Connect with us

Published

on

Wholesale prices in the United States picked up slightly in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.

The Labor Department reported Friday that its producer price index which measures inflation before it hits consumers rose 0.8% last month from July 2022.

The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.

On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June.

Last month’s increase was the biggest since January. An increase in services prices, especially for management of investment portfolios, drove the month-to-month increase in wholesale inflation.

Wholesale meat prices also rose sharply in July.

Analysts said the July rise in wholesale prices, from the previous month’s low levels, still reflects an overall easing inflation trend.

The figures the Labor Department issued Friday reflect prices charged by manufacturers, farmers and wholesalers.

The figures can provide an early sign of how fast consumer inflation will rise in the coming months.

Since peaking at 11.7% in March 2022, wholesale inflation has steadily tumbled in the face of the Federal Reserve’s 11 interest rate hikes.

Excluding volatile food and energy prices, “core” wholesale inflation rose 2.4% from July 2022, the same year-over-year increase that was reported for June.

Measured month to month, core producer prices increased 0.3% from June to July after falling 0.1% from May to June.

On Thursday, the government reported that consumer prices rose 3.3% in July from 12 months earlier, an uptick from June’s 3% year-over-year increase.

But in an encouraging sign, core consumer inflation rose just 0.2% from June, matching the smallest month-to-month increase in nearly two years.

By all measures, inflation has cooled over the past year, moving closer to the Feds 2% target level but still remaining persistently above it.

The moderating pace of price increases, combined with a resilient job market, has raised hopes that the Fed may achieve a difficult soft landing: Raising rates enough to slow borrowing and tame inflation without causing a painful recession.

Many economists and market analysts think the Feds most recent rate hike in July could prove to be its last.

Before the Fed next meets Sept. 19-20 to decide whether to continue raising rates, it will review several additional economic reports.

They include another monthly report on consumer prices; the latest reading of the Feds favored inflation gauge; and the August jobs report.

Inflation began surging in 2021, propelled by an unexpectedly robust bounce-back from the 2020 pandemic recession.

By June 2022, consumer prices had soared 9.1% from a year earlier, the biggest such jump in four decades.

Much of the price acceleration resulted from clogged supply chains: Ports, factories and freight yards were overwhelmed by the explosive economic rebound.

The result was delays, parts shortages and higher prices.

But supply-chain backlogs have eased in the past year, sharply reducing upward pressure on goods prices.

Prices of long-lasting manufactured goods actually dipped in June.

Continue Reading

World

‘Let’s do a deal’: Zelenskyy touts Ukraine’s rare earth stores to Trump

Published

on

By

'Let's do a deal': Zelenskyy touts Ukraine's rare earth stores to Trump

Volodymyr Zelenskyy has told Donald Trump “let’s do a deal” as he offered the US a partnership over Ukraine’s stores of rare earth and minerals.

Earlier this week, Mr Trump said he wanted Ukraine to supply the US with critical resources in exchange for financial support in its war with Russia.

In an interview with Reuters on Friday, Mr Zelenskyy said: “If we are talking about a deal, then let’s do a deal, we are only for it.”

While emphasising that Kyiv was not proposing “giving away” its resources, he said he was open to a mutually beneficial partnership to develop them jointly.

Ukraine-Russia war latest: Ukrainian forces seize land inside Russia

Rare earths are a group of 17 metals that are vital in the production of high-performance magnets, electric motors and consumer electronics.

Mr Zelenskyy touted the country’s reserves of titanium and uranium as Europe’s largest.

More on Donald Trump

According to the World Economic Forum, Ukraine also has the potential to become a key supplier of lithium, beryllium, manganese, gallium, zirconium, graphite, apatite, fluorite and nickel.

Showing a map of Ukraine’s mineral deposits, he then said Russia currently has control of less than 20% of the country’s mineral resources – but that includes about half its rare earth deposits.

Volodymyr Zelenskyy with the 'Plan of Victory' map. Pic: Reuters
Image:
Zelenskyy said Ukraine has Europe’s largest stores of titanium and uranium. Pic: Reuters

Putin is not just grabbing them [minerals] along with the land, he is already thinking about how to get other partners in his alliance – North Korea, Iran… and he will give them access,” Mr Zelenskyy said.

“This is very rich land. This does not mean that we are giving it away to anyone, even to strategic partners. We are talking about partnership…

“Let’s develop this together, make money, and most importantly, it’s about the security of the Western world.”

The Ukrainian president added that Kyiv and the White House were discussing the idea of using the country’s underground gas storage sites to store American liquefied natural gas, calling it “very interesting”.

He also said he would like to discuss the US having priority when it came to rebuilding Ukraine, saying it would amount to “a lot of money for business”.

‘Not accepting Russia’s ultimatums’

He also insisted that Mr Trump must meet with him before he meets with the Russian president, “otherwise it will look like a dialogue about Ukraine without Ukraine”.

He added: “I don’t know what compromises can be discussed at the negotiating table, we have not reached that point…

“It is important for people to understand that Ukraine is negotiating, not accepting ultimatums from Russia.”

He also stressed Ukraine’s need for security guarantees from its allies as part of any settlement.

It comes as Mr Trump said he may meet with Mr Zelenskyy in the White House as early as next week. The two last met in New York in September last year.

Mr Trump also repeated his interest in meeting the Russian president with whom he said he always had a “good relationship”.

Speaking to reporters while meeting with Japanese Prime Minister Shigeru Ishiba, Mr Trump said: “I’d like to see it end, just on a human basis. I’d like to see that end. It’s a ridiculous war.”

Read more:
Ukraine peacekeeping force without US troops would be ‘mistake’
Lammy promises £55m for Ukraine during visit

Mr Zelenskyy also told Reuters in his interview that thousands of North Korean soldiers have now returned to fight Kyiv’s forces in the Kursk region of Russia.

A Ukrainian special forces commander told Sky News last month that it appeared that North Korean troops had been temporarily pulled back from the frontline after heavy losses.

The commander, who went by the codename “Puls,” claimed the forces had been seen blowing themselves up with grenades rather than risk capture.

Continue Reading

US

Judge pauses Donald Trump’s plan to put thousands of USAID workers on leave

Published

on

By

Judge pauses Donald Trump's plan to put thousands of USAID workers on leave

A federal court has paused aspects of a plan by Donald Trump to dismantle the US Agency for International Development (USAID) and put roughly 2,700 of its staff on leave.

District judge Carl Nichols, who was nominated by the US president during his first term, agreed with legal arguments from the largest government workers’ union and an association of foreign service workers.

They sued to stop Mr Trump’s administration attempting to close USAID, which distributes billions of dollars of humanitarian aid around the world.

Justice department official Brett Shumate told Judge Nichols that about 2,200 USAID employees would be put on paid leave under the administration’s plans.

Please use Chrome browser for a more accessible video player

What is USAID?

“The president has decided there is corruption and fraud at USAID,” said Mr Shumate.

It echoes comments President Trump made on Friday in a post on Truth Social accusing USAID – without evidence – of corruption and spending money fraudulently.

But Karla Gilbride, a lawyer for the unions, argued the plans were unlawful: “The major reduction in force, as well as the closure of offices, the forced relocation of these individuals were all done in excess of the executive’s authority in violation of the separation of powers.”

More on Donald Trump

Judge Nichols’s order, which is in effect until 14 February, blocks Mr Trump’s administration from implementing plans to place the 2,200 USAID workers on paid leave from Saturday.

It also reinstates some 500 employees who had already been furloughed.

👉 Listen to Sky News Daily on your podcast app 👈

And there will be a ban on relocating USAID humanitarian workers stationed outside the US, after overseas staff were ordered to return home within 30 days.

Judge Nichols will consider a request for a longer-term pause at a hearing scheduled for next week.

But he rejected other requests from the unions to reopen USAID buildings and restore funding for agency grants and contracts.

Soon after being inaugurated, Mr Trump ordered all US foreign aid be paused to ensure it is aligned with his “America First” policy.

Read more from Sky News:
Trump’s space race with China
Wreckage found of missing plane
King and Queen host celebrities

The dismantling of USAID has largely been overseen by Elon Musk, who is spearheading the president’s effort to cut costs and bureaucracy.

US secretary of state Marco Rubio insists the government will continue providing foreign aid, “but it is going to be foreign aid that makes sense and is aligned with our national interest”.

Friday’s ruling is the latest setback in the courts for the Trump administration.

Judges have temporarily paused other controversial policies, including one offering financial incentives for federal workers to resign and another ending American citizenship for anyone born in the US if their parents are in the country illegally.

Continue Reading

Science

1.4 Million-Year-Old Jaw Identified as New Paranthropus Species in South Africa

Published

on

By

1.4 Million-Year-Old Jaw Identified as New Paranthropus Species in South Africa

A fossilised jawbone discovered in South Africa has been classified as belonging to a previously unidentified human relative. The specimen, estimated to be 1.4 million years old, has been attributed to the genus Paranthropus, known for its distinctive dental structure. Unlike its robust counterparts, the newly identified species exhibits a smaller jaw and teeth, suggesting dietary differences. The findings indicate that multiple hominin species coexisted in southern Africa during that period, adding to the complexity of early human evolution.

Findings from the Research

According to a study published in the Journal of Human Evolution, the fossil jaw, catalogued as SK 15, was unearthed in 1949 at Swartkrans, a well-known paleoanthropological site in South Africa. Originally classified as Telanthropus capensis and later reassigned to Homo ergaster, recent analysis has challenged this classification. Clément Zanolli, a paleoanthropologist at the University of Bordeaux, told Live Science that advanced X-ray imaging was used to create virtual 3D models of the specimen. Internal and external dental structures were examined, revealing that SK 15 does not align with Homo species. The molars were found to be longer and more rectangular than those typically seen in Homo, with the jaw notably thicker than expected. These characteristics led researchers to identify it as a distinct species within the Paranthropus genus, named Paranthropus capensis.

Implications of the Discovery

As per the findings, Paranthropus capensis existed alongside Paranthropus robustus around 1.4 million years ago. Variations in jaw and tooth structure suggest different dietary habits, with P. robustus likely relying on a highly specialised diet due to its large molars, while P. capensis may have consumed a broader range of food sources.

Zanolli noted that the fossil record in Africa remains incomplete, leaving open the question of whether P. capensis persisted beyond its currently known timeframe. The possibility of additional unidentified species in the hominin lineage has been highlighted, underlining the need for further excavation and study in the region.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who’sThat360 on Instagram and YouTube.


OpenAI Expands ChatGPT Search Feature to Users Without an OpenAI Account



Xiaomi Mix Flip 2 Launch Timeline Leaked; Said to Get 5,100mAh Battery, Wireless Charging

Continue Reading

Trending