Connect with us

News

US Job Growth Falls Short of Expectations: Economy Struggles Under High Interest Rates

Published

on

US Job Growth Falls Short of Expectations: Economy Struggles Under High Interest Rates

Last month, job growth in the United States was weaker than predicted, prompting concerns that the world’s largest economy is beginning to struggle under the weight of increased interest rates.

The Labour Department said that employers added 142,000 jobs in August, which was less than the nearly 160,000 economists predicted. It also stated that job gains over the preceding two months were weaker than expected.

However, the jobless rate went down to 4.2%, down from 4.3% in July.

The report is one of the most important indicators of the US economy and arrives at a vital time, as voters consider presidential candidates for the November election and the US central bank contemplates its first interest rate decrease in four years.

Analysts said the latest statistics kept the Federal Reserve on pace for a rate drop at its meeting this month, but did little to answer worries about the trajectory of the US economy or how much of a cut it should make.

“There has rarely been such a make-or-break number; unfortunately, today’s jobs report does not completely resolve the recession debate,” said Seema Shah, chief global strategist at Principal Asset Management.

Soaring prices in 2022 caused the Federal Reserve to hike its key lending rate to 5.3%, a nearly 20-year high.

Faced with increased borrowing costs for homes, vehicles, and other debt, the economy has slowed, helping to alleviate pressures that were boosting inflation but exacerbating market concerns.

As inflation has fallen to 2.9% in July, the Fed is under pressure to decrease interest rates to prevent additional economic deceleration.

Although job increases in August fell short of expectations, they were greater than in July, when a slowdown aroused anxieties and triggered several days of stock market volatility.

Last month, construction and health-care firms hired the most, while manufacturing and retailers laid off employees.

Ms Shah stated that the data in Friday’s report was mixed, but provided enough concerning indicators that the Fed should make a larger cut.

“On balance, with inflation pressures subdued, there is no reason for the Fed not to err on the side of caution and frontload rate cuts,” she told reporters.

VOR News

Others, however, felt the advances were just steady enough to warrant a 0.25 percentage point decrease, as markets had long projected – though this could signal more cuts than expected in the coming months.

Paul Ashworth, Capital Economics’ senior North America economist, predicted that the Fed’s decision will be “close run.”

“The labour market is clearly experiencing a marked slowdown,” he said, adding that the new statistics were “overall still consistent with an economy experiencing a soft landing rather than plummeting into recession”.

Concerns about the economy are a major issue in the US election.

According to polls, a majority of Americans feel the US is in a recession, despite healthy 2.5% growth last year.

Donald Trump has declared that the economy is headed for a “crash,” and his team instantly latched on the latest data to criticise Vice President Kamala Harris, publishing a press release titled “warning lights flash as Kamala’s economy continues to weaken.”

Democrats have defended their performance, claiming that the United States survived the pandemic and inflation better than many other countries.

They believe the slowdown is a sign that the economy is returning to a more sustainable rate of growth following the post-pandemic boom.

“Although hiring has slowed, the US job market continues to generate solid job gains and wage growth that is consistently beating inflation,” the White House Council of Economic Advisors stated in a blog.

 

News

Emmanuel Macron Says France ‘Will Fight Hard’ To Keep Hit Netflix Show Emily In Paris In Paris

Published

on

macron

Emmanuel Macron Says France ‘Will Fight Hard’, When Netflix’s blockbuster comedy “Emily in Paris” revealed at the end of season four that its lead heroine was leaving for Rome, many viewers were taken by surprise. French President Emmanuel Macron has now weighed in on the debate, stating that the country “will fight hard” to prevent the show from moving to the Italian capital.

“We will ask them to remain in Paris, ‘Emily in Paris'” in Rome does not make sense,” he told Variety in an interview published Wednesday.

The plot revolves around Emily Cooper, a 20-something American marketing executive played by Lily Collins, who relocates from Chicago to Paris for work and likes life in the French metropolis. It often ranks among Netflix’s most-watched episodes, and when the streaming service extended it for a fifth season, creator Darren Star stated that Emily will now “have a presence in Rome.”

macron

Emmanuel Macron Says France ‘Will Fight Hard’ To Keep Hit Netflix Show Emily In Paris In Paris

Following the French president’s remarks, Rome’s mayor, Roberto Gualtieri, made a tongue-in-cheek response on X, saying, “Dear Emmanuel Macron, don’t worry: Emily is doing wonderful in Rome. And one can’t control the heart; let her decide.”

In a statement to The Hollywood Reporter Roma, Gualtieri said, “Doesn’t President Macron have more pressing matters to worry about?”

Gualtieri speculated: “I would like to believe, at least I would like to hope, that Macron was joking, because he ought to know that a production company like Netflix does not take orders from heads of state or make decisions based on political pressure.”

Macron has had a lengthy association with the show. His wife, Brigitte, appeared briefly in season four when Emily met her in a café and asked for a selfie. In the show’s fictitious reality, Brigitte publishes one of Emily’s social media postings from season one, in which she expressed surprise that the French word for vagina, le vagin, was male.

“I was super proud, and she was very happy to do it,” Macron said of his wife’s appearance. “It was only a few minutes, but I believe it was a very positive time for her. I think it’s beneficial for France’s image. Emily in Paris is extremely positive in terms of the country’s attractiveness. It’s an excellent initiative for my own business.”

Emmanuel Macron Says France ‘Will Fight Hard’ To Keep Hit Netflix Show Emily In Paris In Paris

While some French fans have criticized the show for relying on Parisian clichés and disregarding topics such as homelessness in the city, a survey undertaken by France’s National Cinema Center revealed that it has increased travel to the country’s capital in January.

According to the study, around one-tenth of travelers opted to visit France after watching a certain movie or series, and in 38% of those cases, “Emily in Paris” served as the motivation for a French trip.

However, despite his wife’s involvement with the performance and its impact on tourism, Macron has no plans to make his own cameo appearance.

“I’m less attractive than Brigitte,” he told Variety.

SOURCE | AP

Continue Reading

News

Watchdog Claims That US Control Over Boeing Aircraft Output Is Insufficient.

Published

on

Boeing

(VOR News) – On Friday, a government watchdog expressed its Boeing disapproval of the control that the government Aviation Administration (FAA) exercises over the production of airplanes by Boeing.

The watchdog stated that the FAA did not have an effective mechanism to monitor the individual manufacturing facilities of the United States company that manufactures airplanes.

The FAA monitors “discrepancies and noncompliances within the Boeing production line.”

This statement was made by the office of the inspector general of the transportation department. In addition, the report said that the Federal Aviation Administration (FAA) has not addressed the long-standing flaws in Boeing’s control of suppliers, despite the fact that these hazards have been recognized for a considerable amount of time.

Despite the fact that Boeing is unable to resolve a strike by its employees, struggles to regain the faith of the industry in some of its aircraft and systems as a result of a string of accidents and incidents, and was forced to bring back its spacecraft from the International Space Station while leaving its astronaut crew behind due to safety concerns, the company is continuing to face a significant number of challenges in the business world.

Following the explosion of a door plug that was lacking crucial fasteners on a new Alaska Airlines 737 Max 9 airplane at 16,000 feet in January, the oversight of Boeing by the Federal Aviation Administration (FAA) has been subjected to greater scrutiny. This is because the door plug was missing essential fasteners.

In response to this incident, the Department of Justice has begun an investigation into possible criminal activity.

There were sixteen recommendations for enhancements included in the report. All of them were accepted by the Federal Aviation Administration, which remarked that it “is committed to continuously improving our oversight processes.” All of them were accepted.

According to a statement made by the Federal Aviation Administration (FAA), the agency “is currently conducting a comprehensive, systemwide review of our oversight models.”

According to the findings of the investigation, the Federal Aviation Administration (FAA) had not been successful in resolving charges of excessive pressure that were placed on Boeing staff who were acting on behalf of the FAA in a given amount of time.

The reason for this was that the Federal Aviation Administration (FAA) had not enforced the requirements that Boeing furnish information that was adequate in relation to the claims.

In the absence of an instant response, Boeing did not offer a comment.

The Federal Aviation Administration (FAA) “has yet to move from a reactive approach focused on addressing individual manufacturing issues to a more proactive, data-driven model to identify and address risk within Boeing’s manufacturing processes at all levels,” according to the report that evaluated the monitoring of Boeing 737 and 787.

This statement was made in reference to the FAA’s response to the monitoring of Boeing 737 and 787.

There have been a number of studies that have been released over the course of the past several years that have brought attention to complaints regarding the FAA’s regulation of Boeing.

The surveillance of the FAA was criticized by a United States Senate committee that was investigating the culture of Boeing at the end of the previous month. The committee cited papers that were obtained during an ongoing investigation as the basis for their criticism.

A month ago, it was reported that Mike Whitaker, the administrator of the Federal Aviation Administration (FAA), will be modifying the personal safety management program that the agency uses. He has previously said that the Environmental Protection Agency (EPA) had “too hands off” oversight over the actions of Boeing.

He did something that had never been done before: he forbade Boeing from raising the manufacturing of the 737 Max until the corporation had produced significant enhancements to the product’s quality. This was an action that had never been taken before.

SOURCE: TGN

SEE ALSO:

Trudeau Commits $25-Million for Charities in Lebanon, One Allegedly Linked to Terrorism

Trump Media Stock Is Up 100% From Its Recent Low As The DJT Continues To Rise On Heavy Trade.

Surveys Show Abortion Has Surpassed Inflation As The Top Election Concern For Women Under 30.

Continue Reading

News

Trudeau Commits $25-Million for Charities in Lebanon, One Allegedly Linked to Terrorism

Published

on

Justin Trudeau and Ahmed Hussen
Prime Minister Justin Trudeau and International Development Minister Ahmed Hussen address the media - VOR Image

Canada is increasing its humanitarian aid package for Lebanon by an additional $15 million, raising the total to $25 million in response to the escalating conflict between Israel and the Lebanon-based militant group Hezbollah.

International Development Minister Ahmed Hussen announced that the newly allocated funds will support both Canadian and international aid organizations in delivering essential services such as food, water, emergency health care, and other forms of assistance in Lebanon, although specific distribution details remain to be finalized.

“The impact of this conflict on civilians in Lebanon and beyond is devastating,” Mr. Hussen stated during a press briefing. “Today, Canada has announced a commitment of $25 million to bolster humanitarian efforts aimed at aiding the most vulnerable civilians in Lebanon.”

The recent announcement of $15 million in new funding adds to the $10 million in aid previously disclosed by Mr. Hussen at the end of September.

Minister of International Development Ahmed Hussen announces additional $15 Million in Aid for Lebanon - Video Screenshot

Minister of International Development Ahmed Hussen announces additional $15 Million in Aid for Lebanon – CBC Image

He stated that $6 million of the previously announced funds will be allocated to both the Red Cross and the Humanitarian Coalition, which comprises 11 charities, to match up to $3 million each in donations received for their respective Lebanon aid initiatives.

His commitment to the Humanitarian Coalition persists even in light of allegations against one of its member charities, Islamic Relief, which is accused of funding Hamas and maintaining connections to the Muslim Brotherhood. In 2014, the United Arab Emirates classified Islamic Relief as a terrorist organisation.

Mr. Hussen reported that over 2,000 individuals have lost their lives in Lebanon, including two Canadians, with thousands more suffering injuries. The ongoing conflict has exerted considerable strain on the humanitarian organizations operating in the region.

He emphasized the urgent need for food, medicine, shelter materials, and emergency health care in Lebanon.

Melanie Joly, Canada's foreign affairs minister, speaks during a news conference in Ottawa, Ontario, Canada,

Melanie Joly, Canada’s foreign affairs minister, speaks during a news conference in Ottawa, Ontario, Canada, – VOR Image

On Wednesday, Global Affairs Canada announced that it has successfully assisted nearly 1,050 Canadians, permanent residents, and their immediate family members in departing from Lebanon. It reports that it has also assisted approximately 250 individuals from various countries in departing Lebanon.

The agency reports a decline in new requests for information on departure options, now receiving fewer than 100 each day. All eligible travellers have been provided with departure opportunities, have already departed, or are scheduled to leave in the upcoming days.

According to Global Affairs Canada, a total of 205 individuals departed from Lebanon on Monday and Tuesday.

As of October 8, over 25,000 Canadians were officially registered in Lebanon; however, officials indicated that the actual figure could be greater, as registration is not mandatory. Foreign Affairs Minister Mélanie Joly has indicated that there are approximately 45,000 Canadians currently in the country.

On Wednesday, Mr. Hussen once again urged Canadians to evacuate Lebanon. A representative for Immigration Minister Marc Miller stated that the current priority is assisting Canadian citizens and permanent residents, along with their spouses and children, in obtaining the necessary travel documents.

“Additionally, we are focusing on the processing of specific categories of family class permanent resident applications,” stated spokeswoman Renee Proctor in an e-mailed statement.

US, UK, And Canada Sanction Lebanon’s Former Central Bank Governor

US, UK, And Canada Sanction Lebanon’s Former Central Bank Governor Over Corruption Allegations

Continue Reading

Download Our App

vornews app

Buy FUT Coins

comprar monedas FC 25

Volunteering at Soi Dog

Soi Dog

Trending