US labor market ‘has headed off a cliff-edge’ with just 22,000 jobs added in August – as it happened

Newsflash: The US economy added much fewer jobs than expected last month, in a sign that the labor market may be cooling sharply.August’s non-farm payroll rose by just 22,000 jobs, the Bureau of Labor Statistics has reported, much weaker than the 75,000 expected.That’s a very weak jobs report, and the latest signal that the US economy is losing momentum.The US unemployment rate has risen to 4.3%

Jaguar Land Rover staff told to stay home after cyber-attack

Jaguar Land Rover has told its factory staff to stay home until at least next Tuesday as it continues to deal with the effects of a cyber-attack.The carmaker has had to stop production at its factories in Merseyside and the West Midlands after hackers infiltrated its systems.Production workers in Halewood on Merseyside and Solihull in the West Midlands and at JLR’s engine manufacturing site in Wolverhampton have been told to stay away until 9 September, in a tacit admission that a swift resolution to the problem is unlikely.The UK’s biggest car manufacturer, owned by India’s Tata group, halted production at the sites after discovering the breach on Sunday. It has since said its global operations had been “severely disrupted” by the cyber incident

Average UK house price rises to record £299,331, says Halifax

UK house prices rose for a third consecutive month in August, pushing the average price of a property to a record high as momentum returns to the market.Prices increased by 0.3% month on month in August – after a 0.4% rise in July and a 0.1% increase in June – pushing the average cost of a UK home to £299,331

Fast fashion’s quick decline: Asos and Boohoo have that post-Covid feeling

Once the feared enemy of the high street and worth more than £5bn, the online fashion retailer Asos has seen its value slump as it faces difficulties that could herald the demise of fast fashion.The London-based seller dropped out of the FTSE 250 with a whimper this week, valued at about £320m.Four years ago Asos, and its fellow online fast fashion purveyor Boohoo, were booming as the high street suffered from Covid pandemic lockdowns, and largely housebound shoppers had cash to spare for slouchy leisurewear.They thought shoppers had been permanently converted to online shopping, and stocked up accordingly, only for Asos to find itself lumbered with a £1bn stock hangover as, post-pandemic, young and old alike once again enjoyed the freedom to try on clothes and stalk the high street.By the end of 2021 Nick Beighton resigned as chief executive with profits headed downwards – and the new boss, José Antonio Ramos Calamonte, has yet to stem the decline

Retail sales rise but ONS apologises as statistics crisis deepens

Sunny weather and the Euro 2025 women’s football tournament helped boost retail sales in July, according to delayed official figures that have been blighted by errors.The Office for National Statistics (ONS) apologised for the mistakes and delay in releasing the retail sales figures for Great Britain, which were published two weeks later than planned.The UK statistics agency made another error on Friday morning, issuing a link to the wrong blog by a senior executive explaining that the ONS needs to improve its performance.The ONS said retail sales volumes grew 0.6% month on month in July because of a combination of factors, including good weather and sales of clothing and merchandise related to the Lionesses’ winning run

US justice department opens criminal inquiry into Fed governor Lisa Cook

The US justice department has initiated a criminal investigation into mortgage fraud claims against the Federal Reserve governor Lisa Cook as a lawsuit she filed against Donald Trump over her firing makes its way through court.Lawyers with the justice department have issued subpoenas for the investigation, according to the Wall Street Journal, which first reported the investigation, which has since been confirmed by multiple news publications.Last month, Trump moved to fire Cook over unconfirmed claims that she listed two properties as her primary residence. Bill Pulte, the director of the Federal Housing and Finance Agency and a close ally of Trump, alleged Cook had lied on bank documents and records to obtain a better mortgage rate.Cook, a voting member of the Fed board that sets interest rates, said she had “no intention of being bullied to step down” and that she would “take any questions about my financial history seriously”