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US Labor Market Softens as Job Openings Drop, Layoffs at Highest Level in Over Two Years

May 2, 2023

U.S. job openings fell for a third straight month in March and layoffs increased to the highest level in more than two years, suggesting some softening in the labor market that could aid the Federal Reserve's fight against inflation.

Still, the labor market remains tight, with the monthly Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday showing 1.6 vacancies for every unemployed person in March. That was the lowest reading since October 2021 and compared to 1.7 in February. - Source: Reuters

First Republic Becomes Second-Largest Ever US Bank Failure

May 1, 2023

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe.

First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares in droves.

Here are some answers to questions you may have about what comes next for the bank and for your money.

SVB is Largest Bank Failure since 2008 Financial Crisis

March 10, 2023

March 10 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.

California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. - Source: Reuters


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