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2025-01-11
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U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not moderated much in recent months. The report from the Labor Department on Tuesday also showed labor costs actually declined in the second quarter instead of rising as had been estimated last month. Moderate labor costs growth is likely to be welcomed by Federal Reserve officials when they hold their last meeting of year next week. The U.S. central bank is expected to cut interest rates by 25 basis points, the third reduction in borrowing costs since it started its monetary policy easing cycle in September. “The labor market and wage growth are receding as a source of inflationary pressures,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. “The Fed has become less focused on the labor market as a source of inflationary pressures but likely still welcomes further signs of slowing wage growth, particularly since progress on other components of inflation has been even.” Unit labor costs – the price of labor per single unit of output – increased at a 0.8% annualized rate last quarter, the Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had expected labor costs growth would be revised down to a 1.5% rate from the previously reported 1.9% pace in the July-September quarter. That followed a downwardly revised 1.1% pace of decline in the second quarter. Labor costs were previously reported to have advanced at a 2.4% rate in the April-June quarter. They increased at a 2.2% pace in the third quarter from a year ago, revised down from the previously reported 3.4% rate. The revisions reflected updated compensation data from the Bureau of Economic Analysis. U.S. stocks were mixed. The dollar advanced against a basket of currencies. U.S. Treasury yields rose. A resilient economy, lack of progress lowering inflation to the Fed’s 2% target and concerns over President-elect Donald Trump’s proposed policies, including higher tariffs and mass deportations, have made the rate outlook next year unclear. The Fed’s policy rate is now in the 4.50%-4.75% range. It was hiked by 5.25 percentage points between March 2022 and July 2023. Data on Wednesday is likely to show the consumer price index increasing 0.3% in November after rising 0.2% for four straight months, a Reuters survey showed. That would raise the year-on-year increase in consumer prices to 2.7% in November from 2.6% in October. Excluding the volatile food and energy components, the CPI was forecast to rise 0.3% for the fourth consecutive month, which would keep the annual increase in the so-called core CPI at 3.3%. Compensation rose at a 3.1% rate last quarter, revised down from the previously reported 4.2% pace. It incorporated data from the BLS Quarterly Census of Employment and Wages (QCEW) for the second quarter. The BLS noted that normal updates to QCEW data “can lead to revisions and the most notable revisions in this release occurred in the manufacturing sectors.” Nonfarm productivity, which measures hourly output per worker, increased at an unrevised 2.2% pace. Worker productivity grew at an unrevised 2.1% rate. It rose at an unrevised 2.0% rate from a year ago. Productivity has expanded at a 1.8% pace during the current business cycle, which started in the fourth quarter of 2019. That compares to a 1.5% rate of growth during the last business cycle, which ran from the fourth quarter of 2007 through the fourth quarter of 2019. Some economists said the fairly strong pace of productivity through much of 2023 and most of this year raised questions how restrictive monetary policy was at the moment. “With productivity data like these in hand, the hawks at the Fed can argue that interest rates are closer to neutral than the committee previously believed,” said Christopher Rupkey, chief economist at FWDBONDS. “The stronger productivity trend probably does not stop the Fed from cutting rates again next week, but the number of rate cuts needed in 2025 remains an open question.” Source: Reuters (Reporting by Lucia Mutikani. Editing by Nick Zieminski and Mark Potter)Nigel Avery Named New Zealand Team Chef De Mission For Glasgow 2026 And LA 2028
SANTA BARBARA, Calif. , Nov. 25, 2024 /PRNewswire/ -- Traccom Inc. (Pink Open Market Symbol: TRCC) is pleased to announce that on November 13, 2024 , it acquired all of the capital stock of Vulcain, Inc. ("Vulcain"). As a result of the acquisition, Vulcain has become a wholly owned and main operating subsidiary of Traccom effective immediately. Upon completion of the transaction on November 13, 2024 , Vulcain shareholders were issued 117,813,680 shares of common stock of Traccom in exchange for the acquisition of 100% of the capital stock of Vulcain. This represents 95% of the fully diluted shares of Traccom after the issuance thereof. With the transaction, Vulcain added three members to the Traccom board of directors, with Greg Duffell as CEO, President and CFO, Peter Stockmann as President of the Americas, and replaced Traccom's management. This marks a significant milestone for Vulcain. The company will broaden its market presence in the growing opportunity for Artificial Intelligence (AI) based data solutions. "Trading as a public entity on the Pink Open Market is an important step for Vulcain as we continue to evolve and expand our reach within the Causal AI and Knowledge Management sector," said Greg Duffell , CEO of Traccom. "This transaction will provide us with greater access to capital, enhance our visibility in the marketplace, and allow more investors to participate in our growth story." Becoming a publicly traded company will allow Vulcain to enhance their visibility. This reflects the company's commitment to increasing shareholder value and advancing its corporate growth strategy in Causal AI and Knowledge Management space. Former Traccom CEO and continuing Board member, Harry Steck stated, "For Traccom's shareholders, this transaction provides the opportunity to be invested in one of today's most exciting industries with an impressive technology and management team." Vulcain has commercialized casual AI solutions across various industries including leading US brands in the Consumer-Packaged Goods (CPG) sector to generate annual recurring revenues (ARR) for the company. Vulcain is planning a next phase of expansion into Insurance, Healthcare, Financial Services and other industries. Vulcain uses causal machine learning algorithms and human domain experts to provide high quality causal features necessary for an accurate AI solution. Vulcain's Causal AI Platform includes causal reasoning models to provide predictive outcomes that identify and explain event risks and opportunities for businesses. Vulcain will continue to focus on bringing human domain knowledge into AI solutions and driving value for organizations seeking to unleash the knowledge from their vast amounts of data, content and domain expertise. Key Highlights: About Traccom, Inc. The company is at the intersection of human and artificial intelligence, leading the charge to AI 3.0 with high value feature solutions for business. Vulcain's Causal AI platform is used for harmonizing, testing, and validating data for extracting and commercializing knowledge. The Vulcain platform combines hundreds of millions of AI ready data sets and human domain knowledge to provide a ready to use solution that can be customized, scaled and adapted for customer use-cases and human intervention. With a commitment to human-AI, excellence, sustainability, and customer-centric solutions, the company believes that it is poised for long-term growth and success in the global AI marketplace. For more information about the company and its wholly owned subsidiary Vulcain, Inc., visit www.vulcain.ai . Forward-Looking Statements This press release may include ''forward-looking statements.'' All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project," or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties and factors. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company's other disclosures filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained. Contact: shareholders@vulcain.ai View original content: https://www.prnewswire.com/news-releases/traccom-inc-pink-open-market-symbol-trcc-completes-acquisition-of-vulcain-inc-302315225.html SOURCE Traccom IncHicks 3-6 0-0 7, Konan Niederhauser 6-7 2-5 14, Baldwin 6-14 6-7 20, Dilione 4-11 0-0 9, Johnson 2-6 0-0 4, Kern 4-8 3-3 11, Dunn 0-1 0-0 0, Nzeh 1-2 0-0 2, Carter 0-1 0-0 0, Stewart 0-0 0-0 0. Totals 26-56 11-15 67. Schieffelin 7-15 4-4 18, Wiggins 6-10 0-1 14, Lakhin 2-7 2-2 6, C.Hunter 4-12 6-7 17, Zackery 2-4 2-2 8, D.Hunter 0-3 2-4 2, Jones 4-6 0-0 10, Reeves 0-0 0-0 0. Totals 25-57 16-20 75. Halftime_Clemson 38-36. 3-Point Goals_Penn St. 4-18 (Baldwin 2-6, Dilione 1-4, Hicks 1-4, Carter 0-1, Dunn 0-1, Johnson 0-2), Clemson 9-19 (C.Hunter 3-6, Zackery 2-2, Jones 2-3, Wiggins 2-4, Lakhin 0-1, Schieffelin 0-1, D.Hunter 0-2). Rebounds_Penn St. 28 (Konan Niederhauser, Dilione, Kern 6), Clemson 31 (Schieffelin 13). Assists_Penn St. 18 (Baldwin 11), Clemson 17 (Schieffelin 8). Total Fouls_Penn St. 19, Clemson 15.
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Julen Lopetegui lasted nine months at Wolverhampton Wanderers, 10 weeks at Real Madrid and, prior to Monday's trip to Newcastle, looked in real danger of adding a short reign at West Ham to his CV. But the Hammers produced their best performance of the season at the perfect time, deservedly winning 2-0 at St James' Park to move six points clear of the relegation zone. Prior to the match, former Crystal Palace striker Clinton Morrison said Lopetegui was "the most under pressure manager in the Premier League", and while that pressure has not been wiped away, it has significantly eased. "A huge result for the manager," ex-Liverpool defender Jamie Carragher said on Sky Sports. "I did not see how West Ham could win this game, they have to use this as a springboard now." Ex-Spain boss Lopetegui arrived at West Ham in the summer tasked with moving the Hammers away from the pragmatic football played under David Moyes, who left at the end of last season, and introducing a more attacking style. But in Moyes' final campaign they reached the Europa League quarter-finals and finished ninth in the Premier League. The minimum target for Lopetegui, therefore, will be to improve on that. He was allowed to spend in the region of £125m on improving the quality of his squad but, prior to Monday, there was little sign of that layout paying dividends. The attacking football West Ham fans hoped Lopetegui would introduce was rarely there to be seen as they struggled to score goals - their tally of 13 in their first 11 games was among the lowest in the Premier League with only Everton, Crystal Palace and bottom club Southampton scoring fewer. But against Newcastle they showed glimpses of what they are capable of going forwards, attacking with pace and in numbers while they were clinical with their chances. The West Ham team played with a confidence not always seen this season and as they passed the ball around in the final few minutes there were shouts of "ole" from the away end, something few of their fans would have expected to happen on their journey to the north east. "Rewarding the 3,000 West Ham fans who made the 600-mile round trip to Newcastle, knowing they would not get home until the early hours, is priceless for Julen Lopetegui," BBC Sport's chief football news reporter Simon Stone said. "Any club’s away supporters are the true barometer of backing for a manager and after the three-goal hammering at Nottingham Forest three weeks ago, they were really not happy. "West Ham delivered their best performance of the season at St James’ Park. This was a deserved win, unlike their last success, against Manchester United, which even club officials accepted was only possible because the visitors failed to take a ridiculous number of excellent first-half chances. "The Hammers were solid enough at the back. Carlos Soler was excellent in midfield on only his second Premier League start. Lucas Paqueta was something like his old self, Jarrod Bowen was a threat and Michail Antonio a battering ram in attack." West Ham fans will have hoped the arrival of Lopetegui would have emulated the impact Unai Emery had at Aston Villa. His start has perhaps been more like that of Andoni Iraola at Bournemouth. He too endured a slow beginning as he tried to implement his style of football but eventually it took hold. Lopetegui and the West Ham fans will know its too soon to suggest this has been a corner turned. Despite this win, they are still averaging fewer points and goals per game than Moyes managed in his final campaign, which saw some fans turn against him. West Ham averaged 1.58 goals per game last term but that has dropped to 1.25 this season. But defensively there has been improvement, with 1.73 goals conceded per game this term compared to 1.95 in 2023-24. "We have to build as a team if we are to work and know what we want to do," Lopetegui told Sky Sports after Monday's win. "I think about the play. That is the thing that we try to do. We have a lot of matches that we need to do and I believe in the future this team is going to be able to do the things and show the style as a team." A loss for West Ham at Newcastle would have left their fans looking nervously over their shoulder but now they are looking up. The Hammers are just three points off the top 10 and, although they face a tough test at the weekend with the visit of Arsenal, they then head into a favourable run of fixtures in December. They face managerless Leicester on 3 December, before games that they will see as winnable against Wolves and Southampton. "We have to take responsibility and do our work and we haven't done that to a high enough ability this year," West Ham forward Jarrod Bowen told Sky Sports. "[Beating Newcastle] was a real big moment and this is a really big turning point in our season."LEGO Black Friday starts early with Insiders Weekend -- best LEGO kits to buy
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