US jobless rate tumbles to near 4-year low

October 6, 2012

US_employee


Washington, October 6: The US unemployment rate dropped to a near four-year low of 7.8 percent in September, a potential boost to President Barack Obama's re-election bid.


The Labor Department said on Friday the unemployment rate, a key focus in the race for the White House, dropped by 0.3 percentage point to its lowest point since January 2009 as employers added 114,000 workers to their payrolls.


The drop in the unemployment rate reflected an even bigger surge in new jobs captured by a survey of households and came even as Americans returned to the labor force to resume the hunt for work. The workforce had shrank in the prior two months.


Payrolls for July and August were revised to show 86,000 more jobs created than previous reported, mostly to reflect increases in government employment.


The jobless rate is now where it was when Obama took office in January 2009. Household employment increased 873,000, the most since June 1983, according to the household survey. The bulk of the gains were part-time jobs.


“There is something in these numbers for everyone. The rise in the participation rate shows somewhat of a real improvement in the labor market,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.


US stock index futures rose on the report, while prices for Treasury debt tumbled. The dollar rose versus the yen and the euro.


It was the second last report before the Nov. 6 election that pits Obama against Republican Mitt Romney.


A Reuters/Ipsos poll released on Thursday after Wednesday's first presidential debate showed Romney gained ground and is now viewed positively by 51 percent of voters. Obama's favorability rating remained unchanged at 56 percent.


Persistently poor labor market conditions led the Federal Reserve in September to announce a plan to buy $40 billion worth of mortgage-backed securities each month until it sees a sustained turnaround in employment.


The central bank, which also pledged to keep overnight lending rates near zero until at least mid-2015, hopes the purchases drive down long-term borrowing costs and spur the recovery.


The Fed's ultra-easy stance has started to free up credit, giving a lift to consumers, economists said. That, in turn, helped lift retail hiring in September.


Temporary help jobs, which are often seen as a harbinger for permanent hiring, fell 2,000 after being almost flat in August.
Manufacturing payrolls fell for a second straight month.


Construction employment rose 5,000, benefiting from the rise in home construction, as demand for housing rises against the backdrop of record low mortgage rates Government payrolls rose 10,000 after increasing 45,000 in August. Average hourly earnings rose 7 cents last month, which could support spending.



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Agencies
January 11,2020

New York, Jan 11: The United Nations Security Council (UNSC) on Friday renewed a six-year-long cross-border humanitarian aid deliveries mechanism into Syria.

According to Sputnik, the Security Council voted in favour of a resolution on Friday that allows cross border deliveries to be conducted via Turkey, preserving two checkpoints and excluding the Al-Yarubiyah border crossing with Iraq and the Al-Ramtha crossing with Jordan, until July 10, 2020.

Russia proposed to amend the adopted resolution by replacing a part of the draft which stipulates that humanitarian assistance into Syria should be delivered based on the principles of humanity, neutrality, impartiality and independence by the phrase that such aid should be provided "in accordance with the guiding principles of humanitarian emergency assistance, as contained in UNGA resolution 46/182."

The agreement was reached after Belgium and Germany decided to amend the original version of their joint resolution, which proposed keeping three points for cross-border deliveries into the Arab republic.

In December last year, the United Nations had said that over 235,000 people fled the Idlib region in the last two weeks after Russia and Syria launched airstrikes in a bid to take over the last major opposition bastion.

Russia backed Syria government launched a fresh assault to capture the province.

Syrian Bashar al-Assad regime, backed by Iran, has reportedly promised to take back the rebel-controlled area and broke a ceasefire that was announced in August.

They have since December 19 seized dozens of towns and villages from armed fighters amid clashes that have killed hundreds on both sides.

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News Network
April 15,2020

Wuhan, Apr 15: In the six days after top Chinese officials secretly determined they likely were facing a pandemic from a new coronavirus, the city of Wuhan at the epicenter of the disease hosted a mass banquet for tens of thousands of people; millions began traveling through for Lunar New Year celebrations.

President Xi Jinping warned the public on the seventh day, Janaury 20. But by that time, more than 3,000 people had been infected during almost a week of public silence, according to internal documents obtained by The Associated Press and expert estimates based on retrospective infection data.

That delay from Jan 14 to Jan. 20 was neither the first mistake made by Chinese officials at all levels in confronting the outbreak, nor the longest lag, as governments around the world have dragged their feet for weeks and even months in addressing the virus.

But the delay by the first country to face the new coronavirus came at a critical time — the beginning of the outbreak. China's attempt to walk a line between alerting the public and avoiding panic set the stage for a pandemic that has infected almost 2 million people and taken more than 126,000 lives.

A This is tremendous, a said Zuo-Feng Zhang, an epidemiologist at the University of California, Los Angeles. If they took action six days earlier, there would have been much fewer patients and medical facilities would have been sufficient. We might have avoided the collapse of Wuhan's medical system.

Other experts noted that the Chinese government may have waited on warning the public to stave off hysteria, and that it did act quickly in private during that time.

But the six-day delay by China's leaders in Beijing came on top of almost two weeks during which the national Center for Disease Control did not register any cases from local officials, internal bulletins obtained by the AP confirm. Yet during that time, from Jan 5 to Jan 17, hundreds of patients were appearing in hospitals not just in Wuhan but across the country.

It's uncertain whether it was local officials who failed to report cases or national officials who failed to record them. It's also not clear exactly what officials knew at the time in Wuhan, which only opened back up last week with restrictions after its quarantine.

But what is clear, experts say, is that China's rigid controls on information, bureaucratic hurdles and a reluctance to send bad news up the chain of command muffled early warnings. The punishment of eight doctors for rumor-mongering, broadcast on national television on Jan. 2, sent a chill through the city's hospitals.

Doctors in Wuhan were afraid, said Dali Yang, a professor of Chinese politics at the University of Chicago. It was truly intimidation of an entire profession. Without these internal reports, it took the first case outside China, in Thailand on Jan 13, to galvanize leaders in Beijing into recognising the possible pandemic before them. It was only then that they launched a nationwide plan to find cases distributing CDC-sanctioned test kits, easing the criteria for confirming cases and ordering health officials to screen patients, all without telling the public.

The Chinese government has repeatedly denied suppressing information in the early days, saying it immediately reported the outbreak to the World Health Organization.

Allegations of a cover-up or lack of transparency in China are groundless, said foreign ministry spokesman Zhao Lijian at a Thursday press conference.

The documents show that the head of China's National Health Commission, Ma Xiaowei, laid out a grim assessment of the situation on Jan. 14 in a confidential teleconference with provincial health officials.

A memo states that the teleconference was held to convey instructions on the coronavirus from President Xi Jinping, Premier Li Keqiang and Vice Premier Sun Chunlan, but does not specify what those instructions were.

The epidemic situation is still severe and complex, the most severe challenge since SARS in 2003, and is likely to develop into a major public health event, the memo cites Ma as saying.

The National Health Commission is the top medical agency in the country. In a faxed statement, the Commission said it had organised the teleconference because of the case reported in Thailand and the possibility of the virus spreading during New Year travel. It added that China had published information on the outbreak in an open, transparent, responsible and timely manner," in accordance with important instructions repeatedly issued by President Xi.

The documents come from an anonymous source in the medical field who did not want to be named for fear of retribution. The AP confirmed the contents with two other sources in public health familiar with the teleconference. Some of the memo's contents also appeared in a public notice about the teleconference, stripped of key details and published in February.

Under a section titled sober understanding of the situation, the memo said that clustered cases suggest that human-to-human transmission is possible. It singled out the case in Thailand, saying that the situation had changed significantly because of the possible spread of the virus abroad.

With the coming of the Spring Festival, many people will be traveling, and the risk of transmission and spread is high, the memo continued.

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News Network
June 15,2020

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.

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