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Stocks fall...Hiring slows to 155K jobs...OPEC agrees to cut oil production

December 7, 2018

NEW YORK (AP) — Stock indexes are falling in morning trading on Wall Street, as losses in technology and health care stocks outweigh gains elsewhere in the market. Energy companies are leading the gainers as crude oil prices rose on news that OPEC members will cut production. The government said job growth in November fell short of economists’ expectations.

WASHINGTON (AP) — U.S. employers pulled back on hiring in November, adding just 155,000 jobs. That’s below this year’s average monthly gains but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market. The Labor Department says the unemployment rate remained 3.7 percent, nearly a five-decade low, for the third straight month. Average hourly pay rose 3.1 percent from a year ago, matching the previous month’s figure, which was the best since 2009.

WASHINGTON (AP) — Black Americans, adult men and those with just a high school diploma made notable gains in the job market in November. The jobless rate for black Americans fell to 5.9 percent, matching a record low hit earlier this year. Meanwhile, the unemployment rate for adult men came in at 3.3 percent, the lowest level since October 2000. With the jobless rate so low, employers have complained this year about the difficulty of finding workers to fill jobs. That’s helping those with lower education levels. The jobless rate for those with only a high school diploma fell to 3.5 percent, the lowest level since December 2000.

VIENNA (AP) — Iraq’s representative in OPEC says the oil cartel has agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day. He says the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels from non-OPEC nations. The proposed cut was in line with the 1 million to 1.3 million barrels per day expected by analysts.

WASHINGTON (AP) — Russia’s top diplomat is criticizing the arrest of a Chinese telecommunications company executive as an example of heavy-handed policies of the U.S. Russian Foreign Minister Sergey Lavrov (sir-GAY’ lahv-RAWF’) says the executive’s arrest shows how the U.S. is pushing to implement its laws beyond its borders, which he called “a very arrogant position.” The chief financial officer of Huawei (wah-way), the world’s biggest supplier of network gear for phone and internet companies, was arrested in Canada Saturday and faces extradition to the U.S. on charges of trying to evade U.S. sanctions on Iran.

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