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Economy Briefs: Economy adds 163,000 jobs, but rate rises to 8.3 percent
Question of the Day
The labor market improved last month after a soft spell in the spring, with businesses creating 163,000 more jobs in a wide range of occupations from health care to manufacturing, the Labor Department reported Friday.
The job gains were the best since February and nearly tripled from June’s pace of 64,000. They reflected a bounce-back in hiring in such areas as auto manufacturing, where seasonal layoffs were lower than usual, as well as retail trade and hospitality. Layoffs in government were subdued at only 9,000 last month, contributing to the overall improvement in the market.
“This brings a three-month period of disappointing employment growth to an end,” said Chris Williamson, chief economist at Markit Group Ltd., a financial information services company. He noted that private-sector jobs are now at the highest level since December 2008, while the government workforce is at the lowest level since July 2006.
The uptick in job growth reported by businesses was tempered by an increase in unemployment to 8.3 percent from 8.2 percent reported by households surveyed by the department.
AT&T sets deadline for 2G sunset in 4 years
NEW YORK — AT&T Inc. says the shutdown of its second-generation, or “2G,” wireless network will be complete by the end of 2016, a process that will force customers with older phones to upgrade to “3G” or “4G” handsets.
In a regulatory filing, the Dallas-based company said 12 percent of its customers on contract-based plans, or 8.4 million people, have 2G phones.
AT&T said it’s shutting down the older network, which doesn’t support high data speeds, city by city. It said earlier this year that the process has started in New York City, and it’s trying to move the city’s 2G subscribers to new phones.
By shutting down 2G and using the same space on the airwaves for 4G, AT&T can increase data capacity by more than a hundredfold. Other companies are also “refarming” 2G spectrum. Sprint Nextel Corp. is shutting down the Nextel 2G network and moving subscribers to Sprint 3G.
SEC head calls softwaretrading glitch ‘unacceptable’
The head of the Securities and Exchange Commission says the agency is reviewing what caused a software glitch that threw the stock market into turmoil Wednesday, calling it “unacceptable.”
SEC Chairman Mary Schapiro says technical problems like the one caused by Knight Capital Group illustrate how investor confidence can be shaken. The technical problem briefly put trading of dozens of stocks into chaos.
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