U.S. Unemployment Rates Rise in 2024

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BUSINESS & ECONOMY

📉 U.S. Unemployment Rates Rise in 2024

The OECD predicts U.S. unemployment will rise to 4.1% by 2024, as jobless claims reach a peak since November 2021. Quincy Krosby, Chief Economist at LPL Financial, notes a "deeper moderation in the labor market," reflecting the Federal Reserve's efforts to reduce consumer spending. Economic challenges, including interest rate hikes and inflation, alongside factory slowdowns and a housing market downturn, suggest further job market softening.

📉 Record Low in Pending Home Sales, Surpassing 2008 Housing Collapse Downturn

In October, U.S. pending home sales hit a record low since 2001, eclipsing the 2008 downturn. A 1.5% monthly and 8.5% yearly decrease is linked to high mortgage rates and scarce supply. Lawrence Yun noted, "During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in over 20 years." Despite slight rate decreases, the housing market remains largely restricted, with significant regional and sector variations.

WORLD

🌍Eye-catching climate donations put spotlight on China at COP climate talks

At the U.N. climate summit, the UAE and Germany pledged $100 million each to address climate change, drawing attention to China's role in COP climate talks as a major greenhouse gas emitter, and challenging the conventional division between developed and developing nations. The U.S. contributed $17.5 million, considerably less. The summit's highlight was the quick approval of a new climate disaster fund, though concerns about the adequacy of these pledges persist.

🔥 Israel Intensifies Military Action Against Hamas

After a truce collapse, Israeli airstrikes resumed in Gaza, targeting "terrorist targets"  with Israel accusing Hamas of initiating hostilities while Hamas blamed Israel for the truce's failure. The ceasefire previously facilitated hostage exchanges and humanitarian aid. Israeli Prime Minister commits to "eliminate Hamas and free hostages." Over 15,000 Gazans are reported killed, and the UN states that 80% of Gaza's population is displaced.

SCIENCE & TECH

🚀 Stable Diffusion XL Turbo Boosts AI Image Generation Speeds to Match Typing Pace

Stable Diffusion XL Turbo, unveiled by Stability AI, accelerates AI image generation to near typing speed. Utilizing Adversarial Diffusion Distillation, it dramatically cuts down the process to a single step, enabling "real-time" image creation in just 4 seconds for 1024x1024 images on Nvidia RTX 3060. Offered under a non-commercial license, it's set to transform AI video filters and gaming graphics.

🏆 Apple Announces 2023's Top App Store Award Winners

Apple's 2023 App Store Awards highlighted innovative apps across various categories as CEO Tim Cook commended the winners for their "remarkable ingenuity and purpose-driven missions." Key winners included AllTrails, Prêt-à-Makeup, Photomator, MUBI, and SmartGym, with special recognition for cultural impact through apps like Pok Pok, Proloquo, and Too Good to Go. 

SPORTS & ENTERTAINMENT

🚨 Von Miller's Girlfriend Alleges Physical Assault During Pregnancy

Buffalo Bills' Von Miller was arrested for assaulting his pregnant girlfriend in Dallas, involving pushing and grabbing her neck. He posted a $5,000 bond after being charged with assaulting a pregnant person. The victim reported physical abuse, and detectives noted injuries consistent with assault. Miller's future with the Bills is uncertain, highlighted by the victim, "Miller could allegedly be heard telling her to get out."

🎓 Colleges now offer courses on Taylor Swift

The University of South Carolina will offer "Life is Just a Classroom: Taylor’s Version" in Spring 2024, exploring Taylor Swift's influence on the music industry. Professor Kate Blanton, leading the full 40-seat course states, "She's changing the way that the music industry works and that's something I think deserves study." The curriculum includes Swift's business strategies, branding, and impact on tourism. Notably, Harvard, the University of Florida, and Northeastern University will also offer similar courses.

OTHER NEWS

📈 Inflation Impact: Americans Require $11,400 More Annually to Maintain 2021 Living Standards, Worst-Hit States Revealed

The typical American household now requires an extra $11,434 annually to maintain 2021 living standards due to inflation, with Colorado needing the highest increase at $14,995. Inflation, though cooling to 3.2%, still exceeds the Federal Reserve's 2% target. Despite a 17% inflation rise since January 2021, average hourly pay only increased by 13.6%, intensifying financial pressures on Americans.

🌐 NY, LA, and San Franciso Rank Among World's Most Expensive

In the 2023 Economist Intelligence Unit report, New York, Los Angeles, and San Francisco are among the top 10 most expensive cities globally, with New York now third, down from first. Prices for goods and services rose by an average of 7.4%, a slight decrease from last year's 8.1%, attributed to easing supply chain issues and declining energy prices.

🔍 US Prosecutors Reveal Plot to Assassinate Sikh Leaders as Part of Wider Killing Campaign

U.S. prosecutors uncovered a plot to assassinate Sikh separatist leader Gurpatwant Singh Pannun in New York, linked to a wider scheme of politically motivated killings in the U.S. and Canada. Secret recordings exposed a plan targeting at least four individuals for assassination by June 29, intensifying after the murder of activist Hardeep Singh Nijjar in Canada.

THIS DAY THAT YEAR

On December 1, 1988, the first World AIDS Day was observed, marking a global effort to raise HIV/AIDS awareness. This year marks the 35th anniversary, uniting people worldwide in support and remembrance, highlighting community-led initiatives to end the epidemic.

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