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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News Network
June 13,2020

Shanghai, Jun 13: Authorities in Beijing have temporarily shut a major wholesale agricultural market following a rise in locally transmitted novel coronavirus infections in China's capital city over the past two days.

The closure of the Xinfadi wholesale market at 3 a.m. local time on Saturday (1900 GMT on Friday), came after two men working at a meat research centre who had recently visited the market were reported on Friday as having been infected by the novel coronavirus. It was not immediately clear how the men had been infected.

Concern is growing of a second wave of the new virus, even in many countries that seemed to have curbed its spread. It was first reported at a seafood market in Wuhan, the capital of central China's Hubei province, in December.

Beijing authorities had earlier halted beef and mutton trading at the Xinfadi market, alongside closures at other wholesale markets around the city.

Reflecting concerns over the risk of further spread of the virus, major supermarkets in Beijing removed salmon from their shelves overnight after the virus causing COVID-19 was discovered on chopping boards used for imported salmon at the market, the state-owned Beijing Youth Daily reported.

Beijing authorities said more than 10,000 people at the market will take nucleic acid tests to detect coronavirus infections. The city government also said it had dropped plans to reopen schools on Monday for students in grades one through three because of the new cases.

Health authorities visited the home of a Reuters reporter in Beijing's Dongcheng district on Saturday to ask whether she had visited the Xinfadi market, which is 15 km (9 miles) away. They said the visit was part of patrols Dongcheng was conducting.

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China reported 11 new COVID-19 cases and seven asymptomatic cases for Friday, the national health authority said on Saturday. And all six locally transmitted cases were confirmed in Beijing.

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News Network
June 10,2020

Jun 10: Indian-origin California Senator Kamala Harris has joined former vice president and 2020 Democratic presidential nominee Joe Biden to raise USD 3.5 million for the upcoming November elections.

Tuesday's fundraiser is the second-largest single event haul so far for the Biden campaign, which raised USD 4 million at one event earlier this month.

Harris' presence during the virtual mega fund raiser assumes significance as the Democratic Party leaders consider her to be one of the front-runners to be the nominee for vice president. The 55-year-old lawyer-politician was once considered to be a strong opponent of Biden in the 2020 Democratic primaries.

Introducing Harris to the 1,400 supporters present at the event, Biden underlined the history-breaking nature of her past electoral wins.

"For much of her career, she was the only person in the room who looked like she did," he said.

At the start of the campaign last year, Harris was very critical of Biden. She later endorsed him, months after she decided to withdraw herself from the race to the White House.

During the fundraiser, Harris was effusive in her praise for Biden.

Referring to Biden's meeting with George Floyd's family, she said, "He (Biden)is someone who whether one on one or speaking to the nation always has a sense of how people are experiencing this world, and what their needs are...This moment in the history of our country really represents an extraordinary exercise in contrast."

"On the other hand, we have a Donald Trump who had the gall to dispatch the US military to clear the streets so that he could prance down and then, like a prop, hold up the bible for a photo op," Harris said.

The death of African-American Floyd during police confinement in Minneapolis on May 25 has resulted in widespread protests not only in the US but across the world.

"There are so many contrasts between Joe Biden and Donald Trump that really point to the choice that we as Americans have today," Harris said.

California Lt Governor Eleni Kounalakis also joined the fund raiser.

In his remarks, Biden, 77, said the US is reeling in anguish and anger over the brutal killing of Floyd or the systemic racism that still infects every part of the society. "Harris knows better than anybody," he said.

"At the same time, we're facing the worst economic disaster since the Great Depression. American history is not a fairy tale with a guaranteed ending, a happy ending. This is a battle for the soul of the country.

"It's been a constant tug of war between the American ideal that we all are created equal -- and the harsh reality that racism has long torn us apart...I'm going to ask every American to look where we are now and to think, is this who we are? Is this who we want to be?" Biden asked.

Participating in the questions and answers session, Harris said America has still not fully embraced, acknowledged or addressed its history of racism and its current history of racism.

"One can think of this moment as an inflection moment, and it will require bold action and it will require immediate action...This stresses the importance and the immediacy and the urgency of electing Joe Biden," she said.

Replying to a question, Biden said, "Did you see today where the President of the United States while George Floyd was being buried, was condemning the older man who was knocked down with his head bleeding and everyone walking by. Did you see that? I mean, my lord. What have we become if we abide by this? So much we can do and must do."

Harris said the election is going to be rough and tumble.

"There are very powerful forces that thrive off of the hate and division that Donald Trump has been sowing. This is not going to be easy. And we have about just a few months to get this thing done," she said.

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News Network
June 17,2020

Beijing, Jun 17: Beijing's airports cancelled more than 1,200 flights and schools in the Chinese capital were closed again on Wednesday as authorities rushed to contain a new coronavirus outbreak linked to a wholesale food market.

The city reported 31 new cases on Wednesday while officials urged residents not to leave Beijing, with fears growing about a second wave of infections in China, which had largely brought its outbreak under control.

Tens of thousands of people linked to the new Beijing virus cluster -- believed to have started in the sprawling Xinfadi wholesale food market -- are being tested, with almost 30 residential compounds in the city now under lockdown.

At least 1,255 scheduled flights were cancelled Wednesday morning, state-run People's Daily reported, nearly 70 percent of all trips to and from Beijing's main airports.

The outbreak had already forced authorities to announce a travel ban for residents of "medium- or high-risk" areas of the city, while requiring other residents to take nucleic acid tests in order to leave Beijing.

Meanwhile, several provinces were quarantining travellers from Beijing, where all schools -- which had mostly reopened -- have been ordered to close again and return to online classes.

"The epidemic situation in the capital is extremely severe," Beijing city spokesman Xu Hejian warned Tuesday.

Mass testing under way

Officials have closed 11 markets and disinfected thousands of food and beverage businesses in Beijing after the outbreak was detected.

The city has now reported 137 infections over the last six days, with six new asymptomatic cases and three suspected cases on Wednesday, according to the municipal health commission.

An additional two domestic cases, one in neighbouring Hebei province and another in Zhejiang, were reported by national authorities on Wednesday, while there were 11 imported cases.

Authorities have so far banned group sports, ordered people to wear masks in crowded enclosed spaces, and suspended inter-provincial group tours in response to the outbreak.

Officials said that since May 30, more than 200,000 people had visited Xinfadi market, which supplies more than 70 percent of Beijing's fruit and vegetables.

More than 8,000 workers there were tested and quarantined.

Until the new outbreak, most of China's recent cases were nationals returning from abroad as COVID-19 spread globally, and the government had all but declared victory against the disease.

China's Center for Disease Control and Prevention said Monday that the virus type found in the Beijing outbreak was a "major epidemic strain" in Europe.

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