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Drop in U.S. jobless claims boosts hopes of economic rebound

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Drop in U.S. jobless

The number of Americans filing for unemployment aid fell from a 14-month high last week, the latest sign that the economy was regaining speed after stumbling in the first quarter.

Another report on Thursday showed factory activity in the mid-Atlantic region contracted further in May, although manufacturers continued to anticipate a pickup in activity over the next six months.

Initial claims for state unemployment benefits declined 16,000 to a seasonally adjusted 278,000 for the week ended May 14, the Labor Department said. That was the biggest drop since February and snapped a three-week string of increases.

Claims have now been below 300,000, a threshold associated with a strong job market, for 63 straight weeks, the longest stretch since 1973.

The claims report added to data on retail sales, housing starts and industrial production in painting an upbeat picture of the economy at the start of the second quarter. Gross domestic product growth braked sharply to a 0.5 percent annualized rate in the January-March period.

The steady stream of firmer economic reports came amid signs that the Federal Reserve is moving closer to raising interest rates again. Minutes from the U.S. central bank’s April 26-27 policy meeting, published on Wednesday, showed most officials considered it appropriate to raise rates in June if data continued to point to an improvement in second-quarter growth.

The Fed raised its benchmark overnight interest rate in December for the first time in nearly a decade.

MANUFACTURING CONSTRAINED

In a separate report, the Philadelphia Federal Reserve said its business conditions index fell to minus 1.8 this month from a reading of minus 1.6 in April. The index has registered a negative reading in eight of the last nine months.

Details of the survey were mixed, with a measure of new orders contracting after being flat in April. Current shipments, however, rose 10 points and a gauge of inventories increased to a nine-month high. The employment measure improved 15 points this month, but remained negative for a fifth consecutive month.

Manufacturing remains constrained by the delayed pass-through of the U.S. dollar’s rally between June 2014 and December 2015, as well as lingering effects of the oil price plunge.

The dollar .DXY pared gains against a basket of currencies after the data. Stock index futures were trading lower, while prices for longer-dated U.S. Treasuries edged higher.

Jobless claims had risen since mid-April, with economists blaming a variety of factors, including the different timing of school spring breaks, which often makes it difficult to adjust the data around this time of the year.

An ongoing strike by Verizon (VZ.N) workers as well as possible disruptions to manufacturing activity in the wake of recent earthquakes in Japan have also been cited.

A Labor Department analyst said there were no special factors influencing last week’s claims data and no states had been estimated. There were large declines in unadjusted claims for New York, Pennsylvania and Michigan, which had seen hefty gains in recent weeks.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 7,500 to 275,750 last week. The claims data covered the survey week for May’s nonfarm payrolls.

The four-week average of claims increased 15,000 between the April and May survey periods, suggesting little change in employment gains after the economy added 160,000 jobs last month.

Thursday’s claims report showed the number of people still receiving benefits after an initial week of aid fell 13,000 to2.15 million in the week ended May 7. The four-week average of the so-called continuing claims rose 4,250 to 2.14 million.

Health

COVID-19 vaccination: 23 elderly people dead after Pfizer shot in Norway

Norway COVID-19 immunisation: The Norwegian Institute of Public Health has cautioned against vaccinating elderly people above 80 years of age saying those with a short life span may not benefit much from the jab

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Vaccine

In a worrying development, 23 elderly people died within a short time of receiving their first coronavirus vaccine shots in Norway. However, there is no confirmation yet if there is direct correlation between the PfizerBioNTech COVID-19 jab and these deaths.

Although a direct correlation between the Pfizer jab and these deaths is yet to be established, experts have said that 13 out of 23 people who died showed common side effects of mRNA vaccines such as diarrhea, nausea and fever.

The Norwegian Institute of Public Health has cautioned against vaccinating elderly people above 80 years of age saying those with a short life span may not benefit much from the jab. The Norwegian regulator further told Bloomberg, “For those with the most severe frailty, even relatively mild vaccine side effects can have serious consequences.”

Pfizer and BioNTech are working with the Norwegian authorities to investigate the deaths in Norway. According to Pfizer, the regulator discovered “the number of incidents so far is not alarming and in line with expectations”.

Experts are of the strong opinion that doctors need to exercise strong caution in vaccinating people in the wake of deaths of 23 elderly people. The Norwegian Medicines Agency said in a recent report that 21 women and 8 men reported side effects. Apart from the 23 deaths, nine people have reported serious side effects without fatal outcomes such as allergic reactions, strong discomfort and severe fever. Seven people reported less serious side effects such as severe pain at the injection site.

Meanwhile, Norway had administered at least one dose of the Pfizer or Moderna coronavirus vaccines to approximately 33,000 people by end of December.

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Health

China slams US media silence over Pfizer vax deaths in Norway

“If there needs to be some comparison, then China’s inactivated vaccine definitely has more solid foundation in safety than Pfizer’s mRNA vaccine”.

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New Delhi, Jan 16 : China has slammed the US media for its silence over the deaths of 23 Norwegian elderly patients who were vaccinated with Pfizer-BioNTech vaccine.

Twenty-three elderly Norwegian people died after receiving Pfizer vaccines and the country has launched a detailed investigation into the fatalities that have shocked the world.

Thirteen of them have been assessed and common side effects may have contributed to severe reactions in them, according to the Norwegian Medicines Agency.

An editorial in China’s state-run media outlet Global Times said that 23 deaths are a large number.

“But surprisingly, mainstream English-language media did not report the incident immediately, as if they had already reached a consensus. Major US and UK media were obviously downplaying their deaths,” the editorial said on Friday.

“In contrast, those major Western media will immediately hype any unfavourable information about Chinese vaccines and try to amplify their impact on public psychology”.

For example, the data of China’s Sinovac vaccine was lower than expected in Brazil, and it was reported everywhere in Western media.

The death of a Brazilian volunteer who participated in the trials also became a major event in Western media.

“But it was later proven that the death had nothing to do with the vaccination, and Western media lost their interest,” Global Times reported.

Doctors in Norway have been asked to conduct more thorough evaluations of very frail elderly patients in line to receive the Pfizer-BioNTech vaccine, following the reported deaths, the prestigious British Medical Journal (BMJ) reported.

“It may be a coincidence, but we aren’t sure,” Steinar Madsen, medical director of the Norwegian Medicines Agency (NOMA), told the BMJ.

“There is no certain connection between these deaths and the vaccine.”

In a statement, Pfizer said: “Pfizer and BioNTech are aware of reported deaths following administration of BNT162b2. We are working with NOMA to gather all the relevant information.

“All reported deaths will be thoroughly evaluated by NOMA to determine if these incidents are related to the vaccine. The Norwegian government will also consider adjusting their vaccination instructions to take the patients’ health into more consideration.”

According to Global Times, which first broke the story, some mainstream US and British media are taking the lead in putting geopolitical labels on vaccines.

“They are meddling in political stances with the scientific attitude toward vaccines, using their propaganda to promote Pfizer vaccines and smearing Chinese vaccines”.

“If there needs to be some comparison, then China’s inactivated vaccine definitely has more solid foundation in safety than Pfizer’s mRNA vaccine”.

The inactivated vaccine technology has been very mature and has undergone decades of clinical testing.

“But it is the first time that the mRNA technology was applied to the vaccine. This large-scale promotion of Pfizer’s vaccine is a continuous process of large-scale testing on human beings,” the editorial read.

The Pfizer vaccine has been strongly promoted by the US administration and capital.

“Their potential risk has been deliberately downplayed by Western public opinion. And public opinion has created an impression that Pfizer’s mRNA vaccine, which is being used for the first time, is safer than the Chinese vaccine”.

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Travel

Boeing assisting with investigation in Indonesia flight crash

Indonesian authorities have downloaded the flight data recorder (FDR) belonging to the crashed Boeing 737-500, the country’s National Transportation Safety Committee said on Friday.

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Srivijayair Indonesia

San Francisco, Jan 16 : American airplane giant Boeing has said that its technical experts are assisting with investigation in last week’s Sriwijaya Air plane crash.

“Boeing technical experts are assisting with the investigation and we continue to offer any support needed during this difficult time,” the company said in a statement on Sunday.

“Our thoughts are with the Sriwijaya Air flight SJ-182 crew, passengers and their families,” Xinhua news agency quoted Boeing as saying.

The Boeing 737-500 passenger aircraft with 62 people aboard slammed into the Java Sea on January 9, minutes after take-off from Jakarta en route to Indonesian city of Pontianak in West Kalimantan province.

Indonesian authorities have downloaded the flight data recorder (FDR) belonging to the crashed Boeing 737-500, the country’s National Transportation Safety Committee said on Friday.

As many as 239 body bags containing human remains had been retrieved and 12 victims have been identified after forensic examinations in the police’s hospital as of Thursday.

The National Transportation Safety Committee (KNKT) has retrieved data from the flight data recorder (FDR), but the search team is still looking for the aircraft’s CVR.

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