Media Navel Gaze: September 5, 2016
Hurry up and wait, again. That seems to be the advice from Fed watchers after the jobless report showed that the economy may be chugging along but not at a quick enough clip to merit immediate rate hikes. The unemployment rate held steady at 4.9 percent in August, while non-farm added 151,000 jobs (down from the last two months). In a Grimm word or two, the rate porridge is just not right – yet.
- Samsung is recalling a LOT of Galaxy Note 7s (just ahead of the new Apple release);
- Apple may have to pay billion in taxes to Ireland but the APPeal process will no doubt be lengthy;
- SpaceX exploded, putting the brakes no doubt on commercial manned or unmanned space exploration;
- Trump went to Mexico and came back by seemingly building a wall between him and the RNC with tough immigration talk;
- Stocks ended the week little changed with the Dow up 0.5 percent at 18,491;
- Mondelez told Hershey to kiss off for now;
- Mother Theresa is canonized; and
- Gene Willy Wonka Wilder died.
- Donald Trump flew to Mexico last week for a meeting with Mexico president Enrique Pena Nieto - a visit that some are saying caused the deepest political crisis faced by the president yet, and a significant rift among the cabinet. Pena Nieto endured a week of attacks from the media, who claimed he did not stand up to Trump, demand an apology for his accusations, or refuse to pay for Trump’s pending wall.
- Meanwhile, in Venezuela, President Nicolas Maduro was chased at a routine political event on Saturday by angry – and hungry – protesters.