The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
US Treasury Secretary Janet Yellen has raised concerns about the rising issue of fraud in the US banking system, calling it a huge and growing problem. Speaking at an event hosted by the American Bankers Association, Yellen emphasized that fraud is being seen nationwide, including a significant rise in fraudulent activities related to government checks.
To combat this issue, the Treasury Department is increasingly utilizing artificial intelligence (AI), which Yellen says has made a dramatic difference in detecting and addressing fraudulent activities within the banking system. The use of AI represents an important step forward as the department works to better identify and deal with fraud that is becoming more sophisticated and widespread.
The adoption of AI technologies in financial regulation reflects ongoing efforts to modernize how fraud is tackled across the system, ensuring that institutions can better protect themselves and their customers.
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