The U.S. economy added 261,000 jobs in October but showed signs of slowing down as the unemployment rate rose to 3.7% from 3.5% reported in September. In the last three months, employers added an average of 289,000 jobs per month, down from 539,000 monthly added jobs reported over the same period in 2021. More: - The labor force participation rate fell to 62.2% in October from 62.3% in September.
- The healthcare and social assistance sector added the most jobs in October, with 71,100 jobs.
- The professional and business services sector had the second highest number of jobs added at 39,000.
- Leisure and hospitality added 35,000 jobs and manufacturing added 32,000.
- Construction added just 1,000 jobs, down from 22,000 jobs added in September.
- On Wednesday, the Fed announced its fourth straight 0.75% interest rate increase, bringing the central bank’s benchmark rate to a range of 3.75% to 4%, its highest level since January 2008.
- The Fed signaled it plans to continue increasing rates though in smaller increments.
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Twitter began laying off employees this week, with a massive layoff expected to be announced on Friday. According to an email sent to Twitter’s 7,500 staff on Thursday, employees would be notified of their employment status by 9 a.m. PT on Friday. Earlier reports said Elon Musk plans to cut Twitter’s workforce by 50%, or ~3,700 jobs. More: - Five Twitter employees have sued the company alleging it violated federal and California laws by failing to give enough notice about ongoing mass layoffs.
- The class-action lawsuit was filed in San Francisco federal court on Thursday.
- The lawsuit referred to the federal Worker Adjustment and Retraining Notification (WARN) Act.
- WARN requires employers to provide advance notice to employees 60 days before mass layoffs or plant closings.
- A spokesperson for California’s employment department said Twitter has not filed any WARN notices with the agency this year.
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Block, formerly called Square, released its Q3 earnings on Thursday, beating analysts’ expectations for revenue and profit. The payments company reported $4.52B in revenue, up ~18% YoY. Block posted a gross profit of $1.57B, up 38% YoY, and a net loss of $15M, down from a loss of $208M reported in the previous quarter. More: - Cash App posted a gross profit of $774M, up 51% YoY.
- Square has a gross profit of $783M, up 29% YoY.
- Block reported nearly 18 million people were using its Cash App card in September, up 40% YoY.
- The company posted a $2M Bitcoin impairment loss for Q3.
- Block shares more than 10% in extended trading on Thursday.
- It closed at $60.11 on Friday, up 11.5% for the day.
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Jeff Bezos and Jay-Z are partnering to bid for the Washington Commanders NFL team in a deal valued up to $6B. Current owner Dan Snyder is selling the team after being embroiled in a financial scandal and a federal criminal investigation. More: - On Wednesday, it was reported that Snyder had hired Bank of America to explore potential transactions.
- Other bidders for the team include private equity executive Josh Harris and media executive Byron Allen.
- According to sources, Bezos was ready to pay more than $5.5B for the team.
- Bezos founded Amazon and space company Blue Origin and owns The Washington Post.
- The last NFL team sale happened in June when Walmart heir Rob Walton bought the Denver Broncos for $4.6B.
- The Commanders were formerly called the Washington Football Team for the 2020 and 2021 seasons after playing as the Redskins since 1933.
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On Friday, Elon Musk said Twitter has suffered a massive drop in revenue due to brands suspending their ads on the social media platform. Musk pointed to activist groups putting pressure on advertisers, adding that the company has not changed its content moderation policies. More: - Earlier this week, Musk met with advertisers to reassure them that the platform won’t become a “hellscape.”
- Several brands, including General Mills, Mondelez International, and Pfizer, have reportedly paused their ads on Twitter to assess any changes the company takes regarding its brand safety guidelines.
- A coalition of civil rights groups, including Media Matters, Free Press, Accountable Tech, and Color of Change, have asked brands to stop spending on Twitter.
- On Wednesday, Musk met with some members of these groups and committed to retaining and enforcing the election integrity measures Twitter has in place.
- He also promised not to re-platform any individual currently suspended from the platform until after the elections.
- Over 90% of Twitter’s revenue comes from advertising; last year, Twitter reported $5.08B in total revenue.
- During an appearance at the Baron Investment Conference in New York City on Friday, Musk said Twitter could become the most valuable company in the world.
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Coinbase released its Q3 earnings on Thursday, missing analysts’ expectations for revenue and profits. The crypto exchange earned $576M in net revenue, down from $1.24B reported a year ago. Coinbase booked a net loss of $545M, down from a net income of $406M reported last year. More: - The company reported 8.5 million monthly transacting users (MTUs) during the quarter, down from 9 million reported in the previous quarter.
- Coinbase surpassed MTU expectations; analysts were expecting 7.84 million MTUs.
- Coinbase reported $159B in total trading volume, down from $217B posted in the same period last year.
- Retail transaction revenue came in at $346.1M, down from $1.02B reported last year.
- Institutional transaction revenue was $19.8M, down from $67.7M reported last year.
- Coinbase shares closed at $58.82 on Friday, up more than 5% for the day.
- The company is down more than 75% YTD.
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- The Supreme Court on Friday rejected a second request to block the Biden administration’s student loan debt relief program. Justice Amy Coney Barrett declined the emergency application brought by the Pacific Legal Foundation, a conservative legal group.
- Ericsson subsidiary Vonage has agreed to pay $100M to settle claims by the FTC that it intentionally complicated the process for consumers seeking to cancel its internet-based telephone service and charged unexpected termination fees. Vonage must also obtain consumers’ consent for services and simplify its cancellation process.
- The Powerball jackpot prize rose to $1.6B after no one won the loot during Wednesday’s drawing. The jackpot for Saturday’s drawing is the largest lottery prize ever. The is a 1 in 292 million chance of a single ticket winning the lottery.
- The demand and prices of Yeezy sneakers have risen since Adidas announced it was terminating its partnership with Ye, formally known as Kanye West.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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