The US gained 64,000 jobs in November but lost 105,000 in October; unemployment rate at 4.6%

WASHINGTON (AP) — The United States gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration, the government said in delayed reports. The unemployment rate rose to 4.6%, highest since 2021. Both the October and November job creation numbers, released Tuesday by the Labor Department, came in late because of the 43-day federal government shutdown. Hiring has clearly lost momentum, hobbled by uncertainty over President Donald Trump’s tariffs and the lingering effects of the high interest rates the Federal Reserve engineered in 2022 and 2023 to rein in an outburst of inflation.

US tariffs are having an uneven effect on holiday prices and purchases

NEW YORK (AP) — Many U.S. consumers say they’ve noticed higher than usual prices for holiday gifts in recent months, according to a a December poll from The Associated Press-NORC Center for Public Affairs Research. A contributing factor is the unusually high import taxes the Trump administration put on foreign goods. While the worst-case consumer impact that many economists foresaw from the administration’s trade policies hasn’t materialized, some popular gift items have been affected more than others. Most toys and electronics sold in the U.S. come from China. So do most holiday decorations. Jewelry prices have risen due to the cost of gold.

Retail sales unchanged in October hurt in part by a decline in auto sales

NEW YORK (AP) — Sales at U.S. retailers and restaurants were unchanged in October from September as consumers moderated their spending amid worries about higher prices and other economic uncertainties after splurging over the summer. But a big factor dragging down the figure was a 1.6% drop in sales at auto dealerships, hurt by the expiration of subsidies that sliced demand for battery-powered electric cars. Excluding that category, retail sales rose 0.4%, the Commerce Department said. Tuesday's report was delayed more than a month because of the 43-day government shutdown. The overall flat spending in October was less than economists expected and followed a revised 0.1% increase in September, the agency said. Retail sales jumped 0.6% in July and August and 1% in June.

Texas sues utility company to recover damages from historic wildfire sparked by downed power lines

AUSTIN, Texas (AP) — Texas is suing the utility company whose downed power lines sparked the largest wildfire in state history. The deadly Smokehouse Creek fire in 2024 destroyed homes and livestock, and charred miles of landscape, causing more than $1 billion in damage. The lawsuit accuses Xcel Energy of neglecting aging utility poles that needed to be replaced. The company says it has taken responsibility for the downed lines, and has paid more than $350 million in damage claims. And it says it was not negligent and will fight the lawsuit.

Ford scraps fully-electric F-150 Lightning as mounting losses and falling demand hits EV plans

DETROIT (AP) — Ford Motor Co. is pivoting away from its once-ambitious electric vehicle plans amid financial losses and waning consumer demand for the vehicles. Instead it'll invest in more efficient gasoline-engines and hybrid EVs, the company said Monday. The Detroit automaker, which has poured billions of dollars into electrification along with most of its industry peers, said it will no longer make the F-150 Lightning electric pickup truck, instead opting for an extended range version of the vehicle.

Wall Street slips following mixed data on the economy as oil prices keep sinking

NEW YORK (AP) — The U.S. stock market is drifting lower following mixed data on the economy’s strength. The S&P 500 fell 0.4% Tuesday and remains a bit below its all-time high set last week. The Dow Jones Industrial Average dropped 348 points, and the Nasdaq composite was nearly unchanged. Treasury yields eased after the reports on the U.S. job market, retail sales and business activity did little to clear uncertainty about where the Federal Reserve may take interest rates next year. Oil stocks fell to some of the market's worst losses after the price for U.S. crude fell close to its lowest level since 2021.

Phil and Penny Knight's donation tops the Chronicle of Philanthropy's list of 2025's biggest gifts

The Chronicle of Philanthropy’s annual list of the biggest charitable donations from individuals or their foundations totals $5 billion in 2025. Topping the list is $2 billion from Nike co-founder Phil Knight and his wife, Penny. Warren Buffett follows with a $746.7 million donation, and the mother and stepfather of Amazon founder Jeff Bezos pledge $500 million. Nearly 40% of the total comes from the Knights’ gift to Oregon Health & Science University. The top three gifts support cancer care, a private grantmaker, and an international effort to fight hunger and malnutrition among women and children.

EU moves to ease 2035 ban on internal combustion cars as auto industry faces headwinds

FRANKFURT, Germany (AP) — The European Union is moving to dial back its total ban on cars with gas or diesel engines by 2035. Tuesday's proposal would replace a mandatory reduction of emissions by 100% by that date with a 90% reduction. That would leave a little room for cars with internal combustion engines. But most cars would still be all-electric. Those could be hybrids that have both electric and internal combustion motors. The EU's commission is responding to appeals from carmakers for a more flexible approach. The new limit still needs approval by the EU parliament and member governments.

Envoys try to narrow gaps on a loan plan for Ukraine ahead of Thursday's crunch EU summit

BRUSSELS (AP) — European Union envoys are fine-tuning a plan to use frozen Russian assets as collateral for a massive loan to support Ukraine over the next two years. The loan will top the agenda of Thursday's summit of EU leaders. The EU is committed to funding Ukraine, with the IMF estimating it needs 135 billion euros. The plan involves using Russian assets frozen since the war began in 2022. Two options are on the table: a reparations loan using these assets or borrowing from financial markets. The reparations loan is easier to pass. It requires a two-thirds majority, while market borrowing needs unanimous approval. But Belgium opposes the plan, fearing Russian retaliation.

How a Trump Media deal with a crypto firm exposes potential conflicts of interest

WASHINGTON (AP) — Crypto.com was under siege — investigated by President Joe Biden's Democratic administration and told enforcement action was likely. Then Donald Trump won the 2024 election, and the company’s legal peril dissipated. Crypto.com tapped a lobbyist close to Trump and donated $11 million to political committees tied to the Republican president. The investigation was dropped. Then the company announced it would invest roughly $1 billion into a venture with Trump’s social media company. Legal and ethics experts say the arrangement offers a case study of the conflicts of interest that have arisen in Trump’s second presidency. The White House says neither the president nor his family has ever engaged in conflicts of interest.