Job openings in the US dipped slightly in May but remained at a high enough level to underscore the strength of the labour market despite the Federal Reserve's aggressive interest rate increases.
Employers posted 9.8 million job openings in May, down from 10.3 million in April, the Labour Department reported on Thursday.
The report shows that job openings remain at historic levels despite efforts by the Fed to cool the labour market and inflation.
And a separate report from the ADP Research Institute showed that private employers added 497,000 jobs last month. The Labour Department is scheduled to release its jobs report for June on Friday.
But there are some signs that the Fed's rate increases are having an effect, with economic growth slowing.
And the central bank's key inflation gauge showed that prices increased by 3.8 per cent on an annual basis, though it still remains above their 2 per cent target.
The Fed paused raising interest rates last month to assess their effects on the US economy, although it suggested two more increases are likely to be issued before year's end.
Minutes released by the Fed showed that not all officials at the central bank were supportive of pausing interest rates. Some had showed support for a 25-basis-point increase, pointing to the strong labour market.
US mortgage rates climb
Meanwhile, mortgage rates jumped to their highest level since November, finance company Freddie Mac reported.
The higher rates make purchasing a home complicated for potential homebuyers who now are faced with higher prices and lower availability, with homeowners reluctant to sell.
“These high rates combined with low inventory continue to price many potential homebuyers out of the market,” said Sam Khater, chief economist at Freddie Mac.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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South Korea
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Transmission: 8-speed auto
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
UAE currency: the story behind the money in your pockets
