ABC reports that the number of applications for
unemployment in the United States fell sharply
last week, signaling a resilient job market.
.
On November 22, the Labor Department
reported that jobless claims had
fallen by 24,000 to reach 209,000.
The week before saw the number
reach 233,000, the highest it
has been since August.
.
The latest numbers also show
the four-week moving average
fell by 750 to reach 220,000.
ABC reports that the numbers
remain historically low, signaling
high job security for U.S. workers.
.
ABC reports that the numbers
remain historically low, signaling
high job security for U.S. workers.
.
For the week ending November 11, the total number
of Americans collecting unemployment benefits was
at 1.84 million, down 22,000 from the week before.
For the week ending November 11, the total number
of Americans collecting unemployment benefits was
at 1.84 million, down 22,000 from the week before.
But job growth remains strong,
the unemployment rate remains
historically low, and businesses
have yet to start reducing their
workforce in a significant way, Rubeela Farooqi, Chief U.S. economist at
High Frequency Economics, via ABC.
But job growth remains strong,
the unemployment rate remains
historically low, and businesses
have yet to start reducing their
workforce in a significant way, Rubeela Farooqi, Chief U.S. economist at
High Frequency Economics, via ABC.
We expect some softening in labor
demand going forward as the effects
of restrictive monetary policy spread
more broadly through the economy, Rubeela Farooqi, Chief U.S. economist at
High Frequency Economics, via ABC.
ABC reports that the combination of a resilient job market
and falling inflation has increased hope that the
Federal Reserve will end its recent rate-hiking campaign.
.
ABC reports that the combination of a resilient job market
and falling inflation has increased hope that the
Federal Reserve will end its recent rate-hiking campaign.
.
The Fed has raised its benchmark interest rate
eleven times since March of 2022 in an attempt to
slow the economy while also preventing a recession.
2024 Rock & Roll Hall of Fame Inductees , Are Announced.
2024 Rock & Roll Hall of Fame Inductees , Are Announced.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
This year's honorees are
Mary J. Blige, Cher, Dave Matthews Band.
Foreigner, Peter Frampton, Kool & The Gang.
Foreigner, Peter Frampton, Kool & The Gang.
Foreigner, Peter Frampton, Kool & The Gang.
Ozzy Osbourne and
A Tribe Called Quest, NPR reports. .
Ozzy Osbourne and
A Tribe Called Quest, NPR reports. .
John Sykes, chairman of the Rock & Roll
Hall of Fame Foundation, issued a
statement about this year's inductees.
Rock & Roll is an ever-evolving
amalgam of sounds that impacts
culture and moves generations, John Sykes, chairman of the Rock & Roll Hall of Fame Foundation, via NPR.
This diverse group of inductees
each broke down musical barriers
and influenced countless artists
that followed in their footsteps, John Sykes, chairman of the Rock & Roll Hall of Fame Foundation, via NPR.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
Additionally, the Musical Influence Award will go to Alexis Korner, John Mayall and Big Mama Thornton.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Musical Excellence Award will be given to
Jimmy Buffett, MC5, Dionne Warwick
and Norman Whitfield.
The Ahmet Ertegun Award, which honors those
who don't perform music but have made an impact
in the industry, will go to Suzanne de Passe.
The induction ceremony will take place on Oct. 19 and will stream live on Disney+.
It will be available to view on Hulu the following
day and will also air on ABC at a later date.
It will be available to view on Hulu the following
day and will also air on ABC at a later date
Credit: Wibbitz Top Stories Duration: 01:30Published
Beloved 'Golden Bachelor' couple Gerry Turner and Teresa Nist are sadly calling it quits. Just three months after tying the knot in an ABC special in January, the couple, whose engagement was revealed in Nov, announced they are getting a divorce. They sat down with 'Good Morning America' to reveal their decision but offered little to an audience that will want to know what happened after witnessing their inspiring later-in-life love story unfold.
Credit: The Hollywood Reporter Duration: 02:04Published
Ford Orders Recall , Over Potential SUV Gas Leak.
ABC reports that Ford has ordered
a recall for almost 43,000 small SUVs
due to a potential risk of fire. .
The recall impacts some Bronco
Sport SUVs from 2022 and 2023,
as well as 2022's Escape SUVs. .
According to Ford, gasoline can leak from
fuel injectors near or onto hot engine surfaces,
which increases the risk of starting fires.
The recall does not reportedly include repairing
any potential fuel leak, which the company
claims only impacts about 1% of their SUVs.
ABC reports that Michael Brooks, executive director
of the nonprofit Center for Auto Safety,
has called Ford's decision a "Band-aid type recall.".
Brooks claims that even a 1% failure
rate is high and places drivers
at potential risk for a crash.
The NHTSA said that it lacks legal
authority to pre-approve recall fixes. .
The agency added that it would, "closely track their performance using field data.".
However, Brooks suggests that Congress
needs to change laws so that the NHTSA can , "require something more than the rubber
stamp that NHTSA is currently deploying.”.
That is a post-remedy inquiry
that won't make the fixes better,
and further stretches out the process
and leaves consumers in limbo. , Michael Brooks, executive director of the
nonprofit Center for Auto Safety, via ABC
Credit: Wibbitz Top Stories Duration: 01:30Published
US Life Expectancy on the Rise , Following Pandemic Decline, CDC Report Says.
According to the latest federal
mortality data, life expectancy in
the United States increased in 2022. .
The report published by the Centers for
Disease Control and Prevention's National Center for Health
Statistics (NCHS) raised life expectancy to 77.5 years.
The report published by the Centers for
Disease Control and Prevention's National Center for Health
Statistics (NCHS) raised life expectancy to 77.5 years.
The positive change comes after two
years of decline following the pandemic.
The positive change comes after two
years of decline following the pandemic.
While life expectancy has yet to reach
pre-pandemic levels, 2022 showed
an increase of 1.1 years compared to 2021.
2022 ended up recording 3.27 million
deaths in the U.S., which was
184,374 fewer deaths than the year before.
According to the report, heart disease
and cancer remained the two most
prevalent causes of death in the U.S. .
According to the report, heart disease
and cancer remained the two most
prevalent causes of death in the U.S. .
COVID-19 dropped to fourth on
the list, and unintentional injuries
took over the number three spot.
COVID-19 dropped to fourth on
the list, and unintentional injuries
took over the number three spot.
ABC reports that both males and
females saw approximately the same
increase in life expectancy from 2021 to 2022.
Over the same period of time,
the death rate decreased
for nearly every age group. .
Another NCHS report found that rates of
drug overdose deaths from synthetic opioids
increased by 4.1% between 2021 and 2022.
Credit: Wibbitz Top Stories Duration: 01:30Published
Phase One Investigative Maui Wildfire Report , to Be Released Next Month.
ABC reports that seven months after deadly
wildfires devastated Maui, an investigative
report will be released on April 17, 2024.
Hawaii Attorney General Anne Lopez commissioned the
Fire Safety Research Institute (FSRI) to conduct an
independent investigation alongside several local agencies.
The first phase of the investigation is meant
to analyze how the disaster unfolded during
the first 24 to 72 hours, as well as its aftermath. .
The report also includes
a comprehensive timeline of events. .
According to the AG's office, the FSRI research
team ran into unexpected delays while
gathering information critical to their review. .
In November of 2023, subpoenas were served to the
Maui Emergency Management Agency, the County
of Maui Department of Public Works and the
County of Maui Department of Water Supply.
Those subpoenas demanded materials relevant
to the investigation, including documents and photos, as well as video and audio recordings.
Being able to review all of the data,
which is extensive, has a tremendous
impact on the comprehensive analysis
of the fire incident and our
recommendations to make Hawaiʻi
a safer place to live, work and play, Steve Kerber, Ph.D., PE, vice president and executive director of FSRI, via ABC.
An analysis of this magnitude cannot be
rushed, and we must allow for the time
needed to make sure this investigation,
based on science, is done correctly, Anne Lopez, Hawaii Attorney General, via ABC.
I am confident that the Phase One
report will provide some answers
to the questions surrounding
the tragic wildfire incident, Anne Lopez, Hawaii Attorney General, via ABC
Credit: Wibbitz Top Stories Duration: 01:31Published
FTC to Decide , Whether Noncompete Agreements , Should Be Banned.
After receiving over 26,000 public comments about the issue, the Federal Trade Commission is set to deliver its verdict on April 30, NPR reports. .
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
Approximately one in five Americans, spanning minimum wage workers to CEOs, are subject to noncompete agreements, the FTC estimates. .
The Biden administration says that these types of agreements hurt workers by decreasing wages.
The White House also argues that these
agreements harm the U.S. economy because entrepreneurship isn't allowed to freely flourish. .
FTC Chair Lina M. Khan issued a statement when
the proposed ban was initially introduced.
The freedom to change jobs is
core to economic liberty and to
a competitive, thriving economy, FTC Chair Lina M. Khan, via statement.
Noncompetes block workers from
freely switching jobs, depriving
them of higher wages and better
working conditions, and depriving
businesses of a talent pool that
they need to build and expand, FTC Chair Lina M. Khan, via statement.
Businesses argue that noncompete agreements are essential for safeguarding investments and proprietary information.
Those businesses also question whether
the agency has the power "to regulate
such agreements," NPR reports. .
If the FTC votes to issue a final rule, enforcement wouldn't occur for 180 days,
and legal challenges would likely ensue.
Credit: Wibbitz Top Stories Duration: 01:31Published
Millennials Want a 4-Day Workweek, , Poll Indicates.
Redfield and Wilton Strategies recently conducted a poll for 'Newsweek' to find
out how Americans feel about the idea of moving toward a four-day workweek.
4,000 U.S. voters were
surveyed between April 6 and 7.
63% were in favor of a four-day workweek.
46% think the model makes
employees more productive.
Out of all age groups surveyed,
millennials accounted for 74% of those
who want to work less hours.
Of that 74%, 44% "were strongly in favor of a shorter working week," 'Newsweek' reports.
50% of people born in 1964 and before supported a four-day workweek.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The sad reality is, Americans now
work more hours than the people
of most other wealthy nations, Bernie Sanders, via March 2024 health committee hearing.
Lisa Countryman-Quiroz, CEO of non-profit JVS, called a 5-day, 40-hour workweek outdated.
The five-day workweek was created in a
different time. It served its purpose, but
today's world is more fast-paced and
technology-driven than our workplace
predecessors could have imagined, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
Since implementing a
four-day workweek, our
results have been incredible. , Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
We've found our employees are more
productive, report better work-life balance,
and experience less burnout. Incredibly, our
turnover rate has been cut nearly in half, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
The grants will bring solar energy
to over 900,000 households in both
low- and middle-income communities. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
NBC reports that solar power has gained
traction as a clean energy source that could
help reduce U.S. reliance on fossil fuels.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
49 of the new grants will be awarded at
the state level, six more will serve Native American
tribes and another five are multi-state awards.
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
Officials say that the latest environmental
announcements are part of an effort to energize
young voters ahead of his upcoming reelection campaign.
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda.
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
US Job Market , Stays Strong as Applications for , Jobless Benefits Inch Lower.
ABC reports that slightly fewer people in the United States
applied for jobless claims last week, indicating that..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Job Market , Stayed Strong In September , Despite Fed's Rate Hikes.
In September, employers posted 9.6 million
job openings, an indicator that America's
job market remains strong. .
ABC reports..
Credit: Wibbitz Top Stories Duration: 01:31Published
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