Afternoon Coffee: US Unemployment Rate Drops to 7-Year Low, Carmakers Drop Takata As Supplier of Airbags

The U.S. unemployment rate fell in October to 5%, it’s lowest level since April 2008. A total of 271,000 jobs were added during the month, exceeding economists expectations.

Toyota said it will no longer use Takata as a supplier of airbag inflators for its vehicles. Honda has also said it would drop Takata, which is now the center of a federal investigation around the largest car safety recall in history. Other carmakers, including Mazda and the maker of Subaru vehicles said it is considering using another supplier’s airbag inflators.  

The U.S. House approved a multi-year transportation funding bill this week, which provides funding for road, bridge and mass-transit projects. The long-awaited bill is a boon for transportation planners.

President Obama today officially rejected the request to build the Keystone XL oil pipeline, a mostly symbolic move. Obama said the pipeline would not contribute to long-term economic growth.

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