Good morning. It's Saturday, Oct. 5, and in this weekend edition, we're covering a stronger-than-expected US jobs report, a bad day for Spirit Airlines shares, and much more. First time reading? Join over 3.9 million readers. Sign up here.
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US employers added 254,000 nonfarm jobs in September—the highest jobs growth in six months. The figure is up from the upwardly revised 159,000 jobs in August and better than the 150,000 jobs economists had expected, according to government data released yesterday.
The unemployment rate in September ticked down to 4.1% from 4.2% in the previous month. Most of the jobs were added in food services and drink establishments (69,000), healthcare (45,000), government (31,000), and social assistance (27,000). Average hourly earnings in September rose 0.4% month-over-month and 4% year-over-year, both higher than economist estimates of 0.3% and 3.8%, respectively. See all data here.
Analysts suggest the data likely rule out another half-percentage-point interest rate cut by the Federal Reserve at its upcoming November meeting. However, a quarter-percentage drop is still expected, at least twice, before the end of this year. Last month, the Fed reduced its benchmark federal funds rate (see overview) to a range of 4.75% to 5%, marking its first rate cut since March 2020. |
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US launches airstrikes against Houthi rebels in Yemen.
The US military conducted airstrikes on at least a dozen Iran-backed Houthi targets in Yemen Friday, homing in on weapons systems, bases, and other equipment. The strikes hit Houthi strongholds in roughly five locations, including the airport in Hodeida. The US airstrike came in response to recent Houthi threats and attacks on US and other commercial vessels in the region, as well as the group's claim of shooting down a US military drone over Yemeni airspace.
Death toll from Hurricane Helene rises to at least 223 people.
New Jersey's search-and-rescue teams are now helping with efforts in North Carolina to find survivors. Hundreds of people remain missing. See satellite imagery showing the impact of Helene on North Carolina here. Roughly 740,000 people in the Southeast US are still without power, as of this writing.
Spirit Airlines shares fall to record low amid possible bankruptcy filing.
Spirit shares closed down nearly 25% Friday, a day after reports said the budget airline was considering filing for Chapter 11 bankruptcy. The news came following Spirit's failed $3.8B bid to merge with rival JetBlue Airways (see previous write-up). In August, Spirit reported a $193M loss for the second quarter of this year, up from a $2.3M loss in the same period in 2023. Spirit reportedly has about $3.3B in debt.
Breakthrough donor cell therapy remits autoimmune diseases.
Researchers in China successfully treated three individuals with severe autoimmune conditions using bioengineered and CRISPR-modified immune cells from a healthy donor. The treatment marks the first use of donor-derived CAR T-cell therapy for autoimmune disorders. It improved symptoms and led to remission for all three patients. The breakthrough could lead to more accessible and cost-effective treatments for autoimmune diseases.
Largest solar flare since 2017 spotted erupting from sun's surface.
Solar flares are bursts of radiation coming from sunspots and can potentially disrupt some telecommunications systems and power grids. They are often accompanied by coronal mass ejections—bursts of plasma and magnetic field lines coming from the sun's corona (see overview)—that erupt from an active sunspot. |
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North Carolina man jumps into floodwaters to rescue trapped woman. (More)
... and South Carolinians unite to help their hurricane-hit neighbors in North Carolina. (More, w/video)
United Airlines pilot buys pizzas for entire plane after emergency landing leads to seven-hour layover. (More)
Stranger carries woman on his back after she accidentally falls and breaks leg while hiking. (More)
... and a woman donates her kidney to a stranger she met while hiking. (More)
Moms surprise other moms by leaving gift cards in store diaper aisles. (More) |
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Today, we're sharing a story from reader Cindi S. in McCormick, South Carolina.
"Being caught in the direct path of Hurricane Helene, experiencing damage from tropical force winds and extended power outages, my household gathered what food we could salvage, loaded the car and headed north. Unaware of broad reaching storm damage, we were unable to find refuge or gas to continue our search. Stranded in Gaffney, SC, three separate good Samaritans rescued us by contributing gas cans, funnels, and gas to get us on our way! None of them would take money for their efforts. Thank you to these nameless angels for restoring my faith that good people still exist."
What act(s) of kindness did you experience this week? Tell us here. |
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