US adds 175000 jobs as unemployment ticks up to 7.6
The Labor Department reports May payrolls rose 175,000 while the jobless rate increased to 7.6 percent from 7.5. Labor force participation edged up as more Americans sought work, with about 420,000 entering the labor pool and job growth matching a yearlong average. Analysts foresee steady growth and possible Fed bond-purchase continuation.
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Merck Leads Dow on Promising Melanoma Drug Trial
Merck tops the Dow this week with a 4 percent gain as the broader index dips about 1 percent. A preliminary study on lambrolizumab shows promise for advanced melanoma, a breakthrough area in immune oncology that could fuel future revenue. Merck seeks to offset billions in lost Singulair and other drug sales due to generics.
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Immune-Oncology
Court upholds NY Wicks Law public works thresholds
New York's Court of Appeals upholds 2008 revisions to the Wicks Law governing public works contracts. The ruling preserves regional thresholds for separate plumbing electrical and HVAC bids, with $3 million in New York City, $1.5 million for Nassau Suffolk and Westchester, and $500,000 for the rest of the state. The decision rejects challenges that state-set levels infringe local government authority.
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Chase to close Western New York mortgage call center
JPMorgan Chase plans to shut its Albion New York mortgage call center in Orleans County in early September, cutting about 400 jobs as part of nationwide reductions in Chase mortgage services. Some workers may transfer to Rochester area operations. the site was Albion’s largest employer.
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