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US economy adds 209,000 new jobs as hiring slows
Hiring in the United States slowed in June, the Labor Department said Friday, providing a much-needed signal that the American economy is cooling ahead of another interest rate decision later this month.
The figures came in below analysts’ expectations, providing some respite for the US Federal Reserve as it mulls a return to interest-rate hikes later this month to tackle inflation still well above its long-term target of two percent.
The world’s biggest economy added 209,000 jobs last month, down from a revised figure of 306,000 in May, the Labor Department said. Meanwhile, the unemployment rate edged down to 3.6 percent, remaining close to historic lows.
The hiring figure came in below the median expectation of 240,000 new jobs in a survey of economists conducted by MarketWatch, while the unemployment rate was in line with predictions.
But despite the slowdown in job creation, analysts say the Fed is unlikely to hold off another interest rate hike at its next meeting.
“It’s a step in the right direction but we’re not near the level that we would need to see to be convinced that the labor market is significantly cooling down,” Oxford Economics’ lead US economist Oren Klachkin told AFP.
Even with job growth easing, average hourly earnings ticked up by 0.4 percent month-over-month, rising by 4.4 percent on an annual basis.
“The labor market is still very strong, wages are still rising at a very strong pace, unemployment is still very low, and nonfarm payrolls rose at a pace that is way above what the Fed wants,” Klachkin said.
‘
Bidenomics in action’
US President Joe Biden hailed Friday’s jobs report as evidence of “Bidenomics in action.”
“Our economy added more than 200,000 jobs last month—for a total of 13.2 million jobs since I took office,” he said in a White House statement.
“That’s more jobs added in two and a half years than any president has ever created in a four-year term,” he added.
June’s new jobs came mainly from increases in employment in government, health care, social assistance and construction, the Labor Department said.
”
The economy has proven remarkably resilient, with smaller businesses absorbing layoffs at larger firms,” KPMG chief economist Diane Swonk wrote in a note to clients.
– July hike ‘pretty certain’ –
Minutes published earlier this week of the Fed’s last rate decision showed that several members on its rate-setting committee supported another hike in June to tackle high inflation.
Ultimately, the Federal Open market Committee (FOMC) voted to pause the Fed’s campaign of 10 consecutive rate increases, while its members indicated they expected that two additional increases would likely be needed before the end of the year to bring inflation back down.
Among the members pushing for further increases was Dallas Fed president Lorie Logan, who said earlier this week that she had initially supported a June increase before settling for a pause.
“At this point, it is important for the FOMC to follow through on the signal we sent in June,” she said.
Friday’s labor data underscores the likelihood the Fed will return to its campaign of interest rate hikes later this month, according to Oxford Economics’ Klachkin.
“Given where the data stand right now I think that a hike this month is pretty certain, and I would say that there’s even risks of more hikes in the second half,” he said.
“The Fed is expected to raise rates at least another half percent before it pauses,” KPMG’s Swonk said, adding that a hike in July was “all but a done deal” at this point.
Futures traders now assign a probability of almost 95 percent that the Fed will raise its base rate by a quarter percentage point at its next meeting on July 25-26, according to data from CME Group.
The Nigerian Society of Engineers (NSE) has conferred its prestigious fellowship on Engr. Aderemi Oseni and 177 other members, urging them to promote Nigerian content and uphold the highest standards of the profession.
The conferment ceremony, held on Thursday in Abuja, brought together engineers, policymakers, and industry stakeholders to celebrate excellence in the field.
Oseni, who represents Ibarapa East/Ido Federal Constituency in Oyo State and serves as the Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), has been a Member of the Nigerian Society of Engineers (MNSE) for over a decade. He is also a registered engineer with the Council for the Regulation of Engineering in Nigeria (COREN) and a member of several international professional bodies, including the London Institute of Engineers and Technicians and the Nigeria Association of Technological Engineers.
Speaking shortly after receiving the fellowship, the lawmaker dedicated the award to God and the entire engineering community, expressing his commitment to upholding the principles of the profession.
“It is another great day. I feel very excited, and it was an opportunity for me to reconnect with some of my old colleagues, people I had lost contact with for quite a while,” he said. “Having been conferred as a fellow, it is an opportunity for us to continue to do the good work that we have been doing as professionals.”
At a dinner organised in honour of the new fellows, NSE President Margaret Oguntala lauded the awardees for their dedication to innovation and nation-building. She noted that Nigerian engineers had been instrumental in advancing critical sectors, including infrastructure, energy, healthcare, and information technology. She emphasised that the recognition was not just an honour but a responsibility to uphold the integrity and standards of the profession.
Oguntala further charged the new fellows to be ambassadors of engineering excellence and to conduct themselves with dignity befitting their status. “It behoves you to carry the banner of our society high anywhere you go,” she said. “We also expect you to carry yourselves always with the dignity and comportment that this fellowship bestows on you.”
She stressed the need for engineers to play a greater role in national development, advocating for collaborations across sectors to address pressing challenges such as infrastructure deficits, poverty alleviation, and job creation. “The collective strength of engineers alongside other professionals will undoubtedly unlock the potential that will bring about the much-needed development in our country,” she said. She urged them to be torchbearers of progress, quality, and sustainability in their respective fields.
The Chairman of the NSE Board of Fellows, Maliki Kamila, highlighted the rigorous selection process for the fellowship, describing it as the highest honour any practising engineer in Nigeria can attain. “These eminent professionals are commended for having scaled through the procedures for screening and assessment, as the process has remained very thorough but fair,” he said. Despite NSE’s membership strength of about 82,000, he noted that only a select percentage had been elevated to the fellowship grade.
Jigawa State Governor, Umar Namadi, who was the Special Guest of Honour at the event, commended the NSE for its contributions to national development. Represented by Malam Bala Ibrahim, Secretary to the State Government, he urged engineers to remain committed to nation-building and to uphold the ethics of the profession in all their endeavours.
Operatives of the Nigeria Customs Service (NCS) have intercepted undeclared foreign currency amounting to $1,154,900 and SR135,900 at the Mallam Aminu Kano International Airport (MAKIA) in Kano State.
The NCS Public Relations Officer, Abdullahi Maiwada, confirmed the seizure in a statement on Thursday, noting that the money was confiscated during a routine baggage check.
According to Maiwada, the foreign currency was found in the luggage of an inbound passenger, Hauwa Ibrahim Abdullahi, who had arrived on Saudi Airline Flight No. SV401 from Saudi Arabia.
“During the physical examination of the passenger’s luggage conducted by NCS officers, the undeclared currency was discovered concealed within palm-date fruit packs, locally referred to as Dabino,” he stated.
Seizure in Line with Financial Regulations
The NCS reiterated that the interception aligns with its mandate to enforce financial regulations and prevent illicit financial flows across Nigeria’s borders.
“In line with established procedures, the suspect and the seized foreign currency have been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation and necessary legal action,” the statement read.
Following the investigation, a court convicted the suspect and ordered the forfeiture of the undeclared money to the Federal Government, in accordance with the provisions of the Money Laundering (Prevention and Prohibition) Act of 2022.
Customs Warns Against Non-Compliance
Maiwada emphasised that all travellers must adhere to Nigeria’s financial regulations, particularly regarding the declaration of cash or negotiable instruments exceeding the approved threshold when entering or leaving the country.
“The Money Laundering (Prevention and Prohibition) Act of 2022 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, provide clear guidelines on currency declaration. Non-compliance constitutes a violation of Nigerian law and attracts severe penalties,” he warned.
The Service further urged the public to comply strictly with these regulations to avoid legal repercussions.
Commitment to Economic Protection
Under the leadership of the Comptroller-General of Customs, Bashir Adewale Adeniyi, the NCS remains resolute in its efforts to combat smuggling, illicit financial transactions, and other trans-border crimes.
“This latest seizure highlights the Service’s unwavering dedication to protecting the nation’s economic interests and ensuring compliance with financial regulations,” Maiwada stated.
He reaffirmed the NCS’s commitment to working with relevant government agencies and stakeholders to enhance border security, strengthen financial compliance, and safeguard Nigeria’s economy.
“Travellers and stakeholders in the financial sector are advised to remain vigilant and always adhere to lawful financial practices,” he added.
The Chairman, House Committee on Federal Roads Maintenance Agency (FERMA) and member representing Ibarapa East/Ido Federal Constituency, Oyo State, Engr. Aderemi Oseni has expressed solidarity with traders who suffered losses in the recent fire outbreak at Aleshinloye Market, Ibadan.
The inferno, which occurred in the early hours of Wednesday, engulfed parts of the bustling commercial hub, destroying goods worth millions of naira. The cause of the fire is yet to be ascertained, but the extent of destruction has drawn widespread sympathy from political leaders, business stakeholders, and the general public.
In a statement issued by his media aide, Idowu Ayodele, in Ibadan, the lawmaker described the incident as a tragic setback for hardworking traders who rely on the market for their livelihood. He urged government agencies at all levels to swiftly intervene and support the victims in rebuilding their businesses.
“I stand in solidarity with the traders and entrepreneurs of Aleshinloye Market in this difficult time. This disaster is a painful reminder of the urgent need for enhanced fire safety measures in our marketplaces. I urge both the Oyo State Government and federal agencies to provide immediate relief and long-term solutions to support those affected,” he said.
Oseni also emphasised the importance of proactive disaster management strategies, calling for the implementation of modern fire prevention infrastructure in major markets across the state. He further encouraged well-meaning individuals, corporate organisations, and relevant authorities to extend support to the affected traders.
The lawmaker reiterated his commitment to advocating for policies that protect small business owners from unforeseen disasters, stressing the need for a collaborative approach to safeguarding the economic interests of traders and artisans.
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