US private employers add 365,000 jobs in October, missing expectations
Where are jobs booming?
Monster CMO Elliot Seaborn discusses big business ramping up fourth-quarter hiring.
Private employers hired at a slower-than-expected pace in October, indicating the labor market's recovery from the coronavirus crisis is cooling, according to the ADP National Employment Report released Wednesday.
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The report showed that companies created 365,000 new jobs last month, sharply missing the 650,000-job increase that economists surveyed by Refinitiv had expected.
While the data is typically a good indicator of what to expect in the more closely watched jobs report from the Labor Department, the ADP figure has regularly missed the government's count since the pandemic began in mid-March. (In June, for instance, ADP initially said private employers added 2.37 million jobs — well below the 4.8 million reported by the U.S. government. It also said the economy lost 2.7 million jobs in May, while the Labor Department reported a gain of 2.5 million).
The Labor Department's jobs report is predicted to show the U.S. economy added 600,000 jobs last month, down slightly from September's gain of 661,000. Analysts anticipate unemployment will edge lower to 7.6% from 7.9%.
This is a developing story. Please check back for updates.
Twitter suspends fake AP accounts that made bogus election calls
Don’t expect election court fights to ‘drag on’: Former federal prosecutor
Former federal prosecutor Jim Trusty on whether election disputes will end up in higher courts.
Twitter Inc said on Wednesday it permanently suspended several accounts falsely claiming to be tied to the Associated Press after they posted unverified U.S. election results.
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According to screenshots circulating online and a review of the accounts in question, four accounts were disabled after making calls on the results of an undeclared swing state in the presidential election that the news agency had not made.
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Twitter later confirmed the accounts were permanently suspended for violating its policy on impersonation.
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The AP is closely watched for its authoritative take on U.S. electoral contests.
Hannover Re 9-month Profit Down – Quick Facts
German re-insurer Hannover Re AG (HVRRY.PK,HVRRF.PK) reported that its group net income for nine-month of 2020 declined 33.4% to 667.8 million euros from 1.00 billion euros in the prior year. Earnings per share were 5.54 euros, down from 8.32 euros in the previous year.
Operating profit or EBIT was 902.9 million euros, down 35.3% from the previous year.
Gross written premium for the Group increased by 10.9% to 19.3 billion euros from last year’s 17.4 billion euros. Growth would have come in at 12.3% at constant exchange rates.
Net premium earned climbed by 9.6% to 15.8 billion euros from last year.
Hannover Re expects Group net income of more than 800 million euros for the 2020 financial year. The company increased its reserves for Covid-19-related losses in property and casualty reinsurance by 100 million euros to a total amount of 700 million euros as at the end of September.
Hannover Re anticipates an ordinary dividend on the previous year’s level of 4.00 euros per share.
For 2021, the company projects group net income to be in the range of 1.15 billion euros to 1.25 billion euros.
Nate Silver Predicts Joe Biden & Donald Trump Will Get Top Two Popular Vote Totals In US History
The permutations and stats have been mind-boggling for hours. Here’s an eye-opening prediction just dropped from high-profile statistician and prognosticator Nate Silver: Joe Biden and Donald Trump are in play to get the top two popular vote totals in US history, surpassing Obama in 2008.
Silver said on Twitter: “It probably works out to Biden getting 52-ish percent of the popular vote on a turnout of 155 million-ish votes, which would be around 80 million. Trump might get say 73-75 million. Likely the top two popular vote totals in US history, both surpassing Obama ’08”.
Since Silver tweeted, reports are coming in that Biden has now surpassed Obama’s 2008 total, breaking the record for most votes ever by a candidate at a US presidential election.
There’s a long way to go before there’s clarity and winning the popular vote doesn’t translate to automatic victory, but turnout has been tracking sky high and this would be a remarkable expression of agency from U.S. citizens. Whichever way you vote, passions are running high on both sides.
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Stock Alert: Uber Hits New 52-week High As California Voters Approve Proposition 22
Shares of Uber Technologies Inc. (UBER) are gaining more than 15 percent or $5.37 in Wednesday’s morning trade at $41.14, after touching a new 52-week high of $42.15.
California voters have on Tuesday approved Proposition 22, which allows drivers of app-based transportation and delivery companies such as Uber and Lyft to be classified as independent contractors rather than employees. The proposition entitles drivers to new benefits like minimum earnings and vehicle insurance, but disqualifies them from benefits granted to employees. The proposition exempts Uber and Lyft from state labor law.
Uber, Lyft, Postmates, and DoorDash mainly use contract workers for ride-hailing or food delivery services. California is the biggest market for Uber and Lyft.
Uber has traded in a range of $13.71 to $42.15 in the past 52 weeks.