The Week That Was: May 3, 2024
A slowdown in hiring, a potentially historic shift in marijuana policy and a tick tock comeback all in the week that was. The Federal Reserve unanimously decided to hold interest rates steady in the week that was Fed Chair Jerome Powell said inflation is still too high, but that it is unlikely the central bank’s next move would be an outright rate hike. Friday’s jobs report showed employers scaled back in April, adding just 175,000 jobs. That was well below the economist’s consensus of 240,000 jobs. The unemployment rate also ticked higher last month, at 3.9%. That data reversed a trend of robust job growth that had kept the Federal Reserve cautious amid its campaign against inflation. Marijuana stocks jumped after reports came out saying the Drug Enforcement Agency is considering reclassifying pot as a less dangerous drug. And the National Highway Traffic Safety Administration announced a rule requiring all new US passenger cars in the next five years have automatic emergency braking. That technology is already sold on most vehicles. ALE set a record Thursday by announcing a $110 billion stock buyback program, the largest ever in U.S. history. It comes as the tech company deals with slumping iPhone sales and Drake, Taylor Swift, Olivia Rodrigo and other popular artists made a TikTok comeback. Universal Music ended a licensing spat with the social media platform that will restore the label songs to the popular social media app. I’m Dominic Chu. Get all your business news on CNBC.