The number of people applying for U.S. unemployment benefits dropped last week to 208,000, the lowest in 10 weeks. This shows that layoffs remain low and the U.S. job market is still strong.
Key Facts
Unemployment benefit claims fell by 8,000 to 208,000 for the week ending July 11.
This number was lower than experts' forecast of 219,000 claims.
Weekly claims are used to estimate the level of layoffs in the job market.
The four-week average of claims decreased by 4,750 to 214,250, smoothing out weekly changes.
Total ongoing claims for the week ending July 4 dropped by 16,000 to 1.81 million.
The data comes from the U.S. Labor Department.
Low unemployment claims suggest that U.S. layoffs remain at historically low levels.
These figures act as a near real-time indicator of the health of the U.S. job market.
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Gas and diesel prices in the US have risen again, with diesel now over $5 a gallon and gas close to $4. This increase is linked to rising tensions between the US and Iran over control of the Strait of Hormuz, a key shipping route.
Key Facts
The average price of diesel fuel in the US is over $5 per gallon.
The average price of gasoline is nearly $4 per gallon.
Prices are back near levels seen before the June agreement between the US and Iran.
A year ago, diesel cost about $3.72 per gallon, much lower than today’s price.
Iran declared the Strait of Hormuz closed, while the US claimed it guarantees safe passage.
The US imposed a blockade on ships going to or from Iranian ports.
President Trump briefly announced charging a 20% fee on cargo through the Strait but later dropped the plan.
Oil prices are around $81 a barrel, influenced by political uncertainty and market rumors.
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In the U.S., some cities have more home sellers than buyers, giving buyers an advantage to negotiate prices. Cities like Miami, Nashville, and Houston have the most sellers compared to buyers, making it easier for buyers to find deals despite high mortgage rates and rising home prices.
Key Facts
Miami had nearly 140% more home sellers than buyers in June, the highest in the U.S.
Nationally, there were about 48.5% more home sellers than buyers in June, marking a buyer’s market.
A buyer’s market means there are at least 10% more sellers than buyers.
Around 70% of U.S. housing markets (33 of 47 metro areas) are currently buyer’s markets.
Many top buyer’s markets, especially in Florida and Texas, saw a boom in home buying during the pandemic due to low mortgage rates and remote work.
The rise in housing supply in these areas outpaced demand as mortgage rates rose to about 6.5%, and some remote workers returned to offices.
This extra supply caused home prices to stop rising as fast, benefiting buyers in these cities.
Despite the buyer’s market, high borrowing costs keep many potential buyers from making purchases.
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Half of American adults under 30 are currently living with their parents. Experts discuss whether this is a long-term trend or a short-term effect of the current housing market and offer financial advice for young adults in this situation.
Key Facts
50% of young adults under age 30 live at home with their parents.
This situation may be influenced by today's housing market conditions.
Financial expert Jill Schlesinger suggests young adults should contribute money while living with their parents.
A financial advisor named Mark warns that focusing too much on reducing taxes can cause costly mistakes in investing.
Jill also gives advice on how friends with different incomes can fairly split expenses like dinners, vacations, and group activities.
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The UK's Competition and Markets Authority (CMA) is investigating Euro Car Parks over whether charging drivers who queue at petrol stations is fair. The CMA is also looking into the company’s appeals process to see if it breaks consumer protection laws.
Key Facts
Euro Car Parks is one of the largest private parking companies in the UK, managing over 3,000 locations.
The CMA is checking if it is fair to charge drivers parking fees while waiting for petrol pumps or using related services.
The investigation will also review if Euro Car Parks’ appeals process treats customers fairly.
The CMA is concerned some parking operators add extra fees beyond the parking charges.
There have been complaints about unclear signs, faulty apps, and broken ticket machines at private parking sites.
The CMA’s research shows parking tickets issued at places like gyms and supermarkets more than doubled over six years to 14.4 million.
The investigation is ongoing and expected to last until spring 2027.
The CMA has warned the parking sector to follow consumer laws or face action.
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The United States will impose a 25 percent tariff on certain Brazilian imports starting July 22 after finding Brazil engaged in unfair trade practices. The decision follows a yearlong investigation under a U.S. law aimed at addressing trade issues. Brazilian President Luiz Inácio Lula da Silva criticized the tariffs, calling them politically motivated.
Key Facts
The U.S. will start a 25 percent tariff on some goods from Brazil on July 22, 2026.
This action comes after a one-year investigation under the Trade Act of 1974.
The investigation concluded that Brazil used unfair trade practices.
Brazilian President Luiz Inácio Lula da Silva condemned the tariffs and said they were politically driven.
Lula suggested the tariffs favor his political rival, Flavio Bolsonaro, in upcoming elections.
The tariffs focus on specific Brazilian products, though the article does not list them.
The U.S. uses tariffs as a tool to protect its industries from unfair foreign competition.
This trade dispute is part of ongoing tensions between the U.S. and Brazil.
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Erin Shuford, a furniture restorer from Florida, found a valuable Broyhill Brasilia bedroom set at a thrift shop for $115. After spending about 50 to 60 hours restoring it, she sold the set for $9,000 on Facebook Marketplace within a day.
Key Facts
Erin Shuford has been restoring and flipping furniture full-time for over five years.
Broyhill Brasilia is a mid-century modern furniture line introduced in 1962, inspired by Brazilian architecture.
The furniture line is rare and highly collectible, with full sets valued between $7,000 and $10,000 or more.
Shuford’s friend spotted the set and contacted her about the find at a thrift store.
The bedroom set was priced at just $115 at the thrift shop.
Shuford used professional finishing products and a detailed restoration process to refinish the furniture.
She sold the restored set for $9,000 in less than 24 hours on Facebook Marketplace.
Shuford considers this her best find and finds satisfaction in selling it to someone who appreciates it.
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Taiwan's chipmaker TSMC plans to invest an extra $100 billion in building new factories in Arizona, increasing its total US investment to $265 billion. This expansion is expected to create tens of thousands of jobs and support the US semiconductor industry.
Key Facts
TSMC is a leading maker of advanced semiconductor chips for companies like Nvidia and Apple.
The new $100 billion investment will likely fund four new plants in Arizona.
This raises TSMC’s total US investment commitment to $265 billion.
TSMC’s profit for the April to June quarter rose 77%, reaching $22 billion.
Demand for chips has increased because they power AI centers and smart devices.
The US government supports this investment to boost domestic semiconductor production and reduce supply chain risks.
President Donald Trump has promoted domestic chip manufacturing and influenced TSMC’s decision through trade deals and tariff threats.
Commerce Secretary Howard Lutnick said the investment will create many high-paying American jobs.
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Uber has agreed to buy the German food delivery company Delivery Hero for $14.8 billion. This deal will create a large global food delivery business operating in 99 countries, combining Uber Eats with Delivery Hero's brands.
Key Facts
Uber will pay €41.50 per Delivery Hero share, valuing the company at $14.8 billion.
Uber already owns 25% of Delivery Hero shares and will pay $13.7 billion after accounting for this.
The deal includes Delivery Hero’s brands like foodpanda (Asia), PedidosYa (Latin America), and talabat (Middle East).
Uber won’t buy Delivery Hero's operations in 14 countries, which will be sold to private equity firm SSW Partners for $1.6 billion.
Delivery Hero does not operate in the UK, where Uber Eats is a major food delivery service.
The combined business handled $236 billion in orders in 2025.
Uber will keep Delivery Hero’s headquarters in Berlin and keep its workforce unchanged until at least 2029.
The deal is expected to close in the second half of 2027 and Uber plans to invest €2 billion in Germany over five years.
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The Irish airline Aer Lingus has proposed cutting up to 500 jobs as part of a plan to save money. The airline will also reduce its flight capacity by 6% by ending or reducing some routes starting in late 2026 to improve profitability.
Key Facts
Aer Lingus plans to cut 290 head office jobs, 140 cabin crew roles, and 70 pilot positions.
The airline currently employs about 6,000 people.
Flight capacity will be reduced by 6%, removing poor performing routes.
Routes from Dublin to Denver, Minneapolis, Las Vegas, and Split will be discontinued after specific dates in late 2026.
Flights to Seattle, Frankfurt, Hamburg, and Malta will become summer-only operations.
These changes will reduce the use of some aircraft models during peak summer 2027.
The airline reported a loss of €103 million in the first quarter of 2026.
Aer Lingus aims to reach a 12%-15% operating margin to attract future investment.
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Tim Steiner, co-founder and CEO of Ocado, said he will not control the company like a "puppet master" after he steps down in 2028. Ocado reported a big fall in profits and its shares dropped sharply, but Steiner said the business is on a good path and will continue growing with new clients and facilities.
Key Facts
Tim Steiner will leave his CEO role at Ocado in 2028 but will stay on for one more year to provide advice.
Ocado’s pre-tax profit dropped from £607 million to £17 million in one year.
The company’s shares fell nearly 15%, reaching their lowest point in over ten years.
There are reports of tension in Ocado’s leadership about finding a new CEO, with the chair, Adam Warby, involved.
Steiner said he supports new leaders and does not want to control daily decisions.
Ocado plans to open robot-run warehouses in South Korea, Japan, and the US soon.
The company expects positive cash flow by November.
Ocado’s joint venture with Marks & Spencer saw a 15% sales increase to £1.76 billion in six months.
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New data shows that Generation Z is facing higher inflation than other age groups, with prices for goods they buy rising nearly 40% since 2018. One main reason is Gen Z’s higher spending on quick-service restaurants, where prices have gone up over 50%, compared to the general market increase of about 34%.
Key Facts
Generation Z includes people born from 1997 to 2012, currently aged about 14 to 29.
Since January 2018, prices for items Gen Z buys have increased by 39.4%, compared to a 33.8% increase nationally.
Quick-service (fast food) restaurant prices have risen 54%, much more than the overall 33.8% increase.
Gen Z spends more money on eating out and takeout than other generations and plans to do so even more through 2026.
The higher inflation for Gen Z is influenced by their spending habits, especially on dining out and value retailers.
Low-income consumers also face higher inflation and have less ability to adjust their spending.
Rising food prices and climate factors like El Niño may continue to push inflation up in the future.
The inflation measures include everyday goods such as groceries, household items, and health and beauty products.
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The UK government has taken full control of British Steel to keep its steelworks in Scunthorpe open and save 4,000 jobs. This move, backed by the new Steel Industry (Nationalisation) Act, ended the ownership of Chinese company Jingye, which had threatened to close the plant.
Key Facts
British Steel was nationalized 15 months after the government first intervened to stop its closure.
The steelworks in Scunthorpe produces primary steel from iron ore, making it the UK's last facility of this kind.
Jingye, the previous Chinese owner, had threatened to abandon the plant without preserving key equipment.
The government will appoint an independent expert to decide if Jingye should receive compensation.
The Labour government recalled Parliament to pass the Steel Industry (Nationalisation) Act, allowing the takeover.
The government aims to protect skilled jobs and maintain a vital part of the UK’s industrial base.
Future plans include moving towards producing “green steel” with cleaner, less polluting technology.
The steelworks may require over a billion pounds for upgrades and decarbonization in the coming years.
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The UK economy grew by 0.1% in May, according to official data. This small growth was mainly due to the service sector expanding, while production and construction sectors shrank.
Key Facts
The UK economy increased by 0.1% in May.
Growth came mostly from the service sector.
Production and construction sectors decreased.
In April, the economy had slightly shrunk.
The April contraction was linked to the impact of the US-Israel war with Iran on businesses.
Over the three months to May, the economy grew by 0.7% compared to the previous three months.
The data was reported by the Office for National Statistics (ONS).
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The UK economy grew slightly by 0.1% in May, recovering from a small drop in April. This growth happened despite rising energy costs caused by the war in Iran.
Key Facts
UK GDP increased by 0.1% in May after falling 0.1% in April.
Economists had predicted a 0.1% growth for May, matching the official figures.
The war in Iran has pushed up energy prices, affecting the UK economy.
The International Monetary Fund (IMF) raised its forecast for UK growth in 2024 to 1%, an increase of 0.2 percentage points.
The UK economy showed more strength than some experts expected given the Middle East conflict.
Oil prices have recently risen again due to renewed violence in the Middle East.
The Resolution Foundation thinktank warns that over half of the £23.6 billion economic flexibility from the spring budget could be lost because of the war’s impact.
Andy Burnham is beginning his role as Labour leader amid these economic challenges.
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The UK government has taken British Steel into public ownership to protect steelmaking jobs and maintain the country’s steel production ability. This move comes after concerns the steelworks might close, which would risk the UK's capacity to make new steel.
Key Facts
British Steel employs about 2,700 workers in Scunthorpe and supports other industries in the area.
The steelworks was owned by the Chinese company Jingye Group, which bought it in 2020.
Jingye said British Steel was losing about £700,000 a day before the government stepped in.
The UK government first took control in 2025 and now fully nationalized British Steel after Parliament passed new laws.
The law allows nationalization if it’s needed in the public interest to protect important industries.
The steelworks risked losing its blast furnaces, which are needed to make new, or "virgin," steel.
Virgin steel is used in major construction projects such as buildings and railways.
The government is considering limiting or refusing compensation to Jingye for the takeover.
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The United States, under President Trump’s administration, will impose 25% tariffs on some Brazilian products starting July 22. The US trade office says Brazil uses unfair trade practices, while Brazil’s government denies these claims and condemns the tariffs.
Key Facts
The US will start 25% tariffs on certain Brazilian goods on July 22.
Some products like coffee, beef, oranges, some energy products, and aerospace parts are exempted.
The US trade representative concluded Brazil has unfair trade practices after a one-year investigation.
Brazil denies the accusations and says it did not engage in unfair trade.
US officials say talks with Brazil failed to resolve trade issues.
The tariffs are applied under section 301 of the Trade Act of 1974.
Brazilian President Lula blames political reasons for the US action and points to local rival Flávio Bolsonaro.
The US Supreme Court recently limited President Trump’s power to impose tariffs under a different law, but this new tariff uses a different legal basis.
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Traders at Brixton market are trying to buy the market to keep it community-owned and protect small independent businesses. They are competing with big companies to buy the site, which is listed for £50 million, and hope to prevent a private equity firm from taking over and raising rents.
Key Facts
Traders want to keep Brixton market community-owned to protect independent shops.
The market is for sale at £50 million, and traders are competing against large companies.
The Buy Back Brixton campaign has reached the second stage of the bidding process.
The market is known for its diverse vendors from over 50 countries and strong African-Caribbean community ties.
Traders worry a private equity owner would increase rents and push out local businesses.
The current owner planned to redevelop the site, but community opposition stopped those plans.
Local politicians and the council support the traders’ community bid.
Traders have raised some funds but need more to meet the asking price and secure a loan.
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The chief executive of the Confederation of British Industry (CBI), Rain Newton-Smith, advised Andy Burnham, the new Labour leader, to avoid uncertain talks about tax and spending that could alarm businesses. She encouraged careful, steady decisions on fiscal plans and warned against costly ideas like renationalising utilities.
Key Facts
Andy Burnham is set to become the Labour party leader with a new cabinet soon.
Rain Newton-Smith said speculation about tax increases or spending cuts creates uncertainty that worries businesses.
She advised the new chancellor to take time to listen to business concerns before making decisions.
Newton-Smith supports gradual changes instead of major shocks to the economy.
She warned that renationalising utilities is expensive and might hurt ordinary people.
Public-private partnerships were recommended to fund important projects like housing and energy-efficient buildings.
British businesses face high energy costs; electricity prices are 45% above the average of major countries (G7).
Newton-Smith suggested moving energy transition costs off business bills to taxpayers or private funding.
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The United States will place a 25% tax (tariff) on certain goods imported from Brazil starting July 22. This action follows a U.S. investigation that found Brazil uses unfair trade practices, such as weak anti-corruption rules and unfair taxes, that hurt American businesses.
Key Facts
The U.S. is imposing a 25% tariff on some Brazilian imports due to unfair trade practices.
The tariffs begin on July 22 and exclude products not made in the U.S. or that could disrupt supply chains, like coffee, beef, and aerospace parts.
The U.S. Trade Representative said Brazil’s unfair actions block U.S. workers and companies from one of the world’s largest markets.
The U.S. investigation, lasting a year, found Brazil had issues like weak enforcement against corruption and unfair tariffs of its own.
The tariffs use Section 301 of the Trade Act of 1974, a law allowing action against unfair trade practices.
The U.S. had previously imposed and later lifted other tariffs on Brazil after progress in talks.
Brazilian President Lula da Silva criticized the tariffs and claimed they were politically motivated.
U.S. officials said the tariffs are based on long-standing trade concerns, not politics, and that recent talks with Brazil did not fix the problems enough.
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