AP summary business briefs, Oct. 5, 2024

A week after Hurricane Helene overwhelmed the Southeastern U.S., homeowners hit the hardest are grappling with how they could possibly pay for the flood damage from one of the deadliest storms in recent history to hit the mainland. The Category 4 storm that first struck Florida’s Gulf Cost on September 26 has dumped trillions of gallons of water across several states, leaving a catastrophic trail of destruction that spans hundreds of miles inland. Insurance professionals and experts have long warned that home insurance typically does not cover flood damage to the home. But most private insurance companies don’t carry flood insurance, leaving the National Flood Insurance Program run by the Federal Emergency Management Agency as the primary provider for that coverage for residential homes.

US adds a robust 254,000 jobs and unemployment dips to 4.1% in sign of still-sturdy labor market

WASHINGTON — America’s employers added a surprisingly strong 254,000 jobs in September, easing concerns about a weakening labor market and suggesting that the pace of hiring is still solid enough to support a growing economy. Last month’s gain was far more than economists had expected, and it was up sharply from the 159,000 jobs that were added in August. And after rising for most of 2024, the unemployment rate dropped for a second straight month, from 4.2% in August to 4.1% in September. The latest figures suggest that many companies are still confident enough to fill jobs despite the continued pressure of high interest rates.

Dockworkers’ union to suspend strike until Jan. 15 to allow time to negotiate new contract

DETROIT — The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports has reached a deal to suspend a three-day strike until Jan. 15 to provide time to negotiate a new contract. The International Longshoremen’s Association is to resume working immediately. The temporary end to the strike came after the union and the U.S. Maritime Alliance, which represents ports and shipping companies, reached a tentative agreement on wages. That’s according to a joint statement from the union and ports. A person briefed on the agreement said the ports sweetened their wage offer from about 50% over six years to 62%. The person didn’t want to be identified because the agreement is tentative.

The US could have seen shortages and higher retail prices if a dockworkers strike had dragged on

NEW YORK — The union representing striking U.S. dockworkers has reached a deal to suspend the strike until Jan. 15 to provide time to negotiate a new contract. U.S. ports from Maine to Texas had been closed due to the strike by the union representing about 45,000 dockworkers. The International Longshoremen’s Association was demanding higher wages and a total ban on the automation of cranes, gates and trucks that are used in the loading or unloading of freight at 36 U.S. ports. Those ports handle roughly half of the nations’ cargo from ships. A lengthy shutdown could have raised prices on goods around the country and potentially caused shortages.

What’s next for oil and gas prices as Middle East tensions heat up?

Oil prices climbed this week as unrest in the Middle East escalated. Iran launched missiles at Israel and the Israelis threatened retaliation, raising the possibility of a disruption on the flow of oil from the region. A jump in oil prices automatically spurs fear of a spike in gasoline prices, but experts see reasons that may not happen. The long-term expectation among market watchers is for oil prices to move lower, not higher. That’s because the balance between supply and demand has tilted toward supply, a dynamic that typically weighs on oil prices.

Solar power companies are growing fast in Africa, where 600 million still lack electricity

FREETOWN, Sierra Leone — Companies that bring solar power to some of the poorest homes in Central and West Africa are said to be among the fastest growing on a continent whose governments have long struggled to address some of the world’s worst infrastructure and the complications of climate change. The International Energy Agency says about 600 million Africans lack access to electricity. The often African-owned solar companies operate in areas where the vast majority of people live disconnected from the electricity grid. They offer products ranging from solar-powered lamps that allow children to study at night to elaborate home systems that power kitchen appliances and plasma televisions.

Stock market today: Dow rallies to a record after a blockbuster jobs report

NEW YORK — U.S. stocks rallied after a surprisingly strong U.S. jobs report raised optimism about the economy. The S&P 500 climbed 0.9% Friday to near its all-time high set on Monday. The Dow Jones Industrial Average rose 341 points to set its own record, and the Nasdaq composite rose 1.2%. Banks, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy led the way. Treasury yields soared in the bond market after the strong jobs data forced traders to abandon bets the Federal Reserve may cut its main interest rate by a larger than usual amount at its next meeting.

Supreme Court will weigh Mexico’s $10 billion lawsuit against U.S. gun makers

WASHINGTON — The Supreme Court said Friday it will decide whether to block a $10 billion lawsuit Mexico filed against leading U.S. gun manufacturers over allegations their commercial practices have helped caused much bloodshed there. The gun makers asked the justices to undo an appeals court ruling that allowed the lawsuit to go forward despite broad legal protections for the firearm industry. A federal judge has since tossed out the bulk of the lawsuit on other legal grounds, but Mexico could appeal that dismissal. The defendants include big-name manufacturers such as Smith & Wesson, Beretta, Colt and Glock.

Collapse of national security elites’ cyber firm leaves bitter wake

WASHINGTON — IronNet, a cybersecurity startup, had promised it would combat hackers using a unique blend of expertise and software. Helmed by a former director of the National Security Agency, the firm went public in 2021, and its value shot past $3 billion. Then it collapsed. The firm declared bankruptcy last year, leaving behind a trail of bitter investors and former employees who remain angry at the company and say it misled them about its financial health and potential. National security experts, former employees and analysts told The Associated Press that the firm collapsed, in part, because it engaged in questionable business practices, produced subpar products and services, and entered into associations that could have left the firm vulnerable to meddling by Russia.

For migrant women who land in Colorado looking for jobs, a common answer emerges: No

AURORA, Colo. — As record numbers of South Americans come to the U.S. seeking better economic opportunities, many are landing in communities that are unprepared for them — and sometimes outright hostile. Many migrants have also been unprepared for the realities of their new home. Last year, nearly 900,000 women and girls tried to cross the U.S. southern border, more than a fivefold increase over the last decade. Finding a job and an affordable place to stay has been anything but easy. Women migrants face their own particular challenges in the U.S. Some women find many of their options for earning a living turn out to be sex work.