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US inflation rose 3.7% in September, more than economists expected and still well above the Federal Reserve’s 2% target, as the central bank weighs whether to hike interest rates again by year’s end.

The reading for the Consumer Price Index a closely watched measure of inflation that tracks changes in the costs of everyday goods and services matches the reading in August, and is slightly above the 3.6% advance that economists expected, according to data by the Bureau of Labor Statistics released Thursday.

On a monthly basis, inflation slowed to 0.4% from 0.6% in August, partly because of lower pressure from energy prices.

However, core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends held steady at 0.3% month to month and rose 4.1% from a year ago, in line with expectations.

Though September’s CPI is also a cooldown from inflation’s 9.1% peak in June 2022, it still remains well above the Fed’s 2% goal. Stock futures dropped ahead of the market opening as traders increased their bets of another rate hike to around 50%, up from 30% earlier this week.

“The bigger picture is that the trend is still quite encouraging, but the fight continues,” said Olu Sonola, head of US regional economics at Fitch Ratings in New York. “They [Fed officials] may now want to extend the pause to December, given the recent increase in long-term rates.”

The gasoline index’s 2.1% advance was also a large contributor to the CPI, the data showed, though the federal agency said shelter’s 0.2% increase accounted for over half of the increase.

Gasoline experienced an eye-watering 10.6% increase last month, when AAA figures showed that the average price for a gallon of gas was $3.85.

As of Thursday, a gallon of gas in the US averages $3.65, according to AAA.

While many investors had been willing to look past the volatile energy numbers, a surprisingly resilient labor market has some worried that inflation could be more stubborn.

September’s employment report revealed that the US economy added a whopping 336,000 jobs last month — an unexpected surge that contradicts the notion the Fed may tamp down its aggressive tightening regime.

The blowout number was nearly double the 170,000 jobs economists had expected, and also sharply higher than an upwardly revised 227,000 jobs added in August, according to fresh data released by the Bureau of Labor Statistics last week.

The news sent yields on US Treasury bonds to their highest levels in 16 years and sent the Dow Jones Industrial Average into the red for 2023.

Since inflation hit a four-decade peak last summer, the central bank has worked to bring the stubborn figure down by hiking rates another 25 basis points to a 22-year high in August in hopes of an economic slowdown.

The benchmark federal funds rate currently sits between 5.25% and 5.5%. Last month, Fed officials unanimously decided to hold the record-high rate steady for the second time in six policy meetings so far this year.

But thanks to a strong labor market, the US economy has avoided a downturn, and even the Fed has said its no longer predicting the economy will slip into a recession by the end of the year.

“We must wait for more data to see if this is just a blip or if there is something more fundamental driving the increase such as higher rent increases in larger cities offsetting softer increases in smaller cities,” said US Bank of America Securities economist Stephen Juneau.

“When deciding whether to raise rates one last time this year, the FOMC will be asking whether inflation needs another nudge or if its getting to 2% on its own. Its increasingly looking like the latter,” NerdWallet data analyst Elizabeth Renter told The Post.

“The Fed, astheyreall too happy to remind us, is laser focused on getting inflation down to 2%.”

Fed Chair Jerome Powell has said central bankers will be taking a data-dependent approach moving forward, leaving more interest rate hikes before years end up in the air.

Markets were spooked ahead of the jobs report, falling more than 1% when the Labor Department released its Job Openings and Labor Turnover Summary, which showed job openings increased to 9.61 million in August up from 8.9 million in July.

With Post wires.

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Avs show off ‘deeper’ team in late scoring barrage

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Avs show off 'deeper' team in late scoring barrage

DENVER — With a five-goal third-period barrage that saw a different player score each goal Friday night, the Colorado Avalanche showed the version of the team they believe can make up for last year’s first-round exit a year after winning the Stanley Cup.

The Avs cruised to a 6-2 win against the Winnipeg Jets to take a 2-1 series lead in the Western Conference quarterfinals.

“Last year, we had no goals outside of our top three forwards and defensemen,” Avalanche coach Jared Bednar said. “This year, I don’t know, you’d have to total it up, but it’s huge contributions. We’re a deeper team. There’s no question about it.”

A lack of secondary and tertiary scoring last season contributed to the Avs scoring 19 goals in the first round before they were eliminated in seven games by the Seattle Kraken.

They already have 17 goals through three first-round games this year, with 10 of them coming from beyond their first line and their top defensive pairing.

Veteran winger Zach Parise, who signed with the Avs in February to win his first Stanley Cup, staked the team to a 1-0 lead before the Jets used the second period to take a 2-1 lead through Tyler Toffoli and Josh Morrissey.

Penalties, however, played a role in grounding the Jets in the third period.

“Since I’ve been here, I thought the third was the best period we’ve played,” said Avalanche center Casey Mittelstadt, the team’s trade deadline acquisition who finished with three assists.

A power-play goal from Nathan MacKinnon tied the score a little more than two minutes into the third. The Avs took the lead through another power-play goal from Valeri Nichushkin almost two minutes later.

Goals from Artturi Lehkonen and Ross Colton extended the lead to 5-2 before Devon Toews’ empty-net goal made it 6-2 with 3:35 remaining in the game.

“I think for us, being down one in the third there, we didn’t sit back on our heels,” Colton said. “I think we just kind of took it to them. When we play with that speed and that energy, we’re a good team. Obviously, we had some power plays, but we drew them with hard work and getting in on the forecheck and putting them under pressure. It all starts with that.”

At the end of the game, there was an on-ice scrum between the Avs and Jets that saw Jets defenseman Brenden Dillon emerge with a bloodied, lacerated left hand. Dillon immediately left the ice and entered the Jets’ dressing room.

Jets coach Rick Bowness said there was no immediate update available on Dillon’s condition.

“Obviously, a scary situation there,” Morrissey said. “I don’t really have anything to say, but we’re all really concerned for him and just hoping everything is OK.”

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R Kelly loses appeal to overturn 20-year sentence for child sex abuse

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R Kelly loses appeal to overturn 20-year sentence for child sex abuse

R Kelly’s challenge against a 20-year sentence for child sex convictions has been quashed by an appeals court. 

The singer was correctly sentenced to 20 years in prison, a Chicago court ruled on Friday.

He was convicted in 2022 on three charges of producing child sexual abuse images and three charges of enticement of minors for sex.

In his appeal, Kelly, 57, argued Illinois’ old statute of limitations – which required prosecution of child sex crime charges within 10 years – should have applied, rather than the current law permitting charges while an accuser is still alive.

The appeals court rejected this, labelling it an attempt by Kelly to elude the charges entirely after “employing a complex scheme to keep victims quiet”.

He also argued that charges involving one accuser should have been tried separately from the charges tied to three other accusers due to video evidence that became a focal point of the Chicago trial.

Prosecutors have said the video showed Kelly abusing a girl. The accuser, only identified as Jane, testified for the first time that she was 14 when the video was taken.

The three-judge panel from the appeals court noted jurors acquitted Kelly on seven of the 13 counts against him “even after viewing those abhorrent tapes”.

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In a written statement, Kelly’s attorney Jennifer Bonjean said they plan to seek a US Supreme Court review of the decision and “pursue all of his appellate remedies until we free R Kelly”.

“We are disappointed in the ruling, but our fight is far from over,” she said.

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ITV newsreader Rageh Omaar ‘receiving medical care’ after on-screen behaviour worries fans

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ITV newsreader Rageh Omaar 'receiving medical care' after on-screen behaviour worries fans

ITV News presenter Rageh Omaar is “receiving medical care” after becoming “unwell” live on-air, the TV channel says.

Omaar, 56, was presenting News At Ten on Friday when he appeared to be struggling to read the news bulletins, stumbling over words, prompting concern online.

ITV pulled the show from its scheduled re-run on ITV+1, telling viewers that the channel was “temporarily unable to bring you our +1 service”.

Afterwards, an ITV News spokesperson said: “We are aware that viewers are concerned about Rageh Omaar’s wellbeing.

“Rageh became unwell while presenting News at Ten on Friday and is now receiving medical care.

Rageh Omaar attending the ITV Palooza held at the Royal Festival Hall, Southbank Centre, London. Picture date: Tuesday November 23, 2021.
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Rageh Omaar in 2021. File pic: PA

“He thanks everyone for their well wishes.”

No further details were given and it is unclear what was happening to Omaar during the broadcast.

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Omaar covers major news stories as ITV’s international affairs editor, while also presenting the channel’s current affairs programme On Assignment.

He was previously a senior foreign correspondent for the BBC, rising to prominence during the invasion of Iraq in 2003.

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