Highlights: jobless claims, Disney results

WASHINGTON (AP) – The number of Americans claiming unemployment benefits fell for the third time in a row last week, the latest sign that employers are laying off fewer people as they struggle to fill a record number of open jobs and respond to increased consumer demand. Thursday’s report from the Ministry of Labor showed that jobless claims fell for a third consecutive week to 375,000 from 387,000 the week before. The number of claims has steadily declined since it exceeded 900,000 in early January, as the economy has increasingly reopened in the aftermath of the pandemic recession.

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Consecutive price increases, wholesale prices up 1% in July

WASHINGTON (AP) – Wholesale inflation jumped 1% higher than expected in July, dashing hopes of slowing price increases. The Labor Department reported Thursday that July’s gain in its Producer Price Index, which measures price pressures before they reach consumers, matched June’s increase, with the two months having advanced by the highest amount since rising 1.2% in January. Over the past 12 months, wholesale prices have risen a record 7.8%, surpassing the previous record of a 7.3% gain set for the 12 months ending in June.

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Disney Turns to Profit as Reopened Parks Boost Revenue

BURBANK, Calif. (AP) – The Walt Disney Co. made a profit in its most recent quarter as the reopening of parks generated a rebound in revenues. The parks and products division’s revenue jumped to $ 4.3 billion from $ 1.1 billion a year ago, with theme parks closed last year having been open for all or part of the quarter of this year. year. Global revenue soared 45% to $ 17.02 billion, and the company made profit after loss. Disney ended the quarter with 116 million Disney + subscribers, about double the level of a year ago, and nearly 174 million streaming subscribers, including Disney +, ESPN + and Hulu.

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Stocks end higher on Wall Street as Big Tech climbs

NEW YORK (AP) – Major US stock indices got off to a weak start and ended higher on Thursday, setting another set of records for the S&P 500 and, barely, the Dow Jones Industrial Average. The S&P 500 added 0.3% and the tech-rich Nasdaq also rose 0.3%. Small business stocks fell. The gains of several large tech companies, including Apple, offset weakness in other sectors, notably industrial companies. News on the economy was mixed. Unemployment claims fell for the third week in a row, another sign that the labor market is healing. However, wholesale prices rose 1% last month.

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Second Quarter DoorDash Orders Hit All-Time High But Revenue Gains Slow

SAN FRANCISCO (AP) – DoorDash recorded a record number of orders in the second quarter, even as revenue growth slowed slightly from pandemic-induced highs. The San Francisco-based delivery company said its total orders rose 69% to 345 million in the April-June period. The company says much of the growth has come from new partnerships with convenience stores like 7-Eleven and grocery stores like Albertsons. Revenue rose 83% to $ 1.24 billion, beating Wall Street expectations. But the growth has been less than the double-digit and even triple-digit percentage revenue gains that DoorDash has seen in the previous four quarters as the pandemic stimulates delivery demand.

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Airbnb Reduces Second Quarter Loss to $ 68 Million, Revenue Exceeds 2019

SAN FRANCISCO (AP) – Airbnb says it lost $ 68 million in the second quarter, but that’s less than the losses it recorded in the same quarter last year and in 2019. The company announced Thursday that its figure quarterly revenue was $ 1.34 billion, up 10% from the same period in 2019, before the pandemic. Yet the resurgence of COVID-19 infections is casting a shadow over the travel industry. Airbnb says new variants of the virus will make bookings and cancellations more difficult to predict. Airbnb’s business has picked up with the resumption of travel which, at least to the United States, began earlier this year as Americans began getting vaccinated against COVID-19.

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British watchdog: Facebook ownership of Giphy hurts competition

LONDON (AP) – Facebook’s ownership of Giphy will hurt competition for motion pictures, UK regulators said on Thursday following an investigation. The Competition and Markets Authority said in provisional findings that the acquisition would hurt competition across social media platforms because there is only one other major GIF provider, Google’s Tenor. Giphy’s Library of Short Looping Videos, or GIFs, is a popular tool for internet users who message or post on social media. The deal will also reduce competition from digital advertising by removing a potential challenger from the market, the watchdog said. Facebook said it disagreed with the preliminary findings, which it did not believe were supported by the evidence.

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Victims criticize Tesla grant from East German Communist Fund

BERLIN (AP) – Victims of communism in East Germany criticized the decision to give automaker Tesla a grant of nearly $ 10 million from a trust fund managing what remains of the regime’s fortunes . German media reported that the state of Brandenburg is allocating the funds to pay for the infrastructure costs related to the construction of the Tesla Gigafactory on the outskirts of Berlin. An association representing victims of communism in East Germany said on Thursday it welcomed the construction of the plant, but asked “why the state government of Brandenburg is helping the third richest man in world”. The left-wing opposition party in the Land of Brandenburg also criticized the decision. Tesla did not immediately respond to a request for comment.

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The S&P 500 gained 13.13 points, or 0.3%, to 4,460.83. The Dow Jones Industrial Average rose 14.88 points, or less than 0.1%, to 35,499.85. The Nasdaq added 51.13 points, or 0.3%, to 14,816.26. The Russell 2000 Small Business Index lost 6.27 points, or 0.3%, to 2,244.07.

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