US employers created fewer jobs in June than initially projected despite strong wage growth recorded in the month, the Bureau of Labor Statistics stated on Friday.
According to the report, nonfarm payrolls grew by 209,000 following downward revisions in the prior two months. While the unemployment rate fell to an impressive 3.6%, indicating a relatively healthy job market, the figures suggest that the labor market is losing some steam.
This slowdown can be attributed to concerns surrounding the economy’s prospects, including high interest rates and months of sluggish consumer spending.
Despite these concerns, the job market remains sufficiently healthy, with wage gains continuing at a brisk pace.
Average hourly earnings saw a monthly increase of 0.4%, surpassing the median estimate of 0.3%. Moreover, these earnings were up by 4.4% from the previous year.
This sustained growth in wages is likely to keep Federal Reserve policymakers on track to resume their series of rate hikes at their upcoming meeting later this month, following a pause in June.
The impact of these job market developments was reflected in the financial markets, with Treasury yields declining and stock-index futures fluctuating following the release of the figures. Investors are closely monitoring the labor market’s trajectory and its potential implications for the broader economy.
Looking at the sectors, hiring was concentrated in specific industries, including health care, government, and construction. On the other hand, payrolls experienced a decline in retail trade and transportation and warehousing, indicating a potential shift in job growth patterns.
The increase in average hourly earnings observed in June follows similar gains in the preceding two months, highlighting the consistent growth in workers’ wages. Also, the average workweek saw a marginal increase, further contributing to the overall positive outlook for employees.
Lagos State Government Disburses N2.02 Billion to 644 Retirees in August
The Lagos State Government has disbursed N2.02 billion in retirement benefits to 644 deserving retirees.
This was disclosed at the 101st retirement bond certificate presentation ceremony held in Lagos on Wednesday.
Mr. Babalola Obilana, the Director-General of the Lagos State Pension Commission, delivered an insightful address during the ceremony.
He explained that these retirement bond certificates held a deeper significance beyond their financial worth, serving as a testament to the trust and confidence the Lagos State Government places in its retirees.
Mr. Obilana stated, “Today, the administration of Governor Babajide Sanwo-Olu will present another set of 644 retirees with a sum of N2.02 billion only, being their past service benefits prior to the commencement of the Contributory Pension Scheme in 2007.”
He further highlighted that these certificates symbolized the enduring impact these retirees had made throughout their dedicated service.
“Your dedication has been the bedrock of the ‘goal of a greater Lagos’, and your hard work has set a high standard for those who will carry the state forward,” he expressed.
During his address, the Director-General expressed heartfelt appreciation for the retirees’ exceptional contributions and unwavering dedication. He also extended his gratitude to Governor Sanwo-Olu for ensuring the consistent and timely payment of pension liabilities to retirees.
Mr. Obilana acknowledged Governor Sanwo-Olu’s unwavering commitment to the ideals of the Contributory Pension Scheme, noting that the governor prioritizes the welfare of the public service workforce even in retirement.
Mr. Obilana added, “This retirement bond certificate presentation ceremony is not just a formality; it is a moment to reflect upon the remarkable contributions you all have made.”
Upwork Unveils Top 10 Generative AI-Related Searches and Hires in First Half of 2023
Upwork Inc., the world’s work marketplace and the preeminent destination for businesses to find trusted AI talent, today released new platform data examining the skillset make up of talent and the search and hiring behaviors of companies in relation to Upwork’s fastest-growing category: Generative AI.
The analysis by Upwork’s Research Institute found that businesses are progressing their understanding of generative AI as they increasingly move from searching and hiring for singular generative AI tools toward generative AI applications and services.
Recent Upwork research reported in June surveying 1,400 U.S. business leaders found that companies will hire more as a result of generative AI: 49% of hiring managers say they will hire more independent talent and 49% say they will hire more full-time employees.
AI was the fastest growing category on Upwork in the first half of 2023, with generative AI job posts on the platform up more than 1000% in Q2 2023 compared to the end of last year, while related searches increased more than 1500% in the same time period. This sentiment around hiring plus the surge of activity from companies served as strong early indications that businesses are paying significant attention to the opportunities generative AI can provide.
The new platform data uncovers which generative AI skills are most in-demand by companies, 1 evolving behaviors, and the growing supply of independent talent with expert generative AI skills.
From January 1 to June 30, 2023, the top 10 generative AI-related searches from companies on Upwork include:
3. Stable Diffusion
5. AI Chatbot
6. Generative AI
7. Image Processing
9. Natural Language Processing (NLP)
In the same timeframe, the fastest growing generative AI-related searches on Upwork (Q2 2023 vs. Q1 2023) include:
1. AI Content Creation
3. Azure OpenAI
4. Convolutional Neural Network
5. Large Language Models (LLMs)
6. Generative AI
7. AI Chatbot
9. Prompt Engineering
The data shows an increasing shift in search activity, as businesses move from searching for singular generative AI tools to searching for AI applications and services, signaling that leaders and hiring managers are progressing their understanding of generative AI and its diverse use cases.
Upwork also examined projects that clients ultimately hired for to better understand where companies are actually starting their generative AI work. In the first half of 2023, Upwork saw a powerful connection between the top searches by businesses and projects they hired for, indicating the growing supply and availability of independent talent with expert generative AI skills.
The top 10 generative AI-related projects clients hired freelancers for include:
2. Natural Language Processing (NLP)
4. Image Processing
6. AI Content Creation
8. AI Chatbot
9. Model Tuning
10. Stable Diffusion
“The growing demand for AI applications and services is important as true business value for generative AI lies not in a singular AI tool, but in understanding the capabilities and diverse use cases for this technology. The search terms companies are using and what they will hire for are evolving to be more sophisticated, and we think we’ll continue to see that understanding deepen over time,” said Kelly Monahan, Managing Director, Upwork Research Institute.
“We’re also seeing the talent supply on Upwork rise to meet that evolving demand, which is really impressive given how quickly this demand has appeared on our marketplace, and in the world broadly.”
Naira to Dollar Black Market Today August 3, 2023
As of August 3rd, 2023, the Naira to dollar exchange rate is 1 USD to 875 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦875, Investors King reports.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How much is $1 to Naira in black market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦870 and ₦875 as of the time of writing today.
What is the current exchange rate of the naira to dollar in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦870 and sold for ₦875.
Exchange Rate of Naira to Dollar in Black Market Today?
|Naira to Dollar (USD to NGN)||Black Market Exchange Rate Today|
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
Investors King understands that although the naira to dollar opened at N875 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Wednesday, August 2nd, 2023, individuals in the black market purchased one US dollar for N875 and sold it for N870. This shows that the value of the Naira declined when compared to Wednesday, August 2nd, 2023 when the local currency was exchanged at N863 to a Dollar and a Dollar was purchased at N868.
To stay informed about the naira to dollar exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:
- Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
- Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
- Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
- Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the naira to dollar exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
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