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Hiring in July cooled to its lowest levels in nearly three years as the Federal Reserve continues to weigh whether it has done enough to snuff out inflation.

US employers added 187,000 jobs last month, the lowest number since COVID peaked in 2020, the Labor Department said Friday.

The government agency’s report also showed that unemployment was little changed month-over-month, to 3.5% from 3.6%.

Job openings last month mark a slight decrease from the 209,000 jobs added to the US economy in June, and a sharper drop from the robust 339,000 jobs that were gained in May.

The figures mark the slowest increase since December 2020, though the US is currently enjoying a 30-month streak of monthly job gains.

The cooling jobs report comes after nearly 18 months of interest rate hikes — part of the Federal Reserve’s aggressive tightening cycle to bring inflation back down to its pre-pandemic level of 2%.

Employment in healthcare added 63,000 jobs last month, increasing the most.

Jobs in construction, financial activities and wholesale trade also trended positively, the report showed.

Fed officials have warned that 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.

The Fed last week hiked interest rates to a 22-year high — to a range between 5.25% and 5.5% — and Powell suggested that further lifts could happen if officials thought it were necessary to combat stubbornly-high inflation.

Friday’s report came in under what economists had expected.

Experts have long been forecasting that the jobs market would cool by the fourth quarter of the year, though bankers are shrugging off recession concerns as US consumers have reportedly been keeping up their loan payments.

JPMorgan chief Jamie Dimon said in an earnings conference call last month: “Even if we go into recession, theyre going with rather good condition, with low borrowings and good house price value still.”

Bank of America CFO Alastair Borthwick also said that “the consumers actually in pretty good shape,” citing elevated deposits and strong asset quality.

Powell has also said that Fed staff is no longer forecasting a recession.

We do have a shot for inflation to return to target without high levels of job losses, the Fed Chairman said.

However, when ratings agency Fitch shockingly downgraded the US’ top-tier sovereign credit rating from AAA to AA+ earlier this week, it pointed to a looming recession by the end of the year as reason for doing so.

The agency noted that it expects the US economy to slip into a mild recession from the fourth quarter of this year into the first quarter of 2024.

Tighter credit conditions, weakening business investment and a slowdown in consumption will push the US economy into a mild recession, Fitch said in the statement.

Fitch’s decision was bashed among top economists, with the likes of Former Treasury Secretary Larry Summers and CUNY economics professor Paul Krugman both calling the move “bizarre.”

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NHLPA appeals Hartman’s 10-game suspension

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NHLPA appeals Hartman's 10-game suspension

NEW YORK — The NHL Players’ Association said Wednesday it has filed an appeal on Ryan Hartman‘s behalf after the Minnesota Wild forward was suspended for 10 games for roughing.

Hartman had 48 hours from the league’s ruling Monday night to decide whether to appeal the ban for slamming an opponent’s head to the ice with his right forearm, the longest for on-ice conduct in more than six years.

The initial appeal goes to NHL commissioner Gary Bettman, who has regularly sided with the Department of Player Safety and disciplinary decisions made by its vice president, George Parros. If Bettman upholds the suspension, Hartman has the right to appeal to a neutral arbitrator.

Hartman is forfeiting $487,805 in salary as part of his fifth career suspension and fourth since 2023. He would get more than $48,000 back for each game it is reduced by, if at all.

Washington‘s Tom Wilson recouped six games worth of salary when his 2018 suspension was reduced from 20 to 14 on appeal to an arbitrator jointly appointed by the league and union, even though he had already served 16.

Hartman, 30, was initially ejected with a match penalty for roughing Ottawa‘s Tim Stutzle late in the second period of the teams’ game Saturday night.

“Hartman contends that he is attempting to use his hand to regain his balance, using Stutzle for support and that their fall to the ice is accidental. We disagree,” Player Safety said in a video announcing the suspension. “With Stutzle bent low and focused on winning the draw, Hartman chooses to take advantage of a vulnerable player in an unacceptable fashion. Hartman intentionally uses his forearm and body weight to drive Stutzle’s head directly into the ice from a height, which makes this play inherently dangerous and unacceptable.”

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UK

Grenfell Tower will be demolished, government confirms

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Grenfell Tower will be demolished, government confirms

Grenfell Tower will be demolished, Angela Rayner has confirmed.

The demolition is expected to take “around two years” and be carried out “sensitively”, the government said.

The official announcement comes after the deputy prime minister met with campaigners to tell them of the decision on Wednesday evening – sparking an angry reaction.

Grenfell United has accused Ms Rayner of “ignoring” the voices of people who lost family in the fire in June 2017, which killed 72 people.

Read more: Grenfell Tower – what happens now?

The disaster was Britain’s deadliest residential fire since the Second World War and began a national reckoning over the safety and conditions of social housing and tower blocks.

There have been discussions over the years about how best to commemorate the tragedy.

Engineering experts have said that while the tower remains stable, and it is safe for people to live, work and study nearby, its condition will worsen over time and there is no realistic prospect of bringing it back into use.

In September last year, the public inquiry into Grenfell found “systematic dishonesty” of firms who made and sold cladding contributed to the horrific fire.

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Anger over Grenfell Tower plans

Why is Grenfell Tower being demolished?

In its announcement of the demolition, the government said Ms Rayner was told by engineers that the tower is “significantly damaged”.

While it “remains stable”, this is due to the supports put in place after the fire.

Engineers said it is also not “practicable” to keep many of the damaged storeys as part of a long-term memorial.

“Taking the engineering advice into account the deputy prime minister concluded that it would not be fair to keep some floors of the building that are significant to some families, whilst not being able to do so for others and knowing that, for some, this would be deeply upsetting,” the government said.

Angela Rayner has confirmed that Grenfell Tower will be demolished. Pic: PA
Image:
Angela Rayner has confirmed that Grenfell Tower will be demolished. Pic: PA

How will the demolition take place?

The government says it wants to take the next steps “respectfully and carefully”, with continued support for the community around Grenfell.

It said no changes will take place before the eighth anniversary of the fire in June this year.

The next step is to find someone to carry out the demolition.

A “specialist contractor” will be found to come up with a “detailed plan” for taking down the tower.

The government estimates it will take around two years to “sensitively take down the tower through a process of careful and sensitive progressive deconstruction that happens behind the wrapping”.

Any leftover materials from the tower and its surrounding communal areas can be carefully removed and then returned as part of any memorial, if the community so chooses, according to the government.

Read more:
How the tragedy happened – minute by minute
Powers to fix fire safety crisis are being ignored

Community reaction

Ahead of the decision being made publicly, Ms Rayner wrote to families, survivors and surrounding residents to tell them of the planned demolition.

The government says it has “prioritised” engaging with the community, and that Ms Rayner has been offering to speak with them and listen to their views for several months. The deputy prime minister also met with community groups, residents’ associations, schools and faith leaders.

These conversations have made it clear the tower “remains a sacred site” – however it is also clear “there is not a consensus about what should happen to it”.

The government said that for some the tower remains a “symbol of all they lost” and helps ensure “the tragedy is never forgotten and can act as a reminder of the need for justice and accountability”.

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The visibility of the tower also “helps some people continue to feel close to those they lost”.

But the announcement added that for some, the tower is a “painful reminder of what happened and is having a daily impact on some members of the community”.

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UK

Major travel disruption in Greater Manchester after car crashes on rail lines and driver arrested

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Major travel disruption in Greater Manchester after car crashes on rail lines and driver arrested

There’s major travel disruption in Greater Manchester after a car smashed through a rail bridge and fell on the tracks.

The incident happened about 2am near Regent Road roundabout in Eccles, Salford.

A man in his 30s was arrested on suspicion of drink-driving and taken to hospital with injuries that aren’t believed to be serious.

No other vehicles were involved.

The road reopened at 7.30am and pictures later showed the car being lifted away, but rail firms said problems were likely for much of the day.

Pic: Manchester Evening News
Image:
Pic: Manchester Evening News

Pic: PA
Image:
Pic: PA

Network Rail’s page on the incident said no trains would run through Eccles until the line is cleared.

It means services between Newton-le-Willows / Wigan North Western and Manchester Oxford Road / Manchester Victoria will be cancelled, revised or diverted.

TransPennine Express services are not running between Liverpool Lime Street and Manchester Victoria.

People going between those cities are advised to travel via Warrington Central instead.

Northern trains are also affected between Liverpool and Manchester Airport, and Chester and Leeds to Manchester Victoria.

Transport for Wales routes from Chester / Llandudno to Manchester Airport / Manchester Oxford Road are impacted, as are Holyhead to Manchester Airport services.

Replacement buses are running in some areas and tickets are being accepted on other services.

Pic: Manchester Evening News
Image:
Pic: Manchester Evening News

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A Network Rail spokesperson said engineers were “assessing the situation in order to repair the damaged cables as quickly as possible” but the line was likely to stay closed for most of the day.

They added: “We’re really sorry to any passengers affected by this incident and urge anyone planning to travel by train between Liverpool and Manchester to plan ahead and check with their train operator for the latest travel information.”

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