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Hillsboro City Council considers legislation on zoning code, finances, parks
Fifteen ordinances and resolutions considered at the Thursday, July 11 Hillsboro City Council meeting included council members taking a look at zoning code changes, financial matters and park updates.
All legislation that passed Thursday night was done by a 6-0 vote by council, as well as a 6-0 motion to suspend the three-reading rule where applicable. (Council member Jo Sanborn was absent.)
Prior to the regular council meeting, a hearing was held on several proposed ordinances and resolutions. Council received no public comment on any of the legislation.
Considered at the hearing and during the regular meeting were:
• An ordinance repealing section 32.086 of the codified ordinances of the city of Hillsboro, as well as a related ordinance amending 155.023 of the codified ordinances of the city of Hillsboro. Both passed as an emergency on its first reading Thursday following suspension of the three-reading rule.
“The legislation will allow for a five-member planning commission versus a seven-member commission, and this change will comply with ORC 713.01,” safety and service director Brianne Abbott said. “The city recently received received two resignations from the commission, so we are requesting the suspension of three-reading rule and passage by emergency to be in compliance at the next regularly scheduled planning commission meeting.”
According to the Ohio Revised Code, “The legislative authority of each city without a board of park commissioners may establish a commission of five members.” The ordinance to repeal 32.086 removes language in the city code from 1991 that allowed the mayor to “appoint two members to the Commission, in addition to those provided” under the ORC.
Similarly, the related ordinance the section of the zoning code regarding the planning commission to change the language on “members and quorum” to simply say, “The Planning Commission shall consist of members as outlined in Ohio Revised Code 713.01.” The code previously stated that the commission “shall consist of seven members,” with four members constituting a quorum.
Prior to voting on the ordinances — which ultimately passed unanimously — council member Jason Brown, a former planning commission member, asked about the number of members for a quorum. Abbott said that three members will be considered a quorum for a five-person commission.
“I liked the idea of having seven just because you’ve got more points of view, more input,” Brown said. “But I’m probably understanding it’s not easy to get people to get on there. How has the city tried to recruit people?”
Mayor Justin Harsha said that they do so through “brainstorming,” but finding individuals to serve on the commission is “very, very difficult.
“We’ve come up with so many names of people that we know that would be a good fit for the planning commission,” he said. “When you approach them, they don’t have the time or can’t make that commitment, so it’s been really difficult, and not only for planning commission, but all the other boards.”
• Also approved as an emergency was an ordinance amending section 155.021 and 155.042 of the codified ordinances of the City of Hillsboro, which was also related to the Hillsboro Planning Commission. This changes the requirement for the Planning Commission to hold public hearings on zoning text and map amendment (instead of saying they “shall” hold a hearing, they “may” hold one).
“This legislation will modify the code to allow the Planning Commission to have the option to hold a public hearing for zoning text and map amendments,” Abbott said. “The current code requires both the Planning Commission and council to hold a public hearing. No modifications will occur for council. A public hearing will still be required for council. It just will give Planning Commission the option to hold one. That way we’re not having two on every single topic.”
• An ordinance amending section 155.067(D) of the codified ordinances of the City of Hillsboro pertaining to the Business C zoning district purpose statement had its second reading. As noted in June, the legislation has been introduced to correct “a typo.”
• An ordinance amending section 155.072 of the codified ordinances of the City of Hillsboro pertaining to the permitted uses table also had its second reading. Section 155.072 has a permitted uses table for each zoning district, as parking lots are currently now only “permitted with standards” in zones B and G. This ordinance proposes adding the lots as being permitted in the C, D, E and F zoning districts.
• • •
Before the regular meeting, a public hearing was also held on the 2025 tax budget with no public comments. Then, during council’s meeting, the resolution to adopt the proposed 2025 tax budget was approved on its first reading.
“It’s not at all the legit budget that we will pass in December, but it is something that we’re required to do,” city auditor Dawson Barreras said during the hearing. “It’s a good kind of set point for the next year.”
The tax budget estimates 2025 general fund revenues at $7,563,150, up from the current-year $6,853,250 budget.
In other financial matters:
Pictured, standing, is city auditor Dawson Barreras. Also pictured are law director Randalyn Worley and Mayor Justin Harsha.
• A resolution to adopt the 2024 version of the City of Hillsboro Treasury Investment Board policy had its first reading.
According to council member and committee chair Mary Stanforth, the finance committee reviewed the legislation at their July 9 meeting and recommended its approval by council.
“Since the last policy was voted on in 2006, it needed to be updated to bring it up to code to be in compliance with the ORC,” Stanforth said. “The purpose of the policy is to provide prudent management of all public funds for the city of Hillsboro.”
As proposed, the updated policy includes sections on the board’s purpose; investment philosophy; investment objectives (short-term objective, liquidity, income maximization and minimized cost of services); personal conduct and qualifications (ethics/standard of conduct and continuing education); transactions; authorized investments; determining the maturity range; service providers, safekeeping and custody; and prohibited investments.
“This is bringing us up to code to invest city money to potentially and hopefully make more money,” Barreras said. “The way we’ve done it in the past has probably been borderline illegal, unfortunately.
“There is a board that’s made up, and all of these investments have to be passed through this board. Our policy has been out of date since the early ’90s, probably, so now this policy will be up to ORC, and the board will actually be making investments per the ORC.”
As previously reported, the finance committee met during the summer of 2023 to discuss the Treasury Investment Board, at Barreras’ request. Stanforth said in August 2023 that the board includes the mayor, auditor, treasurer and law director as members, and Barreras’ suggestion was to “add a fifth member to the board who would be an independent member, not associated with the city or the city’s investments, but very knowledgeable in investment banking.” In November, Barreras said that Alan Carroll had been appointed to the city’s Treasury Investment Board and that the auditor was still wanting to overhaul the board’s policies and procedures.
“I’m hoping to make us another $500,000 a year just in interest, just the money sitting in the bank, not counting what we will make through the actual investments,” Barreras told council Thursday. “This should be a big deal for the city and for the future of the city. It’s just really bringing the policy up to date for us to hopefully make some more money on the money that we already have.”
• Almost one year after its first reading, a proposed ordinance to adjust the salary of the city auditor had its second reading, with amended language.
The legislation has been in limbo since being introduced and subsequently tabled in August 2023. During their June 2024 meeting, council voted 5-1, with council member and finance committee member Adam Wilkin voting no, to put the ordinance back in the finance committee.
According to Stanforth, upon review at their July 9 meeting, the finance committee is now recommending the passage of an amended version of the ordinance introduced in 2023.
“After discussing the salary proposal, the committee decided to amend the ordinance to reflect a new salary of $63,000 for the auditor,” Stanforth said.
The original version of the ordinance in August 2023 had proposed raising the auditor’s salary to $70,000. Council members objected because at that time, as pointed out by Brown, council had already voted within the last year to raise the auditor’s salary, “and now the recommendation is to give another basically 22 percent on top of that.” Stanforth agreed last year that they “need to have further discussions.”
• An ordinance to adjust the salary of council members and the council president had its first reading.
Stanforth said the proposal was reviewed and recommended by the finance committee as part of their July 9 meetings and would involve raising council members’ salary to $7,200, beginning in January 2026.
This potential raise had also been discussed by the finance committee in the summer of 2023, but no legislation was introduced until Thursday.
• • •
In park-related legislation:
• Council heard the first reading of an ordinance amending section 100.01 of the codified ordinances of the City of Hillsboro pertaining to the regulations for city parks, particularly regarding pets and tobacco usage.
“This legislation will modify the parks code to prohibit tobacco products at the parks and prohibit pets from certain areas within the city parks, specifically playgrounds and shelter areas,” Harsha said. “We had one instance of a dog bite out at a shelter area, so we want to make sure that that doesn’t happen again, and I know there’s been some issues out at Shaffer Park with tobacco usage and smoke blowing back into the bleachers with all the kids.”
If approved, the code would be updated to add that “Use of tobacco products shall be prohibited” and that “Pets are strictly prohibited in any area where signs indicating such prohibition are posted.”
In response to questions from Brown and Stanforth, Harsha confirmed that the prohibition of pets would be in “specific areas of the parks,” not including trails, while the tobacco prohibition was primarily aimed at Shaffer Park.
“What we’d like to do is post at the two main entrances [at Shaffer Park], for the boys ball and back at the girls ball, saying this is a smoke-free facility or tobacco-free facility, so there’s no tobacco products on facility at all,” Harsha said.
Council president Tom Eichinger placed the matter in the parks committee for further review.
• In unrelated park legislation, a resolution to solicit bids and accept the lowest and best bid for fencing improvements at Shaffer Park was approved as an emergency measure following suspension of the three-reading rule.
According to Harsha, the city requested the legislation’s passage as an emergency in order to complete the work this fall.
“This legislation will allow us to make the much-needed repairs to the fencing at Shaffer Park,” he said. “There are a lot of safety concerns with the rotten wood posts, holes in the fencing, backstop repairs and the metal paneling. Fixing the safety concerns will not only improve the safety of the park, but the aesthetics as well.
“I’d say we’re well overdue for these repairs. I don’t know the last time the fencing has been repaired at the ballpark. With the other repairs already being made by the community and members to the dugouts, it’ll really bring it all together. The in-kind labor for the demo of the fencing will keep our costs down drastically, and if approved, we can overhaul them this fall and be able to begin spring/summer/fall ball as normal for the next year and also promote more events at the park.”
As previously reported, the City of Hillsboro has assumed operations at Shaffer Park as February 2024. Earlier this year, the city applied for $150,000 in Community Development Block Grant funding from the county for the project, committing a $120,000 match, but the grant dollars were awarded to other non-city projects.
“The funding for the park fencing is remaining funds from the purchase of the Harmony Lake playground and reimbursements from the state for the Harmony Lake playground, which would be requested to be reappropriated back into the same fund so we can utilize that in the fiscal year 2024 for the improvements,” Harsha said.
• A resolution authorizing the city to participate in the Ohio Department of Natural Resources NatureWorks grant program also passed as an emergency. According to Harsha, the city is applying for a grant to add a playground to the Railroad Street Park, “near where there used to be one years ago.
“This park has really brought back a lot of life to the area and will continue to do so with a future trail that will lead right to the park,” Harsha said. “The addition of a small footprint playground will be a great asset.
“The county allocation for this round is $42,571, and the grant will cover 75 percent of the project cost.”
The legislation was approved as an emergency in order to comply with the Aug. 15 application deadline.
• An ordinance making supplemental appropriations in the amount of $10,000 to account for a donation from the Hillsboro Ohio Pickleball Association to the city for the pickleball courts was also approved.
• • •
In other action:
• A resolution authorizing the safety and service director to advertise, solicit bids and enter into a contract with the lowest and best bidder for the reconstruction of Beech Street and Railroad Street was passed as an emergency after suspension of the three-reading rule. Abbott made the request to pass the legislation Thursday in order “to comply with project and funding timelines and allow the project to begin in a timely manner, specifically before the construction of Crossroads Park.”
After council member Greg Maurer asked what the project entailed, Abbott said it would involve “complete reconstruction” of the streets — “lighting, curbs, gutters, storm, water, sewer, all of it.”
• An ordinance amending section 154.002, 154.003 and 96.22 of the codified ordinances of the City of Hillsboro had its second reading, with no discussion. As brought out by city law director Randalyn Worley in June, the ordinance would change the language in the code to remove “the three-mile jurisdictional area” around the city limits from being subject to subdivision regulations and for the code on driveway cuts.
For more from Thursday’s meeting, read the story at https://highlandcountypress.com/news/trash-collection-marriott-hotel-do….
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RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
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Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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Videos8 months agoHistory will be made tomorrow! The Cryptocurrency Market Will Absolutely Crash – Raoul Pal