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Investopedia
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Investopedia
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Jobs Data Shows Hiring, Wage Growth Slowing
~1.2 mins read
Evidence that the labor market is softening continued to pile up Wednesday, as private-sector hiring slowed in July for the fourth straight month.
The ADP National Employment Report showed that private-sector employers added 122,000 jobs in July, below its reported job growth for June. Economists surveyed by and Dow Jones Newswires were expecting private employers to add 150,000 jobs in July.
The labor market has been a key driver of the economy since the pandemic, as strong job and wage growth helped keep the economy out of recession in 2023. The strength in the job market continued into 2024. Still, recent reports have begun signaling employers were hiring less, including June data that showed the lowest number of job openings since the pandemic.
Investors will be watching to see if the trend continues with the release of the July payroll report due out Friday.
The ADP report also showed that wages were up 4.8% year-over-year, the slowest pace of growth in three years. While job-changers usually show stronger wage gains, that category saw the biggest decline, slowing to 7.2% wage growth in July, from 7.7% in the prior month.
In 2021, so many jobs were available that droves of workers left their jobs in search of better pay and working conditions. During that time, job-switchers often earned substantial raises. However, that wage growth has slowed substantially.
“With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation,” said Nela Richardson, ADP chief economist. “If inflation goes back up, it won't be because of labor.”
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Instablog9ja
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Instablog9ja
Suspended Senator Akpoti-Uduaghan Petitions Legal Committee Against Senator Neda Imasuen Amid New York Disbarment, Bank Fr@ud, Others
~2.9 mins read
Suspended Senator Akpoti-Uduaghan Petitions Legal Committee Against Senator Neda Imasuen Amid New York disbarment, Bank Fr@ud, others
Suspended Senator Natasha Akpoti-Uduaghan has petitioned the Legal Practitioners’ Disciplinary Committee, calling for an investigation into Edo lawmaker Neda Imasuen.
She accuses him of disobeying a court ruling and concealing his criminal past, including a New York disbarment, from INEC.
Her petition, received Monday, references a Peoples Gazette report that revealed Imasuen lost his law license in May 2010 for allegedly misappropriating client funds. She claims he failed to disclose this on his INEC EC-9 form, depriving Nigerians of crucial information.
Despite his past, Imasuen now chairs the Senate Ethics Committee, a role Akpoti-Uduaghan says demands “unimpeachable integrity.” She also accuses him of ignoring a court order that protected her from Senate disciplinary actions.
On March 5, Justice Obiora Egwuatu barred the Senate from penalizing her. However, Imasuen dismissed the ruling, insisting the legislature was independent. The next day, he recommended her six-month suspension.
Akpoti-Uduaghan argues this violates legal ethics, which require respect for court rulings. Reports also allege Imasuen was linked to a major U.S. bank fra¥d before relocating to Nigeria for politics.
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Worldnews
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Worldnews
LIVE: Israel Bombs Syria Air Bases, Kills 23 In Predawn Attacks On Gaza
~0.2 mins read
Israeli forces kill two journalists in Gaza and arrest an Oscar-winning documentary maker in the occupied West Bank. Israeli strike kills Al Jazeera journalist Hossam Shabat in Gaza Follow Al Jazeera English:...
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News_Naija
Asake Takes Over Ailing Fathers Treatment
~1.6 mins read
Afrobeats star, Asake has admitted his father, Fatai Odunsi, to a specialist hospital in Ikoyi, where Chinese experts are currently attending to him, a source has confirmed. When Sunday Scoop contacted one of Odunsi’s neighbours, who had earlier led our correspondent to Asake’s childhood home in Iga Idunganran, Isale Eko, during a visit last Saturday, she confirmed that Odunsi was receiving medical care at the unnamed facility. Speaking in the local Isale Eko parlance (now translated into English), she stated, “Call me again around 6:30 pm. By then, I should have gone to their house, so I would be able to give you more information on what you asked.” When our correspondent reached out to her again around 7 pm, she confirmed the news, saying, “I have confirmed from his (Odunsi’s) wife that he has been admitted to a specialist hospital in Ikoyi where Chinese experts are currently attending to him.” Also speaking to Sunday Scoop on condition of anonymity, a reliable source in the artist’s management described the entire saga as an oversight. The source confirmed that, to the best of his knowledge, Asake has started fulfilling his financial commitments to both his father and his daughter, Zeenat, but claimed to not know whether Asake would be resuming his relationship with Zeenat’s mother or provide any form of financial support for her. “The entire thing was an oversight, but all has been sorted. He has reunited with his family and promised to give them whatever they would need to keep him going. To the best of my knowledge, he has begun fulfilling the promises he made and that is why there is now calm. I have no knowledge of what has or will happen to the baby mama; what I know is what I have told you”, the source said. Recall that while updating the public on the situation of things, Odunsi, in a viral video disclosed that following their reconciliation, Asake committed to purchasing a new house for him and cover his medical expenses. He also confirmed that real estate agents were actively searching for a suitable property. He added that, Asake also agreed to take full responsibility for his 11-year-old daughter, Zeenat. However, he was silent on any discussions about Asake resuming a relationship with Zeenat’s mother or providing support for her.
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