AMERICAN JOB MARKET
Singapore is making life tougher for global talent
Singapore's 2022 points-based employment pass system, requiring a salary minimum for overseas employees, may affect its business hub status. It addresses local job concerns, crucial for the People’s Action Party's election prospects. The American Chamber mentions US firms' talent shortage. Ministry of Manpower notes local job growth and non-resident employment drop in 2024.
Global stocks hit peak level before US jobs data: Markets wrap
Global equities maintain record highs ahead of US jobs data. Markets anticipate potential Fed rate cuts. Emerging market equities benefit from soft US economic data. UK Labour Party projected to win big, impacting Conservative performance. France prepares for final round of parliamentary elections.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
US job openings rise to 8.1 million despite higher interest rates
U.S. job openings increased slightly to 8.1 million in May, despite higher interest rates aimed at cooling the labor market, as reported by the Labor Department. Layoffs rose slightly, while the number of Americans quitting their jobs remained stable. The economy and job market have shown resilience despite the Federal Reserve's efforts to raise rates. Job openings have decreased since a peak in March 2022, signaling a possible slowdown in the economy.
Applying for a US student visa? American Embassy has a warning for you
Indian students continue to favor the United States as their top destination for overseas education, with expectations of increased student visa applications in 2024. In 2023, India issued 140,000 student visas, and the number of Indian students in the US surged by 35 percent to reach a record 268,923, constituting over 25 percent of the international student population in the country. Acting spokesperson Nicole Holler highlighted the appeal of US universities for their facilities, faculty quality, research opportunities, and career benefits.
For American brands worried about China, Is India the future?
The surge of multinational brands in India's manufacturing sector signals a shift towards diversification and job creation. Companies like Shree Krishna are fulfilling substantial orders for global retailers, highlighting India's growing importance in the global supply chain.
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As tech grip on medical industry becomes stronger, it creates space for new jobs profiles
Ebenazer Paul highlights the increasing demand for skilled professionals in medical billing and coding, driven by technological advancements and evolving healthcare regulations. The industry offers diverse opportunities for growth and specialization, with a focus on continuous education and certifications to stay competitive.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
Brent rises toward $86 as cooling US jobs market buoys rate cut hopes
Oil futures hit a seven-week high on Thursday as fresh data on a cooling U.S. jobs market added to hopes that the Federal Reserve could still cut interest rates this year.
In China's backyard, America has become a humbler superpower
Far from Ukraine and the Gaza Strip, as the Group of 7 wealthy democracies gathered in Italy to discuss a range of old, entrenched challenges, the nature of American power is being transformed across the region that Washington sees as crucial for the century to come: the Asia-Pacific.
Wall St Week Ahead-Struggling Dow transport stocks could be economic warning signal
The Dow Jones Transportation Average has fallen 5% this year, contrasting with the S&P 500 and Dow Jones Industrial Average. Chuck Carlson sees it as a barometer for economic activity, signaling a possible slowdown ahead.
T20 World Cup: Can cricket make inroads in baseball-loving America?
Cricket returns to North America through the T20 World Cup, aiming to capture local interest despite limited awareness. With 30 million U.S. fans, the ICC sees potential. The event sets the stage for cricket's 2028 Olympic comeback. Major League Cricket's launch and strategic marketing aim to expand the sport's U.S. presence.
Industrial policy is back. Is this what India needs for an ‘atmanirbhar’ economy?
Mere rise in GDP growth numbers are not enough. What India needs to become a global manufacturing powerhouse is a well-outlined policy that gets the wheel spinning on job creation, skills and holistic growth — especially as the world tilts towards protectionism.
US weekly jobless claims fall as labor market remains solid
Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims in the latest week.
China’s $8.5 billion in steel spurs Latin America toward tariffs
Mexico, Chile, and Brazil have increased duties on steel products from China. In some cases, the duties have more than doubled over the past few weeks. Colombia may also be planning to do the same.
Biden's China tariffs are the end of an era for cheap Chinese goods
Biden's decision this past week to codify and escalate tariffs imposed by Trump made clear that the United States has closed out a decades-long era that embraced trade with China and prized the gains of lower-cost products over the loss of geographically concentrated manufacturing jobs. A single tariff rate embodies that closure: a 100% tax on Chinese electric vehicles, which start at less than $10,000 each and have surged into showrooms around the world but have struggled to crack government barriers to the U.S. market.
AI Stole Your Voice? Voice actors sue AI startup for using their voices in chatbot
Voice actors Paul Skye Lehrman and Linnea Sage are suing AI startup Lovo for allegedly using their voices without permission to create a chatbot named Poe. The couple, who rely on their voice work for a living, discovered the bot sounded exactly like them. They claim Lovo violated trademark and privacy laws by using their voice recordings without disclosure. The lawsuit, seeking class-action status, highlights a growing concern among artists and creators about AI technologies potentially replacing them in the job market.
Gold prices set for second weekly gain on Fed rate outlook
The number of Americans filing new claims for jobless benefits fell last week, unwinding nearly half of the jump at the start of the month, indicating that labor market conditions remain fairly tight even as job growth is cooling.
US weekly jobless claims fall; labor market gradually easing
The decline reversed a portion of the jump in the prior week, which had pushed claims to the highest level in more than eight months. The increase was largely attributed to a surge in applications in New York related to school spring breaks.
Few Chinese electric cars are sold in U.S., but industry fears a flood
American automakers expressed their approval of the Biden administration's decision on Tuesday to levy a 100% tariff on electric vehicles imported from China. They stated that these vehicles could undercut billions of dollars of investments made in electric vehicle and battery manufacturing facilities in the United States.
Biden sharply hikes US tariffs on Chinese chips, cars & other items worth billions
President Joe Biden announced a significant increase in tariffs on various Chinese imports, including electric vehicles and medical products, to address what the White House deems unfair trade practices. The move aims to bolster U.S. economic security but risks straining relations with Beijing ahead of the upcoming election.
Gold dips as traders await US inflation data for more Fed rate cut cues
"Gold bulls are rightfully concerned that the Federal Reserve needs weaker inflation data, not just weaker employment figures, to justify cutting rates."
Are US interest rates high enough to beat inflation? The Fed will take its time to find out
The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.
Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes
U.S. Federal Reserve policy has been the main driver of investor sentiment in 2024. Renewed hopes the central bank will cut rates have pushed the Dow to its biggest rally since December. It closed at its highest since April 1.
US weekly jobless claims increase more than expected
Labor market shows signs of easing as new unemployment benefit claims by Americans exceed expectations, reaching 231,000. The rise, partly due to seasonal factors, reflects adjustments post-interest rate hikes, with expectations of Federal Reserve rate cuts.
Indian students fail to land internships in US amid hire-local push
Indian students in the US, including those from Ivy League universities, face internship challenges amid job slowdown. Competition intensifies with scarcity of entry-level job opportunities, impacting job market competitiveness.
Record immigration is colliding with housing crises across the world
Many developed countries are facing economic challenges as migration-driven growth falters due to housing shortages. Despite the positive impact of immigration on workforce gaps, housing affordability worsens, leading to per-capita recessions. Countries like Canada and Australia are reevaluating their immigration policies to address these issues and sustain economic growth.
US weekly jobless claims fall more than expected
The latest data from the Labor Department indicates that the number of Americans filing new claims for unemployment benefits declined more than anticipated last week, implying a relatively tight labor market. However, some recently laid-off workers may be experiencing delays in securing new employment opportunities.
Most new US cars to be EV or hybrids by 2032
Nearly three years in the making, the new tailpipe pollution limits from the Environmental Protection Agency would transform the American automobile market. A record 1.2 million electric vehicles rolled off dealers' lots last year, but they made up just 7.6 percent of total US car sales, far from the 56 percent target under the new regulation. An additional 16 percent of new cars sold would be hybrids.
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