Business & Markets — August 7, 2026

July jobs report due Friday. Economists forecast 83,000 new payrolls and an unchanged 4.2% unemployment rate — a reading that could determine whether the Fed hikes, holds, or cuts rates.

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Mortgage rates hit 52-week high. The average long-term U.S. mortgage rate rose for a fifth consecutive week to its highest level in just over a year, adding strain on prospective homebuyers.

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Meta ordered to pay $567 million. A New Mexico judge directed the additional payment into a youth mental health abatement fund, bringing total court-ordered penalties in the case to $942 million.

The ruling from Judge Bryan Biedscheid came late Thursday and represents a second-phase decision in the New Mexico case, according to NPR. Biedscheid said the bulk of the money will go toward treatment services for young people, meaning the fund is aimed at direct care rather than general state coffers. The order adds to an earlier penalty against the Instagram and Facebook parent company in the same litigation.

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U.S. crude supplies at 45-year low. Bank of America data shows the Strategic Petroleum Reserve at its lowest level since 1983, driven by the Iran war and refinery capacity losses.

The Hill · Read more ↗