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Snake bites sleeping laborer in Bihar; Man bites back snake three times. What happens next will shock you
In Rajouli, Bihar, laborer Santosh Lohar retaliated against a snake bite by biting the snake back, killing it. He explained that in his village, biting the snake back neutralizes the venom. Following the incident, he received treatment at a hospital and is recovering. The unusual event attracted public attention, with locals speculating on the snake's venomous nature.
Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
The minutes of the Fed’s June 11-12 meeting, released Wednesday, showed that the policymakers saw several factors that could further ease inflation in the coming months. These factors included the slower growth of wages, which reduces pressure on companies to raise prices to cover their labor costs.
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 stocks back at records while European bourses retreat
Wall Street equity indices advanced to fresh records Tuesday as markets embraced commentary from Federal Reserve Chair Jerome Powell, while European bourses retreated on unease about upcoming French elections. But bourses in Paris and Frankfurt both retreated amid concerns about the potential economic fallout should the far right win power in France in weekend elections.
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.
US weekly jobless claims drift lower
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.
US consumer confidence ebbs slightly in June
The Conference Board said that its consumer confidence index eased to 100.4 this month from a downwardly revised 101.3 in May. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 102.0.
US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling
The Labor Department reported Thursday that its producer price index - which tracks inflation before it reaches consumers - declined 0.2% from April to May after rising 0.5% the month before. Measured from a year earlier, wholesale prices were up 2.2% in May. Excluding volatile food and energy prices, so-called core producer prices were unchanged from April and up 2.3% from May 2023.
US lawmakers call to add China's CATL, Gotion to import ban list, WSJ reports
Republican lawmakers are urging the addition of Chinese battery companies CATL and Gotion High Tech to an import ban list, alleging their supply chains use forced labor. CATL and Gotion are linked to Ford and Volkswagen respectively. The lawmakers want them added to the entity list under the Uyghur Forced Labor Prevention Act, which restricts imports tied to alleged genocide in China's Xinjiang region. CATL and Gotion deny the allegations. Volkswagen says it has no evidence of human rights violations.
Fed may wait to cut rates as job market stays strong
Traders' confidence in Fed rate cuts wavers as U.S. central bankers await inflation decline; Rate futures show uncertainty in multiple rate cuts by end of 2024.
US adds far more jobs than expected in May
The U.S. job market showed strong growth in May, with nonfarm payrolls increasing by 272,000 jobs, surpassing economists' expectations. The unemployment rate rose slightly to 4.0%, ending a 27-month streak below 4%. Despite recent softening, the labor market's resilience has kept the Federal Reserve cautious about cutting interest rates, likely delaying any rate cuts until at least September. However, other indicators suggest the job market may be loosening, prompting the Fed to closely monitor economic conditions to avoid overcooling the economy.
US job openings fall more than expected in April
US job openings fell in April to the lowest level in over three years, signaling softening labor market conditions that could aid the Federal Reserve's inflation fight.
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.
University of California academic workers strike to stand up for pro-Palestinian protesters
Graduate students at UC Santa Cruz joined a systemwide protest against the university allegedly violating the speech rights of pro-Palestinian advocates. United Auto Workers Local 4811, representing 48,000 graduate students, initiated rolling strikes across the 10-campus UC system. The union demands amnesty, divestment from Israel-related investments, and filed unfair labor practice complaints.
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.
US inflation data was accidentally released 30 minutes early
The US Bureau of Labor Statistics released Consumer Price Index data early, impacting Wall Street investors and central bank officials. The BLS statement mentioned the incident, raising questions about equitable data access. A month ago, an economist from BLS corresponded on key US inflation gauge data with major firms.
US consumer prices rise 0.3% in April; core CPI slows
U.S. consumer prices rose less than expected in April, indicating a resumption of the downward trend in inflation at the beginning of the second quarter, which has bolstered financial market expectations for a potential interest rate cut in September. The consumer price index (CPI) increased by 0.3% last month, following advances of 0.4% in both March and February, according to data from the Labor Department's Bureau of Labor Statistics (BLS). On a year-on-year basis, the CPI rose by 3.4% in April, slightly lower than the 3.5% increase recorded in March.
US wholesale prices rise more than expected in April
US wholesale prices rose last month, accelerating the US Federal Reserve's fight against inflation. The producer price index (PPI) jumped by 0.5 percent in April, exceeding market expectations, as reported by the Labor Department. Nearly three-quarters of the April advance in final demand prices is attributable to a 0.6-percent increase in the index for final demand services.
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.
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