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Chesterfield County administrator to retire in 2026

Joseph P. Casey plans to retire July 1, 2026, the 10th anniversary of the day he went to work as ‘s administrator, according to a Tuesday announcement.

Under Casey’s leadership, Chesterfield landed major projects such as ‘s $1 billion toy factory, ‘ nearly $3 billion commercial fusion power plant and Danish electrolyzer manufacturer ‘s $400 million manufacturing plant.

Projects during Casey’s tenure represented $12 billion in capital investment and the addition of 10,200 jobs, while also expanding and diversifying the county’s commercial tax base, according to a county news release.

The fourth most populous county in Virginia, Chesterfield saw its population rise by 8.3% between 2020 and 2024. Over the past decade, the county has invested more than $1 billion in public facilities, including 12 new schools, three new fire stations and a new library.

In his role, Casey oversees more than 4,000 full-time employees and a $2.4 billion budget.

“No one works harder than Joe at taking Chesterfield forward,” Kevin Carroll, supervisor for the Matoaca District, said in a statement. “He truly cares about the community and understands the importance of improving service and infrastructure to provide the best place to live work and raise a family. He will be missed.”

As a public servant, Casey held many statewide leadership roles, including serving as president of the Virginia Management Association and the Virginia Government Finance Officers’ Association. He was also a member of the national GFOA’s executive board.

A CPA, Casey began his career as an accountant at KPMG, one of the Big Four accounting firms. In 1990, he took a job as deputy county manager for Hanover County, beginning a public service career that would last more than three decades.

In 2013, Casey moved to , where he served as county deputy manager for more than three years before succeeding James J.L. Stegmaier as Chesterfield’s county administrator.

A graduate of the University of Richmond, Casey also earned a master of public administration and a doctorate in public policy from Virginia Commonwealth University.

Casey is retiring to focus on his personal life.

“The longing I have for time to spend with Suzanne, and to be more available for memories with my sons and their plus ones, plus the role of being a good caretaker son to an aging mother, has led me to the difficult decision to retire,” he said in a statement.

The Board of Supervisors will select Casey’s successor.

Eaton to invest $50M in Henrico expansion, adding 200 jobs

Global power management company Corp. will invest over $50 million to expand its existing footprint in eastern and create 200 jobs, announced Wednesday.

According to the governor’s office, the involves the Dublin, Ireland-headquartered company opening a new campus near the Richmond International Airport, more than doubling its regional footprint. The aim is to increase the manufacturing of advanced power management equipment.

As part of the expansion, Eaton will occupy a to-be-built 350,000-square-foot facility at 6380 Miller Road, with production expected to start in 2027, according to the company. With the creation of 200 jobs, the company’s Henrico area team will reach nearly 500 employees. A spokesperson said that the new facility will replace three current nearby locations, with those employees moving to the Miller Road plant, part of the Sauer Industrial Center. Eaton plans to begin hiring more employees in 2026.

“Eaton’s latest investment in Henrico is proof that Virginia companies and workers are stepping up to meet our growing power needs,” said Youngkin in a statement. “The only thing better than bringing a new business to Virginia is watching an existing Virginia business expand.”

According to Youngkin, the expansion will support production of static transfer switches, power distribution units and remote power panels. These technologies are designed to provide reliable, uninterrupted power.

“Eaton is continuing to invest in and is thankful for the strong collaboration and support in Virginia,” Aidan Graham, Eaton’s senior vice president and general manager of critical power solutions, said in a statement. “Our latest manufacturing expansion builds on our history in the region and reflects on the incredible abilities of our longtime local employees. We’re uniquely positioned to help our customers meet the rapidly increasing power requirements for AI factories through our expansive manufacturing footprint and our focus on innovation and engineering excellence.”

Youngkin approved a $1 million performance-based grant to support Eaton’s investment.

Headquartered in Dublin and with a U.S. base in Ohio, Eaton sells products to customers in more than 160 countries and has more than 93,000 employees worldwide. In 2024, the company generated sales of $25 billion. Eaton provides power management services for data center, , industrial, commercial, machine building, residential, aerospace and mobility markets.

Stocks slip as Wall Street awaits Fed rate decision

Summary

  • Stocks were mostly flat as investors awaited Wednesday’s Federal Reserve rate decision.
  • and Toll Brothers dragged markets with weaker outlooks.
  • rose after job openings hit their highest level since May.
  • dipped after Trump allowed advanced chip sales to approved customers in .

NEW YORK (AP) — U.S. stocks largely held in place on Tuesday as waits to hear what the Federal Reserve will say Wednesday about where are heading.

The edged down by 0.1% and remained near its all-time high set in October. The Dow Jones Industrial Average dipped 179 points, or 0.4%, and the Nasdaq composite added 0.1%.

JPMorgan Chase was the heaviest weight on the market after a top executive, Marianne Lake, said the bank’s expenses could rise to $105 billion next year.

That would be up 9% from an estimated $95.9 billion in expenses this year, though Lake also said JPMorgan Chase is “feeling pretty good about the underlying financial health of the borrowers in our portfolio.” Its stock fell 4.7%.

Another drop came from Toll Brothers, which lost 2.4% after the homebuilder reported weaker results for the latest quarter than analysts expected.

CEO Douglas Yearley Jr. said demand for new homes remains soft across many markets, and he talked about “affordability pressures” that could be affecting potential homebuyers.

One big factor in that affordability question is mortgage rates. They’re cheaper than they were at the start of the year, though they perked up a bit after October. That’s largely because of questions in the bond market about how much more the Federal Reserve will cut its main interest rate.

The widespread expectation is that the Fed will cut interest rates Wednesday afternoon, which would be the third such easing of the year. Lower interest rates can give the economy and prices for investments a boost, though the downside is they can worsen .

The U.S. has run to the edge of its records in part because of the growing assumption that the Fed will cut rates again on Wednesday.

The big question is what the Fed will say about where interest rates will go after that. Many on Wall Street are bracing for talk aimed at tamping down expectations for more cuts in 2026.

Inflation has stubbornly remained above the Fed’s 2% target, and Fed officials are notably split in their opinions about whether high inflation or the slowing job market is the bigger threat to the economy.

Treasury yields climbed in the bond market after a report on Tuesday showed that U.S. employers were advertising 7.7 million job openings at the end of October. That’s up a smidgen from the month before and the highest number since May.

If the job market is not worsening, it may not need as much help from the Fed through more cuts to rates.

After the report on job openings came out, the yield on the 10-year Treasury erased what had been an earlier dip and rose to 4.18% from 4.17% late Monday.

The yield on the two-year Treasury, which moves more closely with expectations for what the Fed will do, rose to 3.60% from 3.57% late Monday.

Elsewhere on Wall Street, Exxon Mobil climbed 2% after increasing its forecast for profit over the next five years, thanks in part to strength for its fields in the Permian basin in the United States and off Guyana’s shore.

Ares Management rallied 7.3% after S&P Dow Jones Indices said the investment company will join its widely followed S&P 500 index. It will replace Kellanova, the maker of Pringles and Pop-Tarts, which is being bought by Mars, the company behind Snickers and M&Ms.

CVS Health rose 2.2% after unveiling new financial forecasts, including expectations for annual compounded growth in earnings per share at a “mid-teens” percentage over the next three years.

Home Depot fell 1.3% after flipping between gains and losses. It gave a preliminary forecast for 2026 that said the broad home improvement market may shrink by up to 1%. But it also gave a separate set of forecasts saying its earnings per share could grow in the mid- to high-single digit percentages if the housing market recovers.

The market’s most influential stock, Nvidia, slipped 0.3% after President Donald Trump allowed it to sell an advanced chip used in artificial-intelligence technology to “approved customers” in China. The is not Nvidia’s top product.

All told, the S&P 500 fell 6.00 points to 6,840.51. The Dow Jones Industrial Average dipped 179.03 to 47,650.29, and the Nasdaq composite rose 30.58 to 23,576.49.

In stock markets abroad, indexes were mixed Europe and Asia.

Indexes fell 1.3% in Hong Kong and 0.7% in Paris for two of the world’s bigger moves.

University board fight ends; Spanberger to fill 22 seats

Summary:

The battle between Gov. Glenn Youngkin and state over university boards of visitors ended quietly Monday, as both sides acknowledged the matter would be made moot by the upcoming Virginia session.

Following a hearing Monday, the Fairfax County Circuit Court continued the case until June 2026, at which time it will be dismissed.

The quiet conclusion came months after nine Democratic state senators won a preliminary injunction to block rectors at , the , and Virginia Military Institute from recognizing eight rejected Youngkin appointees. In November, the state Supreme Court declined to review the lower court decision, dealing a final loss to Youngkin and state Attorney General Jason Miyares, whose office represented the rectors.

Miyares’ office argued that the eight appointees should be allowed to serve, since they were rejected in party-line votes in the Senate committee, instead of by the entire General Assembly. However, the senators’ attorney said there was no precedent for calling the entire House and Senate to vote on gubernatorial appointees outside of regular session.

Among the rejected board appointees were former Virginia Attorney General Kenneth Cuccinelli and former state commerce and trade secretary Caren Merrick. In total, eight Democratic senators serving on the Senate Privileges & Elections Committee rejected 22 of Youngkin’s university board appointees this year, objecting to what they viewed as the politicization of university governance under the Youngkin.

In essence, the case’s conclusion means Youngkin’s appointees will not sit on the three boards, and Democratic Gov.-elect Abigail Spanberger will have the opportunity to fill 22 empty board of visitors seats in January, as long as the Democratic-controlled legislature confirms her picks.

Of significance at GMU, said Jim Finkelstein, a retired faculty member who specializes in the study of university presidents’ contracts, is that Spanberger will be able to name 10 people to the current board of six, shaking up the political balance.

“Under normal circumstances, it takes a governor three years to appoint a majority of a university’s board,” explained Finkelstein. “At Mason, a governor typically appoints four of the 16 members each year. If, as expected, Gov.-elect Spanberger is able to appoint a majority of Mason’s board within 30 days of taking office, that would be, to the best of my knowledge, unprecedented in modern Virginia .”

Fight over governance

In late July, following the senators’ July 1 lawsuit, Fairfax County Circuit Judge Jonathan Frieden ordered the requested injunction, days before George Mason’s board met to review university President Gregory Washington’s job performance. Miyares’ office appealed the ruling to the Supreme Court of Virginia, which heard arguments in October.

Attorneys for both sides declined to comment Tuesday.

The court case unfolded while George Mason and U.Va. were dealing with the Trump administration’s investigations into alleged civil rights violations, specifically alleging that both universities discriminated against white male job candidates via diversity, equity and inclusion initiatives.

In June, U.Va. President Jim Ryan resigned amid a Department of Justice investigation, but Washington has refused to step down at George Mason, despite the Department of Education’s finding in August that the university under his leadership illegally favored employees and prospective employees of color, and the Republican-controlled House Judiciary Committee’s report alleging Washington lied to Congress. U.Va., meanwhile, reached an agreement in October with the DOJ, settling what the department called “unlawful racial discrimination.”

Over the summer and fall, George Mason’s and U.Va.’s boards — made up entirely of Youngkin appointees — have been criticized by Virginia Democrats, faculty groups and others who say they failed to defend their institutions against the Trump administration’s charges.

Adding fuel to the fire, Ryan alleged last month that three U.Va. board members, possibly with Youngkin and attorneys hired by the board, may have been behind the pressure he received to resign, instead of the DOJ. In response, the U.Va. Faculty Senate called for the immediate resignation of Rector Rachel Sheridan and Vice Rector Porter Wilkinson. Neither has stepped down or responded publicly to the faculty resolution.

Following her election, Spanberger asked U.Va.’s board to pause its search for a new university president until she makes board appointments. However, the presidential search committee is expected to meet Thursday in Charlottesville to discuss presidential candidates in closed session.

Spanberger will have the opportunity to name six members to VMI’s board and four members to U.Va.’s board upon taking office; she has promised to make these appointments on day one of her term, Jan. 17, 2026.

Virginia’s governors also have the ability to remove board members for malfeasance, but Spanberger has not spoken publicly about any plans to remove current members.

Philanthropist MacKenzie Scott gave $7.1 billion to nonprofits in 2025, a major increase

Summary

  • donated $7.1 billion to nonprofits in 2025, a major increase from previous years.
  • received at least $783 million in gifts, part of $1.35 billion Scott has given them since 2020.
  • and Native Forward Scholars Fund received major unrestricted donations.
  • Scott’s giving model emphasizes equity and unrestricted support, with no applications or reporting required.

NEW YORK (AP) — The author and philanthropist MacKenzie Scott revealed $7.1 billion in donations to nonprofits in 2025 Tuesday, marking a significant increase in her annual giving from recent years.

Writing in an essay on her website, Scott said, “This dollar total will likely be reported in the news, but any dollar amount is a vanishingly tiny fraction of the personal expressions of care being shared into communities this year.”

Scott acknowledged donating $2.6 billion in 2024 and $2.1 billion in 2023. The gifts this year bring her total giving since 2019 to $26.3 billion.

Scott’s donations have captured the attention of nonprofits and other charitable funders because they come with no strings attached and are often very large compared to the annual budgets of the recipient organizations. Forbes estimates Scott’s net worth at $33 billion, most of which comes from shares she received after her 2019 divorce from company founder Jeff Bezos..

With the exception of an open call for applications in 2023, it is not possible to apply for her funding nor to reach her directly, as Scott maintains no public facing office or foundation. Organizations are usually notified through an intermediary that Scott is awarding them a donation with little prelude or warning.

In advance of her announcement on her website, Yield Giving, more than a dozen historically Black colleges and universities revealed they had received $783 million in donations from Scott so far this year, according to research from Marybeth Gasman, a professor at Rutgers University and expert on HBCUs.

“One of the things that I really admire about Mackenzie Scott is that she is like an equity machine,” Gasman said, especially at a time when efforts to promote equity in education have come under attack from the Trump administration. She also said Scott’s gifts to HBCUs this time are bigger than the round of donations she made in 2020.

Not all of the schools that previously had received funding from Scott received a gift this time and there were some first-time recipients as well. In total, Gasman has tracked $1.35 billion in donations from Scott to HBCUs since 2020.

In addition, UNCF, which is the largest provider of scholarships to minority students, received $70 million from Scott, and said it will invest the gift in a collective endowment it is building for participating HBCUs. Another $50 million went to Native Forward Scholars Fund, which had also received a previous gift from Scott and provides college and graduate scholarships to Native American students.

Unlike Scott’s gifts, most foundations or major donors direct grants to specific programs and require an application and updates about the impact of the nonprofit’s work. Scott does not ask grantees to report back about how they used the money.

Research from the Center for Effective in 2023 looked at the impact of Scott’s giving and found few of the recipients have struggled to manage the funds or have seen other funders pullback.

Kim Mazzuca, the CEO of the California-based nonprofit, 10,000 Degrees, said her organization was notified of its first gift from Scott of $42 million earlier this year.

“I was just filled with such joy. I was speechless and I kind of stumbled around with my words,” she said, and asked the person calling from Fidelity Charitable to clarify the donation amount, which is about double their annual budget.

10,000 Degrees provides scholarships, mentoring and other support to low-income students and aims to help them graduate college without taking on loans. Mazzuca said that usually nonprofits grow only gradually, but that this gift will allow them to reach more students, to test some technology tools and to start an endowment.

Mazzuca credited Scott for investing in proven solutions that already exist.

“She comes from a very deep, reflective space, very heartfelt,” Mazzuca said. “And she’s only providing these financial means as a tool for people to recognize they are who they’ve been waiting for.”

That idea references a prophecy from the Hopi Tribe that ends with the line, “We are the ones we’ve been waiting for.” Mazzuca said she’s drawn on the prophecy for years to empower both her organization and the students it supports to recognize their own power to shape our world.

In October, Scott posted an essay on her website under that title and sharing the prophecy. The essay, which she expanded upon in December to announce her giving, also reflects on how acts of generosity and kindness can ripple far afield and into the future. She cited her own experiences getting help while in college, including a dentist who repaired a tooth for free and her roommate who loaned her $1,000.

Scott now has invested in that same roommate’s company, which offers loans to students who would otherwise struggle to get financing from banks. The investments seem to be part of an effort Scott announced last year to move more of her money into “mission aligned” investments, rather than into vehicles that seek only the highest monetary returns.

In her 2025 essay, Scott seemed to urge people toward action, writing, “There are many ways to influence how we move through the world, and where we land.”

OpenAI names Slack’s Denise Dresser first chief of revenue

SAN FRANCISCO (AP) — OpenAI said Tuesday it has picked Slack CEO Denise Dresser as its first chief of revenue, a message to wary investors that the ChatGPT maker is serious about making a profit from its artificial intelligence technology.

OpenAI said Dresser will oversee global revenue strategy and “will help more businesses put AI to work in their day-to-day operations.”

Dresser had already spent more than a decade at Salesforce when the software pioneer announced in 2020 it was buying work-chatting service Slack for $27.7 billion. She helped integrate Slack into the software company before Salesforce CEO Marc Benioff picked her as CEO in 2023.

OpenAI CEO Sam Altman earlier this month set off a “code red” alert in an internal email to employees to improve its flagship product, ChatGPT, and delay other product developments.

OpenAI first released ChatGPT just over three years ago, sparking global fascination and a commercial boom in generative AI technology and giving the San Francisco-based startup an early lead. But the company faces increased competition with rivals, including Google, which last month unleashed Gemini 3, the latest version of its own AI assistant.

Altman said this fall that ChatGPT now has more than 800 million weekly users. But the company, valued at $500 billion, doesn’t make a profit and has committed more than $1 trillion in financial obligations to the cloud computing providers and chipmakers it relies on to power its AI systems.

The risk that OpenAI won’t make enough money to fulfill the expectations of backers like Oracle and has amplified investor concerns about an AI bubble.

OpenAI makes revenue from premium subscriptions to ChatGPT, but most users get the free version. OpenAI introduced its own web browser, Atlas, in October, an attempt to compete with Google’s Chrome as more internet users rely on AI to answer their questions. But OpenAI hasn’t yet tried to sell ads on ChatGPT, which is how Google makes money from its dominant search business.

Altman’s early December memo said the company was delaying work on advertising, AI agents for health and shopping, and a personal assistant called Pulse.

Trump allows limited Nvidia chip sales to China

Summary

  • Trump authorizes ‘s for sale to vetted customers in .
  • Blackwell and Rubin chips remain restricted.
  • Move draws praise from Nvidia and concern from Democratic senators over risks.
  • Decision comes as Commerce finalizes rules for AMD and Intel exports.
  • Nvidia’s stock ticked up after the announcement.

WASHINGTON (AP) — President said Monday that he would allow Nvidia to sell an advanced type of computer chip used in the development of artificial intelligence to “approved customers” in China.

There have been concerns about allowing advanced computer chips to be sold to China as it could help the country better compete against the U.S. in building out AI capabilities, but there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.

The chip, known as the H200, is not Nvidia’s most advanced product. Those chips, called Blackwell and the upcoming Rubin, were not part of what Trump approved.

Trump said on social media that he had informed China’s leader Xi Jinping about his decision and “President Xi responded positively!”

“This policy will support American Jobs, strengthen U.S. , and benefit American Taxpayers,” Trump said in his post.

Nvidia said in a statement that it applauded Trump’s decision, saying the choice would support domestic manufacturing and that by allowing the to vet commercial customers it would “strike a thoughtful balance” on economic and national security priorities.

But a group of Democratic senators objected to the chip sales.

“Access to these chips would give China’s military transformational technology to make its weapons more lethal, carry out more effective cyberattacks against American businesses and critical infrastructure, and strengthen their economic and manufacturing sector,” said the statement.

The group included Sens. Chris Coons of Delaware, Jeanne Shaheen of New Hampshire, Jack Reed of Rhode Island, Elizabeth Warren of Massachusetts, Brian Schatz of Hawaii, Andy Kim of New Jersey, Michael Bennet of Colorado and Elissa Slotkin of Michigan.

The senators noted that Chinese AI company DeepSeek recently said the lack of access to advanced American-designed chip was their biggest challenge in competing with U.S. companies involved in AI, with companies including OpenAI, Google, Microsoft, Anthropic, Perplexity and Palantir making major investments in developing the technology.

Mark Warner, Virginia’s senior Democratic U.S. senator, released a statement Tuesday noting his objection.

“American companies must remain the undisputed leader in AI hardware because our strategic competition with China on AI will boil down to whose ecosystem drives adoption and innovation globally, as NVIDIA has acknowledged,” Warner said in the statement. “Unfortunately, the Trump administration’s haphazard and transactional approach to export policy demonstrates that it does not have any sort of coherent strategy for how we will compete with China, specifically as it relates to whose chips, tools, cloud infrastructure and ecosystem will influence the most AI developers worldwide. I fear that with no strategic vision for that broader competition across multiple key dimensions of AI innovation, this administration risks squandering U.S. AI leadership and deferring to the People’s Republic of China up and down the AI stack.”

Trump said the Commerce Department was “finalizing the details” for other chipmakers such as AMD and Intel to sell their technologies abroad.

The approval of the licenses to sell Nvidia H200 chips reflects the increasing power and close relationship that the company’s founder and CEO, , enjoys with the president. But there have been concerns that China will find ways to use the chips to develop its own AI products in ways that could pose national security risks for the U.S., a primary concern of the Biden administration that sought to limit exports.

Nvidia has a market cap of $4.5 trillion and Trump’s announcement appeared to drive the stock slightly higher in after hours trading.

Virginia Business contributed to this story. 

Fed faces divided debate ahead of expected rate cut

WASHINGTON (AP) — The faces an unusually contentious meeting this week that will test Chair ‘s ability to corral the necessary support from fellow policymakers for a third straight interest .

The Fed’s 19-member rate-setting committee is sharply divided over whether to lower borrowing costs again. The divisions have been exacerbated by the convoluted nature of the economy: remains elevated, which would typically lead the Fed to keep its key rate unchanged, while hiring is weak and the rate has risen, which often leads to rate cuts.

Some economists expect three Fed officials could vote against the quarter-point cut that Powell is likely to support at the Dec. 9-10 meeting, which would be the most dissenting votes in six years. Just 12 of the 19 members vote on rate decisions. Several of the non-voting officials have also said they oppose another rate cut.

“It’s just a really tricky time. Perfectly sensible people can reach different answers,” said William English, an economist at the Yale School of Management and a former top Fed staff member. “And the committee kind of likes to work by consensus, but this is a situation where that consensus is hard to reach.”

The debate, which has also been fueled by a lack of official federal data on employment and inflation during the government shutdown, could be a preview of where the Fed is headed after Powell’s term as chair ends in May. His successor will be appointed by President and is widely expected to be Kevin Hassett, the top White House economic adviser. Hassett may push for faster cuts than other officials would be willing to support.

English said the potential for greater disagreement could be seen as a sign of healthy debate between different views. The Fed’s tradition of reaching unanimous or nearly-unanimous decisions has often been criticized as evidence of “groupthink.” Yet some Fed officials warn that there are downsides to sharp splits. If the committee votes end up as 8-4 or even 7-5, then financial markets could lose confidence in where the central bank is headed next.

Fed Governor Christopher Waller, for example, has said that in the case of a 7-5 vote, if just one official changed their view, it could bring about a significant shift in Fed policy.

For now, however, most economists expect what’s called a “hawkish cut” — the Fed will reduce rates, while also signaling that it may stand pat for some time to assess the economy’s health. (“Hawks” refer to officials who generally support higher rates to combat inflation, while “doves” more often support lower rates to boost hiring).

The president of the Kansas City Federal Reserve Bank, Jeffrey Schmid, is expected to dissent for a second straight meeting in favor of keeping rates unchanged. He may be joined by St. Louis Fed president Alberto Musalem. Fed governor Stephen Miran, who was hurriedly appointed to the Fed’s board by Trump in September, will likely dissent for a third straight meeting in favor of a larger, half-point reduction in the Fed’s key rate.

After the Fed’s last meeting Oct. 28-29, several policymakers said they would prefer to keep rates unchanged at the December meeting, leading investors to briefly downgrade the odds of a third rate cut to less than 30%. But then John Williams, president of the New York Fed, said that this year’s uptick in inflation appears to be a temporary blip driven by Trump’s that would likely fade by the middle of 2026.

As a result, “I still see room for a further adjustment” in the Fed’s short-term rate, Williams said. As president of the New York Fed and vice chair of the rate-setting committee, Williams gets to vote on every interest rate decision and is close to Powell. Analysts said it was unlikely Williams would have made such a statement without Powell’s support. Investors rapidly lifted the odds of a cut, which now are at 89%, according to CME Fedwatch.

“You’re seeing the power of the chair,” said Nathan Sheets, chief global economist at Citi and also a former top Fed staffer. “Members of the committee, my instinct is, are wanting to underscore their support for Powell.”

Powell has come under relentless attack from Trump, who just last month said he would “love to fire his ass” and called Powell “this clown.”

The Fed is required by Congress to seek low inflation and maximum employment, two goals that are potentially in conflict.

For now, Powell and many other Fed officials are more concerned about hiring and unemployment rather than inflation. While the official government jobs reports have been delayed, in September the unemployment rate ticked up to 4.4%, the third straight increase and the highest in four years.

Payroll provider ADP, meanwhile, reported that in November, its data showed companies shed 32,000 jobs. And many large firms have announced sweeping .

Worries that the job market could get worse are a key reason a rate cut in December is likely — but not necessarily beyond that. Fed officials will have up to three months of backlogged jobs and inflation data to consider when they meet in late January. Those figures could show inflation remains stubbornly high or that hiring has rebounded, which would suggest further cuts aren’t needed.

“What they may end up agreeing to do is cut rates now, but give some guidance … that signals that they’re on pause for a while after that,” Kathy Bostjancic, chief economist at Nationwide, said.

U.S. job openings barely budged in October, coming in just below 7.7 million

Summary

  • in October were 7.67 million, nearly unchanged from September.
  • rose to 1.9 million, the highest since January 2023.
  • Quits declined, showing weaker worker confidence and mounting labor-cost pressure.
  • Fed meets this week as , and a shaky job market fuel tension.

WASHINGTON (AP) — U.S. job openings barely budged in October, coming in at 7.7 million with ongoing uncertainty over the direction of the American economy.

The Labor Department reported Tuesday that employers posted 7.67 million vacancies in October, close to September’s 7.66 million.

The Job Openings and Labor Turnover Survey (), which was delayed by the extended government shutdown, also showed that the layoffs rose to almost 1.9 million, most since January 2023. And the number of people quitting their jobs — a sign of confidence in the — fell in October, suggesting that “businesses seeking to control labor costs will have to pivot to active layoffs, lifting , rather than rely on natural attrition,” Samuel Tombs, chief U.S. economist at Pantheon, wrote in a commentary.

Job openings have come down steadily since peaking at a record 12.1 million in March 2022, when the economy was roaring back from COVID-19 lockdowns. The job market has cooled partly because of the lingering effect of the high the Federal engineered in 2022 and 2023 to combat an outburst of inflation.

Overall, it’s a puzzling time for the American economy, buffeted by President ‘s decision to reverse decades of U.S. policy in favor of free trade and instead impose double-digit tariffs on imports from most of the world’s countries.

Policymakers at the are meeting this week to decide whether to cut their benchmark interest rate, and the gathering is expected to be unusually contentious. Inflation remains stuck above the Fed’s 2% target, partly because importers have tried to pass along the cost of Trump’s tariffs by raising prices. Normally, stubborn inflation would discourage Fed policymakers from cutting rates. But the job market has looked shaky in recent months, and the Fed is expected to reduce its benchmark rate for the third time this year, though some policymakers might dissent.

Meanwhile, the 43-day federal shutdown has made a mess of the government’s economic statistics.

The October report on job openings came out a week late, and the September version was not published separately because federal data collectors were on furlough. Instead, September’s JOLTS numbers were folded into Tuesday’s report along with October’s. They showed a hefty increase in openings from 7.23 million in August.

The Labor Department will issue numbers for hiring and unemployment for November next Tuesday, 11 days later than originally scheduled. The department is not releasing an unemployment rate for October because it could not calculate the number during the shutdown. It will release some of the October jobs data — including the number of positions that employers created that month — along with the full November jobs report.

Forecasters surveyed by the data firm FactSet predict that employers added fewer than 38,000 jobs in November and that the unemployment rate ticked up to 4.5% from September’s 4.4%. That would be low by historical standards, but the highest in nearly four years.

Rising Property Taxes in Virginia: Understanding the Causes and How Homeowners Can Combat Rising Costs

Many homeowners see property tax bills rise as their home values increase. While there has been ongoing discussion about placing limits on how much property taxes can increase, property owners still need to make tax payments due now.

This situation can be particularly challenging for homeowners managing on a set budget. However, it is not as hopeless as it may seem. This article outlines the key factors behind rising property taxes in Virginia and offers a look at some potential ways homeowners can manage the costs.

Root Causes of Rising Property Taxes in Virginia

The property tax is among the most widely discussed issues in this state. There are many reasons underlying the decision to raise this tax:

  • Local funding needs. Growing demand for public services such as schools, emergency response, and infrastructure contributes to the overall need for local funding. As costs rise, property taxes often serve as one of the primary tools for meeting those financial needs.
  • Increased property value. The major reason is that demand is outpacing supply. The real estate market in Virginia is characterized by limited housing inventory. However, many people strive to live exactly in this state. Rising development and costs led to higher home prices, respectively.
  • Reassessment cycles. Improper property assessment may increase the amount of property tax due. In Virginia, homeowners need to assess their real estate every one to five years. During each following reassessment, the property value may rise, leading to an increase in the amount of property tax due.

How Homeowners Can Combat Rising Property Taxes

For those property owners with a fixed income, these solutions can ease their financial burden before the respective legislative updates are made:

  • Challenging property assessment. If you see that your property’s value is inflated or inaccurate, you can challenge its assessment. In this case, you can arrange a reassessment or appeal the valuation. This solution has great potential to lower your property tax bill. When you compare similar properties in the market and see a big difference, it is the case when you need a property reassessment.
  • Leverage state and local tax relief programs where applicable. Of course, this option is unfortunately not available to all homeowners. However, it is better to double-check this point yourself or seek professional advice. For instance, seniors who are 65 or older and disabled individuals are eligible for a property tax exemption. If you comply with the requirements, regarding income first, you can significantly reduce the amount of property tax due.
  • Consider tax deferral programs. Even though it is a temporary relief, it is a relief. However, the tax deferral programs are designed for specific categories of individuals, such as seniors and property owners facing financial constraints. These programs allow owners to defer paying tax due until the home is sold or the property changes hands.
  • Use the homestead tax exemption. In some areas, property owners may be eligible for a homestead tax exemption. It can considerably reduce the taxable value of property. In Virginia, you can enjoy a homestead exemption when you occupy your primary residence, reducing the property’s taxable value by a certain amount. While this solution is not universal, it is worth checking it in your case.
  • Refinance your mortgage if any. If you have a mortgage, dealing with high property taxes can be quite complicated. There is no need to struggle with the growing financial pressure. You can negotiate refinancing terms for your mortgage to provide some relief. As one of the most popular and workable options, you may negotiate a lower interest rate.
  • Consider downsizing or relocation. These solutions are the last resort. However, they may be single options in certain cases. If paying the property tax in Virginia becomes unbearable, consider downsizing first. If this solution doesn’t improve the situation, it may be reasonable to sell your property and relocate to another area or even another state. It can provide significant savings without any extra challenges. If you’re considering selling your property quickly and exploring competitive pricing options, you may consider cash sale options as an alternative to traditional listings. These may involve fewer repairs, fees, or inspections, depending on the company.

Bottom Line

Property tax in Virginia is among the most discussed issues within this state. While reasons for its increase remain justifiable, many property owners across the state find paying it unbearable. However, it is not a hopeless situation.

Some homeowners may be eligible for certain state and local tax relief or deferral programs. In certain cases, changing property assessment or downsizing may only be the single workable solution. If you have a mortgage, you can also restructure it to release extra funds to cover the property tax due.

However, in certain cases, selling a property may be a single solution. Homeowners considering a sale may want to research available options in their area, including companies that specialize in direct home purchases.

The information provided in this article is for general informational and educational purposes only. It is not intended as legal, financial, medical, or professional advice. Readers should not rely solely on the content of this article and are encouraged to seek professional advice tailored to their specific circumstances. We disclaim any liability for any loss or damage arising directly or indirectly from the use of, or reliance on, the information presented.