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WASHINGTON — U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong despite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve. The Labor Department said Tuesday that American employers posted 9.6 million job openings in August, up from 8.9 million in July. Economists had expected 8.9 million vacancies in August.
WASHINGTON — President Joe Biden has announced that the manufacturers of all of the first 10 prescription drugs selected for Medicare’s first price negotiations have agreed to participate. Tuesday’s announcement clears the way for talks that could lower their costs in coming years and give Biden a potential political win heading into next year’s election. The White House says 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone last year.
NEW YORK — Wall Street tumbled as it focused on the downside of a surprisingly strong job market. The S&P 500 lost 1.4% Tuesday. The Dow fell 430 points and wiped out the last of its gains for the year so far. The Nasdaq composite led the market lower with a 1.9% drop as Big Tech stocks were among the market’s biggest losers. Stocks fell after a report showed U.S. employers have many more job openings than expected.
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