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US jobs rise but below estimates, unemployment drops, Real wages lowest in 25 years, World Bank takes heat over climate, $270 trillion needed for net zero by 2050, Gates says climate change ” not solvable,” and more financial news.
The latest jobs report from the department of labor shows that US employers added 263,000 nonfarm jobs in September, falling below the Dow Jones estimate of 275,000, while unemployment fell to 3.5%, better than the forecast of 3.7%.
However, labor force participation edged lower to 62.3 percent, while the size of the labor force decreased by 57,000, CNBC reported. Part-time jobs fell to 6.7% from 7%. September’s payroll figures are tied for the lowest monthly increase since April 2021.
Researchers for the Federal Reserve Bank of Dallas published the results of a new study calculating “real wages” that reflects the steepest pay cut and 25 years, according to data released by the Federal Reserve, the New York Post reported.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the researchers wrote. “For these workers, the median decline in real wages is a little more than 8.5%.”
“Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years,” the researchers added.
A coalition of more than 50 advocacy groups published a report showing that the World Bank directly financed at least $15 billion in fossil fuel development since the signing of the 2015 Paris climate agreement.
The coalition said the investments came despite the World Bank’s pledge to stop supporting oil and gas projects within two years, Common Dreams reported.
“If the World Bank wants to be a part of the solution rather than the problem, it needs to stop funding fossil fuels and unlock billions in order to support the transition to renewable energy across the globe and end poverty and inequality,” the coalition said.
A new study says investments of $270 trillion are needed for the world to meet a climate target of net-zero admissions by 2050, according to a study by Swiss Re, Reuters reported.
Microsoft co-founder Bill Gates was asked in an interview if a “revolution” was needed to address climate change
“I don’t think it’s realistic to say that people are utterly going to change their lifestyle because of concerns about climate,” Gates said. “Other than immense central authority to have people just obey, I think the collective action problem is just completely not solvable.”
“Just having a few rich countries, a few rich companies, and a few rich individuals buy their way out so they can say they’re not part of the problem, that has nothing to do with solving the problem,” Gates continued. “Those [remaining] two-thirds of emissions are pretty basic in terms of the calories and shelter and transport and goods being used. So, the excesses of the rich countries … even curbing those completely out of existence is not a solution to this problem.”
