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U.S. jobs growth eased in June which could help curb inflation

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It’s hard to know whether this is good news or bad news, but employment growth eased in June, taking some steam out of what had been a stunningly strong labour market in the U.S.

 
The bad news is that a wobbly jobs market is bad for employees – the good news is that the Fed takes this into account when deciding on rate hikes.

The U.S. Labor Department reported an increase of 209,000 nonfarm payrolls in June, slightly below the consensus estimate of 240,000, resulting in an unemployment rate of 3.6 per cent.

This marked a considerable decline from May’s revised total of 306,000 and the slowest month for job creation since December 2020.

However, average hourly earnings exceeded expectations, rising by 0.4% for the month and 4.4% compared to a year ago.

Government jobs provided a boost, with an increase of 60,000, primarily at the state and local levels.

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Taylor Swift named Time magazine’s Person of the Year

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Taylor Swift has emerged victorious in a prestigious competition for Time Magazine’s Person of the Year, surpassing stiff contenders such as Barbie, King Charles III, and Sam Altman.

In a surprising turn of events, the globally renowned pop sensation, known for her chart-topping hits and captivating stage presence, has captured the hearts and minds of millions worldwide, cementing her status as a cultural icon.

Swift’s impact extends far beyond the realm of music.

Her relentless advocacy for social causes, from gender equality to LGBTQ+ rights, has resonated deeply with a diverse audience, transcending boundaries and generations. Time Magazine acknowledges her remarkable influence on society, celebrating her not only as an artist but as a force for positive change.

The news of Swift’s triumph has ignited discussions across the globe, sparking debates on the significance of pop culture in shaping the world’s social and political landscape.

Her journey from country sensation to global superstar and activist exemplifies the power of artistry and advocacy to make a profound impact.

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Andrew Forrest demands fossil fuel executives’ accountability at UN COP28

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Mining magnate and philanthropist Andrew Forrest made an impassioned call for accountability during a sideline interview at the UN COP28 climate conference.

In an extraordinary outburst, Forrest demanded that fossil fuel industry leaders be held responsible for their contributions to climate change.

Speaking to reporters, Forrest stated, “It’s time for the heads of fossil fuel executives to be on spikes – not literally, of course, but figuratively. We cannot continue to ignore the devastating impact these industries have on our planet. The time for action is now.”

Forrest’s comments come as world leaders gather to address the climate crisis and set ambitious targets for reducing carbon emissions. He emphasized the urgent need for a transition to cleaner energy sources and a shift away from fossil fuels.

The mining billionaire’s outspoken stance has sparked a debate among conference attendees, with some applauding his fervor for climate action and others cautioning against such extreme rhetoric.

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Putin meets Saudi Crown Prince in Gulf visit

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Russian President Vladimir Putin embarked on a rapid Gulf visit, meeting with Saudi Crown Prince Mohammed bin Salman. The leaders discussed regional stability, energy cooperation, and potential arms deals during their whirlwind meeting.

Putin’s visit to Saudi Arabia underscores the growing diplomatic ties between Russia and Saudi Arabia. Both countries have found common ground on various issues, from oil production to efforts to stabilize the Middle East.

One of the key topics on the agenda was energy cooperation. Russia and Saudi Arabia are both major oil producers, and discussions centered on maintaining stable oil prices in global markets. This partnership has been crucial in stabilizing oil markets in the past.

Another significant aspect of the meeting was the discussion of potential arms deals. Russia has been a major arms supplier to Saudi Arabia in recent years, and the leaders likely explored the possibility of further military cooperation.

The visit also aimed to strengthen diplomatic ties and promote regional stability. Putin and Prince Mohammed bin Salman emphasized the importance of dialogue and cooperation in addressing regional challenges.

 

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