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close video AI’s ability to destroy jobs an ominous sign: Sica

Circle Squared Alternative Investments founder Jeff Sica discusses the rapid expansion of artificial intelligence on “Varney & Co.”

All eyes will be on the May jobs report when it comes out Friday morning as investors look for clues about the labor market's health in the face of higher interest rates, stubborn inflation and recession fears.

The Labor Department's high-stakes May payroll report is projected to show that hiring increased by 190,000 last month and that the unemployment rate inched higher to 3.5%, according to a median estimate by Refinitiv economists.

That would mark a drop from the 253,000 gain in April and the 290,000 monthly average recorded over the previous six months. However, it is slightly above the average pre-pandemic monthly increase.

"In the last few months, the job market has continued to defy gravity, adding a steady clip of jobs and holding unemployment at historically low levels despite a backdrop of rising interest rates, banking turmoil, tech layoffs and debt ceiling negotiations," said Daniel Zhao, senior economist Glassdoor. "After a healthy April jobs report, May is likely to repeat with an equally strong performance."

MAJORITY OF WORKERS REGRET QUITTING DURING ‘GREAT RESIGNATION

The Federal Reserve is closely watching the report for evidence that the labor market is finally softening after months of surprisingly healthy job gains as policymakers try to wrestle inflation under control. Although the Consumer Price Index has cooled from a peak of 9.1% in June 2022, it remains about three times higher than the pre-pandemic average despite 10 consecutive interest-rate hikes.

Policymakers have signaled that they may skip another rate hike at their meeting later in June as they examine how tighter monetary policy is affecting the economy. However, some officials have hinted they are open to raising rates for the 11th straight time.

THE HOUSING RECESSION ISN'T OVER YET

"The May jobs report will take on heightened importance given the Fed’s extreme data-dependent approach and the growing divide among Fed policymakers over whether to pause their rate-hiking campaign in June," said Gregory Daco, EY chief economist. 

Hotter-than-expected job and wage data on Friday could be a worrisome sign for the U.S. central bank.

The Labor Department’s May payroll report is projected to show that hiring increased by 190,000 last month and that the unemployment rate inched higher to 3.5%. (Michael M. Santiago/Getty Images / Getty Images)

"Overall, the May jobs report should still argue in favor of a Fed pause at the upcoming June FOMC (Federal Open Market Committee) meeting," Daco said. "Still, hawkish Fed commentary and excessive data dependence mean that a hotter-than-expected jobs report could push the small majority of policymakers in favor of a ‘hawkish pause’ to join those favoring another rate hike."

The labor market has remained historically tight over the past year, defying economists' expectations for a slowdown.

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A separate report released Wednesday showed that job openings unexpectedly surged to 10.1 million in April, the highest level in three months. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million. There are still roughly 1.6 jobs per unemployed American.

The report also pointed to a decline in layoffs and discharges, indicating that employers are holding onto their workers in the competitive labor market.

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US talk show titans come out fighting after Kimmel cancellation

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US talk show titans come out fighting after Kimmel cancellation

US talk show host Stephen Colbert has condemned the cancellation of fellow late-night star Jimmy Kimmel as a “blatant assault on freedom of speech”, as America’s top late night presenters came out fighting.

He used the opening of Thursday night’s edition of his Late Show to address the pulling of Jimmy Kimmel Live over comments made about the assassination of the right-wing influencer Charlie Kirk.

Kimmel used his show earlier this week to accuse the Trump administration and its allies of “working very hard to capitalise on the murder of Charlie Kirk”, with the president among those to pin it on left-wing extremism.

The move by Disney-owned ABC has been widely criticised, with the network accused of kowtowing to President Donald Trump, who celebrated the decision.

Also airing on Thursday night, Jon Stewart, host of Comedy Central’s Daily Show, appeared in a garish gold set, in parody of Mr Trump’s redesign of the White House, to tell viewers the episode would be “another fun, hilarious, administration-compliant show”.

Stewart, playing the role of an over-the-top, politically obsequious TV host under authoritarian rule, lavished praise on the president and satirised his criticism of US cities and his deployment of the National Guard to fight crime.

“Coming to you tonight from the real […] crime-ridden cesspool that is New York City. It is a tremendous disaster like no-one’s ever seen before. Someone’s National Guard should invade this place, am I right?” he said.

He then introduced his guest – Maria Ressa, a journalist and author of the book How To Stand Up To A Dictator.

Jon Stewart. Pic: Associated Press
Image:
Jon Stewart. Pic: Associated Press

Over at The Tonight Show, Jimmy Fallon told his audience he was “not sure what was going on” but that Kimmel is “a decent funny and loving guy and I hope he comes back”.

Fallon then promised viewers that in spite of people being “worried that we won’t keep saying what we want to say or that we will be censored”, he was going to cover the president’s recent trip to the UK “just like I normally would”.

He was then replaced by a voiceover describing Mr Trump as “incredibly handsome” and “making America great again”.

Jimmy Fallon on Thursday's Tonight Show. Pic: The Tonight Show X
Image:
Jimmy Fallon on Thursday’s Tonight Show. Pic: The Tonight Show X

Seth Meyers also joined the fray.

“Donald Trump is on his way back from a trip to the UK,” he said at the top of his show Late Night, “while back here at home, his administration is pursuing a crackdown on free speech… and completely unrelated, I just wanted to say that I have always admired and respected Mr Trump.

“I have always believed he was a visionary, an innovator, a great president, and an even better golfer.”

Kimmel’s removal from the show he has hosted for two decades led to criticism that free speech was under attack.

But speaking on his visit to Britain, Donald Trump claimed he was suspended “because he had bad ratings”.

It came after fellow late-night host Colbert saw his programme cancelled earlier this year, which fans claimed was also down to his criticism of Mr Trump, who has since railed against Kimmel, Meyers, and Fallon.

He has posted on Truth Social that they should all be cancelled.

Jimmy Kimmel hosting last year's Oscars. Pic: AP
Image:
Jimmy Kimmel hosting last year’s Oscars. Pic: AP

Figures from both the worlds of entertainment and politics lined up to lament ABC’s removal of Kimmel.

Chat show doyenne David Letterman said people should not be fired just because they don’t “suck up” to what he called “an authoritarian” president.

During an appearance at The Atlantic Festival 2025 in New York on Thursday night, he added: “It’s no good. It’s silly. It’s ridiculous.

“I feel bad about this, because we all see where see this is going, correct? It’s managed media.”

Barack Obama on Jimmy Kimmel Live in 2016. Pic: Susan Walsh/AP
Image:
Barack Obama on Jimmy Kimmel Live in 2016. Pic: Susan Walsh/AP

Former US president Barack Obama wrote on X: “After years of complaining about cancel culture, the current administration has taken it to a new and dangerous level by routinely threatening regulatory action against media companies unless they muzzle or fire reporters and commentators it doesn’t like.

“This is precisely the kind of government coercion that the First Amendment was designed to prevent, and media companies need to start standing up rather than capitulating it.”

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Trump and Starmer quizzed on Epstein

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Trump and Starmer quizzed on Epstein

👉 Follow Trump100 on your podcast app 👈

Starmer and Trump meet at Chequers. A news conference with enormous consequences, not just for the US and UK, but for the global world order.

To match the occasion – a special mashup episode of Electoral Dysfunction and Trump100. Mark Stone is joined by Beth Rigby, Harriet Harman and Ruth Davidson.

As Team Trump leaves British soil… is Starmer better off now than he was at the start of the week?

Or is he still on the ropes?

You can also watch all episodes on our YouTube channel.

Email us on trump100@sky.uk with your comments and questions.

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Canada’s TradeOgre seizure slammed as ‘theft from many innocent users’

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Canada’s TradeOgre seizure slammed as ‘theft from many innocent users’

Canada’s TradeOgre seizure slammed as ‘theft from many innocent users’

Canadian police have seized $40 million in crypto from TradeOgre, which the exchange’s supporters have criticized as heavy-handed.

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