AMERICAN JOBS DATA
Wall Street slips with mixed data and earnings ahead of Fed week
The housing market data was hotter than expected, while an S&P Global survey showed business activity slowing to a nine-month low in January as prices rose. However, firms reported increased hiring, supporting the Federal Reserve's cautious approach to monetary policy this year.
US weekly jobless claims increase marginally
Americans filing for unemployment benefits rose slightly last week, hinting at steady job growth in January, with claims increasing by 6,000 to 223,000. Despite weather challenges, the labor market remains robust, adding 256,000 jobs in December. The Federal Reserve has adjusted its interest rate cut projections, influenced by strong job data and potential impacts from immigration policies.
Elon Musk raises concerns over $500 billion Stargate Project backed by Donald Trump
Elon Musk has expressed doubts about the financial feasibility of the $500 billion Stargate AI Project announced by President Donald Trump. The project, led by OpenAI and SoftBank, aims to build AI infrastructure across the US, create over 100,000 jobs, and strengthen national security. Despite strong government backing, concerns remain over funding, with Musk questioning SoftBank¡¯s ability to finance the ambitious initiative. Key partners include Oracle, Microsoft, NVIDIA, and Arm, with initial construction underway in Texas.
Donald Trump seals thousands of Indians' 'donkey route' to their American dream
President Trump has announced a national emergency focused on border security, aiming to curb illegal migration and drug trafficking. The executive orders include plans to end birthright citizenship for certain children of foreign nationals. A significant number of Indians have been caught attempting to enter the US illegally, highlighting the risks and costs involved in such dangerous journeys.
The American worker has lost all leverage
Despite the 4.1% unemployment rate suggesting a strong labor market, the falling hiring rate hints at deeper economic issues, reversing worker gains from 2021-2022. The shift of power back to employers, illustrated by return-to-office mandates, underscores the importance of policy in sustaining worker rights and benefits.
Trump orders federal workers back to office, weakens job protections
President Trump mandated federal workers return to in-office work and weakens job protections for civil servants, reversing pandemic-era remote work trends. He aims to replace long-serving employees with loyalists, potentially driving top talent away and risking lower service quality.
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You could be one of them: World Economic Forum warns that millions of people will lose their jobs in the next 5 years due to AI
There are serious concerns that AI's implementation across various workspaces would end up in a majority of people losing their jobs in the next five years or so, if a new warning from the World Economic Forum is to be believed.
Are Ivy League schools' graduate degrees losing their worth? Even MBAs from the mighty Harvard University are struggling to land jobs; here's why
Ivy League MBA graduates, including those from Harvard, face more challenging job markets.
H-1B replacing good-paying American jobs with lower-paid guest workers from abroad: Bernie Sanders
Senator Bernie Sanders introduces legislation to make hiring H-1B guest workers more expensive and ensure it's not cheaper than hiring American workers. Sanders argues the H-1B program primarily replaces well-paid American jobs with lower-paid foreign workers, benefiting billionaire-owned corporations.
Can Donald Trump tackle rising costs? Poll shows most Americans skeptical about groceries, housing, and healthcare
As Donald Trump begins his second term, a significant portion of Americans remain sceptical about his ability to address pressing economic concerns. A recent poll highlights low confidence in his plans to lower costs of essentials like groceries and healthcare. While Republicans express optimism about job creation and economic growth, many fear his policies, including tariffs and deportation plans, could worsen inflation.
US adds a strong 256,000 jobs in December as unemployment rate dipped to 4.1%
U.S. employers added 256,000 jobs in December, revealing the economy¡¯s unexpected resilience despite high interest rates and potential disruptions. Job growth rose from November, and the unemployment rate decreased to 4.1%. While hiring remains solid, it is slowing compared to peak years, with total job creation hitting approximately 2.1 million for the year.
US hiring slowed, laid-off workers are experiencing difficulties finding new jobs. Alarming signs for Donald Trump?
Donald Trump will take charge of the US Presidency on January 20 but a few reports have come ahead of the inauguration event.
Oil prices up on tighter OPEC supply, US jobs data
Oil prices increased due to reduced supplies from Russia and OPEC members. Data showed a rise in U.S. job openings, indicating economic growth and higher oil demand. Oil output from OPEC fell due to maintenance in the United Arab Emirates, despite a Nigerian output hike. Analysts expect oil prices to be lower in 2025 compared to 2024.
Sriram Krishnan & anti-India hate; can¡¯t spell iPhone without India
Sriram Krishnan, Trump¡¯s AI advisor pick, faced far-right backlash over ¡°stealing jobs.¡± This and more in today¡¯s ETtech Top 5.
American degree a big lure despite job uncertainties
Despite job uncertainties, American graduate degrees remain highly sought after by Indian students. US policies promoting transparency, scholarships, and the allure of STEM opportunities, with starting salaries exceeding $90,000, contribute to this continued interest, even amidst stricter visa concerns.
MathCo to add 400 employees by fiscal year-end, aims to boost global workforce to 2,500 by FY25-26
AI and data analytics firm MathCo plans to hire 400 more employees this fiscal, raising its global workforce to 2,500. The company focuses on recruiting fresh talent and lateral hires in AI/ML, data engineering, and related fields, alongside robust upskilling initiatives.
US weekly jobless claims unexpectedly rise
New jobless claims unexpectedly rose to 242,000 last week, while continuing claims increased to 1.886 million, signaling a cooling labor market. Despite November's job growth acceleration, the unemployment rate ticked up to 4.2%. This may influence the Federal Reserve to cut interest rates again next week, despite persistent inflation. Longer unemployment spells are also becoming more common.
Oil prices ease, but geopolitical risk and China policy stance check losses
Oil prices remained relatively stable despite a slight dip, influenced by geopolitical tensions in the Middle East after the Syrian government's collapse and China's planned economic stimulus. China's easing monetary policy and anticipated U.S. stockpile data further supported prices. Meanwhile, increased U.S. oilfield hiring signaled potential production growth.
Gold Rate Today: Yellow metal shines ahead of US jobs data; silver jumps Rs 780 per kg
Spot gold rose 0.3% to $2,638.66 per ounce by 03:46 GMT, recovering from its lowest level since November 26 earlier in the session. Prices remain down 0.4% for the week. U.S. gold futures climbed 0.5% to $2,661.00. The U.S. payrolls report, due at 13:30 GMT, is expected to show a 200,000-job increase in November, following a 12,000 rise in October.
Gold heads for second weekly fall; spotlight on US payrolls data
Gold prices held steady but were set for a second weekly decline as traders awaited U.S. jobs data. The November non-farm payrolls report is expected to show continued easing of labor market conditions, potentially influencing the Federal Reserve's decision on further rate cuts. Silver was flat, while platinum and palladium were down.
US stocks little changed as spotlight remains on jobs data
US stock markets saw mixed performance. The Dow and S&P 500 dipped slightly. Nasdaq reached a new intraday high. Investors awaited Friday's jobs report. Tesla's stock surged after price target increases. Cryptocurrency-related stocks jumped following Bitcoin's rise. Airline stocks gained after positive forecasts. Some tech companies saw declines after earnings reports.
US private sector adds fewer jobs than expected: ADP
US private sector job growth slowed to 146,000 in November, below expectations, with manufacturing showing particular weakness. October's figures were also revised downwards. While overall growth remains healthy, the Federal Reserve's rate cuts are expected to eventually boost the economy. Wage growth increased for both job stayers and changers.
Trump and Musk aim to cut the U.S. Federal Budget: Which American workers risk losing their jobs with this reform?
President-elect Donald Trump has tasked Elon Musk and Vivek Ramaswamy with finding significant cuts in the federal budget, potentially impacting the 2.3 million civilian federal workers. Their proposals, including a 30% spending reduction and halving the workforce, raise questions about the future of government agencies and the livelihoods of federal employees.
Trump's Indians: Indian-origin loyalists who could get top jobs
As Donald Trump prepares for his second term as US President, speculation is mounting over who will secure key positions in his administration. Trump has indicated his preference for rewarding loyalists who supported him during his previous term. Several Indian-origin individuals, including Kash Patel, Vivek Ramaswamy, Nikki Haley, Shalabh Kumar, and Bobby Jindal, are considered potential candidates for significant roles.
US economy to fall into recession after November 5 election results?
US election 2024 results will be declared after November 5 polls but is there any recession threat to American economy?
US Elections 2024: Trump campaign rages over 'Indians stealing jobs'
Recent Bureau of Labor Statistics data highlighted that while native-born Americans lost 773,000 jobs over the past year, foreign-born workers gained 1 million jobs. MAGA media and pro-Trump economists allege this supports the 'great replacement theory,' blaming immigrants for job losses. The debate stirs online resentment towards Indian tech workers, despite some defending their contributions.
US dollar rally pauses before jobs data, Aussie droops on RBA outlook
The dollar is close to a three-month peak with mixed U.S. indicators on jobs and consumer confidence. Australia's rate cuts appear unlikely due to high inflation in services. Rising speculation on Trump's election victory impacts markets. In Europe, GDP data will influence ECB rate decisions, while the UK's budget seeks to address financial gaps.
Recent job uptick is temporary, the US may be caught off-guard by a recession very soon
The current labor market may not be as great as it seems at this point, and unemployment could be at its worst currently, if a market strategist is to be believed. Does this mean the arrival of a US recession?
Export to be major job creator as India transitions to USD 5 trillion economy: USISPF
US-India Strategic Partnership Forum President Mukesh Aghi highlights exports as a key job creator for India's $5 trillion economy goal, stressing the need for economic engagements with the US. The bilateral trade target is set at $500 billion, with current trade figures revealing a close competition with China.
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