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Hiring eased slightly in June as the US economy added 209,000 jobs, according to the US Labor Department.

The latest figures shown in the Bureau of Labor Statistics June report, released Friday, mark a decrease from the robust 339,000 jobs that were gained in May.

Unemployment was little changed month-over-month, from 3.6% from 3.7% — still slightly above the five-decade low of 3.4%.

Economists had forecast 240,000 new jobs in June with employment dropping to 3.6%, according to the Wall Street Journal.

Employment in state government increased the most, rising by 60,000 in June. Jobs in health care, social assistance, and construction also trended positively, the report showed.

Companies have not drastically slowed hiring despite the central bank’s efforts to fix the tight job market with 10 consecutive interest rate hikes before deciding to keep rates unchanged in June.

Federal Reserve staff reportedly wrestled with data showing job openings are plentiful before ultimately agreeing to hold interest rates steady, at 5% to 5.25%, in June as a way to buy time and assess whether further hikes would be needed.

However, the labor market’s ongoing strength fans fear that more aggressive hikes are pending as part of the central bank’s fastest monetary policy tightening campaign in more than 40 years to stamp out inflation — which still remains well above the Fed’s 2% goal.

Fed officials have said they think strong hiring can often fuel inflation if companies feel compelled to raise pay to attract and keep workers.

Thus, a slowdown in job growth and pay raises could help the Fed reach its 2% inflation target.

Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go, Fed Chair Jerome Powell told a House committee last month.

We dont see any softening in the labor market, said Brad McMillan, chief investment officer for Commonwealth Financial Network. The Fed doesnt have to worry about the jobs market. When you look at their mandate, they have no reason not to keep hiking and to keep hiking for a while.

Before the federal government released the June report, Wall Street’s main indexes tumbled on Thursday in a broad selloff after the ADP National Employment report showed that private payrolls increased more than expected in June.

The Dow Jones Industrial Average, which had plummeted 500 points earlier, fell 366.38 points, or 1.1%, to 33,922.26. The Nasdaq and S&P 500 each dropped 0.8%.

The ADP report, which is viewed as a proxy for US hiring activity, showed that the private sector added 497,000 jobs last month — massively above what the Bureau of Labor Statistics showed.

Economists polled by Reuters, meanwhile, had forecast private payrolls were likely to increaseby 200,000jobs in June.

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Politics

The lesson of El Salvador’s failed Bitcoin experiment

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The lesson of El Salvador’s failed Bitcoin experiment

The revolution is dead in El Salvador. It’s a lesson for developing nations who aim to seek out economic autonomy by making crypto legal tender.

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UK

Nottingham killer allowed to avoid vital medication because of ‘fear of needles’ claim, report reveals

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Nottingham killer allowed to avoid vital medication because of 'fear of needles' claim, report reveals

The man who killed three people on the streets of Nottingham was allowed to avoid taking long-lasting antipsychotic medication because he did not like needles.

An independent review also reveals that Valdo Calocane punched a police officer in the face and held his flatmates “hostage”.

He frightened one neighbour so much, she jumped out of a first floor window and seriously damaged her back.

Mental health staff did not visit his home alone.

Calocane, who had been diagnosed with paranoid schizophrenia, was sentenced to an indefinite hospital order after killing 19-year-old students Barnaby Webber and Grace O’Malley-Kumar, and 65-year-old caretaker Ian Coates, before attempting to kill three other people in June 2023.

NHS England initially planned to release only a summary of the report because of data protection laws, but reversed its decision “in line with the wishes of the families”.

Grace Kumar, Barnaby Webber and Ian Coates
Image:
Grace Kumar, Barnaby Webber and Ian Coates

Those relatives say the revelation that Calocane was refusing his meds shows he may have been “spared prison on the basis of incomplete evidence”.

Nottingham attacks: Timeline of missed opportunities to stop killer Valdo Calocane
Warning over Nottingham killer years before attack was ‘another kick to the teeth’

Prosecutors accepted a plea of manslaughter after experts agreed his schizophrenia meant he wasn’t fully responsible for his actions.

But in a statement, the families said: “This was a man who actively avoided his medication and treatment, knowing that when he didn’t take his medication he would become paranoid and violent.

“He was responsible for his actions and was allowed to make these decisions by his treating teams, but yet when he came to court, we were told a very different story.”

A “theme” running through Calocane’s clinical records is that he “did not consider himself to have a mental health condition”, the review found.

That meant the importance of medication “never appeared to be understood” by him.

The report detailed four hospital admissions between 2020 and 2022 and multiple contacts with community teams before he was discharged to his GP because of a lack of interaction with mental health services.

Investigators found that “the offer of care and treatment available for VC (Valdo Calocane) was not always sufficient to meet his needs” and this was “not unique” to his case.

Health officials have admitted it is “clear the system got it wrong”.

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Dr Jessica Sokolov, regional medical director at NHS England (Midlands), said: “It’s clear the system got it wrong, including the NHS, and the consequences of when this happens can be devastating.

“This is not acceptable, and I unreservedly apologise to the families of victims on behalf of the NHS and the organisations involved in delivering care to Valdo Calocane before this incident took place.”

Claire Murdoch, NHS England’s national mental health director, added: “Nationally, we have asked every mental health trust to review these findings and set out action plans for how they treat and engage with people who have a serious mental illness, including how they work with other agencies such as the police.

“And we’ve instructed trusts not to discharge people if they do not attend appointments.”

The report, which found Calocane’s risk “was not fully understood, managed, documented or communicated” should be a “watershed moment”, a mental health charity boss has said.

Marjorie Wallace, chief executive of mental health charity Sane, said there had been “one hundred such inquiries in the last 30 years”.

She added: “Today’s findings expose the same flaws and fault lines that have resulted in tragedies, yet little seems to have changed.”

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Technology

Toyota Motor posts nearly 28% drop in third-quarter operating profit, missing estimates

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Toyota Motor posts nearly 28% drop in third-quarter operating profit, missing estimates

FILE PHOTO: The logo of Toyota is pictured in Cuautitlan Izcalli, Mexico, January 30, 2025 

Raquel Cunha | Reuters

Japan’s Toyota Motor on Wednesday reported a second consecutive fall in quarterly profit, while announcing that it will set up a new company in China to make electric vehicles as it plays catch up with automakers focused on EVs. 

Here are Toyota’s results compared with estimates from analysts, compiled by LSEG.

  • Revenue: 12.39 trillion yen vs. 12.1 trillion yen
  • Operating profit: 1.22 trillion yen vs. 1.39 trillion yen

The world’s largest automaker by sales volume saw a nearly 28% year-on-year drop in operating profit during the quarter ended December.

The results mark Toyota’s second consecutive year over year decline in operating profit after the company saw profit fall 20% year over year in the previous quarter.

Net income attributable to the company, however, jumped to 2.19 trillion yen from 1.36 trillion yen a year ago.

The automaker’s consolidated vehicle sales for its financial third-quarter dropped to 2.44 million from 2.55 million units a year ago.

Still, Toyota maintained its full-year dividend forecast at 90 yen, compared with a dividend payout of 75 yen a year earlier.

Toyota said it will establish a wholly-owned company for the development and production of Lexus BEVs and batteries in Shanghai, China. The new company is expected to start production in 2027.

Toyota shares rose over 1% in Tokyo on Wednesday.

The company saw its operating profit drop in the key North America region by 113.7 billion yen in the December quarter, year on year, while it declined by over 46 billion yen in Asia. 

Toyota has been slower than competitors at embracing fully battery-powered electric vehicles, and instead has focused on hybrids, according to local reports.

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