Connect with us

Published

on

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.

Continue Reading

Sports

Ohtani delivers first walk-off hit as a Dodger

Published

on

By

Ohtani delivers first walk-off hit as a Dodger

LOS ANGELES — Shohei Ohtani delivered his second major league walk-off hit, a two-out single in the 10th inning that sent the Los Angeles Dodgers to a 3-2 victory over the Cincinnati Reds on Sunday.

Andy Pages hit an early two-run homer for the Dodgers, who have won 20 of 26 after taking three of four from Cincinnati.

Pinch-hitter Will Smith drew a one-out walk in the 10th from Alexis Diaz (1-3), who got Mookie Betts to fly out before Ohtani stroked a single to right, scoring Jason Heyward. Ohtani’s latest feat set off a loud celebration for another huge weekend crowd at Dodger Stadium.

His only other walk-off hit in Major League Baseball was an 11th-inning single for the Los Angeles Angels in a 6-5 win over Houston on Sept. 4, 2020.

It was Ohtani’s 21st multi-hit game this season, the most in MLB. He is hitting .393 this month, the third-highest batting average in MLB among hitters with at least 20 at-bats in May (Kevin Pillar .447, Vladimir Guerrero Jr. .407).

Stuart Fairchild had two hits for the Reds, who have lost 15 of 18. Cincinnati also has lost seven consecutive series.

Anthony Banda (1-0) got three straight outs in the 10th in his debut with the Dodgers, who acquired the reliever from Cleveland on Friday. Banda’s win was his first since May 28, 2022, with Pittsburgh. He has pitched for the Blue Jays, Yankees, Nationals and Dodgers — and played in Cleveland’s minor league system — since leaving the Pirates less than two years ago.

Cincinnati reliever Emilio Pagan left abruptly with two outs in the ninth and a 2-1 count on Heyward. Pagan recorded two outs before throwing three straight fastballs to Heyward and then departing with a possible shoulder injury.

Diaz struck out Heyward to force extra innings.

Hunter Greene struck out eight while pitching four-hit ball into the seventh inning for Cincinnati in his second career start in his hometown. The hard-throwing right-hander got youth coaching at Compton’s Major League Baseball Urban Youth Academy and played high school ball in Sherman Oaks before the Reds made him the second overall pick in 2017.

Landon Knack yielded one run on three hits over the first 4⅔ innings for the Dodgers in his fourth major league appearance. Knack made three starts in April, and he got recalled from Triple-A Oklahoma City for this spot start apparently so the Dodgers could give a full week of rest to Yoshinobu Yamamoto.

Freddie Freeman singled in the fourth before Pages put a poor slider into the short porch down the left-field line for the fifth homer of his rookie season.

Cincinnati had been shut out for 16 consecutive innings at Chavez Ravine before it scored on back-to-back doubles to left in the fifth by Fairchild and Santiago Espinal, whose catchable drive fooled Teoscar Hernandez.

Cincinnati tied it in the seventh when pinch-hitter Spencer Steer — a Long Beach native in an 0-for-16 slump — drew a bases-loaded walk on nine pitches from Alex Vesia, who escaped the jam.

ESPN Stats & Information and The Associated Press contributed to this report.

Continue Reading

Sports

Rangers’ Garcia scratched with forearm soreness

Published

on

By

Rangers' Garcia scratched with forearm soreness

ARLINGTON, Texas — Rangers slugger Adolis Garcia was scratched from the starting lineup Sunday and got an MRI on his right forearm, a day after a collision in the outfield with second baseman Marcus Semien while both All-Star players went after a popup.

Manager Bruce Bochy said the plan had been for García, their primary right fielder, to be the designated hitter in the series finale against the Los Angeles Angels.

“The right forearm area took a pretty good shot there from Marcus, so he’ll get checked out,” Bochy said before the game. “We’ll have an MRI done, see where we’re at. My guess is, I’m hoping anyway, after the day off, he’ll be good to go.”

Bochy, without elaborating, said after their 4-1 loss that the MRI looked good.

The Rangers have a day off Monday before a three-game series at Philadelphia.

Semien was running out and García was coming in on Taylor Ward‘s popup to shallow right field in the sixth inning. Semien collided into García who had pulled up and gone down to a knee to get the ball after it dropped to the ground. Semien took a hard tumble, though both players stayed in and finished the Rangers’ 3-2 win in 13 innings.

García, the American League Championship Series MVP last year, hit his 11th homer of the season in the bottom of the sixth inning to tie the game at 1-1. He is hitting .251 and his 35 RBIs ranked fourth in the American League this season.

Continue Reading

UK

Brixham: People remain scared to drink tap water as things slowly return to normal after parasite disease outbreak

Published

on

By

Brixham: People remain scared to drink tap water as things slowly return to normal after parasite disease outbreak

“I’m never drinking tap water again,” Kayley Lewis says.

“My symptoms have made me lose a stone in two weeks.”

Ms Lewis and her two children have been suffering from diarrhoea, vomiting and stomach cramps for over a fortnight – since South West Water found small traces of the parasite cryptosporidium in the Hillhead reservoir.

“I can’t trust them [South West Water] again.

“I might start using tap water for dishes… but definitely never to drink. Ever.

“I’ve been completely put off now… especially because of how poorly it makes you feel.

“I just don’t think I could ever try and risk going back to that.”

Pic: PA
Image:
A bottled water collection point in Devon. Pic: PA

At least 46 people are confirmed to have the disease, while as many as 70 other cases of diarrhoea and vomiting are also under investigation, the UK Health Security Agency (UKHSA) has said.

South West Water (SWW) has repeatedly apologised – telling Sky News today that they are working “around the clock” to get all households back to using safe water again.

This could be as early as this Wednesday, drought and resilience director at SWW David Harris told me.

“We’re looking at somewhere between mid to late next week before we’ll be in a position to be able to responsibly lift that boil water notice.”

David Harris said it could be a couple of weeks before the boil water notice
Image:
David Harris said it could be a couple of weeks before the boil water notice is lifted

So far, 14,500 households in the Alston supply area can drink their tap water without boiling it first – as advised by SWW.

However, some 2,500 homes in Hillhead, upper parts of Brixham and Kingswear have been told to continue boiling – and cooling – their water supplies before drinking it.

Steve Price, who runs the Station Guest House B&B near Brixham, said he lost a couple of thousand pounds in bookings due to – understandably – paranoid customers.

“Losses we anticipate are roughly around £2000 from people that have cancelled and directly stated that the cancellation was due to the water situation.

“So we would anticipate that at the bare minimum as compensation.”

Read more
Contamination ‘shouldn’t have happened’, SWW boss says
Water firm apologises after parasite detected in reservoir
Parasite outbreak has ‘destroyed’ business, residents say

Kayley Lewis has been drinking bottled water since the disease outbreak
Image:
Kayley Lewis has been drinking bottled water since the disease outbreak

Mr Price has spent the afternoon emptying the B&B’s water tanks in order to minimise the risk to his guests.

“In terms of money – we’re just flushing it away!

“A couple of hundred pounds worth. But this supply feeds the showers, sinks and bathrooms.

“It needs to be completely emptied and cleaned to avoid risks”.

Mr Price’s business isn’t the only one suffering.

It’s a bleak picture across the neighbouring towns.

This time of year Brixham is usually buzzing with holidaymakers – especially by the harbour side.

The past week, however, has been another story.

“It’s a ghost town”, Sally Tollon, an employee at a local chippy tells me.

“We’re really quiet… you can see it’s empty, because people are frightened to come down because of the water situation.

“On average we make a thousand pounds a day. Yesterday we did half of that.”

Sally Tollon's says the fish and chip shop where she works is losing money
Image:
Sally Tollon says the fish and chip shop where she works is losing money

Despite things slowly getting back to normal, people are scared.

They have lost faith and trust in a water supply – one woman told me – they had “always taken for granted”.

It’s clear rebuilding the community’s trust and confidence in their water supplier will take some time in the coming weeks and months.

Continue Reading

Trending