Unifor, Fiat Chrysler reach tentative contract deal for 9,000 workers in Canada

Live Updates: Amy Coney Barrett confirmation hearing, final day

Dems grill Supreme Court nominee Amy Coney Barrett on pro-life beliefs

‘The Daily Briefing’ reacts to day 3 of the Judge Amy Coney Barrett Supreme Court confirmations hearings.

Judge Amy Coney Barrett faces her third day of Supreme Court confirmation hearings on Thursday

On Wednesday, Senate Democrats tried to press her on her admiration of the deceased Justice Antonin Scalia, and suggested that she would use him as a guide on future cases.

"I hope that you aren't suggesting that I don't have my own mind," Barrett said, "or that I couldn't think independently or that I would just decide like, 'Let me see what Justice Scalia has said about this in the past.'

"I assure you I have my own mind."

Follow below for updates. Mobile users click here. 

Morgan Stanley Reports Increase In Q3 Profit

Morgan Stanley (MS) reported earnings for its third quarter that climbed from last year.

The company’s profit totaled $2.60 billion, or $1.66 per share. This compares with $2.06 billion, or $1.27 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 16.3% to $11.66 billion from $10.03 billion last year.

Morgan Stanley earnings at a glance:

-Earnings (Q3): $2.60 Bln. vs. $2.06 Bln. last year.
-EPS (Q3): $1.66 vs. $1.27 last year.
-Analysts Estimate: $1.28
-Revenue (Q3): $11.66 Bln vs. $10.03 Bln last year.

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US workers file 898,000 jobless claims as COVID-19 chokes labor market

Some 898,000 Americans applied for unemployment benefits last week as the coronavirus pandemic kept the labor market in a chokehold, the feds said Thursday.

The latest figure brought the seasonally adjusted number of initial jobless claims filed during the COVID-19 crisis to roughly 64.5 million — a total larger than the combined populations of California and Florida.

Last week’s filings reported by the US Department of Labor surged from the prior week’s revised total of 845,000 and outpaced economists’ expectations for 825,000 new claims. But the data may have been distorted as California once again paused its reporting to work through a backlog of claims and implement anti-fraud technology.

Jobless claims have hovered between 800,000 and 900,000 for seven consecutive weeks as the labor market’s recovery from the virus crisis appeared to stall. Last week’s total remained well above the pre-pandemic record of 695,000 filings in a single week.

Continuing claims, which measure ongoing joblessness on a one-week lag, fell once again to about 10 million in the week ending Oct. 3. The steady decline in those numbers is likely due to jobless workers exhausting the 26 weeks of benefits that most states provide, experts say.

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Growth in Orders, Shipments Picks Up at New York Manufacturers

New York state manufacturers reported stronger growth in orders and shipments in October, allowing a gauge of business activity to expand at a solid, albeit somewhat slower, pace and indicating momentum is carrying over into the fourth quarter.

The Federal Reserve Bank of New York’s general business conditions index decreased to 10.5 after jumping a month earlier to 17 that was the second-highest since 2018, a report out Thursday showed. It marked the fourth month of expansion and compared with a median projection in a Bloomberg survey of economists for a reading of 14.

Readings above zero indicates expansion, and New York Fed bank’s index of new orders rose to 12.3 from 7.1, while the shipments measure increased to 17.8 from 14.1 — both three-month highs. Increased bookings and stronger sales encouraged manufacturers to boost hiring and hours worked during the month.

The Fed bank’s employment gauge climbed to 7.2, the highest since January, while a measure of the average employee workweek jumped to 16.1 — the strongest reading since May 2011, from 6.7 a month earlier.

Production gains will probably be sustained as the state’s factories said inventories contracted at the fastest pace since November 2016.

S.Africa's Ramaphosa unveils infrastructure, jobs plan after COVID-19 hit

CAPE TOWN, Oct 15 (Reuters) – South Africa will roll out a big infrastructure spending programme and large-scale employment stimulus to revive an economy that was ailing even before the coronavirus crisis, President Cyril Ramaphosa said on Thursday.

Unveiling a COVID-19 economic recovery plan in parliament, Ramaphosa said the government would unlock more than 1 trillion rand ($60 billion) in infrastructure investment over the next four years and would create more than 800,000 jobs in the immediate term.

Unifor, Fiat Chrysler reach tentative contract deal for 9,000 workers in Canada

Unifor says it has reached a tentative agreement for 9,000 workers at Fiat Chrysler Automobiles in Canada.

The deal must now be voted on and approved by the company’s members.

This is a breaking news story. More information to come.