Business

After the Bell: job growth slow; California stimulus; Tesla trucks to Pepsi

INDIANAPOLIS (WISH) — The monthly job report from the Feds shows 263,000 jobs added, with unemployment falling to 3.5%.

This is a “what’s bad can be good” scenario. Economists say adding only 263,000 jobs shows high inflation and rising interest rates are finally hitting the really strong “labor market,” but the “stock market” didn’t like it. Many think it shows the Fed still has a long wat to go to fight inflation, and this ensured yet another 75 points basis hike coming in November. On the markets, all three indexes were in the red with the Dow dropping.

California sending out stimulus

California is now sending out one-time stimulus checks worth up to $1,000 to about 23 million qualifying residents. It’ll total $9.5 billion. Gov. Gavin Newsom says the money will help people struggling to pay for groceries and gas.

Tesla electric semi

While Elon Musk is in Twitter drama, Tesla says its long awaited electric semi truck has begun production. Deliveries will begin Dec. 1, with the first trucks going to Pepsi. The trucks have a 500 mile range and this has been long time coming. The semis were first unveiled five years ago.