US added 115,000 jobs in April in surprise gain amid Iran war uncertainty
US employers added 115,000 jobs in April and the unemployment rate remained steady at 4.3%, a surprisingly robust gain to the labor market as the US-Israel war with Iran continued to drive up economic uncertainty.Economists projected about 55,000 new jobs and a 4.3% unemployment rate.A day earlier, the labor department announced 200,000 people filed for weekly unemployment benefits, a slight increase from the week before.
Jobs gains were concentrated in healthcare, transportation and warehousing, retail, and social assistance,Altogether, 106,000 new jobs were added to those four industries,Meanwhile, job losses were seen in federal government employment – which is down 348,000 since November 2024 – and the information sector,White House spokesperson Kush Desai wrote on social media on Friday that the April jobs report “smash[ed] expectations”,“Yet another sign that the American economy remains on a solid trajectory under President Trump,” he said.
A series of major changes over the last year – tariffs, government layoffs, changing immigration policies and, now, rising oil prices amid conflict in the Middle East – have rattled the US economy and destabilized the labor market.The new data from the Bureau of Labor Statistics also included revisions to previous job figures.Last month, employers added 185,000 jobs, far exceeding economists’ expectations of about 70,000.But in February, the US lost 156,000 jobs – initially reported as a drop of 92,000 jobs – an unexpected and major contraction just before the US-Israel war in Iran.Private employers added 109,000 jobs in April, the largest increase in job growth since January 2025, according to the payroll firm ADP.
Healthcare industry jobs continued to fuel growth, along with modest increases in construction, trade, transportation and utilities industries.Professional industries, however, lost 8,000 jobs.“Small and large employers are hiring, but we’re seeing softness in the middle,” Dr Nela Richardson, ADP’s chief economist, said in a statement.“Large companies have resources to deploy, and small ones are the most nimble, both important advantages in a complex labor environment.”The US Federal Reserve cited slow job growth among several factors in its decision to keep rates steady last month, alongside elevated inflation and continued conflict in the Middle East.
Fluctuating economic data adds to the uncertainty casting a shadow over the Fed,Last month, the outgoing chair, Jerome Powell, announced he will remain on the Fed’s board as a governor even after Kevin Warsh, Trump’s nominee to lead the central bank, is sworn in,Powell said he will stay on until investigations into renovations at Fed headquarters are “well and truly over with transparency and finality”, citing concerns that the Fed will be “pulled into politics”,Meanwhile, Warsh is under pressure from the White House to usher in lower interest rates, though he cannot do so without the support of the other 12 voting members of the Fed’s board,The Fed wields immense influence over the state of unemployment and inflation in the US, and must set rates to fulfill its dual mandate of maximizing employment while maintaining stable prices.
Great Western Railway to be nationalised in December
Great Western Railway will be nationalised in December, the government has announced.The train service, which has been in private hands for 30 years, mainly run by First Group, will be the 11th train operator on the national railway brought back into public ownership.When the Labour government was elected in 2024, legislation was immediately passed to renationalise all passenger trains when contractually allowed, a process that is expected to conclude by the end of 2027.The date for GWR train services to be nationalised has now been set for 13 December, the Department for Transport (DfT) said, when new timetables around the country are set to take effect.GWR has worked closely with the DfT in recent years in upgrading the mainline and introducing a new fleet of intercity trains
US added 115,000 jobs in April in surprise gain amid Iran war uncertainty
US employers added 115,000 jobs in April and the unemployment rate remained steady at 4.3%, a surprisingly robust gain to the labor market as the US-Israel war with Iran continued to drive up economic uncertainty.Economists projected about 55,000 new jobs and a 4.3% unemployment rate. A day earlier, the labor department announced 200,000 people filed for weekly unemployment benefits, a slight increase from the week before
Iran war costs Toyota £3bn as prices of materials soar and sales fall
Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.The biggest hit for the Japanese manufacturer was a 400bn yen (£1.9bn) increase in materials costs linked to the war, while it lost another 270bn yen in lower sales. Toyota is the dominant automotive brand in the Middle East
British Airways fares to rise in attempt to offset £1.7bn fuel cost hit
British Airways fares will rise to try to recoup most of a €2bn (£1.7bn) hit in fuel costs this year, its parent group has said, adding that the Iran war will dent profits.The International Airlines Group (IAG) said its annual fuel bill was now expected to be about €9bn, up from the forecast €7.1bn, as 70% of its supply was hedged, shielding it from the full impact of soaring jet fuel prices since the start of the conflict.It expects to recover about 60% of the €2bn additional fuel costs through “revenue and cost management actions”, with fare rises primarily loaded on BA rather than its sister airlines
GameStop CEO opens eBay storefront to pay for potential eBay acquisition
The CEO of GameStop, Ryan Cohen, said he was selling vintage video games, baseball cards, GameStop merchandise and a $14,000 pair of tube socks to help fund the company’s proposed $55.5bn acquisition of eBay.His platform of choice? eBay, of course.Cohen posted a link to his eBay storefront on Tuesday night, saying: “I’m selling stuff on eBay to pay for eBay.”Hours later, Cohen posted a screenshot with a notification that his account had been suspended
Gas-fired power still looks a safe bet for Centrica in the renewables era
The eye-catching non-Hormuz news in energy-land last month was that Great Britain is set for a record-breaking summer for wind and solar power generation. The national energy system operator even thought there could be periods – a sunny weekend or a bank holiday afternoon of low demand, for example – when more renewable power would be available than the electricity grid needed.So, on the face of it, it is an odd moment for Centrica, the owner of British Gas, to fork out £370m to buy a 16-year-old combined-cycle gas turbine plant in south Wales. After all, the government’s clean power plan imagines that, come 2030, Great Britain’s entire fleet of gas plants will be used to generate only 5% of its electricity, down from 31.5% in 2025
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