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Recent Editions
Human Times
North America
Labor productivity increased by 2.8% in the fourth quarter, surpassing forecasts and marking the strongest growth in five years, according to the Bureau of Labor Statistics. The rise in productivity, which reflects nonfarm employee output per hour, is attributed to companies investing in technology to enhance efficiency and manage labor costs. "The labor market is no longer a source of inflation," said Federal Reserve officials, as wage pressures remain contained. Despite a slowdown in economic growth due to the longest U.S. government shutdown, business investment continued to rise. Economists expect efficiency gains to persist, driven by ongoing investments in artificial intelligence. The report also indicated that unit labor costs rose by 2.8% in the fourth quarter, while worker compensation adjusted for inflation increased at the fastest rate in over a year.
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Human Times
UK
UK households' confidence in their job security slumped in February, according to a report by YouGov and the Centre for Economics and Business Research (CEBR). Job security perceptions fell to 92.6 on an index where a score higher than 100 indicates positive sentiment. February's score was down 1.1 on January's level and the lowest in six months. Despite this, respondents were more optimistic about the year ahead, with the forward-looking job security measure seeing a score of 117.6. The index looking at confidence in household finances for the next year came in at 95, while confidence in the housing market was up 3.2 to 134.8. Sam Miley, head of forecasting at the CEBR, noted that the situation in the Middle East poses a "major risk," adding: "The ensuing volatility in commodity markets and potential for pass through to UK consumer prices could damage financial perceptions in the months ahead."
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Human Times
Europe
IG Metall, Germany's top industrial union, has failed to win a majority in the works council elections at Tesla's plant near Berlin. The union, which has been fighting for more influence at the US automaker's gigafactory in Gruenheide, the company's only European production site, said it secured 13 of the works council's 37 seats, leaving the committee's majority in non-unionised hands. "Unfortunately, it was not enough to secure a . . . majority," IG Metall's lead candidate Laura Arndt said. "We will continue to do our utmost in the new works council to bring about change for us and our colleagues at the Gigafactory."
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Human Times
Middle East
The authorities in Iran have issued warnings to people connecting to the internet in defiance of a communications blackout that has left the country largely cut off from the outside world. Connectivity is at "around 1% of ordinary levels," according to monitor group Netblocks. A spokesperson for the Norway-based Hengaw Organisation for Human Rights said its work had been complicated by severe communication problems. "It's a struggle for us right now, but it's not the first time that we are facing a cutoff," Awyar Shekhi said. "We've built our own networks to be prepared [for] such times to be able to get information through our sources when there is no internet."
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