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The puzzle that beats the job market: when will more people return?
WASHINGTON: When the US government releases its September jobs report on Friday, headlines will focus not only on how many people were hired last month. A second question will also attract attention: Are more people eventually looking for work? To an extent that has confused economists, many people who have lost or left their jobs in the pandemic recession will have to look for work again despite a strong economic rebound that has left many employers looking for clients. forced to meet the growing demand. Desperate to get a job, he has given up. Across the country, widespread and persistent labor shortages have disrupted industries ranging from restaurants and hotels to manufacturing and construction.
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Default crisis dodged for now with DEM-GOP loan agreement
WASHINGTON: Senate leaders have announced a deal in December to expand governments’ borrowing authority, temporarily staving off an unprecedented default that experts say would have decimated the economy. The first important vote is to be held on Thursday night. Senate Majority Leader Chuck Schumer announced a deal earlier on Thursday. He said he expects the Senate to vote later in the day. Republican leader Mitch McConnell offered a short-term extension on Wednesday. President Joe Biden and business leaders have heightened their concerns about what an unprecedented federal default would mean for the nations’ economies.
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Pfizer requests OK shots for kids, relief for parents
NEW YORK: Pfizer is asking the US government to allow the use of its COVID-19 vaccine in children between the ages of 5 and 11. If regulators agree, shots could start in a matter of weeks. Pfizer had already announced that its low dose of the vaccine worked and appeared safe in a study of youth. Pfizer and its German partner BioNTech officially filed their application with the Food and Drug Administration on Thursday. FDA advisers are due to debate the evidence later this month. Until now the vaccine was only available at age 12, and many parents and pediatricians are struggling to protect young children.
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US jobless claims fall to 326,000, first drop in four weeks
WASHINGTON: The number of Americans applying for unemployment benefits fell last week, another sign that the US job market and economy are continuing their steady recovery from the coronavirus slowdown of previous years. The Labor Department said Thursday that unemployment claims fell from 38,000 to 326,000, the first drop in four weeks. Weekly applications, a proxy for layoffs, had fallen more or less consistently throughout the year, since surpassing 900,000 in early January. Still, they are higher than pre-pandemic levels: Before COVID-19 hit the US economy in March 2020, weekly claims were consistently coming in at around 220,000.
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Barry Dillers IAC $2B . Meredith is buying for magazine co
NEW YORK: Barry Dillers is buying IAC, one of the nation’s largest magazine companies, and Meredith, publisher of People, Southern Living and InStyle, in hopes of accelerating a digital transition as the print fades. A collection of websites including IAC DotDash, Investopedia, Brides, Serious Eats and Simple Recipes will join Meredith, the companies announced Wednesday. IAC is paying $42.18 per share, or about $2.1 billion. That’s a big change for Iowa-based Meredith Des Moines, which just four years ago bought Time Inc. magazine for $1.8 billion to expand its magazine business.
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Shares rise due to low debt
NEW YORK: Stocks closed higher on Wall Street on Thursday as investors welcomed progress in Congress’s impasse on raising the federal debt limit. A temporary extension would give lawmakers more time to reach a permanent solution. The S&P 500 gained 0.8% and the Nasdaq Composite 1.1%. Pfizer got a 1.7% increase after asking the US government to allow the use of its COVID-19 vaccine in children aged 5 to 11. The number of Americans applying for unemployment benefits fell last week as the job market continued to improve. The Labor Department will release a more detailed employment report for September on Friday.
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Microsoft: Russia behind 58% of state-backed hacks
Boston: Microsoft says Russia has once again been responsible for most state-sponsored hacking, with 58% of infiltration attempts detected in the past year. The targets were mostly government agencies and think tanks in the United States, followed by Ukraine, Britain, and European NATO members. The devastating effectiveness of the long-known SolarWinds hack increased the success rate of Russian state-backed hackers to 32%, compared to 21% in the previous 12 months. China is responsible for 1 in 10 state-backed hacking attempts discovered by Microsoft. They are among the findings in Redmond, the Washington-based company’s annual Digital Defense Report, which covers the year ending June 30.
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Inflation disturbed the balance of business due to slow recovery
NEW YORK: Companies will soon start reporting their latest quarterly financial results and investors have been warned that inflation is in panic. A wide range of retailers, auto makers and manufacturers have all warned investors that supply chain shortfalls and high raw material costs are increasing expenses and hurting profits. A COVID-19 resurgence during the third quarter shut down many industries just as they were finding their feet from the slowdown of the pandemic. Many companies were able to pass the higher costs to consumers without much fuss during the first half of the year as the economy receded from the pandemic. But consumer spending, which is key to the economic recovery, slowed slightly in the summer as COVID-19 cases rose.
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The S&P 500 rose 36.21 points, or 0.8%, to 4,399.76. The Dow Jones Industrial Average rose 337.95, or 1%, to 34,754.94. The Nasdaq closed 152.10 points, or 1%, higher at 14,654.02. The Russell 2000 Index of Small Companies rose 35.14 points, or 1.6%, to 2,250.09.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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