to engine failure risk
NEW YORK (AP) — Nissan is recalling more than 480,000 of its vehicles across the U.S. and Canada due to potential manufacturing defects that could cause engine failure. The recall covers certain Nissan Rogues between 2021-2024 model years and 2019-2020 Altimas — as well as a number of 2019-2022 Infiniti QX50s and 2022 Infiniti QX55s sold under the automaker's luxury brand. The vehicles impacted carry specific "VC-Turbo" engines that may have manufacturing defects in their bearings. This may cause engine damage and possibly lead to engine failure while driving, the regulator warns — increasing crash risks. As a remedy, Nissan and Infiniti dealers will inspect the engine pan of these-now recalled cars — and repair or replace the engine if necessary.