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U.S. job growth weakened in August with a sharp increase in the unemployment rate, reaching nearly a four-year high of 4.3%. This has confirmed that labor market conditions are softening, prompting expectations for an interest rate cut from the Federal Reserve this month. The economy lost jobs in June for the first time in over four years, attributed to President Donald Trump’s import tariffs and immigration policies reducing the labor pool. With more unemployed individuals than job vacancies in July, uncertainties over trade policies continue to impact businesses, highlighting the need for stability in the labor market over inflation concerns.

Despite a disappointing job growth number in August, economists are hopeful for revisions that may ease the strain seen in various sectors like healthcare, social assistance, and government employment. The U.S. Treasury yields fell on the data, reflecting concerns over the declining labor market conditions and reinforcing the likelihood of a rate cut by the Fed.

David Ellison, CEO and chairman of Paramount, has announced a new policy requiring employees to work in the office five days a week starting in January 2026. This move is aimed at building a stronger, more connected, and agile organization that can deliver on the company’s goals and compete at the highest level. E

mployees who do not wish to make the transition have the option to seek a buyout until September 15. This change comes as Paramount looks to thin the herd ahead of looming staffing cuts, with the company expected to lay off between 2,000 and 3,000 employees as part of cost-cutting measures.

Boeing is taking steps to replace employees in its defense unit as a strike by 3,200 workers continues into its second month without a new contract agreement. The company is hiring permanent replacement workers for manufacturing roles to ensure they can continue supporting their customers, particularly in assembling and maintaining F-15 fighter jets and missile systems. The strike, led by the International Association of Machinists and Aerospace Workers District 837, began on August 4 after workers rejected a contract offer from Boeing.

OpenAI is making waves in the tech industry with the announcement of its new AI-powered hiring platform, the OpenAI Jobs Platform. This service aims to connect businesses with employees by using AI to match companies with the perfect talent. Led by CEO of Applications Fidji Simo, OpenAI is expanding its offerings beyond its core consumer product, ChatGPT, and diving into new markets with initiatives like the OpenAI Academy and OpenAI Certifications.

U.S. oil and gas producer ConocoPhillips is set to reduce its workforce by 20-25% as part of a restructuring plan announced by CEO Ryan Lance. The company’s shares have dropped 4.2% to $94.91, reflecting the challenges faced by the third largest U.S. oil producer in the current economic climate.

Rising costs, particularly a $2 increase per barrel, have left ConocoPhillips lagging behind its competitors and necessitated the workforce reduction. The company aims to make most of the job cuts before the end of the year, affecting between 2,600 and 3,250 employees. ConocoPhillips’ net income has also seen a decrease, prompting the need for cost reduction and margin enhancement measures.

Holiday shoppers are gearing up to spend less this upcoming season, with a survey by PwC showing a 5% drop in planned holiday spending compared to the year before. The biggest decline in spending comes from Generation Z, who plan to spend an average of 23% less than last year.

This shift in spending habits reflects Gen Z’s focus on value and cost transparency, as they prioritize experiences over material possessions. Retailers are tasked with understanding and adapting to the changing preferences of this generation, who are quick to adopt and abandon trends. As uncertainties around price sensitivity and higher tariffs loom, shoppers are paying closer attention to prices and looking for the best deals to stretch their budgets.

Alphabet’s Waymo unit announced this week that it will begin test drives of its robotaxis in Denver and Seattle, with human drivers behind the wheel. The company plans to first drive manually before fully validating its technology and operations for autonomous services in the future.

This comes as Waymo looks to expand its driverless, ride-hailing service across the U.S. after already launching in cities such as Austin, Atlanta, San Francisco, Phoenix, and Los Angeles.

The company will have safety drivers manning the steering and braking behind the test vehicles in Denver and Seattle, with a fleet including fully electric Jaguar iPace and Geely Zeekr AVs. Additionally, Waymo is also running similar tests in New York, its latest market entry.