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But some economists have argued that flawed historical economic data puts this claim in question. The further back you go — the NBER data goes to about 1850 — the more common recessions were. He said the NBER's pre-1914 recession data, in particular, is "very poor," and that only economic data collected after World War II is of good quality. "So the growing share of services also means you're going to have more stable economic growth." AdvertisementTo be sure, while a stable economy has its benefits, it's not the only indicator of a healthy economy.
Persons: , they'll, haven't, George Selgin, what's, NBER, Selgin, Joseph H, Davis, Satyam Panday, Panday, it's, they've Organizations: Service, National Bureau of Economic Research, Cato Institute, of Labor Statistics didn't, US, Vanguard, US Department of Agriculture, Satyam, Federal Reserve, Fed
A cyclical slowdown has to come unless you’re in the camp that thinks structural growth of the economy has risen dramatically. We don’t think that’s the case. Do you think that’s the case? The jobs market is a byproduct of GDP growth. I think that this should make people feel a little bit better about the prospects for the year.
Persons: Bell, Satyam Panday, It’s, we’ve, that’s, Warren Buffett, Charlie Munger, Warren Buffett’s, Buffett, Munger, , Charlie, Berkshire Hathaway, Brian Fung Organizations: CNN Business, Bell, New York CNN, Satyam, Federal Reserve, Berkshire Hathaway, Investors, Oracle, , Berkshire, US, Facebook, YouTube Locations: New York, Real, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska, Texas, Florida
PinnedThe labor market is looking more like 2019 every month, and that’s not a bad place to be. The share of people quitting their jobs, which surged during the pandemic, is back to 2019 levels. A broad measure of wages, salaries and benefits known as the Employment Cost Index has been falling since early 2022. Employment growth has been narrowing, with sectors like education, health care and government, which vary less with economic cycles, powering most of the gains. Most of those displaced workers have shifted to positions where their skills are still needed, keeping joblessness in check — so far.
Persons: that’s, , , Satyam Panday Organizations: Labor Department, Bureau of Labor Statistics
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is a 50-50 chance of a December rate hike, S&P Global Ratings saysSatyam Panday, U.S. chief economist at S&P Global Ratings, discusses the latest U.S. Federal Reserve decision on interest rates.
Persons: Satyam Panday Organizations: Federal
Pano AI, a wildfire-detection startup, uses ultrahigh definition, 360-degree cameras and an artificial-intelligence platform to scan, identify, and monitor wildfires. Pano AI alerted the state's Department of National Resources, which began a partnership with the startup in March, and provided visual and location data. Pano AI estimated its alert sped up the response time by 20 to 30 minutes. There are over 100 Pano AI systems deployed across the US and Australia. A Pano AI detection image of the Flat Fire in California.
Persons: , Rogers, Pano AI's, Sonia Kastner, Arvind Satyam, Kastner, Satyam, Hilary Franz Organizations: Service, state's Department of National Resources, Research, 4G Locations: Washington, Mount Rainier, Australia, Canadian, British Columbia, San Francisco, California
India, which is scrambling to rein-in inflation ahead of state elections later this year, on Friday expanded curbs on rice exports with a 20% duty on parboiled rice that would be effective until Oct. 15. Shipments of around 500,000 tons have been put on hold, said B.V. Krishna Rao, president of the Rice Exporters Association (REA). India exported a record 22.2 million tons of rice in 2022, including 7.4 million tons of parboiled rice. Lower-income consumers in Asia and Africa previously preferred 100% broken rice, exporters said, which was available at $325 per ton, but India banned exports of broken rice last year. India, which accounts for 40% of world rice exports, in July ordered a halt to its largest rice export category, non-basmati white rice, which fuelled a rally in global rice prices.
Persons: Rajendra, Himanshu Agarwal, B.V, Krishna Rao, REA, Rao, Tony Munroe, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Satyam Balajee, Rice, Association, Reuters Graphics, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, Benin, Ghana, Côte d'Ivoire, Liberia, Thailand, Vietnam, Pakistan, New Delhi, Asia, Africa
A more encompassing unemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons fell to 6.7%, down 0.2 percentage point from June. The survey of households, which is used to calculate the unemployment rate, showed a more robust gain of 268,000. The unemployment rate for Blacks moved lower to 5.8% while the rate for adult women nudged higher to 2.7%. A 3.5% unemployment rate, you can't complain about that," said Satyam Panday, U.S. chief economist at S&P Global Ratings. This is a "really, really solid labor market," said Jonathan Stokoe, senior vice president at job placement firm Adecco.
Persons: Nonfarm, Dow Jones, Stocks, Satyam Panday, Jonathan Stokoe, Rick Rieder, Jerome Powell, Goldman Sachs Organizations: Labor Department, Federal Reserve, Dow Jones, Treasury, Blacks, Gross, Atlanta, Group, Fed, Bank of America Locations: U.S, BlackRock
"As Indian prices moved up because of the new minimum support price, other suppliers also started raising prices." Yet even before the weather phenomenon can disrupt production, the global rice price index of the Food and Agriculture Organization hovers above an 11-year high. The price of Indian rice exports has jumped 9% to a five-year high, following a hike of 7% last month in the price the government pays farmers for new-season common rice. "Rice prices have already been rising due to limited supplies," added Olam's Gupta. Last month Indonesia signed a rare pact with India to import 1 million tons if El Nino disrupts domestic supply.
Persons: El Nino, Krishna Rao, REA, Rice, El, Nitin Gupta, Gupta, Rosa Wang, Narendra Modi's, Modi, Himanshu Agarwal, Rajendra Jadhav, Qin Ningwei, Tony Munroe, Clarence Fernandez Organizations: Rice, Association, Reuters, El, Food and Agriculture Organization, U.S . Department of Agriculture, El Nino, Reuters Graphics, Shanghai JC Intelligence, Narendra Modi's Bharatiya Janata Party, BJP, Satyam Balajee, Vietnam, Thomson Locations: MUMBAI, India, Ukraine, Asia, Bangladesh, China, Indonesia, Thailand, Vietnam, New Delhi, Singapore, Myanmar, Pakistan, Indian, Philippines
The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.
Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India
"This mix is generally a net negative for emerging markets." A recent Barclays analysis showed a 50 basis point Fed rate hike would increase interest rate volatility, which "would be more destabilizing initially, as it typically comes with EM FX underperformance, which could trigger a further leg up in EM rates." Analysts at JPMorgan expect the dollar to weaken once the terminal rate stabilizes, but a 50-basis point Fed hike "would be a regime-shift in favor of outsized USD-strength." A 6% Fed rate environment alongside still-hot inflation does make short-term rates in Chile and India as well as Poland, the Czech Republic and Hungary most vulnerable, UBS found. Chinese equities could provide a safe haven in a 6% fed funds rate scenario, UBS said.
Last month, the Food and Agriculture Organization's global rice price index rose 2.2% to hit an 18-month high. "The international market has gone up and it will go up further," said Nitin Gupta, vice president for Olam India's rice business. Reuters GraphicsVietnam's unmilled rice output is forecast to hold flat to last year's 43 million tonnes, according to government data. Neighbouring Thailand is aiming to export 7.5 million tonnes this year, up about 7% from its previous target of 7 million tonnes, said Anucha Burapachaisri, a government spokesman. Meanwhile, Pakistan cannot capitalise on India's export curbs after severe flooding ravaged its crop.
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