New York set to restrict social media algorithms for teens, WSJ reports
New York is planning to prohibit social media companies from using algorithms to control content to youth without parental consent under a tentative agreement reached by state lawmakers, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Social media platforms have in recent years come under scrutiny for its addictive nature and impact on the youth.
New York City Mayor Eric Adams said in February that his administration has filed a lawsuit against social media companies including Meta Platforms' (META.O), opens new tab Facebook and Instagram for fueling mental health crisis among the youth.
The legislation is aimed at preventing social media companies from serving automated feeds to minors, the report said.
The bill, which is still being finalized but expected to bevotedonthisweek, wouldalsoprohibitplatforms from sending minors notifications during overnight hours without parental consent, the WSJ said.
Souce:
https://www.reuters.com/world/us/new-york-set-restrict-social-media-algorithms-
US job market hits milestone on long, strange trip back to prepandemic normal
The U.S. job market in April cleared a key hurdle in its slow return from the COVID-19 pandemic when a wonky economic chart known as the "Beveridge Curve" finished its own journey from where it had shifted during the health crisis back to where it was in 2018 to 2019.
The Beveridge Curve plots the relationship between job openings and the unemployment rate, and data released on Tuesday further validates an idea floated by Federal Reserve Governor Christopher Waller in mid-2022 that, counter to the idea that inflation could only fall with a large rise in the unemployment rate, the pandemic's elevated level of job openings pointed to an alternate path.
A drop in job openings could create the economic "slack" needed for inflation to fall without much change in actual joblessness - returning the Beveridge Curve to where it was.
Biden imposes sweeping asylum ban at US-Mexico border
U.S. President Joe Biden on Tuesday instituted a broad asylum ban on migrants caught illegally crossing the U.S.-Mexico border, a major enforcement move in the run-up to November elections that will decide control of the White House.
Migrants caught crossing illegally could be quickly deported or turned back to Mexico under the measure, which will take effect just after midnight. There will be exceptions for unaccompanied children, people who face serious medical or safety threats and victims of trafficking, the U.S. Department of Homeland Security said.
Biden, a Democrat, has toughened his approach to border security as immigration has emerged as a top issue for Americans in the run-up to Nov. 5 elections where he will face Republican Donald Trump,whomadeahardlinestanceonimmigration a centerpiece of his administration and vowed a wide-ranging crackdown if reelected.
Souce:
https://www.reuters.com/world/us/biden-expected-block-migrants-asylum-usmexico-border-sources-say-2024-06-04/
US weekly jobless claims edge higher, Q1 labor costs revised lower
The number of Americans filing new claims for unemployment benefits increased last week and unit labor costs rose by less than previously thought in the first quarter, indicating the labor market is cooling but not enough to allay the Federal Reserve's hesitance to begin cutting interest rates.
Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 229,000 for the week ended June 1, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims in the latest week.
The labor market has been steadily rebalancing back toward pre-pandemic levels after the Fed raised interest rates by roughly 525 basis points since March 2022 to slow demand in the overall economy.
The so-called continuing claims tracking those who collect benefits beyond the first week increased 2,000 to a seasonally adjusted 1.792 million during the week ending May 25.
Biden administration, Texas battling over border policies on multiple fronts
Efforts by Texas Republican Governor Greg Abbott to stem a record number of migrants illegally crossing the U.S.-Mexico border has set off a series of legal battles with the administration of President Joe Biden, a Democrat.
AU.S.appealscourtheardargumentsonThursdayoverthefutureofoneofthoseinitiatives -theplacement of razor-wire fencing along a 29-mile stretch of the Rio Grande. Texas is appealing a ruling allowing federal border patrol agents to cut or remove the fencing. Theoutcomeofthelegaltusslecouldultimatelydeterminehowmuchpower,ifany,statespossesstopolice international borders when they disagree with federal immigration policies.
Souce:
https://www.reuters.com/world/us/biden-administration-texas-battling-overborder-policies-multiple-fronts-2024-02-08/