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The Vanguard S&P 500 ETF (NYSEMKT: VOO) is down 0.1% premarket Tuesday morning, after the U.S. Bureau of Labor Statistics (BLS) reported shutdown-delayed nonfarm payrolls figures for October, and also for November. The data show a 105,000 decline in employment for October, followed by 64,000 jobs gained in November.
In each case, the numbers were better than economists had forecast. October job losses, for example, were supposed to be 108,000 before this data came out, and November job gains were supposed to be only 45,000.
That’s the good news. The bad news is that U.S. unemployment has risen to 4.6%, the highest level since September 2021, and underemployment is now at 8.7%, the highest since August 2021. BLS also warned that the jobs effects of the longest government shutdown in history may linger “for several months.”
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BLS data show job losses in October, job gains in November.
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Ford Motor announced last night it will cease production of its electric F-150 Lightning truck.
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The other big news this morning actually came out last night: Ford Motor Co. (NYSE: F) is canceling its F-150 Lightning all-electric truck.
“The last couple of months have been really clear to us,” explained Ford CEO Jim Farley. “The very high-end EVs — the $50,000, $70,000, $80,000 vehicles — they just weren’t selling.”
Accordingly, Ford plans to go “where the market is, not where people thought it was going to be, but where it is today.” And that means Ford will be scaling back plans to focus on now-unsubsidized EVs, and focus instead on what it calls “EREVs” — extended-range electric vehicles, which will be trucks with batteries and electric motors, but also gas-powered engines that can re-charge the batteries to enable trips as long as 700 miles on a full battery, and full tank.
Ford anticipates that over the next five years, it will shift production from about 17% hybrids and EVs today, to 50% hybrids, EVs, and EREVs by 2030. In the meantime, Ford will be taking a $19.5 billion charge to earnings as it restructures and refocuses.
Ford stock is up 0.6% pre-market.
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