Please ensure Javascript is enabled for purposes of website accessibility

AstraZeneca, Eli Lilly, Merck commit $120M to Virginia pharma training

Pharmaceutical giants AstraZeneca, Eli Lilly & Co. and Merck & Co. have committed a cumulative $120 million to develop a workforce training center for advanced manufacturing in Central Virginia.

The companies, each of which is to build manufacturing facilities in Virginia; the state , including Virginia Innovation Partnership Corp.; and multiple Virginia colleges and universities entered into a memorandum of understanding to establish the center, which signed at an event announcing the partnership on Friday.

Dubbed the Virginia Center for Advanced , the training program will offer stackable credentials and degree pathways from technician certifications to advanced degrees. Each year, 2,000 to 2,500 Virginians will graduate from the center with a degree or credential, said.

“We’re going to be up and running in two years,” so people are graduating from the center by the time the companies’ manufacturing facilities start coming online, Youngkin told reporters.

AstraZeneca’s vice president of global engineering, Pran Patel, said Thursday, “This initiative reflects the commonwealth’s visionary approach to and workforce readiness by linking Virginia’s exceptional academic network [with] real industry needs and also the creating of opportunities to help communities build meaningful, high-value careers in life sciences and manufacturing.”

The center will operate on a hub-and-spoke model, Youngkin said. VCAPM will provide simulated training space across approximately 90,000 square feet in the -Petersburg-Charlottesville area, according to a document from the governor’s office.

“We envision a core facility that has the physical training capabilities, either digital or real … but it’s hands on, so you have to create basically a model manufacturing hub where students can come, but you also need the spokes so we can touch in to our community college system in different places and our university footprint,” Youngkin told reporters.

The partnership’s facilities will include pilot-scale manufacturing suites, analytical labs, classrooms and flexible spaces.

According to a document from the governor’s office, VIPC will lead the center’s operations through the Virginia Center for Pharma Training (VCPT) under the Virginia Innovation Partnership Authority. A steering group with company and state members will guide planning, site selection and governance. A VIPC life sciences director will oversee daily operations and compliance. The center will also have a VCPT advisory committee composed of private sector, and state representatives.

According to the governor’s office, the agreement includes a nonbinding timeline. Within 60 days, the parties expect to form the steering group and outline site and workforce options. Within 120 days, they will prepare term sheets for incentives and governance. The parties plan to execute definitive agreements within 180 days.

In September, Eli Lilly announced it planned to build a $5 billion facility in Goochland County. Early this month, AstraZeneca said it would invest $4.5 billion to build two facilities in Albemarle County, and on Oct. 20, Merck & Co. announced a planned $3 billion manufacturing facility in Elkton.

“As we invest here in Virginia, … we’re not just investing in facilities — we’re investing in people, and we’re committed to building diverse, highly skilled talent to lead the future of pharmaceutical manufacturing,” said Eric Hahn, Eli Lilly’s senior vice president of global API network expansion.

The state is investing $10 million in infrastructure for the training center, Youngkin said.

The higher education institutions included in the MOU are:

  • Hampton University
  • James Madison University
  • University of Virginia
  • Virginia Commonwealth University
  • Virginia Tech
  • Virginia Community College System

Air traffic controller shortages lead to broader US flight delays as shutdown nears one-month mark

Continued staffing shortages in air traffic control facilities around the country were again causing delays at on Friday as the shutdown neared the one-month mark.

U.S. Secretary Sean Duffy has been warning that travelers would start to see more flights delayed or canceled as the nation’s controllers continue to work without pay during the shutdown, which began Oct. 1.

“Every day there’s going to be more challenges,” Duffy told reporters Thursday outside the White House after a closed-door meeting with Vice President JD Vance and industry leaders to talk about the shutdown’s impact on U.S. travel.

The reported staffing shortages were causing flight delays Friday at a number of airports, including in Boston, New York City, Nashville, Houston, Dallas and Newark, New Jersey. Airports in Boston, Nashville and New York City were experiencing delays averaging two hours or longer.

Staffing shortages can happen at regional control centers overseeing multiple airports, as well as in airport towers, but they don’t always result in flight disruptions.

Aviation analytics firm Cirium says flight data showed a “broader slowdown” Thursday across the U.S. aviation system for the first time since the shutdown began, suggesting staffing-related disruptions may be spreading.

On Thursday, many major U.S. airports reported below-average on-time performance, with fewer flights departing within 15 minutes of their scheduled departure times, according to Cirium. The data does not distinguish between the different causes of delays, such as staffing shortages or bad weather.

Staffing-related delays at Orlando’s airport on Thursday, for example, averaged nearly four and a half hours for some time, according to the FAA.

Most controllers are continuing to work mandatory overtime six days a week during the shutdown without pay, the National Air Traffic Controllers Association has said. That leaves little time for a side job to help cover bills, mortgage and other expenses unless controllers call out.

Duffy said controllers are also struggling to get to work because they can’t afford to fill up their cars with gas. Controllers missed their first full paycheck on Tuesday.

“For this nation’s air traffic controllers, missing just one paycheck can be a significant hardship, as it is for all working Americans. Asking them to go without a full month’s pay or more is simply not sustainable,” Nick Daniels, president of NATCA, said Friday in a statement.

Last weekend, a shortage of controllers led to the FAA issuing a brief ground stop at Los Angeles International Airport, one of the busiest in the world. Flights were held at their originating airports for about two hours Sunday until the FAA lifted the ground stop.

Some U.S. airports have stepped in to provide food donations and other support for federal aviation employees working without pay, including controllers and Transportation Security Administration agents.

Before the shutdown, the FAA was already dealing with a shortage of about 3,000 air traffic controllers.

Former Richmond Fed President Broaddus dies at 86

SUMMARY:

  • J. Alfred Broaddus, former Fed president, died at 86
  • Led from 1993–2004 and pushed for transparency in monetary
  • He served in the Army, earned advanced economics degrees and held major community leadership roles

Jr., former president of the , known for his strong advocacy of low inflation and monetary policy transparency, died Oct. 26 in his hometown of Richmond at age 86.

Broaddus served as the Richmond Fed’s sixth president, from Jan. 1, 1993, until his retirement on July 31, 2004. While president, he sat on the powerful interest rate-setting Federal Open Market Committee and earned a reputation as an “inflation hawk,” advocating for transparent and low-inflation monetary policy.

“Known for his principled positions, he was an active contributor at the FOMC, sometimes expressing dissenting views or casting dissenting votes during pivotal economic moments,” according to his obituary. “He took great pride in collaborating with his team of valued senior economists, who together advanced the Richmond Fed’s profile in macroeconomic research and policy.”

Broaddus frequently spoke, testified, and published papers on monetary policy, transparency, inflation control and the European Monetary Union.

“Al’s leadership left a lasting imprint, not only through his expertise in monetary policy, but also in the thoughtful and principled way he guided the bank and its employees through complex economic times with positivity and graciousness,” said current Fed President Tom Barkin, who early in his tenure got to know Broaddus, in a statement.

Broaddus received a bachelor’s degree in political science from Washington and Lee University in 1961 and went on to earn a graduate degree from the Center for Advanced European Studies at the University of Strasbourg. He served as a lieutenant in the U.S. Army from 1962 to 1964 and later received a master’s degree and doctorate in economics at Indiana University.

He began his career with the Richmond Fed in 1970 as a staff economist before rising through the ranks to eventually become president.

The Richmond Fed is one of 12 independent regional reserve banks that make up the operating arm of the . It serves the Fifth District, which includes North and South Carolina, Virginia, Maryland, Washington, D.C. and most of West Virginia. It sets monetary policy, monitors financial systems and provides payment systems.

Broaddus’ notes that, outside his career with the Richmond Fed, he was deeply involved in civic, educational and corporate governance roles in the Richmond community, serving on the boards of companies such as Albemarle Corp., Faison Enterprises, Markel, Owens & Minor, and T. Rowe Price. He also served as a board member for Virginia Commonwealth University and board chair at St. Christopher’s School, along with holding board positions supporting Gallaudet University and the University of Richmond.

“Al’s leadership was a powerful reminder of the importance of steadfast guidance,” Richmond Fed First Vice President Becky Bareford said in a statement. “No matter the situation, he was an empathetic and reassuring presence for employees while also remaining focused on our public service mission to strengthen the economy and the communities we serve across our region.”

Broaddus is survived by his wife of 59 years, Margaret, two sons and four grandchildren. Visitation will be held at Bliley’s Funeral Home on Monday, Nov. 3, from 4 to 7 p.m., with a funeral mass scheduled for Tuesday, Nov. 4, at noon at Richmond’s Cathedral of the Sacred Heart, followed by interment at Hollywood Cemetery and a reception at the Commonwealth Club.

Stafford delays voting on proposed Buc-ee’s

SUMMARY:

  • Commission deferred the super-sized convenience store chain’s requests for rezoning and a conditional use permit
  • Dozens of residents voiced concerns about impact of noise and quality of life
  • Proposed would be located off I-95 Exit 140

You can’t always get what you want. That goes for beavers too.

On Wednesday, the Stafford County Planning Commission voted 6-1 to defer requests from Texas chain Buc-ee’s for a rezoning and conditional use permit to build a 74,000-square-foot Buc-ee’s mega travel center on the east side of Austin Ridge Drive between Courthouse Road and Shield Road, off Exit 140 on Interstate 95. The matter will be revisited Jan. 14.

After reviewing a traffic impact analysis and generalized development plan for the proposed travel center, the Virginia Department of made 86 comments on the plan.

“I’ve never seen so many comments from VDOT,” said Steven Apicella, chair of the county planning commission.

VDOT’s queries covered matters like mitigation measures, vehicle queues and signal spacing.

“With so many transportation issues still not yet resolved, why is this application in front of the commission at this time?” Apicella asked.

Because the minimum requirements had been met, county Director of Planning and Mike Zuraf responded, adding, “The applicant does have the right to request that things move forward to a public hearing.”

Apicella said the commission needs more time to properly consider the proposal.  “I think we’re forcing this to happen too fast, and there’s no rush,” he said.

The commission’s lone “no” vote came from Laura Sellers, who represents the Garrisonville District, where the proposed Buc-ee’s would be located. She wanted residents to have a chance to speak on the proposal in December while developers are still fine-tuning the proposal. “I will fight for Embrey Mill. I will fight for Austin Ridge, just like we’ve done on school rezonings,” Sellers said, referring to local housing communities that would be near the proposed mega travel center. “Just like we’ve done on so many things, we will put up a good fight.”

During the five-hour-plus meeting, commissioners asked Buc-ee’s and development director Stan Beard Jr. question after question about the travel center chain’s proposal, ranging from the impact on local traffic to how much water the travel center will use to whether another convenience store is needed, regardless of its size.

“We have a Wawa that’s going to be right across the street, and down the street we have a Sheetz,” Commissioner Kecia Evans said. “So, three gas stations within proximity of each other. Was there any other place that the applicant looked to put this? It’s not making sense to me.”

Additionally, dozens of county residents spoke about the proposal, airing worries over potential noise and the proposed travel center’s proximity to residential areas.

Ignacio Esteban, a retired special agent for the Department of Justice, lives in Austin Ridge, about a mile from the site of the proposed Buc-ee’s. He started a petition opposing the travel chain that has garnered more than 2,400 signatures.

“They do not want the awful beaver in our county,” he said Wednesday.

Embrey Mill resident Raheem Moore worried about the impact Buc-ee’s would have on quality of life in the area.

“Buc-ee’s is a tourist destination … the Disney World of gas stations,” he said. When Virginia’s first Buc-ee’s opened in Rockingham County this summer, Moore said, it looked “like those early Black Friday deals that Target and Walmart used to do back in the day, where customers [were] cramming to get in.”

Nevertheless, a few people at Wednesday’s meeting spoke in favor of the proposed Stafford Buc-ee’s. County resident David Roquet said that since travelers have to buy gas somewhere, they might as well spend their dollars in Stafford. “Look at it as an opportunity,” he said.

Earlier in the month, Stafford residents had another opportunity to question Buc-ee’s representatives about the proposed development during an Oct. 20 meeting at Colonial Forge High School.

“We were here last week, and we had some good conversation with the neighborhood,” Beard said. “I would like to point out that it was a voluntary town hall meeting because we do take seriously our impacts on those around us.”

He acknowledged that residents sometimes have strong feelings about a Buc-ee’s location moving into their towns.

“My job is not to talk you into the fact that your traffic is going to be OK or that we’re a better use than 90,000 square feet of retail and fast food,” he said. “If you came here unhappy, you’re probably going to leave here unhappy.”

Even so, Beard said he wanted to make sure everyone had accurate information. “A lot of talk around our projects is … generally unfounded and false,” he said.

For example, rumors about the store attracting 20,000 cars a day are not true, according to Beard. “It’s 20,000 trips on the worst possible peak hour in the given year,” he said. “A car equals two trips — one going in the site, one going out of the site.”

In addition to the Buc-ee’s that opened in Rockingham County this summer, another is planned for New Kent County, expected to open in 2027.

Founded in 1982, Buc-ee’s has 54 locations in the Lone Star State, Alabama, Colorado, Florida, Georgia, Kentucky, Missouri, Mississippi, South Carolina, Tennessee and Virginia. The travel centers are beloved by many for clean restrooms and delicacies including brisket and Beaver Nuggets.

Oil moves on report, denial of US attack plan on Venezuela

HOUSTON (Reuters) -Oil prices popped up on media reports that U.S. air strikes on Venezuela could begin within hours only to fall after U.S. issued a denial of the report on social media.

Brent crude futures were up 6 cents, or 0.09%, at $65.06 a barrel by 11:12 a.m. CDT (1612 GMT), while U.S. West Texas Intermediate crude was at $60.50 a barrel, down 7 cents, or 0.12%.

“Is this Donald Trump’s trick or treat?” said Phil Flynn, senior analyst for Price Futures Group, noting that Trump had earlier denied reports of a planned attack on Iran before carrying out airstrikes against the Islamic Republic.

“There definitely was an impact on the market when the first report of a planned attack on Venezuela came out,” Flynn said. “If there is an attack over the weekend, prices will spike on Monday.”

The United States has deployed a task force centered around the nation’s largest aircraft carrier, Gerald Ford, off the coast of Venezuela, far beyond the needs of attacking drug traffickers on small boats, which has been a focus of U.S. naval activity in the Caribbean in recent weeks.

The U.S. dollar was near three-month highs against major currencies, making purchases of dollar-denominated commodities such as oil more expensive.

Meanwhile, sources told Reuters that Saudi Arabia, the world’s top oil exporter, may reduce its December crude price for Asian buyers to multi-month lows, sounding a bearish note.

Oil also slipped after an official survey showed China’s factory activity shrank for a seventh month in October.

Brent and WTI are set to fall 2.6% and 2%, respectively, in October with the Organization of the Petroleum Exporting Countries and major non-OPEC producers ramping up output.

More supply will also cushion the impact of Western sanctions disrupting Russian oil exports to its top buyers China and India.

A Reuters survey forecast Brent will average $67.99 per barrel in 2025, about 38 cents above last month’s estimate. WTI is expected to average $64.83, slightly above September’s estimate of $64.39.

OPEC+ is leaning towards a modest output boost in December, people familiar with the talks said ahead of the group’s meeting on Sunday.

Meanwhile, Saudi Arabia’s crude exports hit a six-month high of 6.407 million bpd in August, data from the Joint Organizations Data Initiative showed.

A U.S. Energy Information Administration report also showed record production of 13.6 million bpd last week.

Trump said on Thursday that China has agreed to begin the process of purchasing U.S. energy and that a very large-scale transaction may take place involving the purchase of oil and gas from Alaska.

However, analysts remained skeptical as to whether the U.S.-China trade deal will boost Chinese demand for U.S. energy.

Buffett to issue letter to children and shareholders, hand off annual letter to Abel, WSJ says

(Reuters) -Warren Buffett will release a letter to his three children and Berkshire Hathaway shareholders on November 10, while Greg Abel will write Berkshire’s annual shareholder letter in February after becoming chief executive, the Journal said on Thursday, citing Buffett’s assistant.

Buffett, 95, is stepping down as chief executive at the end of the year, but will remain chairman.

Abel, 63, is a Berkshire vice chairman but has been taking on more responsibilities, including after Buffett announced the management change at Berkshire’s May 3 annual meeting.

Buffett also plans to sit in the audience with other directors, rather than on stage, at next year’s meeting.

Berkshire did not immediately respond to requests for comment on Friday. The Omaha, Nebraska-based conglomerate will release third-quarter results on Saturday.

It isn’t clear what Buffett’s November 10 letter to his children Susie, Howard and Peter and to shareholders will say.

Buffett issued letters in November 2023 and November 2024 that discussed estate and gave thanks for the opportunities the U.S. has offered. He also announced donations to four family charities.

Howard Buffett is expected to eventually become non-executive chairman at Berkshire.

 

(Reporting by New York Newsroom)

MacKenzie Scott gives record $50M to Virginia State University

FILE – Billionaire philanthropist arrives at the Vanity Fair Oscar Party, March 4, 2018, in Beverly Hills, Calif. (Photo by Evan Agostini/Invision/AP, File)

Billionaire philanthropist MacKenzie Scott has gifted $50 million to — the largest gift from a single donor in the school’s 143-year history.

The record marks Scott’s second gift to VSU in five years. In 2020, she donated $30 million to the public historically Black land-grant university, which has about 5,000 students.

Located about 20 minutes south of in the village of Ettrick, VSU will use the money to “expand its efforts to transform lives through education and continue the mission outlined in the university’s strategic plan.”

“Ms. Scott’s generosity and trust in our mission will change the trajectory of Virginia State University for generations to come,” Makola M. Abdullah, VSU’s president, said in a news release. “Her investment allows us to continue to build upon our legacy of excellence and expand our reach to more students who deserve access to a world-class education. For 143 years, VSU has stood as a beacon of opportunity, and with this transformational gift, our future shines even brighter.”

Following her divorce from founder Jeff Bezos, Scott has given away about $19 billion of her fortune with quiet donations to more than 2,450 organizations. In addition to supporting , Scott has given to a variety of organizations including nonprofits that improve access to health care and housing and fight climate change. Her donations are notable for being unrestricted gifts with no strings attached and not designated for specific usages.

Germanna Community College announces new president

Virginia Community College System President David Doré announced Thursday that he has appointed Florida higher-education leader Tashika Griffith as ‘s seventh president, concluding a nationwide search.

Griffith, who begins Jan. 1, is currently provost and chief campus officer at St. Petersburg State College’s Clearwater Campus, a role she has held since February 2022. She was selected from a pool of 80 candidates.

“I’m excited to welcome Dr. Griffith to lead Germanna Community College, and I know that she will provide the kind of dynamic leadership that will continue to make Germanna a cultural center and economic driver in its region,” said Doré in a statement.

Griffith succeeds Van Wilson, who has served as interim president since July 1, following the retirement of Janet Gullickson, the previous president, who had served for eight years.

Griffith has been affiliated with St. Petersburg College since 2016 and has also served as interim dean of the College of Education, as well as assistant provost and provost of the college’s downtown and midtown centers. She previously was associate dean of students at University of Tennessee, assistant dean of students at the University of Miami and director of the office of multicultural affairs at the University of Scranton.

She is currently an adjunct faculty member for the Virginia Commonwealth University School of Education’s Department of Educational Leadership.

Griffith earned a bachelor’s degree in English at Florida Atlantic University, a master’s degree in at Virginia Tech and her doctorate of education at Northeastern University. She also received a higher education professional certificate at Harvard University.

In a statement, Griffith said she accepts the role with “deep humility and great enthusiasm. I have been deeply impressed by Germanna’s strong sense of community and its steadfast commitment to academic excellence, innovation and student success. I look forward to building upon this remarkable foundation as we continue advancing the college’s mission and impact across the region.”

Germanna was established in 1970 as part of the Virginia Community College System. It has campuses in Locust Grove and and serves the residents of the counties of Caroline, Culpeper, King George, Madison, Orange, and Stafford and the city of Fredericksburg. Germanna had more than 8,500 students enrolled at the college in fall 2024.

Amazon hoists Wall Street toward another winning week and month

Summary

NEW YORK (AP) — Amazon led the U.S. on Friday to the finish of another winning week and month.

The S&P 500 rose 0.3% and pulled closer to its all-time high set on Tuesday. It closed out a third straight winning week and a sixth straight winning month, its longest monthly winning streak since 2021.

The Dow Jones Industrial Average added 40 points, or 0.1%, and the Nasdaq composite gained 0.6%.

Amazon led the way and jumped 9.6%. The giant was by far the strongest force lifting the market after reporting profit for the latest quarter that blew past analysts’ expectations. CEO Andy Jassy said growth for its booming cloud-computing business has accelerated to a pace it hasn’t seen since 2022.

Amazon’s massive size of roughly $2.4 trillion means its stock movements carry more weight on the S&P 500 than almost any other company’s. Without it, the S&P 500 would have been down for the day.

Another highly influential stock, Apple, had less of an effect on the market even though it’s bigger than Amazon. The iPhone maker, which is worth more than $4 trillion, swung between modest gains and losses through the day before finishing with a dip of 0.4%.

It likewise delivered a better profit report for the latest quarter than analysts expected, though by not as big a margin as Amazon did. CEO Tim Cook said it benefited from strong revenue for both its iPhone lineup and its services offerings, which include its app store.

Elsewhere on , online message board Reddit jumped 7.5% to erase losses from earlier in the week after reporting stronger profit and revenue for the latest quarter than analysts expected.

Coinbase Global rose 4.6% after the crypto exchange’s profit likewise topped expectations.

Outside of earnings reports, Netflix added 2.7% after the video streamer announced a move that could make its stock price more affordable but still leave all its investors holding the same amount. Netflix will undergo a 10-for-1 stock split, where it will give nine additional shares to investors for each they own.

They helped offset a drop for AbbVie, which fell 4.5% even though the medicine maker reported stronger profit for the latest quarter than expected. Analysts pointed to how it’s beating forecasts by less than before, and expectations may have been high after AbbVie’s stock came into the day with a strong 28.4% gain for the year so far.

The pressure is on companies broadly to deliver big growth in profits to justify the huge gains their stock prices have made since April. Criticism has been growing that the U.S. stock market has become too expensive.

A day earlier, the S&P 500 slumped 1% as investors appeared unnerved by big increases in spending that Meta Platforms and Microsoft are planning as part of the investment spree underway in artificial-intelligence technology. Financial markets also appeared skeptical that President Donald Trump’s trade truce with China would put an end to tensions between the two countries.

Additional drops on Friday of 1.5% for Microsoft and 2.7% for Meta were the two heaviest weights on the U.S. market.

All told, the S&P 500 rose 17.86 points to 6,840.20. The Dow Jones Industrial Average added 40.75 to 47,562.87, and the Nasdaq composite climbed 143.81 to 23,724.96.

In stock markets abroad, indexes dipped in Europe following a mixed finish in Asia.

Stocks fell 1.4% in Hong Kong and 0.8% in Shanghai after data showed factory activity in China contracted in October for a seventh straight month.

Japan’s Nikkei 225, meanwhile, jumped 2.1% to another record after a report showed industrial production rose more in September than expected.

In the bond market, Treasury yields eased following their spurt higher in the middle of the week, when Chair Jerome Powell warned that another cut to interest rates in December “is not a foregone conclusion — far from it.”

The yield on the 10-year Treasury dipped to 4.09% from 4.11% late Thursday, though it’s still above the 3.99% level it was at before Powell’s warning.

Other central banks have halted cuts to rates or hinted at pauses recently, and “it seems this is it for the 2025 easing season in developed economies,” economists at Bank of America wrote in a BofA Global Research report.

 

 

US home turnover rate hits lowest level in 30 years

Summary

  • Home turnover rate falls to lowest level since the 1990s, says.
  • Just 28 of every 1,000 homes changed hands between January and September.
  • High and weak job growth keep homeowners from moving.

LOS ANGELES (AP) — The number of U.S. homes that typically change hands as people relocate for work, retire or trade-up for more living space hasn’t been this low in nearly 30 years.

About 28 out of every 1,000 homes changed hands between January and September, the lowest U.S. home turnover rate going back to at least the 1990s, according to an analysis by Redfin.

The home turnover rate represents the number of homes sold, divided by the total number of existing sellable properties. While sales data show whether more or fewer homes are selling in a given period, the home turnover rate helps illustrate how homeowners are staying put longer.

“It’s not healthy for the economy that people are staying put,” said Daryl Fairweather, chief economist at Redfin.

Consider, the turnover rate through the first nine months of this year is down about 30% from the average rate over the same time periods between 2012 and 2022.

Traditionally, opportunities such as a new job or the need for more space when starting a family motivate homeowners to sell and relocate. The fact that fewer homes are changing hands suggests they aren’t seeing as many opportunities for employment mobility, or perhaps can’t afford to sell and buy at today’s prices and mortgage rates.

“If people are stuck, it’s reflective of how the economy is stuck,” Fairweather said. “We’re in a low-hire, low-fire labor market and I think that this goes hand in hand with that.”

U.S. employers added just 22,000 jobs in August, according to the Labor Department, down from 79,000 in July and well below the 80,000 that economists had expected.

 hiring data is on hold during the shutdown, so the Labor Department’s tally of hiring in September was never released, but earlier this month a survey by payroll company ADP showed that the private sector lost 32,000 jobs in September.

Meanwhile, several large companies, including Microsoft, General Motors, and Target, have announced job cuts.

The slowing has many Americans increasingly concerned. That’s not a good recipe for home sales.

Another factor keeping a lid on home sales: Many homeowners who bought or refinanced to rock-bottom mortgage rates in 2020 and 2021 have little incentive to sell and buy a home at current home loan rates.

The U.S. has been in a slump dating back to 2022, the year mortgage rates began climbing from historic lows that fueled a homebuying frenzy at the start of this decade.

Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years. Sales have been sluggish this year, although they accelerated last month to their fastest pace since February as mortgage rates eased. The average rate on a 30-year mortgage fell this week to its lowest level in more than a year.

While lower rates boost home shoppers’ purchasing power, borrowing costs remain too high for many Americans to afford to buy a home following years of skyrocketing prices. The median sales price of a previously occupied U.S. home has risen 53% over the past six years.