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This was a week of incredible headlines impacting the United States but also the rest of the world. Instead of a quiz, we’ll dive into the most important stories in this week’s edition.

The strike is over

The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) reached a tentative agreement on wages, which ended a week-long strike at U.S. East and Gulf Coast ports. The strike had severely impacted supply chains, disrupting the flow of goods like fruits and automobiles.

The tentative agreement includes a 61.5% wage increase over six years, and the parties have extended the existing contract until January 15, 2025, to continue negotiations on unresolved issues, particularly around port automation. This was the first strike by the ILA since 1977, involving 50,000 union members across 14 ports.

The strike caused significant supply chain delays, with 386,000 container units waiting to be moved into ports. Experts estimate that it will take three to four weeks to return to normal operations, though some ports like those in Georgia have resumed limited activity.

The Biden administration played a key role in brokering the agreement, with Acting Labor Secretary Julie Su facilitating talks. While the wage issue has been resolved, automation remains a point of contention, as workers argue for job security amid technological advancements.

The National Association of Manufacturers and the Retail Industry Leaders Association both expressed relief at the tentative deal but stressed the need for a lasting agreement to prevent further economic disruptions.

Tensions in the Middle East impact oil prices

Oil prices have surged due to escalating tensions in the Middle East, driven by fears of a potential Israeli strike on Iran's energy infrastructure. Both Brent crude and U.S. West Texas Intermediate benchmarks have seen their largest weekly gains—over 9%—since OPEC+ slashed oil production in 2022. Concerns heightened after U.S. President Joe Biden indicated that discussions with Israel about such a strike were ongoing, prompting market reactions.

The possibility of conflict in the region threatens to disrupt global oil supply, particularly given Iran's production of 3.2 million barrels per day, which accounts for 3% of global output. Any attack on Iranian oil facilities would likely push prices higher, as global inventories remain low and the market anticipates further supply shocks. In response, Iran has warned that it would target Israeli energy infrastructure, further intensifying concerns of broader conflict.

While some analysts suggest that other OPEC+ members could increase production to offset potential losses, the uncertainty surrounding the situation in the Middle East is keeping oil prices elevated. Additional factors, such as Libya resolving its internal disputes and preparing to boost oil production, may temper some of the upward pressure, but geopolitical risks continue to drive the market.

Future hostilities in the region, especially if they escalate, could lead to prolonged periods of higher oil prices, impacting global inflation and energy costs.

Hiring accelerates in September

The U.S. job market showed surprising strength in September, as employers added 254,000 jobs, far exceeding the 140,000 forecast by economists. This robust growth suggests a reversal in the hiring slowdown seen in prior months, which had led the Federal Reserve to implement a significant rate cut. The unemployment rate also edged down to 4.1%.

This strong performance increases the likelihood of a "soft landing" for the economy, where the Fed's previous rate hikes manage to cool the economy without causing a recession. The job market’s resilience offers the Fed more flexibility, with experts predicting a smaller 0.25% rate cut at its November meeting, rather than the larger 0.5% cut made in September.

Wage growth also outpaced inflation, with wages rising by 4% year-over-year compared to 2.5% inflation in August, signaling increased purchasing power for workers. While this bodes well for businesses and consumers, many Americans still face economic hardships due to high inflation and stagnant wages in past years.

Overall, this stronger-than-expected labor report boosts confidence in the U.S. economy and has led to gains in the stock market, but challenges remain for certain groups of workers including workers without an advanced skill or degree.

In other news

The recovery begins

The southeastern United States experienced a devastating hurricane, ravaging cities in towns from the west coast of Florida all the way up to North Carolina.

A look at the first in line of succession

The US received their first and perhaps only look at the two candidates for Vice President. The debate was noted for its more cordial mood compared to the presidential debate.