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Shifts in US employment may drive gains in labor productivity -Treasury

By Andrea Shalal WASHINGTON (Reuters) -Shifts in U.S. employment over the past two years toward sectors with higher wages and productivity, and higher average hours worked, may drive further gains in labor productivity going forward, two top Treasury Department economists said on Friday. The U.S. recovery from the COVID-19 pandemic has seen employment recovering “much …

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White House says attacks on LGBTQ rights are ‘dangerous’

WASHINGTON (Reuters) – The White House on Friday condemned what it described as “hateful and dangerous” attacks on LGBTQ people, as Republicans in various U.S. states pursue laws targeting the community’s rights. Speaking to reporters, White House spokesperson Karine Jean-Pierre pointed to Republican calls to ban gay marriage through legislation in Iowa and Tennessee, as …

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Wall Street ‘fear gauge’ options volume jumps to 4-year high as bank stocks sell off

By Saqib Iqbal Ahmed NEW YORK (Reuters) – Wall Street’s most closely watched index of market anxiety jumped on Friday and options volume on the index soared to a near 4 year high as a growing crisis at SVB Financial weighed on stocks. The Cboe Volatility Index, an options-based indicator dubbed the Wall Street “fear …

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U.S. bank stocks fall further as regulators shutter SVB Financial

By Noel Randewich and Caroline Valetkevitch (Reuters) -Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group’s failure reverberated across the financial industry. A California banking regulator closed SVB, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis. The state …

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U.S. House Republican hardliners unveil spending demands for raising debt ceiling

By David Morgan WASHINGTON (Reuters) – The hardline U.S. House Freedom Caucus responded to President Joe Biden’s $6.8 trillion budget proposal on Friday, with a list of demands including a near freeze on discretionary spending and an end to multiple programs, in exchange for raising the debt ceiling. The caucus of at least 37 members, …

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Biden’s $6.8 trillion budget challenges Republicans, raises taxes on rich

By Trevor Hunnicutt, Andrea Shalal and Nandita Bose PHILADELPHIA (Reuters) -U.S. President Joe Biden on Thursday unveiled plans for government spending and higher taxes on the wealthy, choosing the swing state of Pennsylvania to reveal his playbook for an expected 2024 re-election bid. Speaking at a Philadelphia union hall, the Democratic president challenged Republican opponents …

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Former Ohio House speaker Householder convicted over $60 million bribery plot

By Kanishka Singh WASHINGTON (Reuters) – A federal jury convicted former Ohio House of Representatives Speaker Larry Householder and former Ohio Republican Party chair Mathew Borges of participating in a $60 million bribery scheme, the U.S. Justice Department said on Thursday. Householder, 63, and Borges, 50, were charged in 2020 in the federal bribery case …

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