U.S. Economy Posts Largest Job Gains In Eight Months In June
U.S. job growth surged in June as manufacturers and other employers boosted hiring, confirming the economy has regained speed after a first-quarter lull, but tepid wages suggested the Federal Reserve will probably not raise interest rates soon.Nonfarm payrolls increased by 287,000 jobs last month, the largest gain since last October, the Labor Department said on Friday. May payrolls were revised sharply down to show them rising 11,000 rather than the previously reported 38,000.
The sign of strength in the economy, however, precedes Britain’s stunning vote last month to leave the European Union. The so-called Brexit referendum on June 23 roiled financial markets, raising fears that sustained volatility might hit companies’ hiring and investment decisions.“For the Fed, this report is likely to offer some encouragement on the underlying labor market backdrop, though it is unlikely to change the current ‘wait and see’ policy stance as they assess the fallout from the Brexit vote,” said Millan Mulraine, deputy chief economist at TD Securities in New York.The Fed raised rates in December for the first time in nearly a decade. Financial markets expect no further increase this year, but economists believe a December hike is possible if the economy continues to grow and add jobs at a steady clip.
Last month’s payrolls tally beat economists’ expectations for an increase of 175,000 jobs. While the unemployment rate rose two-tenths of a percentage point to 4.9 percent, that was because more people entered the labor force, a sign of confidence in the jobs market.With the jobless rate rising, average hourly earnings increased only two cents or 0.1 percent in June, suggesting some slack still remains in the labor market. That took the year-on-year gain in earnings to 2.6 percent from 2.5 percent in May.
Economists say wage growth of between 3.0 percent and 3.5 percent is needed to lift inflation to the Fed’s 2.0 percent target. A top Fed official said this week the central bank would like to see inflation accompanied by wage gains.“Wage growth remains subdued, which could reflect the fact that there is still slack in the labor market,” said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York. “Or perhaps it is a function of low inflation expectations and low productivity, which restricts the ability or desire of businesses to raise wages.”
U.S. stocks rallied on the employment data, with the main indexes rising more than 1 percent. Prices for longer-dated U.S. government debt rose, while the dollar was little changed against a basket of currencies.The strong rebound in June payrolls added to data on consumer spending and housing in suggesting that economic growth accelerated from the first-quarter’s anemic 1.1 percent annualized rate. The Atlanta Fed is currently forecasting the economy growing at a 2.4 percent pace in the second quarter.Manufacturing employment increased 14,000 last month after shedding 16,000 jobs in May. Although manufacturing only accounts for 12 percent of the economy, it is considered a leading growth indicator.
The retail sector added 29,900 jobs, more than reversing the prior months’ weakness. The leisure and hospitality sector gained 59,000 jobs, the most in nearly 1-1/2 years. Temporary-help jobs, a harbinger for future hiring, rebounded 15,200.Healthcare and social assistance payrolls jumped 58,400. The return of 35,100 Verizon workers, who were excluded from May’s payroll count while on a month-long strike, boosted information sector employment last month.
Government added 22,000 jobs, but construction payrolls were unchanged after two months of declines and mining lost another 5,000 positions.Despite job gains in June being the best for the year, forward momentum in the labor market has slowed. Job gains averaged 282,000 per month in the fourth quarter, but employment has increased by an average of only 171,500 jobs per month in the first half of this year.Economists say the deceleration is normal given the relatively advanced age of the economy’s recovery from the 2007-09 recession, with the labor market now near full employment.
The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose one-tenth of percentage point to 62.7 percent.A broad measure of unemployment that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment fell 0.1 percentage point 9.6 percent, the lowest since April 2008.
Wall Street Slumps As Apple Sinks To Two-Year Low
U.S. stocks were lower in early afternoon trading on Thursday, with the Nasdaq dropping more than 1 percent, after Apple fell to a two-year low and healthcare stock also tumbled.Apple was the biggest drag on the three major indexes, falling as much as 3.3 percent to $89.47, its lowest since June 2014, as worries festered about slowing demand for iPhones.Adding to the day’s pressure, data showed that the number of Americans filing for unemployment benefits unexpectedly rose last week to the highest in more than a year, raising further concerns about the health of the labor market.“This week there is a lack of big macro news, so the market is hunting around for something to latch on to,” said John Canally, investment strategist and economist for LPL Financial in Boston.
“The weak jobless claims also dispelled some early euphoria. For the next few weeks I expect the market to be at the mercy of micro news and drift along.”A rally in the S&P 500 from its February lows petered out in the last two weeks due to underwhelming corporate reports and as economic data clouded the path of interest rate hikes this year.
On Thursday, two Fed officials said the central bank should raise rates if data points to an improving economy. Cleveland Fed President Loretta Mester said the Fed should recognize that there is uncertainty in its economic forecasting, but that should not “paralyze” monetary policy decisions.Separately, Boston Fed President Eric Rosengren said the market is too pessimistic about the likelihood of hikes. Both are voting members on the Fed’s rate-setting committee.At 12:43 p.m. ET (1643 GMT) the Dow Jones industrial average was down 55.71 points, or 0.31 percent, at 17,655.41. The S&P 500 was down 9.03 points, or 0.44 percent, at 2,055.43. The Nasdaq Composite was down 47.70 points, or 1 percent, at 4,712.99.Five of the 10 major S&P 500 sectors were lower, with the health index’s 0.92 percent loss leading the decliners. Gilead and Biogen both fell more than 2 percent.
Monsanto <MON.N> rose 8.9 percent to $98.44 after the seed company was said to be a possible acquisition target, according to media reports.Kohl’s tumbled 12 percent to $34 after posting an unexpected drop in quarterly comparable sales.GE fell 1 percent to $30, making it the second biggest drag on S&P. JPMorgan said GE’s 2018 EPS goal of $2 would remain elusive, with its oil & gas segment the key headwind.Declining issues outnumbered advancing ones on the NYSE by 1,774 to 1,124. On the Nasdaq, 1,963 issues fell and 726 advanced.The S&P 500 index showed 19 new 52-week highs and 15 new lows, while the Nasdaq recorded 17 new highs and 83 new lows.
കേരളത്തില് ഇടതുപക്ഷത്തെ അധികാരത്തിലെത്തിയ്ക്കുക
ദമാം: പ്രവാസികളായ മലയാളികളുടെ ക്ഷേമത്തിനായി പ്രവാസികാര്യവകുപ്പ് രൂപീകരിച്ചതും, ഏറ്റവുമധികം പ്രവാസിക്ഷേമപദ്ധതികള് നടപ്പാക്കിയതും, പ്രവാസിവിഷയങ്ങളില് ഏറ്റവും സജീവമായി ഇടപെട്ടതും ഇടതുപക്ഷമുന്നണിയാണ്. പ്രവാസികളുടെ പ്രശ്നങ്ങളില് എന്നും നിലകൊണ്ടിട്ടുളളഇടതുപക്ഷജനാധിപത്യ മുന്നണി സര്ക്കാരിനെ അധികാരത്തിലെത്തിക്കുന്നതിന് ഓരോ പ്രവാസി മലയാളികളുടെയും കടമയാണെന്ന് സി.പി.ഐ ദേശീയ നിര്വാഹക സമിതി അംഗവും, പ്രവാസി ഫെഡറേഷന് ജനറല് സെക്രട്ടറിയുമായ സ: കെ.ഇ.ഇസ്മായില് പറഞ്ഞു.
നവയുഗം സാംസ്കാരിക വേദി സംഘടിപ്പിച്ച തെരഞ്ഞെടുപ്പ് കണ്വെന്ഷന് ഉത്ഘാടനം ചെയ്യുകയായിരുന്നു ആദ്ദേഹം.
സാജന് കണിയാപുരം അധ്യക്ഷത വഹിച്ച കണ്വെന്ഷനില് നവയുഗം കേന്ദ്രകമ്മിറ്റി രക്ഷാധികാരി ഉണ്ണി പൂചെടിയല്, പ്രസിഡന്റ് കെ.ആര്.അജിത്, ജെനറല് സെക്രെട്ടറി എം.എ.വാഹിദ് കാര്യറ, ഷാജി മതിലകം , ജമാല് വല്യാപ്പള്ളി, ലീന ഉണ്ണികൃഷ്ണന്, അരുണ് നൂറനാട്, സുബിവര്മ്മ പണിക്കര്, ഷിബു കുമാര്, മണിക്കുട്ടന്, ഉണ്ണികൃഷ്ണന്, റെജിലാല്, ഷാന് പെഴുമൂട്, ദാസന് രാഘവന്, കെ.എസ് താജുദീന് എന്നിവര് സംസാരിച്ചു.
കേരളത്തിലെ 140 മണ്ഡലങ്ങളിലെയും ഇടതുപക്ഷമുന്നണി സ്ഥാനാര്ഥികളെ വിജയിപ്പിയ്ക്കാന് സൗദിയിലും, കേരളത്തിലും പ്രചാരണപരിപാടികള് സംഘടിപ്പിയ്ക്കാന് തീരുമാനിച്ച കണ്വെന്ഷന്, കെ.ആര്.അജിത് ചെയര്മാനും അരുണ് നൂറനാട് ജെനറല് കണ്വീനറുമയി 51 അംഗ തെരഞ്ഞെടുപ്പുകമ്മിറ്റി രൂപീകരിച്ചു. കൂടാതെ ഓരോ മണ്ഡലത്തിനും പ്രത്യേകം ചുമതലക്കാരെ തീരുമാനിച്ചു. ഗോപകുമാര് സ്വാഗതവും ശ്രീകുമാര് വെള്ളല്ലൂര് നന്ദിയും പറഞ്ഞു
Judge Weighs Bid To Dismiss Child Sex Abuse Claim Against Cosby
Lawyers for comedian Bill Cosby and a woman accusing him of sexually abusing her as a child were due to face off in a California courtroom on Thursday over a defense bid to dismiss her lawsuit for reasons related to the statute of limitations.
Cosby, 78, whose career and public image as the model American family man have been shattered by mounting allegations of sexual misconduct, lost a previous bid to fend off the same lawsuit on similar grounds last year.His accuser in that case, Judy Huth, now in her 50s, sued Cosby in December 2014, alleging that he plied her with alcohol and molested her during an encounter at the Playboy Mansion in Los Angeles in 1974, when she was 15.
Cosby has called Huth’s account a fabrication and asserted that her case against him grew out of a failed extortion attempt.Huth is one more than 50 women who have come forward over the past two years to publicly accuse Cosby of rape and other forms of sexual abuse. Most involve incidents said to have occurred a decade ago or more, too long to be criminally prosecuted, or even litigated in civil court.
But authorities in Pennsylvania charged the entertainer in December with sexually assaulting a woman in 2005. And at least nine other women – eight of them in Massachusetts – are currently suing Cosby for defamation, claiming they were smeared by his public assertions that their allegations of sexual wrongdoing were false.Huth, however, filed her suit under a California law allowing victims of childhood abuse to sue beyond the statute of limitations if, within the last three years, they have realized they suffered from psychological damage that previously was repressed.
Cosby’s lawyers have countered that Huth’s claim fails to meet that test, saying she “unsuccessfully tried to sell her story to the tabloids nearly a decade ago.”“This fact belies the allegations in the lawsuit that (Huth) only just discovered the basis for her claims within the past three years,” defense lawyers argued in their court filing. According to Cosby’s lawyers, Huth sued the comedian only after unsuccessfully trying to extort him for hush money.
Cosby’s lawyers also have sought dismissal of Huth’s complaint on grounds that she lacked the required certification from mental health professionals to support her claims.Los Angeles County Superior Court Judge Craig Kaplan was expected to hear arguments from both sides and possibly render a ruling on Thursday.
FBI Raids US Jewish Schools in Government Spending Probe
Federal authorities have raided private Jewish schools north of New York City to see if millions of federal dollars earmarked for technology in schools were misused.The Journal News reports that FBI agents conducted 22 separate search warrants at Jewish schools in the town of Ramapo on Wednesday.
The newspaper says the investigators asked the schools to provide records of equipment allegedly bought through the federal government\\\'s E-Rate program. The program pays for technology in schools.The office of U.S. Attorney Preet Bharara says in a statement that the searches were part of an ongoing fraud investigation.Authorities said that more than 300 agents and officers were involved in the operation. They said no arrests were made Wednesday.
വായനക്കാരുടെ അഭിപ്രായങ്ങള് താഴെ എഴുതാവുന്നതാണ്.
ദയവായി അവഹേളനപരവും വ്യക്തിപരമായ അധിക്ഷേപങ്ങളും അശ്ളീല പദപ്രയോഗങ്ങളും ഒഴിവാക്കുക.
വായനക്കാരുടെ അഭിപ്രായ പ്രകടനങ്ങള്ക്കോ അധിക്ഷേപങ്ങള്ക്കോ അശ്ളീല പദപ്രയോഗങ്ങള്ക്കോ 24ന്യൂസ്ലൈവ്.കോം , അമ്മത്തൊട്ടിൽ.കോം ഉത്തരവാദിയായിരിക്കില്ല.