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U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion.
The strength of the Labor Department’s jobs report issued Friday could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy. Most investors have anticipated a rate cut in July and perhaps one or two additional Fed cuts later in the year. That scenario may be less likely now.
Stocks sold off early Friday before paring their losses. The Dow Jones industrial average was down about 20 points in late-afternoon trading. But the yield on the 10-year U.S. Treasury note climbed to 2.05% from just under 2% before the jobs report, reflecting a view that the Fed might engage in fewer rate hikes.
June’s solid job growth followed a tepid gain of 72,000 jobs in May, a result that had fueled concerns about the economy’s health. But with June’s pace of hiring, employers have now added, on average, a solid 171,000 jobs for the past three months. Last month’s burst of hiring suggests that many employers have shrugged off concerns about weaker growth, President Donald Trump’s trade wars and the waning benefits from U.S. tax cuts.
`Although there are drags on the economy in 2019, the expansion should continue through this year,” said Gus Faucher, chief economist at PNC Financial Services. “The doom and gloom was overblown.”
The unemployment rate ticked up to 3.7% in June from 3.6% for the previous two months, reflecting an influx of people seeking jobs. Average hourly wages rose 3.1% from a year ago.
Trump responded to Friday’s jobs report by tweeting, “JOBS, JOBS, JOBS!” But the strong hiring gains have lessened the case, at least for now, for the Fed to slash rates as Trump has repeatedly and aggressively pressed the central bank to do.
“If we had a Fed that would lower interest rates, we’d be like a rocket ship,” the president asserted to reporters in an appearance Friday. “But we’re paying a lot of interest, and it’s unnecessary. But we don’t have a Fed that knows what they’re doing.”
Last year, Fed officials raised rates four times, in part to stave off the risk of high inflation and in part to try to ensure that they would have room to cut rates if the economy stumbled.
On Friday, the Fed reiterated that it would act as necessary sustain the economic expansion, while noting that most Fed officials have lowered their expectations for the course of rates. The Fed’s statement came in its semiannual report on monetary policy.
In Friday’s jobs report for June, the hiring gains were broad. Construction companies added 21,000 workers after having increased their payrolls by only 5,000 in May. Manufacturers hired 17,000, up from just 3,000 in May. Health care and social assistance added 50,500 jobs. Hiring by transportation and warehousing companies increased 23,900.
The government sector was a major source of hiring, adding 33,000 jobs in June. Nearly all those gains were at the local level.
For Todd Leff, CEO of Hand & Stone Massage and Facial Spa, the resilience of the U.S. job market has provided both an opportunity and a challenge. With more Americans earning steady paychecks, demand for massages and facials has increased, and the company plans to add 60 locations this year and roughly 1,800 jobs. But the low unemployment rate has also made it hard to find and retain workers.
“We could hire 1,000 more employees today — if they were available,” said Leff, whose company has about 430 locations and is based in Trevose, Pa.
Investors have been turning their attention to the Fed, which has expressed concern about threats to the economy, especially the uncertainties from Trump’s trade wars, and about inflation remaining persistently below its 2% target level. A Fed rate cut, whenever it happens, would be its first in more than a decade.
Joshua Shapiro, chief U.S. economist for the consultancy MFR, said the likelihood of a Fed rate cut late this month is now slightly lower, though he still estimates that the federal funds rate — what banks charge each other — will be sharply lower by the end of next year.
Ryan Wang, U.S. economist at HSBC Bank, suggested that the solid jobs report might create a communications challenge for Fed Chairman Jerome Powell when he testifies next week to congressional committees.
The financial markets still foresee a rate cut of 25 basis points this month, Wang said, adding, “It will be important to see if Chair Powell lays out on a strong case for near-term monetary easing in his testimony next week.”
The sluggish pace of hiring in May had signaled that employers might have grown more cautious because of global economic weakness and, perhaps, some difficulty in finding enough qualified workers at the wages that companies are willing to pay.
The pace of the overall economy is widely thought to be slowing from annual growth that neared a healthy 3% last year. Consumer spending has solidified. Home sales are rebounding. But America’s manufacturing sector is weakening along with construction spending. Growth in the services sector, which includes such varied industries as restaurants, finance and recreation, slowed in June.
Overall, though, employers have been adding jobs faster than new workers are flowing into the economy. That suggests that the unemployment rate will remain near its five-decade low and that the economy will keep growing, even if only modestly. (VOA)
Diwali is arguably one of the most auspicious and celebrated holidays in South Asia. It is celebrated over the span of five days, where the third is considered most important and known as Diwali. During Diwali people come together to light, lamps, and diyas, savour sweet delicacies and pray to the lord. The day has various origin stories with the main them being the victory of good over evil. While the North celebrates the return of Lord Rama and Devi Sita to Ayodhya, the South rejoices in the victory of Lord Krishna and his consort Satyabhama over evil Narakasura.
Narakasura- The great mythical demon King
Naraka or Narakasur was the son of Bhudevi (Goddess Earth) and fathered either by the Varaha incarnation of Vishnu or Hiranyaksha. He grew to be a powerful demon king and became the legendary progenitor of all three dynasties of Pragjyotisha-Kamarupa, and the founding ruler of the legendary Bhauma dynasty of Pragjyotisha.
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Narakasura was created, grew up to be strong and powerful but he was not satisfied with it, so he decided that he would worship Lord Brahma. He performed severe penance and was driven by the power of his penance; Lord Brahma appeared before him. Narakasura knew his mother loved him dearly so he asked Lord Brahma to grant him a boon that he would only die by the hands of his mother, Bhumidevi. Lord Brahma smile and ultimately granted him the boon.
Narakasura burst out laughing as Lord Brahma vanished. He thought no mother would kill their child so Lord Brahma had made him immortal. Drunk and maddened by his own power Narakasura brought all the kingdoms under his control and targeted Swargalok (Heaven). Even Indra (King of Gods) and demi-gods had to retreat in front of Narakasura. He kidnapped and took 16,000 women from the palaces as prisoners. Troubled by Naraksura's deeds the gods rushed to Lord Vishnu for a solution.
Lord Krishna and Devi Satyabhama were born to kill Narakasura
Lord Vishnu was born as Lord Krishna and Narakasura's mother Bhumidevi took the avatar of Krishna's wife Satyabhama. As Satyabhama, Bhumidevi was unaware of the knowledge of Naraksura being her son. Aditi the mother of all gods approached Satyabhama crying for help with bloodied ears as Narakasura had torn off the glowing earrings from the ears of Aditi.
Satyabhama was furious on gaining the knowledge of Narakasura's atrocities she asked Krishna to fight the demon king while she fights alongside him. Krishna agreed and they attacked the great fortress of Narakasura, riding his mount Garuda with his wife Satyabhama.
The furious battle unleashed. Krishna defeated Narakasura's general Mura and came to be known as Murari (the killer of Mura). Narakasura used several divine weapons against Krishna, but Krishna slew all those weapons effortlessly. The demon hurled a shakti towards Krishna, which mildly hurt Krishna and he fell unconscious. Upon this sight Satyabhama was enraged, she furiously pulled out a weapon of her own and hurled it at Narakasura's chest. Anxious Satyabhama turned to her fallen Lord, Krishna got up with a smile and he was completely fine. He was only playing his part. It was Satyabhama who was an incarnation of Bhoomidevi, whose hands were destined to slay Narakasura.
ALSO READ: Choosing Environment-Friendly Diwali
Lord Krishna and Goddess Satyabhama had put an end to the Narakasura's kingdom of evil. As Narakasura lay on his deathbed he realised that Satyabhama was no one but an avatar of his own mother. He requested a boon from his mother, for no one to mourn his death. Instead, he wished for people to celebrate it with light and colours. They freed the 16,000 women who later married Lord Krishna to restore them of their honour in society, retrieved Mother goddess's earrings. This day is celebrated as 'Naraka Chaturdashi' popularly known as Choti Diwali - the day before Diwali as the triumph of good over evil.
Keywords: Diwali festival, goddess Laxmi, demon king, Lord Krishna, Satyabhama, the festival of light, Naraksura, Narak Chaturdashi
For all the great inventions that we have at hand, it is amazing how we keep going back to the safety pin every single time to fix everything. Be it tears in our clothes, to fix our broken things, to clean our teeth and nails when toothpicks are unavailable, to accessorize our clothes, and of course, as an integral part of the Indian saree. Safety pins are a must-have in our homes. But how did they come about at all?
The safety pin was invented at a time when brooches existed. They were used by the Greeks and Romans quite extensively. A man named Walter Hunt picked up a piece of brass and coiled it into the safety pin we know today. He did it just to pay off his debt. He even sold the patent rights of this seemingly insignificant invention just so that his debtors would leave him alone.
Anyone wearing safety pins that were visible began to be associated with the rock movement in the 70s. Image credit: Wikimedia Commons
Later, he even invented the sewing needles and a couple of other important inventions but never kept any of the patent rights.
When the punk rock tradition took over in the seventies, safety pins became a fashion rage. They were used as piercings and to patch clothes together. Anyone wearing safety pins that were visible began to be associated with the rock movement. In some cultures, the safety pins have become symbols of good luck.
Keywords: Safety-pins, Punk Rock, Brass, Accessories, Walter Hunt
In South India, Deepavali marks the end of the monsoon and heralds the start of winter. The festival is usually observed in the weeks following heavy rain, and just before the first cold spell in the peninsula. The light and laughter that comes with the almost week-long celebration are certainly warm to the bones, but there is still a tradition that the South Indians follow to ease their transition from humidity to the cold.
Just before the main festival, the family bathes in sesame oil. This tradition is called 'yellu yennai snaana' in Kannada, or 'ennai kuliyal' in Tamil, which translates to 'sesame oil bath'. The eldest member of the family applies three drops of heated oil on each member's head. They must massage this oil into their hair and body. The oil is allowed to soak in for a while, anywhere between twenty minutes to an hour. After this, they must wash with warm water before sunrise.
Women applying oil to the heads of men Photo credit: Indians in Kuwait
In some parts of the peninsula, soap is not used to wash off the oil because it nullifies its effects. Some cultures who do not like the oil to remain in any way on their skin wash it off with shikakai and herbs, which is a paste that is traditionally used as a substitute for soap. Sometimes, the oil is heated with flowers and spices as well and is less sticky than in its pure form.
The purpose of this ritual is to cleanse the body, detoxify it, and produce heat in it. Sesame is a very heaty substance and tends to heat up the body. This heat, or 'usshna' in Kannada, prepares the body to face the sudden cold that comes to the peninsula immediately after Diwali. South India has no smooth transition weather-wise from monsoon to winter. There are a few days of stable, rainless weather, and suddenly the cold winds descend.
In many ways, the celebration of Diwali is centered around preparing for winter, considering the amount of heat and light the rituals consist of – lighting lamps, bursting crackers, and consuming warm treats. Those who practice these rituals earnestly find the shift in seasons and weather quite pleasant.
Keyboards: Sesame Oil Bath, Diwali Ritual, Traditional Sesame Oil Bath