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US employers posted fewer jobs in June, a sign that thered-hot demand for workersthat has been a key feature of the post-pandemic economy is cooling a bit.

Job openings dropped to 9.6 million in June, the Labor Department said Tuesday, down slightly from the previous month but much lower than the 10.3 million in April and the fewest in more than two years.

The governments report also showed that the number of people who quit their jobs in June fell sharply to 3.8 million from 4.1 million, another sign the job market is slowing.

The Federal Reserve is seeking to cool the job market, because if companies are less desperate to hire, and fewer workers are quitting to seek higher-paying positions elsewhere, then businesses will be under less pressure to raise pay to find and keep workers.

Smaller pay hikes could help lower inflation, since businesses wont have to lift their prices to offset higher labor costs.

Tuesdays report means there are 1.6 jobs for every unemployed worker, down from a peak of 1.9 earlier this year, though still higher than before the pandemic.

On Friday, the government is set to release the July jobs report, which will show how many positions were added in July and whether the unemployment rate fell below its current level of 3.6%, which is near the lowest in a half-century.

Economists forecast the report will show a gain of 200,000 jobs, with the unemployment rate unchanged, according to a survey by data provider FactSet.

Since the economy first emerged from the pandemic, job openings have soared reaching a record 12 million in March 2022.

Before the pandemic, they had never topped 7.6 million.

Average paychecks rose by 4.6% in the April-June quarter compared to a year earlier, above the pre-pandemic pace of about 3%.

While thats great for workers, the Fed worries that unless companies become more productive, such increases are too high to get inflation to its 2% target.

The Fed last week lifted its key short-term rate for the 11th time in 17 months as part of its ongoing efforts to curb inflation, which is currently at 3%.

Excluding the volatile food and energy categories, however, according to the Feds preferred measure, it rose 4.1% compared with a year ago.

Most economists would have expected such a sharp increase in interest rates to force widespread layoffs and higher unemployment.

Instead, the unemployment rate has barely changed since the Fed began pushing up borrowing costs last year.

Fed Chair Jerome Powell has long held out hope that the higher rates, instead of leading to more layoffs, would simply cause employers to post fewer openings.

At a press conference last week, Powell said that the job market has softened, which should help bring down inflation, through job openings coming down part of the way back to more normal levels.

Typically, when job openings decline, companies also start to lay off workers and push up the unemployment rate.

But so far, thats not happening. Tuesdays report, known as the Job Openings and Labor Turnover Survey, showed that layoffs actually declined in June, to 1.53 million, down from 1.57 million in May.

That is below pre-pandemic trends and suggests companies generally want to hold onto their staffs.

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World

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

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'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.

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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.”

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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.

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

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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.

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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.”

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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.

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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.

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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.

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Science

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

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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.

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