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The U.S. added fewer jobs than expected in July, but “the labor market remains firmly in expansion mode.” The nation added 157,000 jobs last month — the smallest increase since March and below an anticipated 190,000 — but the unemployment rate dropped to back to 3.9%. Despite the slight slowdown, the data supports this week’s decision by the Federal Reserve to upgrade its view of the economy to “strong.”
China is prepared to hit the U.S. with new tariffs on $60 billion in goods. The duties would range from 5% to 25%, Beijing’s Commerce Ministry said in a statement, and would be imposed if the U.S. decides to up the tax on $200 billion in Chinese goods from 10% to 25%. “The implementation date of the taxation measures will be subject to the actions of the US,” according to China’s release.
Apple became America’s first publicly traded company to be valued at $1 trillion. Analysts had been waiting for Apple to cross the threshold since it beat Wall Street earnings expectations earlier this week. CEO Tim Cook has overseen a near-quadrupling in value of the company’s shares since he took the helm in August 2011, when they traded at a split-adjusted $54 a share.
Brookstone filed for bankruptcy protection and said it would close its 101 mall-based stores. The specialty retailer, known for selling massage-chairs and a variety of goods, said that it would sell its 35 airport stores but keep them open during proceedings with a $30 million loan. Brookstone also filed for bankruptcy protection in 2014, when it was sold to a group of Chinese buyers.
Sonos celebrated its IPO by giving the Nasdaq’s bell a new ring. The speaker company teamed up with the exchange to engineer a new sound; the resulting ring is made of roughly 100 sounds from various instruments, including chains, wrenches, drumsticks and Tibetan singing bowls. Sonos stock surged after an initial slump, but the firm faces ongoing challenges as heavyweight rivals (such as Amazon and Google) push into the smart-speaker space.