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ECONOMY

Despite the second straight weekly decline reported by the Labor Department on Thursday, claims are hovering near a five-month high. There have been job cuts in sectors like technology and housing amid fears of a recession as the Federal Reserve aggressively tightens monetary policy to quell price pressures.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
May’s rate is the lowest rate reported since the state started tracking the metric in 1976, according to the Department of Employment and Economic Development. Construction posted the strongest gains.

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More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them.
A hotter-than-expected inflation reading has even thrown some doubt on expectations.
Biden's plan to unveil a package to spur recovery in Latin America, help stem immigration and counter China's growing regional economic clout has been marred by Washington's decision to exclude Cuba, Venezuela and Nicaragua from the summit.
The message, sent on Thursday and titled "pause all hiring worldwide," came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession.
The White House plan would apply to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly.
Some 39 million people will travel 50 miles or more by car during the Memorial Day Weekend, up 8.3% from a year-ago and close to pre-pandemic volumes.

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TOKYO — U.S. President Joe Biden said on Monday he would be willing to use force to defend Taiwan, capping a series of critical comments about China while in Asia that an aide said represented no change in U.S. policy toward the self-ruled island.
A federal judge in Louisiana blocked U.S. authorities from lifting Title 42, which since March 2020 has empowered U.S. agents to quickly turn back over a million migrants to Mexico and other countries.
Business Insider reported on Thursday that SpaceX paid $250,000 in 2018 to settle claims by an unnamed private jet flight attendant who accused Musk of exposing himself to her.

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