U.S. Treasury yields, including the 10-year note, advanced significantly as Brent crude surpassed $100/barrel due to Middle East tensions, fueling inflation fears. This, coupled with weekly jobless claims falling below 200,000, increased expectations for a Federal Reserve interest rate hike.
The U.S. Department of Labor has directed states to immediately address fraud in their unemployment insurance programs, threatening to withhold administrative funds for non-compliance. The department cited poor oversight and outdated technology, highlighting issues in California, Illinois, and New York, all controlled by Democrats. The move comes amid ongoing efforts to combat pandemic-era fraud.
The U.S. Department of Labor has directed states to immediately address fraud in unemployment programs, threatening to withhold administrative funds for non-compliance. The department cited poor oversight and outdated technology as enabling widespread fraud, particularly in states with Democratic governors.
The US Department of Labor is threatening to withhold administrative funds from states for the first time in history if they fail to combat waste, fraud, and abuse in unemployment insurance programs. Acting Secretary Keith Sonderling sent letters to 53 states and territories, specifically highlighting California, New York, and Illinois.
France's unemployment insurance reform, reducing compensation duration from 18 to 15 months for those with a "rupture conventionnelle," is set to be implemented soon after parliamentary adoption. The government is expected to issue a decree detailing the implementation.
