Jobs report, Inflation Reduction Act, Nancy Pelosi in Tokyo: 5 things to know Friday

Jobs report due as inflation, recession fears grow

As inflation and recession fears grow among middle-class Americans and affect spending habits, the much-anticipated monthly jobs report is due Friday. Some economists expect brighter news for this area of the economy, and Wells Fargo has even raised its forecast for 240,000 nonfarm jobs added in July, up from 215,000. Still, weekly jobless claims have crept up to the highest levels since late 2021 though aren’t seen at alarming levels yet. Yet layoffs or hiring freezes continue to be announced almost daily, and some economists expect more as the economy slows under the weight of higher interest rates.

Sen. Kyrsten Sinema’s support sets up the Inflation Reduction Act

Sen. Kyrsten Sinema, D-Ariz., announced late Thursday that she would “move forward” to give Senate Democrats the support they need on the Inflation Reduction Act that they’re looking to pass this week. Sinema, the last Democratic holdout on the bill, said Democrats had agreed to remove a provision raising taxes on “carried interest,” or profits that go to executives of private equity firms, resolving a key difference that had held back her support. Democrats hope to pass the bill on a party-line vote through a process known as budget reconciliation that would allow approval with a simple majority and avoid the 60-vote threshold to overcome a Republican filibuster. It would need the support of all Democrats in the evenly split Senate. 

House Speaker Nancy Pelosi visits Tokyo on final leg of Asia tour

House Speaker Nancy Pelosi said Friday that China will not isolate Taiwan by preventing U.S. officials from traveling there. She made the remarks in Tokyo on the final leg of an Asia tour highlighted by a visit to Taiwan that infuriated China. China views Taiwan as part of its territory, though Taiwan sees itself as a sovereign country. Pelosi met with Japanese Prime Minister Fumio Kishida for breakfast Friday in Tokyo. Kishida said that China’s military exercises aimed at Taiwan prompted by Pelosi’s visit represent a “grave problem” that threatens regional peace and security after five ballistic missiles launched as part of the drills landed in Japan’s exclusive economic zone. Pelosi, the first House speaker to visit Taiwan in 25 years, said her trip to Taiwan was not intended to change the status quo for the island but to maintain peace in the Taiwan Strait.  

Musk response to Twitter lawsuit to be made public 

Elon Musk’s answer to Twitter’s lawsuit over his attempt to back out of a $44 billion deal to buy the social media company will be made public by Friday evening at the latest, a judge ruled Wednesday. Attorneys for Musk wanted to file a public version of their answer and counterclaims in Delaware court Wednesday. But Twitter attorneys complained that they needed more time to review and potentially redact Musk’s sealed filing, saying it refers “extensively” to internal Twitter information and data given to Musk. Chancellor Kathaleen St. Jude McCormick held a teleconference Wednesday before agreeing with Twitter, directing that the public filing be docketed by 5 p.m. Friday. Twitter attorneys argued that court rules require that five business days lapse before a public version of Musk’s filing is docketed. 

📝 What happened this week? Take the USA TODAY News Quiz to test your knowledge.

GOP set to pick 2024 convention host city

The midterm elections are still three months away, but the Republican Party is making plans for 2024. The GOP is expected to select the host city for its next national convention Friday, with Milwaukee the likely choice. A site-selection panel voted to recommend Milwaukee last month, and the city’s Common Council has approved a framework agreement for the event. Nashville, Tennessee, was the other finalist, but appeared to be out of the running after local leaders this week voted down a draft agreement to host. But while Tennessee is solidly Republican, Wisconsin is a key swing state that Donald Trump won in 2016 and Joe Biden carried in 2020. Democrats picked Milwaukee for their convention in 2020, but it turned into a mostly virtual event due to the pandemic. 

Contributing: Associated Press

Leave a Reply