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US economy adds 209,000 new jobs as hiring slows

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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.

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Nigeria’s Oil Output Rises to 1.68m Barrels Per Day

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Nigeria’s crude oil and condensate production rose to 1.68 million barrels per day in August 2026, representing a 0.4 per cent increase from the 1.67 million barrels per day recorded in July.

The Nigerian Upstream Petroleum Regulatory Commission disclosed this in its latest production report released on Sunday.

Excluding condensate, the country produced an average of 1,500,190 barrels of crude oil per day in August, allowing Nigeria to meet its Organisation of Petroleum Exporting Countries quota for the fourth consecutive month.

Daily combined crude oil and condensate production ranged between 1.64 million barrels and 1.71 million barrels during the month under review.

A breakdown of production by terminals showed that Bonny Terminal recorded the highest output at 320.04 thousand barrels per day, followed by Forcados Terminal with 317.40 thousand barrels per day.

Qua Iboe Terminal recorded an average production of 171.72 thousand barrels per day, while Escravos Oil Terminal posted 131.71 thousand barrels per day.

Bonga ranked fifth among the highest-producing terminals, with an average output of 92.50 thousand barrels per day.

The NUPRC attributed the modest improvement in August production largely to the resolution of operational challenges involving the Single Buoy Mooring at the Erha field.

The commission said the challenges had adversely affected production in the preceding month.

“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review,” the commission’s spokesperson, Eniola Akinkuotu, said in a statement on Sunday.

The regulator added that production activities across most other producing assets remained relatively stable during the month.

“Production activities across most other producing assets remained relatively stable, with operators sustaining implementation measures aimed at optimising production efficiency, maintaining asset integrity, and minimising operational disruptions,” the statement said.

The latest figures indicate a continued improvement in Nigeria’s oil production, with the country maintaining its OPEC quota compliance for the fourth consecutive month.

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Oyo South: Oseni Approves N100m for Ibadan Community Road Rehabilitation

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has approved N100 million for the immediate rehabilitation of a major access road linking seven communities in Ido Local Government Area of Oyo State.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, announced the intervention on Saturday at a town hall meeting with residents and community leaders from Power Line, Awonsoso, Siba, Olupoyi, Balogun, Baba Agba and Agaloke communities.

‎The lawmaker said the decision followed a request by the community stakeholders, who identified the poor condition of the road as their most pressing need. He assured the residents that the rehabilitation would be completed within four months.

‎Oseni said the intervention was part of his commitment to people-centred representation, stressing that his legislative activities had been focused on issues capable of improving the lives of Nigerians.

He said, “Within the three years plus, I have sponsored bills and moved motions that are carefully designed to positively impact the lives and livelihoods of citizens.”

According to him, some of the legislative initiatives include moves to amend the Federal Medical Centres Act to establish a Federal Medical Centre in Ido Local Government Area, stronger sanctions for contractors who fail to execute government projects according to specifications, and measures to improve accountability in the management of public contracts.

Oseni added that he had also advocated subsidised farm machinery for farmers, measures to reduce the cost of cancer treatment, improved food storage through modern silos and processing facilities, as well as urgent action on flooding and recurring building collapses in major cities among several others.

‎The lawmaker said his engagements with communities across Oyo South should not be viewed solely through the prism of the 2027 elections, despite the commencement of political activities.

“My visit here today is not to solicit for votes, but to listen and find practical ways to attend to the requests and plights of my people,” he said.

‎Oseni also disclosed that he had facilitated the distribution of 31 transformers across Ido and Ibarapa, with about 80 per cent of the cost funded through his foundation. He added that  other interventions had included solar-powered street lights, boreholes, bridges, public toilets, educational support,  infrastructure, health care services,  youth and women empowerment, and assistance to artisans, traders and markets across the senatorial district.

The APC chieftain further noted that some youths had also received N1 million each as seed capital to start small businesses.

‎Oseni acknowledged that his primary responsibility as a federal lawmaker was to make laws and provide effective representation, but said the gap created by ineffective governance at the grassroots had made it necessary for him to support communities through interventions.

He urged youths to remain focused and resilient, recounting how he worked as a bus conductor to raise money for his secondary education before becoming an engineer, businessman and legislator.

Earlier,  Chief Muibi Adegoke, Baale of Awonsoso, and Chief Azeez Saka, Baale of Elere Apata, commended the lawmaker for what they described as his performance in legislation and community development. They pledged their support for his political aspiration ahead of the 2027 election.

‎The meeting was attended by traditional rulers, religious leaders, community elders, women and youth leaders from the affected communities.

(c) Mega Icon Magazine 

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Oyo APC Guber Candidate, Alli, Celebrates Archbishop Wale Oke at 70

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The All Progressives Congress (APC) governorship candidate in the 2027 Oyo State election, Senator Sharafadeen Alli, has congratulated the Archbishop of the Sword of the Spirit Ministries, Francis Wale Oke, on his 70th birthday.

Alli, in a statement on Tuesday, described the cleric as one of the foremost spiritual leaders produced by Ibadan, saying his contributions to the spread of Christianity had brought honour to Oyo State and impacted lives beyond Nigeria.

The senator described Oke as a “kingdom general” whose leadership and commitment to the gospel had positively influenced communities and nations across the world.

He said, “On behalf of my family and the APC family in Oyo State, I warmly congratulate one of our state’s most illustrious figures, Archbishop Francis Wale Oke, as he marks the landmark age of 70 years today.

“I join millions of Nigerians in celebrating a generational leader, a reformer and a dependable voice for peace and national development. Your dedication over the last five decades to destiny moulding, spiritual upliftment and the expansion of the Christian faith is unparalleled.”

Alli also commended the archbishop’s leadership qualities and his achievements in various capacities, particularly as the National President of the Pentecostal Fellowship of Nigeria.

The APC candidate noted that Oke’s influence extended beyond the pulpit, describing his years of service as a testament to his commitment to spiritual development and nation-building.

He prayed for continued grace, good health and many more years of fruitful service for the celebrant.

“As you continue to expand the Kingdom and impact destinies, I pray for renewed grace, robust health and many more fruitful years. Ibadan and Oyo State are immensely proud to have you,” Alli added.

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