By MATT OTT, Associated Press Business Writer

WASHINGTON (AP) — Filings for U.S. jobless aid jumped last week but American workers broadly remain secure in their jobs despite economic uncertainty over global trade.

Jobless benefits applications rose by 14,000 to 240,000 for the week ending May 24, the Labor Department said Thursday. Analysts had forecast 226,000 new applications.

Weekly applications for jobless benefits are seen as representative of U.S. layoffs and have mostly settled in a historically healthy range between 200,000 and 250,000 since COVID-19 throttled the economy in the spring of 2020, wiping out millions of jobs.

A sense of relief swept over financial markets early Thursday after a federal court blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. Wednesday’s decision threw into doubt Trump’s signature economic policy that has rattled global financial markets, frustrated trade partners and raised fears about inflation intensifying and the economy slumping.

The Trump administration quickly filed notice of appeal and the Supreme Court will almost certainly be called upon to decide the issue. It remains unclear whether the White House will respond to the ruling by pausing all of its emergency power tariffs in the interim.

Trump had already paused or dialed down many of his tariff threats, but concerns lingered about a global economic slowdown upending a robust U.S. labor market.

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In early May, the Federal Reserve held its benchmark lending rate at 4.3% for the third straight meeting after cutting it three times at the end of last year.

Fed chair Jerome Powell said the potential for both higher unemployment and inflation are elevated, an unusual combination that complicates the central bank’s dual mandate of controlling prices and keeping unemployment low. Powell said that tariffs have dampened consumer and business sentiment.

The government reported Thursday that the U.S. economy shrank at a 0.2% annual pace in the first quarter of 2025, a slight upgrade from its first estimate. Growth was slowed by a surge in imports as companies in the U.S. tried to bring in foreign goods before Trump’s massive tariffs went into effect.

Trump is attempting to reshape the global economy by dramatically increasing import taxes to rejuvenate the U.S. manufacturing sector.

Trump has also tried to drastically downsize the federal government workforce, but many of those cuts are being challenged in the courts and Congress.

Despite showing traces of weakness during the past year, the labor market remains robust, with plentiful jobs and relatively few layoffs.

The government reported that U.S. employers added a surprisingly strong 177,000 jobs in April and the unemployment rate held at a healthy 4.2%.

Companies that have announced job cuts this year include Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft and Facebook parent company Meta.

Labor reported Thursday that the four-week average of jobless claims, which evens out some of the week-to-week ups and downs during more volatile stretches, ticked down by 250 to 230,750.

The total number of Americans receiving unemployment benefits for the week of May 17 increased by 26,000 to 1.92 million.

By MAE ANDERSON and PAUL HARLOFF, Associated Press Business Writers

NEW YORK (AP) — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 10% in 2024 as the stock market enjoyed another banner year and corporate profits rose sharply.

Many companies have heeded calls from shareholders to tie CEO compensation more closely to performance. As a result, a large proportion of pay packages consist of stock awards, which the CEO often can’t cash in for years, if at all, unless the company meets certain targets, typically a higher stock price or market value or improved operating profits.

The Associated Press’ CEO compensation survey, which uses data analyzed for The AP by Equilar, included pay data for 344 executives at S&P 500 companies who have served at least two full consecutive fiscal years at their companies, which filed proxy statements between Jan. 1 and April 30.

Here are the key takeaways from the survey:

A good year at the top

The median pay package for CEOs rose to $17.1 million, up 9.7%. Meanwhile, the median employee at companies in the survey earned $85,419, reflecting a 1.7% increase year over year.

CEOs had to navigate sticky inflation and relatively high interest rates last year, as well as declining consumer confidence. But the economy also provided some tail winds: Consumers kept spending despite their misgivings about the economy; inflation did subside somewhat; the Fed lowered interest rates; and the job market stayed strong.

FILE – Tim Cook attends the WSJ. Magazine Innovators Awards at the Museum of Modern Art on Tuesday, Oct. 29, 2024, in New York. (Photo by Evan Agostini/Invision/AP, File)

The stock market’s main benchmark, the S&P 500, rose more than 23% last year. Profits for companies in the index rose more than 9%.

“2024 was expected to be a strong year, so the (nearly) 10% increases are commensurate with the timing of the pay decisions,” said Dan Laddin, a partner at Compensation Advisory Partners.

Sarah Anderson, who directs the Global Economy Project at the progressive Institute for Policy Studies, said there have been some recent “long-overdue” increases in worker pay, especially for those at the bottom of the wage scale. But she said too many workers in the world’s richest countries still struggle to pay their bills.

The top earners

Rick Smith, the founder and CEO of Axon Enterprises, topped the survey with a pay package valued at $164.5 million. Axon, which makes Taser stun guns and body cameras, saw revenue grow more than 30% for three straight years and posted record annual net income of $377 million in 2024. Axon’s shares more than doubled last year after rising more than 50% in 2023.

Almost all of Smith’s pay package consists of stock awards, which he can only receive if the company meets targets tied to its stock price and operations for the period from 2024 to 2030. Companies are required to assign a value to the stock awards when they are granted.

Other top earners in the survey include Lawrence Culp, CEO of what is now GE Aerospac e ($87.4 million), Tim Cook at Apple ($74.6 million), David Gitlin at Carrier Global ($65.6 million) and Ted Sarandos at Netflix ($61.9 million). The bulk of those pay packages consisted of stock or options awards.

FILE – General Electric Co. CEO Lawrence Culp Jr. signs a $52 billion deal by Emirates to purchase Boeing aircraft with GE engines, at the Dubai Air Show, in Dubai, United Arab Emirates, Monday, Nov. 13, 2023. (AP Photo/Lujain Jo)

The median stock award rose almost 15% last year compared to a 4% increase in base salaries, according to Equilar.

“For CEOs, target long-term incentives consistently increase more each year than salaries or bonuses,” said Melissa Burek, also a partner at Compensation Advisory Partners. “Given the significant role that long-term incentives play in executive pay, this trend makes sense.”

Jackie Cook at Morningstar Sustainalytics said the benefit of tying CEO pay to performance is “that share-based pay appears to provide a clear market signal that most shareholders care about.” But she notes that the greater use of share-based pay has led to a “phenomenal rise” in CEO compensation “tracking recent years’ market performance,” which has “widened the pay gap within workplaces.”

Some well-known billionaire CEOs are low in the AP survey. Warren Buffett’s compensation was valued at $405,000, about five times what a worker at Berkshire Hathaway makes. According to Tesla’s proxy, Elon Musk received no compensation for 2024, but in 2018 he was awarded a multiyear package that has been valued at $56 billion and is the subject of a court battle.

Other notable CEOs didn’t meet the criteria for inclusion the survey. Starbucks’ Brian Niccol received a pay package valued at $95.8 million, but he only took over as CEO on Sept. 9. Nvidia’s Jensen Huang saw his compensation grow to $49.9 million, but the company filed its proxy after April 30.

The pay gap

At half the companies in AP’s annual pay survey, it would take the worker at the middle of the company’s pay scale 192 years to make what the CEO did in one. Companies have been required to disclose this so-called pay ratio since 2018.

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The pay ratio tends to be highest at companies in industries where wages are typically low. For instance, at cruise line company Carnival Corp., its CEO earned nearly 1,300 times the median pay of $16,900 for its workers. McDonald’s CEO makes about 1,000 times what a worker making the company’s median pay does. Both companies have operations that span numerous countries.

Overall, wages and benefits netted by private-sector workers in the U.S. rose 3.6% through 2024, according to the Labor Department. The average worker in the U.S. makes $65,460 a year. That figure rises to $92,000 when benefits such as health care and other insurance are included.

“With CEO pay continuing to climb, we still have an enormous problem with excessive pay gaps,” Anderson said. “These huge disparities are not only unfair to lower-level workers who are making significant contributions to company value – they also undercut enterprise effectiveness by lowering employee morale and boosting turnover rates.”

Some gains for female CEOs

For the 27 women who made the AP survey — the highest number dating back to 2014 — median pay rose 10.7% to $20 million. That compares to a 9.7% increase to $16.8 million for their male counterparts.

The highest earner among female CEOs was Judith Marks of Otis Worldwide, with a pay package valued at $42.1 million. The company, known for its elevators and escalators, has had operating profit above $2 billion for four straight years. About $35 million of Marks’ compensations was in the form of stock awards.

This photo provided by Otis Elevator Co. shows CEO Judy Marks. (via AP)

Other top earners among female CEOs were Jane Fraser of Citigroup ($31.1 million), Lisa Su of Advanced Micro Devices ($31 million), Mary Barra at General Motors ($29.5 million) and Laura Alber at Williams-Sonoma ($27.7 million).

Christy Glass, a professor of sociology at Utah State University who studies equity, inclusion and leadership, said while there may be a few more women on the top paid CEO list, overall equity trends are stagnating, particularly as companies cut back on DEI programs.

“There are maybe a couple more names on the list, but we’re really not moving the needle significantly,” she said.

Prioritizing security

Equilar found that a larger number of companies are offering security perquisites as part of executive compensation packages, possibly in reaction to the December shooting of UnitedHealthCare CEO Brian Thompson.

Equilar said an analysis of 208 companies in the S&P 500 that filed proxy statements by April 2 showed that the median spending on security rose to $94,276 last year from $69,180 in 2023.

Among the companies that increased their security perks were Centene, which provides health care services to Medicare and Medicaid, and the chipmaker Intel.

Reporters Matt Ott and Chris Rugaber in Washington contributed.

By ALEXA ST. JOHN and ISABELLA O’MALLEY, Associated Press

More than $14 billion in clean energy investments in the U.S. have been canceled or delayed this year, according to an analysis released Thursday, as President Donald Trump’s pending megabill has raised fears over the future of domestic battery, electric vehicle and solar and wind energy development.

Many companies are concerned that investments will be in jeopardy amid House Republicans’ passage of a tax bill that would gut clean energy credits, nonpartisan group E2 said in its analysis of projects that it and consultancy Atlas Public Policy tracked.

The groups estimate the losses since January have also cost 10,000 new clean energy jobs.

The tax credits, bolstered in the landmark climate bill passed under former President Joe Biden in 2022, are crucial for boosting renewable technologies key to the clean energy transition. E2 estimates that $132 billion in plans have been announced since the so-called Inflation Reduction Act passed, not counting the cancellations.

FILE – A solar farm sits in Mona, Utah, on Tuesday, Aug. 9, 2022. (AP Photo/Rick Bowmer, File)

Last week’s House bill effectively renders moot many of the law’s incentives. Advocacy groups decried the potential impact that could have on the industry after the multitrillion-dollar tax breaks package passed.

“The House’s plan coupled with the administration’s focus on stomping out clean energy and returning us to a country powered by coal and gas guzzlers is causing businesses to cancel plans, delay their plans and take their money and jobs to other countries instead,” E2 executive director Bob Keefe said.

The Senate is now reviewing the bill with an informal July 4 deadline to get it to the president’s desk.

What has been canceled

Some of the most recent cancellations include the Kore Power battery factory in Arizona and BorgWarner’s closure of two EV manufacturing sites in Michigan. Bosch suspended a $200 million investment in a hydrogen fuel cell factory in South Carolina, citing changes within the market over the past year in a statement to The Associated Press.

Tariffs, inflationary pressures, nascent company struggles and low adoption rates for some technologies may also have been reasons for these companies’ plans changing. For instance, the battery storage and electric vehicle sectors have seen the most impact in 2025, with the latter especially having had had a difficult past few years. Several projects spurred by the IRA were also canceled prior to 2025.

Of the projects canceled this year, most — more than $12 billion worth — came in Republican-led states and congressional districts, the analysis said. Red districts have benefited more than blue ones from an influx of clean energy development and jobs, experts say.

Georgia and Tennessee are particularly at risk because they are highly invested in EV and battery production, said Marilyn Brown, an energy policy professor at the Georgia Institute of Technology who was not involved in the analysis.

“If all of a sudden these tax credits are removed, I’m not sure how these ongoing projects are going to continue,” said Fengqi You, an engineering professor at Cornell University who also was not involved.

FILE – The sun sets behind a land-based wind farm in Atlantic City, N.J., on Feb. 10, 2022. (AP Photo/Wayne Parry, File)

A handful of Republican lawmakers have urged the continuation of energy tax credits, with some saying in an April letter to Senate Majority Leader John Thune, R-S.D. that a repeal could disrupt the American people and weaken the county’s position as a global energy leader.

The US and the global stage

The Trump administration has sought to dismantle much of Biden’s environmental and climate-related policy — what he calls the Democrats’ “green new scam” — withdrawing again from the Paris climate agreement, rolling back countless landmark pollution regulations and environmental initiatives, reconsidering scientific findings supporting climate action, blocking renewable energy sources and more in an effort to bolster a fossil fuel-led “American energy dominance” agenda.

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Meanwhile other countries are proceeding with green investments. The European Parliament is committing to the European Union Carbon Border Adjustment Mechanism, a policy meant to prevent “carbon leakage,” or companies moving production to countries where climate policies are less strict. And the International Maritime Organization is moving toward a global carbon tax on shipping.

In a sign that not all hope is lost for the future of renewables in the U.S., April alone saw nearly $500 million in new development, with Japanese manufacturing company Hitachi’s energy arm building out transmission and electrification operations in Virginia and materials and technology company Corning investing in solar manufacturing in Michigan.

Still, $4.5 billion in development was canceled or delayed last month, according to E2’s tally.

Associated Press writer Matthew Daly in Washington contributed to this report.

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

By SAMY MAGDY and JOSEPH KRAUSS, Associated Press

U.S. President Donald Trump’s Mideast envoy expressed optimism this week about brokering an agreement to halt the Israel-Hamas war and return more of the hostages captured in the attack that ignited it.

“I have some very good feelings about getting to a long-term resolution — a temporary ceasefire and a long-term resolution, a peaceful resolution of that conflict,” Steve Witkoff said in Washington on Wednesday, adding that a new U.S. proposal would soon be delivered to the warring parties.

Hamas, meanwhile, said it had agreed with Witkoff on a “general framework” of an agreement that would lead to a lasting ceasefire, a full Israeli withdrawal from Gaza, an influx of aid, and a transfer of power from the organization to a politically independent committee of Palestinians.

Hamas has been designated as a terrorist organization by the United States, Canada and the European Union.

Israel, however, has publicly ruled out any such agreement, saying it would only agree to temporary pauses in the fighting to facilitate the release of hostages. Israeli media have quoted officials as denying that any agreement along the lines described by Hamas is on the table.

What do Israel and Hamas want?

Israeli Prime Minister Benjamin Netanyahu has refused to end the war until all the hostages are released and Hamas is either destroyed or disarmed and sent into exile. He has said Israel will control Gaza indefinitely and facilitate what he refers to as the voluntary emigration of much of its population.

Palestinians and most of the international community have rejected plans to resettle Gaza’s population, a move experts say would likely violate international law.

Hamas has said it will only release the remaining hostages — its only bargaining chip — in return for more Palestinian prisoners, a lasting ceasefire and a full Israeli withdrawal. It has offered to give up power to a committee of politically independent Palestinians that could oversee reconstruction.

Hamas is still holding 58 hostages. Around a third are believed to be alive, though many fear they are in grave danger the longer the war goes on. Thousands of Palestinians have been killed since Israel renewed its airstrikes and ground operations after ending a ceasefire in March.

Israeli mounted police disperse demonstrators blocking a road during a protest marking 600 days since Israeli hostages were taken by Hamas into the Gaza Strip, call for their release and an end to the war, in Tel Aviv, Israel, on Wednesday, May 28, 2025. (AP Photo/Ohad Zwigenberg)

The dispute over whether there should be a temporary ceasefire to release more hostages — as Israel has called for — or a permanent one — as Hamas wants — has bedeviled talks brokered by the U.S., Egypt and Qatar for more than a year and a half, and there’s no indication it has been resolved.

What is the latest ceasefire proposal?

Witkoff has not publicized his latest proposal, but a Hamas official and an Egyptian official independently confirmed some of the details. They spoke on condition of anonymity to discuss the sensitive talks.

They say it calls for a 60-day pause in fighting, guarantees of serious negotiations leading to a long-term truce and assurances that Israel will not resume hostilities after the release of hostages, as it did in March. Israeli forces would pull back to the positions they held during the ceasefire Israel ended that month.

Hamas would release 10 living hostages and a number of bodies during the 60-day pause in exchange for more than 1,100 Palestinians imprisoned by Israel, including 100 serving long sentences after being convicted of deadly attacks.

Each day, hundreds of trucks carrying food and humanitarian aid would be allowed to enter Gaza, where experts say a nearly three-month Israeli blockade — slightly eased in recent days — has pushed the population to the brink of famine.

Palestinian women wait with their sick children for medical care in an overcrowded clinic in Gaza City, Wednesday, May 28, 2025. (AP Photo/Jehand Alshrafi)

Why is it so hard to end the war?

Hamas-led terrorists stormed southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and abducting 251 hostages. More than half the hostages have been released in ceasefires or other deals. Israel has rescued eight and recovered dozens of bodies.

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Israel’s ensuing military campaign has killed over 54,000 Palestinians, mostly women and children, according to the Gaza Health Ministry, which does not say how many of the dead were civilians or combatants.

The offensive has destroyed vast areas of Gaza and displaced around 90% of its population of roughly 2 million Palestinians, with hundreds of thousands living in squalid tent camps and unused schools.

Hamas has been vastly depleted militarily and lost nearly all of its top leaders in Gaza. It likely fears that releasing all the hostages without securing a permanent ceasefire would allow Israel to launch an even more devastating campaign to ultimately destroy the group.

Israel fears that a lasting ceasefire and withdrawal now would leave Hamas with significant influence in Gaza, even if it surrenders formal power. With time, Hamas might be able to rebuild its military might and eventually launch more Oct. 7-style attacks.

A broader resolution to the decades-old Israeli-Palestinian conflict appears more distant than ever.

The Palestinians are weak and divided, and Israel’s current government — the most nationalist and religious in its history — is opposed to Palestinian demands for a state in Gaza, the West Bank and east Jerusalem, territories Israel occupied in the 1967 Mideast war.

The last serious peace talks broke down more than 15 years ago.

Magdy reported from Cairo.