Category: News (Page 1 of 20)

North Korea Now Expands Military With A Whopping 250 Missiles

North Korea now expands its military power with a whopping 250 missiles, part of the countries plan to counter perceived U.S. threats.

North Korea marked the delivery of 250 nuclear-capable missile launchers to frontline military units at a ceremony where leader Kim Jong Un called for a ceaseless expansion of his military’s nuclear program, media said.

Sun Star reports that concerns about Kim’s nuclear program have grown as he has demonstrated an intent to deploy battlefield nuclear weapons along the North’s border with South Korea and authorized his military to respond with preemptive nuclear strikes if it perceives the leadership as under threat.

North Korea’s official Korean Central News Agency said the launchers were freshly produced by the county’s munitions factories and designed to fire “tactical” ballistic missiles, a term that describes systems capable of delivering lower-yield nuclear weapons.

According to North Korean leader Kim Jong-un, the new missile launchers unveiled at a recent event in Pyongyang will give his country’s frontline military units “overwhelming” firepower capabilities over South Korea.

Kim claimed this will make the operation of North Korea’s tactical nuclear weapons more practical and efficient.

State media footage showed long lines of army-green launcher trucks packed onto a large street, with seemingly thousands of spectators attending the event, which included fireworks displays.

North Korea has been actively expanding its arsenal of mobile, short-range weapons systems.

These are designed to overwhelm and penetrate the missile defense capabilities of South Korea. Concurrently, North Korea is also continuing to develop intercontinental ballistic missiles (ICBMs) capable of reaching the United States mainland.

Kim Jong-un’s escalating weapons tests and threats are widely seen as an effort to pressure the United States into accepting North Korea as a nuclear power and to have sanctions over its nuclear program lifted.

Experts suggest North Korea may also be looking to ramp up tensions during a U.S. election year.

Kim has been using Russia’s invasion of Ukraine as a distraction to accelerate his country’s weapons development.

In response, the United States, South Korea, and Japan have been expanding their joint military exercises and sharpening their nuclear deterrence strategies, leveraging advanced U.S. military assets.

Regarding the new missile launchers unveiled by North Korea, a spokesperson for South Korea’s Joint Chiefs of Staff stated that the militaries of South Korea and the U.S. are closely analyzing North Korea’s weapons development.

However, they said further monitoring is needed to confirm the operational readiness of the missile systems showcased.

Also Read: US Military Is Now Sending Reinforcements To Middle East

Other World News Today

Market News Today - North Korea Now Expands Military With A Whopping 250 Missiles.
Market News Today – North Korea Now Expands Military With A Whopping 250 Missiles.

Israeli and Iranian leaders have now exchanged warning threats, highlighting the deepening crisis between their nations.

Israeli Prime Minister and Iran’s President have exchanged threats — Benjamin Netanyahu vowed a firm response to any threats, while Masoud Pezeshkian pledged retaliation.

At a ceremony in Jerusalem, Israeli Prime Minister Benjamin Netanyahu addressed the nation with a resolute tone.

Amid a backdrop of rising regional tensions, Netanyahu declared, “Anyone who harms our country will be held accountable. Iran and its proxies seek to surround us with a stranglehold of terror on seven fronts.

Their visible aggression is insatiable, but Israel is not helpless.

We are determined to stand against them on every front, in every arena, far and near.

Anyone who murders our citizens, anyone who harms our country will be held accountable.

He will pay a very heavy price.”

Netanyahu’s comments come in the wake of nearly ten months of conflict in Gaza and the recent assassinations of a senior Hezbollah commander in Lebanon and Hamas’ top political leader in Iran.

The heightened hostilities have raised fears of further escalation and retaliation from Iran and its allies.

On his part, Iranian President Masoud Pezeshkian condemned the assassination of Hamas leader Ismail Haniyeh, calling it a violation of international law.

“The assassination of a guest of the Islamic Republic of Iran was an act that violated all international laws,” Pezeshkian said.

“It was a grave mistake by the Zionists.

The audacity will not go unanswered.”

According to media reports, Iranian officials told Arab diplomats that Tehran does not care if an attack on Israel triggers a regional war. But this can also be part of a psychological war both sides have launched.

Israel’s channel 12 said that Israel’s security establishment is considering the possibility of “preventive actions or attacks” it could initiate, “including in Lebanon or perhaps in other places as necessitated.”

Siamak Javadi, an economics professor and researcher at the University of Texas, told Iran International, “Aside from its military aspect, war is a full-scale economic project.

You can’t wage war with an empty pocket.”

Comparing gross domestic product, per capita national income, and inflation and unemployment rates in Iran and Israel, he added that the Islamic Republic is financially and economically incapable of engaging in a full-scale war with Israel.

Hossein Aghaei, a researcher in international relations and strategic affairs, also told Iran International, “The Islamic Republic is caught in the strategic trap or chain reaction game set by Israel.”

He added that the Iranian government finds itself in a “difficult and enigmatic” situation and has no choice but to provide a “direct and proportionate response” to Israel in order to restore its deterrent power.

Aghaei warned that if the Islamic Republic engages in “a high-risk game” and initiates a “comprehensive and multi-front” conflict against Israel, the region could be drawn into a major military confrontation.

Also Read: 15 Civilians Have Now Been Killed in Israeli Strike On Gaza School

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Market News Today - North Korea Now Expands Military With A Whopping 250 Missiles.
Market News Today – North Korea Now Expands Military With A Whopping 250 Missiles.

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A Massive Retailer Is Now Closing 75 Stores in California

A massive retailer is now closing 75 stores in California after launching 20 percent sales and shuttering locations nationwide.

Big Lots has announced a new wave of closures with majority of locations being axed in the state of California.

Out of the 109 stores slated to close soon, 75 stores are closing in the Golden State.

Big Lots closes its largest store in the United States earlier this year, which measured a whopping 30,300 square feet.

“Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to successfully serve our customers and our business,” a spokesperson for the brand said of the Carmichael, California store.

Which Big Lots stores are closing in California?

Below is a list of new Big Lots locations closing in California this year:

  • 1670 W Katella Ave., Anaheim
  • 6336 E Santa Ana Canyon Rd., Anaheim
  • 2240 El Camino Real, Atascadero
  • 1085 Bellevue Rd., Atwater
  • 1211 Olive Dr., Bakersfield
  • 2621 Fashion Pl., Bakersfield
  • 1482 E 2nd St., Beaumont
  • 353 Carmen Dr., Camarillo
  • 19331 Soledad Canyon Rd., Canyon Country
  • 1611 E Hatch Rd., Ste A Ceres
  • 1927 E 20th St., Chico
  • 12550 Central Ave., Chino
  • 2060 Monument Blvd, Concord
  • 740 N Main St., Corona
  • 5587 Sepulveda Blvd., Culver City
  • 912 County Line Rd., Delano
  • 1085 E Main St., El Cajon
  • 8539 Elk Grove Blvd., Elk Grove
  • 1500 Oliver Rd., Fairfield
  • 9500 Greenback Ln., Ste 22, Folsom
  • 17575 Foothill Blvd., Fontana
  • 1986 Freedom Blvd., Freedom
  • 3520 W. Shaw Ave, Fresno
  • 4895 E Kings Canyon Rd., Fresno
  • 7370 N Blackstone Ave., Fresno
  • 2900 W Rosecrans Ave., Gardena
  • 360 E 10th St., Gilroy
  • 1551 Sycamore Ave., Hercules
  • 42225 Jackson St., Ste B, Indio
  • 3003 W Manchester Blvd., Inglewood
  • 1020 W Imperial Hwy, La Habra
  • 6145 Lake Murray Blvd., La Mesa
  • 4484 Las Positas Road, Livermore
  • 380 S Cherokee Ln., Lodi
  • 1009 N H St, Ste M, Lompoc
  • 2238 N Bellflower Blvd., Long Beach
  • 951 W Pacheco Blvd., Los Banos
  • 1321 West Yosemite Ave., Manteca
  • 665 Fairfield Dr., Merced
  • 111 Ranch Dr., Milpitas
  • 27142 La Paz Rd., Mission Viejo
  • 3900 Sisk Road, Modesto
  • 3615 Elkhorn Blvd., North Highlands
  • 1702 Oceanside Blvd., Oceanside
  • 4430 Ontario Mills Pkwy, Ontario
  • 1875 Oro Dam Blvd E., Oroville
  • 6646 Clark Rd., Paradise
  • 47 Fair Ln., Placerville
  • 30501 Avenida De Las Flores, Rancho Santa Margarita
  • 810 Tri City Ctr., Redlands
  • 2620 Canyon Springs Parkway, Riverside
  • 565 Rohnert Park Expressway, Rohnert Park
  • 6630 Valley Hi Dr., Sacramento
  • 8700 La Riviera Dr., Sacramento
  • 370 Northridge Mall, Salinas
  • 499 W Orange Show Rd., San Bernardino
  • 3735 El Camino Real, Santa Clara
  • 1417 S Broadway, Santa Maria
  • 568 W Main St., Ste B, Santa Paula
  • 2055 Mendocino Ave, Santa Rosa
  • 1189 Simi Town Center Way, Simi Valley
  • 633 Sweetwater Rd., Spring Valley
  • 2720 Country Club Blvd, Stockton
  • 27411 Ynez Rd., Temecula
  • 955 Sepulveda Blvd, Torrance
  • 2681 N Tracy Blvd, Tracy
  • 1840 Countryside Dr., Turlock
  • 225 Orchard Plz, Ukiah
  • 818 Alamo Dr., Vacaville
  • 14790 La Paz Dr., Victorville
  • 2525 S Mooney Blvd., Visalia
  • 13241 Whittier Blvd., Whittier
  • 52 W Court St., Woodland
  • 1320 Franklin Road, Yuba City
  • 56865 29 Palms Hwy, Yucca Valley

Big Lots has struggled in recent quarters, with CEO Bruce Thorn saying a downturned economy has soured customers and hurt profits.

“While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” Thorn said.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Massive Retailer Is Now Closing 75 Stores in California.
Market News Today – A Massive Retailer Is Now Closing 75 Stores in California.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Massive Retailer Is Now Closing 75 Stores in California.
Market News Today – A Massive Retailer Is Now Closing 75 Stores in California.

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A City Councilor Is Now Sentenced 6 Years In Prison For Stock Manipulation

A city councilor is now sentenced to 6 years in prison for stock manipulation and misrepresentation in a company in Taiwan.

Former Taipei City Councilor Chen Cheng-chung, aged 69, has reported to prison to begin serving a 6-year sentence.

Chen was convicted of stock manipulation and misrepresentation in a company prospectus.

Chen had served as a city councilor for nearly 40 years, but was forced to give up his post in July.

On Tuesday, he arrived at the Taiwan Taipei District Prosecutors Office around 90 minutes later than the scheduled 10:30 am report time.

Chen did not make any public comments before turning himself over to prosecutors to be jailed, per Focus Taiwan.

He was wearing a white cap, white polo shirt, and a face mask.

Chen’s prison sentence was upheld by the Supreme Court last month, after he unsuccessfully appealed a combined 6-year sentence issued by the High Court.

The High Court had sentenced him to 4 years specifically for manipulating the stock of Hongfu Construction, a property development company he founded and held a key stake in.

The court also sentenced Chen to an additional 2 years in jail for providing false or misleading information in a company prospectus that was part of Hongfu Construction’s application for a public offering.

The Supreme Court, in announcing its final verdict on Chen’s appeal, stated that prosecutors should take measures to prevent Chen from attempting to escape.

The case against Chen dates back to 2001, when the Taipei District Prosecutors Office first indicted him for crimes including breach of trust, fraud, business misappropriation, and violations of the Securities and Exchange Act.

Chen was accused of hollowing out Hongfu Construction’s assets and stealing up to NT$6 billion (around $183 million USD) from the company since 1993.

This was during his tenure of serving 10 terms as a Taipei City councilor since 1985.

In the initial 2006 trial, the Taipei District Court had handed down a 20-year sentence for Chen’s crimes.

This was later reduced to 9 years by the High Court.

Since then, Chen has appealed his case multiple times, with varying outcomes of wins and losses in the retrials over the years.

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Also Read: Foreign Markets Are Now Imposing Bans For Illegal Trading

Other Market News Today

Market News Today - A City Councilor Is Now Sentenced 6 Years Prison For Stock Manipulation.
Market News Today – A City Councilor Is Now Sentenced 6 Years In Prison For Stock Manipulation.

Massive trading platforms are now reportedly facing outages as Wall Street and the crypto market experience a meltdown.

Several major online trading platforms were down Monday as Wall Street suffered a massive meltdown, according to outage tracking website Downdetector.com.

Charles Schwab, Fidelity, Vanguard and TD Ameritrade were among those heavily impacted, the site showed.

Tens of thousands of people reported an outage from Charles Schwab throughout most of the trading day on Monday.

Reuters reports that Charles Schwab and Fidelity Investments have now resolved their technical issues with their apps, on a day users rushed to trade as markets slumped on rising fears of a U.S. recession.

Many customers across several of these trading platforms struggled to log in to their accounts.

Wall Street’s main indexes as well as the crypto market have plunged as weak economic data, lower than expected quarterly earnings from tech giants and geopolitical tensions dampened hopes of a soft landing.

Goldman Sachs has viewed the markets volatility as a healthy correction rather than a crash.

Bitcoin price fell below $50K on Monday for a moment, scaling back more than 16% from its price of $65K in the past week.

The broad markets, including the S&P 500 and Nasdaq have also experience 5%-6% dips.

Goldman Sachs has issued a reassuring statement regarding the recent market volatility, emphasizing that the present dip is a healthy correction rather than a crash.

The cryptocurrency market has been volatile recently, with Bitcoin and other major cryptocurrencies experiencing high fluctuations.

“Several factors have contributed to the volatility, but these factors also provide opportunities for smart traders.

For instance, although the geopolitical unrest has had an impact on the price of Bitcoin, this volatility can be exploited for short-term gains through swing trading,” reports Cryptonews.net.

The markets seem to be in a state of chaos at the moment.

How long traders remain in this shroud of uncertainty is something only time will tell.

Are you currently exposed to the markets?

What are your thoughts on its current state?

Leave your thoughts below.

Also Read: Here Are What Experts Are Now Saying About Bitcoin’s Plunge

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Market News Today - A City Councilor Is Now Sentenced 6 Years Prison For Stock Manipulation.
Market News Today – A City Councilor Is Now Sentenced 6 Years In Prison For Stock Manipulation.

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A Bank in Illinois Now Suffers A Painful Rating

A bank in Illinois now suffers a painful rating per OCC standards following the release of its latest performance reports.

The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2024, through July 31, 2024.

The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings.

The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

Of the 27 evaluations made public this month, only one was rated substantial noncompliance, 20 were rated satisfactory, and six were rated outstanding.

The one bank rated substantial noncompliance is Ohio’s Lemon National Bank.

The major factors that supported this rating include:

  • The bank’s quarterly average loan-to-deposit ratio (LTD) is unreasonable at 10.6 percent.
  • Lending activity within the assessment area (AA) needs improvement. The bank originated six loans
    in the AA during the three-year evaluation period.
  • The distribution of loans to borrowers of different income levels is very poor.
  • Lemont did not receive any complaints regarding its CRA performance during the evaluation period.

“Considering the bank’s size, financial condition, and credit needs of the AA(s), the bank’s loan-to deposit ratio is unreasonable,” said the OCC report.

“The Lemont National Bank’s average LTD for the 16-quarter period since the preceding CRA evaluation was 10.6%.

The bank’s average LTD ratio ranged from a high of 11.0% to a low of 9.7%.

In comparison, the average LTD ratio for similarly sized financial institutions with assets less than $100 million was 77.8%.

The ratio ranged from a high of 116.2% and a low of 63.4%.”

Lemont is a nationally chartered bank headquartered in the village of Lemont, Illinois, located approximately 20 miles southwest of the city of Chicago.

Lemont is a wholly owned subsidiary of Lemont Bancorp Inc., a one-bank holding company also based in Lemont, Illinois.

As of December 31, 2023, Lemont reported total assets of $65.4 million, total deposits of $47.0 million, and tier 1 capital of $3.6 million.

The bank is a single state institution with five branch offices in Cook and Will counties.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Other Banking News Today

Market News Today - A Bank in Illinois Now Suffers A Painful Rating.
Market News Today – A Bank in Illinois Now Suffers A Painful Rating.

Massive US banks now prepare for millions to default according to Q2 reports, as institutions increase capital to cover insolvencies.

Big banks such as JPMorgan Chase, Bank of America and Wells Fargo are boosting their financial defenses as they prepare for customer inflow to dwindle, affecting the ability for the average American to pay their bills.

According to the latest Q2 2024 financial reports from major banks, they are significantly increasing the amount of capital they are setting aside to cover potential losses from rising credit card and loan defaults.

Collectively, these banks are allocating billions of dollars into emergency provisions and loan loss reserves to prepare for an anticipated increase in insolvencies and non-performing loans.

This reflects the banks’ growing concerns about the potential for a rise in credit card delinquencies and loan defaults in the coming months.

By bolstering their loss-absorbing capital buffers, the banks are attempting to proactively mitigate the financial risks posed by a potential surge in credit-related delinquencies and insolvencies.

This suggests the banks foresee a deterioration in consumer credit quality and are taking prudent steps to strengthen their balance sheets and resilience against such adverse credit trends.

The significant increase in these emergency loan loss provisions across the banking sector signals that the institutions are bracing for a potential economic downturn that could lead to a rise in loan defaults and credit-related write-offs.

This move underscores the banks’ efforts to position themselves to better withstand any upcoming challenges in the credit markets.

JPMorgan Chase is leading the way, increasing its provisions from $1.88 billion in the first quarter of this year to $3.05 billion – a $1.17 billion jump.

Meanwhile, Bank of America has set aside $1.5 billion, up from $1.3 billion in the previous quarter, and Wells Fargo set aside $1.24 billion, up from $938 million in the previous quarter.

The increasing balances show banks are anticipating increasing economic risk in the months ahead as commercial real estate flounders and as consumers pile up a whopping $1.02 trillion in credit card balances, according to TransUnion.

Delinquency rates across various types of debt are already on the rise, and the New York Federal Reserve says total US household debt hit $17.69 trillion in the first quarter of this year, an increase of $184 billion from the previous quarter.

The number includes mortgage balances, which rose by $190 billion to $12.44 trillion, and auto loans, which increased by $9 billion to $1.62 trillion.

Also Read: A Massive US Bank is Now Closing Credit Cards

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Market News Today – A Bank in Illinois Now Suffers A Painful Rating.

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Two Unexpected Businesses Now Warn of Upcoming Layoffs in Missouri

Two unexpected businesses now warn of upcoming layoffs in Missouri according to Worker Adjustment Retraining Notification notices.

It’s important to note that under the Worker Adjustment and Retraining Notification Act (WARN), an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

This week, two companies filed WARN notices with the Missouri Office of Workforce Development advising of upcoming layoffs in Missouri.

Southern Glazers is advising that a total of 94 staff will be laid off in St.Charles on November 1.

The second company is Omega Healthcare, who is laying off only 2 staff members in Oak Grove on September 30.

However, Southern Glazers and Omega Healthcare aren’t the only businesses cutting jobs in Missouri.

Which companies are laying off in Missouri this year?

Below is a list of businesses cutting jobs in the state of Missouri in 2024:

  • Regency Enterprises Services filed a notice advising that 183 staff in St.Louis will be laid off on August 31.
  • Brake manufacturer Otscon is closing a plant in Columbia in October, which will lead to the mass layoff of 158 employees working there
  • The Cheesecake Factory at the Chesterfield Mall in St.Louis County will permanently close in August, causing over 100 people to lose their jobs.
  • Oregon Tool filed a notice with the Missouri Office of Workforce Development advising that it was closing a facility in Kansas City on August 2, leading to the layoff of 80 employees.
  • Cherokee Nation Federal Consulting filed a notice with the Missouri Office of Workforce Development laid off 187 staff in Kansas City on June 30.
  • Food delivery business Yelloh, the iconic company formerly known as Schwan’s Home Delivery, announced the permanent closure of five of its facilities within the state.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - Two Unexpected Businesses Now Warn of Upcoming Layoffs in Missouri.
Market News Today – Two Unexpected Businesses Now Warn of Upcoming Layoffs in Missouri.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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