The Week in Business: Job Growth Is Solid but Slowing – The New York Times

by | Sep 4, 2022 | Jobs

Credit…Giacomo BagnaraWhat’s Up? (Aug. 28-Sept. 3)The Labor Market CoolsAfter a surprising jobs report in July, which showed employers adding jobs at a blistering pace, August’s numbers fell more in line with expectations. The economy gained 315,000 jobs last month, well within range of the roughly 300,000 that forecasters had projected. That was a significant deceleration for the labor market — and is just what the Federal Reserve was looking for. Policymakers at the central bank have been trying to slow job growth as part of their campaign to rein in inflation and cool the economy. The Fed is likely to see this latest jobs report as a sign that its policies are working, but it well knows that its work isn’t over. The August jobs numbers still reflect a strong pace of growth, and Jerome H. Powell, the Fed chair, has indicated that there is little that would sway the central bank from its path of raising rates, including at its Sept. 20-21 meeting.Subpoenas FlyThere are many in Silicon Valley who would rather avoid the legal battle surrounding Elon Musk’s efforts to step away from a deal to buy Twitter, but others are eager to get in on the action. The former group is made up of the tech industry’s elite, a great number of whom have been summoned by Mr. Musk’s and Twitter’s lawyers to share what they know about the $44 billion deal. In the latter group are the lawyers who wish to represent them. The swirl of subpoenas before an October date in Delaware Chancery Court has created a frenzy of excitement for top-tier law firms. So far, Twitter’s lawyers have been more aggressive, as they prepare to argue that Mr. Musk’s reasons for trying to back out of the deal are unfounded. They have issued more than 84 subpoenas, with some going to Mr. Musk’s inner circle of friends and associates, as well as the investors who agreed to help finance his acquisition. Mr. Musk’s lawyers escalated his side of the fight last week, issuing a subpoena to the whistle-blower Peiter Zatko, Twitter’s former security chief — a sign that Mr. …

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