While the current jobless rate of 4.4% is less than half its 2009 peak, salaries are growing less than 3% from one year to the next and inflation -- a measure of U.S. economic growth -- has slowed 40 basis points this year to 1.5%. That's well behind the 2% the Federal Reserve said would indicate stable expansion and help justify continuing to boost interest rates.
Toyota & Mazda to build a new $1.6B plant here in the U.S.A. and create 4K new American jobs. A great investment in American manufacturing!— Donald J. Trump (@realDonaldTrump) August 4, 2017
Japan's Nikkei news organization first reported Friday that Toyota was planning to take a 5% stake in Mazda as part of a previously stated plan to develop clean-energy and self-driving vehicle technologies. The two groups confirmed the purchase Friday and said they would combine to invest in a U.S. plant under a cooperation agreement the two companies first revealed in May 2015.
"The greatest fruit of our partnership with Mazda is that we have found a new partner who truly loves cars," said Toyota President Akio Toyoda. "It has also sparked Toyota's competitive spirit, increasing our sense of not wanting to be bested by Mazda."
Viacom posted third-quarter earnings of $1.17 per share, beating Wall Street forecasts as revenue rose 8.3% to $3.36 billion. However, the company said it expects to see slower affiliate payments in the current quarter, owing in part to a spat with Charter Communications Inc., its biggest business partner, which recently relegated Viacom's MTV and Comedy Central channels to a less-lucrative tier within its cable packages.
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