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INSANE: 2 - The Real Truth

A new bill would tax AI tokens to fund jobs if the technology causes mass unemployment

Revenue from a proposed excise tax would fund housing construction, infrastructure, childcare, and elder care as automation spreads.

Fortune

Kharge dismisses Modi's GDP video as 'PR on economy', flags rise in prices, joblessness

Criticising PM Modi's economic claims, Kharge said common people face unemployment, price rise and inequality. He highlighted unemployment at a fifty-year high and rising inflation, and alleged rampant crony capitalism and wealth transfer to the rich. Modi, in a view, had praised the country's 7.8 per cent GDP growth rate.

The Economic Times

Mount a Bid to Fix Gaspirations: India’s educated unemployed emerge as a new electoral force

India's educated youth face frustration as job opportunities lag behind rising aspirations. This growing cohort feels upward mobility is blocked despite educational achievements. Politicians may offer unemployment doles as a quick electoral fix for this group. Cash transfers to unemployed youth are already a trend in several Indian states. Future…

The Economic Times

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Houston Man Gets Nearly 8 Years for Laundering $3.1 Million in Scam Proceeds Through Car Shipments

A Houston man has been sentenced to nearly eight years in federal prison for leading a conspiracy that laundered more than $3.1 million stolen through business email compromise, romance scams and unemployment insurance fraud.

Clever Dude

The official jobless rate is so low the Fed thinks the economy is at full employment. But a gauge of the 'functionally unemployed' keeps climbing

"If this continues, it would suggest the labor market is losing strength despite what we may see in the headline unemployment numbers."

Fortune

How Middlesbrough became the UK’s crime capital: ‘What the hell happens next?’

High levels of unemployment and poverty have led to the northeast town suffering disproportionately from organised criminal networks and suspected gang wars. That escalated this week with a series of car rammings and a deadly house fire, leaving residents fearing for what comes next, as Holly Evans reports

The Independent UK

S&P Futures Tread Water Ahead of Warsh’s Jackson Hole Speech; Marvell Sinks After Earnings

September S&P 500 E-Mini futures (ESU26) are down -0.05% this morning as investors hold their breath ahead of Fed Chairman Kevin Warsh’s first Jackson Hole speech.

Barchart

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Nearly One Million Young People Out of Work and Education as Minister Criticises Benefits System

The UK Government's Jobs Guarantee aims to reduce youth unemployment by offering subsidised work to over 90,000 young people, addressing barriers like limited experience and low confidence

International Business Times UK

After 200+ applications and 15+ interviews, former corporate employee takes $11/hour dishwashing job

A 29-year-old former corporate employee laid off in April says he has submitted more than 200 applications and attended over 15 interviews without finding another job. Although he has enough savings to cover about five years, he has accepted an $11-an-hour part-time dishwashing role to restore structure and feel productive.…

The Economic Times

US jobless claims slip to 203,000 as layoffs remain low

The U.S. economy and job market have proved resilient in the face of high gasoline prices caused by the fighting with Iran

The Independent UK

Number of young people in UK not in work or education falls below 1 million

Figure is 30,000 higher than a year ago but latest data is a boost to efforts to reverse the rise in economic inactivity

The Guardian - UK

‘Panic visible in Delhi’: Pawan Khera on Rahul Gandhi’s Pune student outreach

Rahul Gandhi's 'Chhatro Ki Goonj' program focused on young women in Pune. Congress leaders stated the program's message reached Delhi, causing visible panic. Supriya Shrinate highlighted the platform provided for women to voice their concerns. Union Minister Murlidhar Mohol criticized the program, calling it ineffective and alleging payments. The campaign…

The Economic Times

America in focus: Fed officials eye higher rates; unemployment claims fall

Federal Reserve officials consider higher interest rates if inflation persists. Mortgage rates have eased slightly but remain higher than last year. US unemployment claims declined, indicating continued job security for most. Stock markets saw gains after a volatile week of trading. Bond market yields stabilized somewhat, contributing to calmer financial…

The Economic Times

Debate over Vande Mataram 'not right', focus on public issues: Mayawati to Centre, states

BSP leader Mayawati stated the Vande Mataram singing debate is not right. She urged governments to focus on public interest and youth unemployment concerns. This political debate erupted between the BJP and Congress parties. Both parties invoked nationalism and history to justify their stances. Important national issues require immediate attention…

The Economic Times

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The Economic Times

Gold steadies, heads for third straight weekly gain

Gold prices maintained stability, closing in on a potential third consecutive weekly rise. The support came from a weaker dollar and Treasury measures aimed at reducing yields. Furthermore, a decrease in unemployment claims indicated a steady labor market, leading markets to expect that the Federal Reserve will likely hold interest…

The Conversation

Your high school friends may shape whether you become an entrepreneur decades later

With more young Canadians considering self-employment amid a high youth unemployment rate, entrepreneurship programs are facing growing demand. Applications to Futurpreneur, the national organization that finances young Canadian entrepreneurs, rose 50 per cent last quarter, compared with 15 per cent growth a year earlier.

The Economic Times

Congress Working Committee Resolution: Congress targets central government over youth, Ram Temple donations, China and E20

The Congress Working Committee adopted a resolution addressing key national concerns. Youth unemployment and numerous paper leaks were highlighted as critical issues. Allegations of financial irregularities in Ram temple donations were also raised. Concerns regarding Chinese incursions along the Line of Actual Control were voiced.

The Independent UK

US unemployment claims dropped to 206,000 last week with layoffs still sparse

Fewer people applied for U.S. unemployment benefits last week, another sign that layoffs remain low and that most Americans enjoy job security

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The Economic Times

China's youth jobless rate rises to 17.9% amid record influx of graduates, economic slowdown

China's youth unemployment reached 17.9 percent in July, a significant increase. A record 12.7 million graduates entered a struggling job market this year. Economic slowdown and automation are contributing factors to this job crunch. Many graduates are pursuing further studies or public sector jobs for security. The government is implementing…

AAP

Rise in unemployment shows jobs market softening slowly

The jobs market appears to be softening with a rise in the jobless rate to 4.5 per cent, which should take pressure off the Reserve Bank to lift interest rates.

International Business Times UK

AI Job Shock Hits Young Workers First as Goldman Finds Entry-Level Jobs Face 3 Times Greater Employment Drag

Goldman Sachs finds AI exposure has more than three times the employment drag on entry-level workers, as youth jobs weaken in Korea and Britain.

Evening Standard

Andy Burnham urged to help young Londoners as capital suffering highest unemployment in Britain

The unemployment rate fell in the capital but still stands at 5.5%

The Guardian - UK

UK pay growth slows as job vacancies hit five-year low

Iran war prompts cost of living squeeze for workers as ONS reports unemployment rate stays at 4.9%

International Business Times

China's Slowdown Intensifies: Retail Sales Rise Just 0.6% as Investment Tumbles

The figure fell short of the 1.5% growth expected by economists and marks another slowdown from the 1% gain recorded in June.

International Business Times UK

'Godfather of AI' Warns Tech Firms Are Selling AI That Will 'Do the Work of Workers Much Cheaper'

AI pioneer Geoffrey Hinton has warned that Big Tech is pouring money into systems designed to replace, not just assist, human workers, risking 'massive unemployment' in the coming decade.

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