U.S. first-time unemployment claims fall again as labor market powers economy
The numbers: The number of Americans who applied for...
The numbers: The number of Americans who applied for unemployment benefits last week fell again to 215,000, reaffirming that layoffs are low and the economy is being buoyed by a strong labor market.
Initial jobless claims have hovered between 194,000 and 232,000 this year, a remarkably low level last achieved consistently in the 1960s.
Economists polled by the Wall Street Journal had forecast new claims to total 220,000 in the seven days ending May 18, based on seasonally adjusted figures.
Key details: New jobless claims fell in 33 of the 53 states and territories that report these figures to the federal government. Claims rose in 21 others, but all the increases were small.
Omitting seasonal adjustments, actual new claims declined slightly to 192,017 and tacked below 200,000 for the eighth time this year. That’s an exceedingly low level.
Turkey Emerges as the Largest Coal-Fired Electricity Producer in Europe
Turkey has emerged as the largest coal-fired electricity producer in...
Turkey has emerged as the largest coal-fired electricity producer in Europe as major EU economies have continued to shut down coal power plants and boost renewable energy generation.
In the first four months of this year, Turkey was the top coal power producer in Europe, overtaking Germany, according to data from energy think tank Ember cited by Reuters columnist Gavin Maguire.
Coal’s share in Turkey’s total power generation hit a record high of 36% last year, compared to a 12% share in the European Union. Turkey is dependent on coal imports from Russia—with which Ankara has kept friendly diplomatic and trade relations after the Russian invasion of Ukraine—and Russian coal imports held a 73% share in Turkey’s electricity generation, according to Ember’s data.
Hydrogen-powered ferry in San Francisco is a US first
The Sea Change, a hydrogen-powered...
The Sea Change, a hydrogen-powered ferry that is the first to be authorized for commercial transit in the US, received its certificate of inspection from the US Coast Guard last Friday and will start a six-month pilot period in June. The 75-passenger catamaran ferry has an integrated hydrogen power system, 360 kilowatts of fuel cells and 600 kilowatts of electric motor propulsion.
Spain, Norway, and Ireland will recognize a Palestinian state
The three European countries ...
The three European countries announced the largely symbolic diplomatic moves yesterday as Israel continues to fight in Gaza, saying they hoped to help bring about a two-state solution. Israel recalled its ambassadors from the countries in response, and Prime Minister Netanyahu called the recognition “a reward for terrorism.” The US also opposed the decisions, with the White House saying the president “believes a Palestinian state should be realized through direct negotiations between the parties, not through unilateral recognition.”
Home sales unexpectedly fell last month. People aren’t ...
Home sales unexpectedly fell last month. People aren’t buying houses, and it’s not because they’re splurging on too much avocado toast. High interest rates coupled with high home prices led existing home sales to drop 1.9% in April from March. The sluggish sales during the usually busy homebuying season come as the median price of a previously owned home rose 5.7% from last year to $407,600, according to the National Association of Realtors. Although it was the second consecutive monthly decline, analysts weren’t expecting it.
The Department of Justice is expected to file an antitrust lawsuit against Live Nation today, at least in part over the dominance of Ticketmaster.
UK Prime Minister Rishi Sunak set a national general election for July 4 to determine who will rule the country. It’ll be the UK’s first such election for Parliament in five years, and Sunak’s Conservative Party looks poised to lose.
OpenAI made a content licensing deal with News Corp. valued at $250 million to use the news publisher’s content to improve ChatGPT.
The Biden administration said it had canceled an additional $7.7 billion in student loans for 160,000 Americans as it works to chip away at the problem after the Supreme Court tossed its larger student debt forgiveness program.
More Americans report using marijuana daily than drinking alcohol daily for the first time as recreational weed becomes legal in more states, according to a new study.
