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Bitcoin drives digital asset inflows for the first time in 6 weeks: Report

But Solana was the only other major asset to show inflows for the week.
Cryptocurrency assets experienced inflows for the first time…

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But Solana was the only other major asset to show inflows for the week.

Cryptocurrency assets experienced inflows for the first time in six weeks during the week of Sep. 22-28, according to the latest Digital Asset Fund Flows Weekly Report from European digital assets management firm CoinShares.

Bitcoin was the biggest gainer with inflows in the amount of $20.4 million for the week.

Solana took second with $5 million as the only other asset to show inflows. Per CoinShares, this is its 27th week of inflows with only four weeks of outflows for 2023, making it “the most loved altcoin this year.”

On the flip side, Ethereum experiences outflows in the amount of $1.5 million. This marks its seventh consecutive week of outflows and, according to CoinShares, solidifies its status as “the least loved altcoin.”

Related: CoinShares says US not lagging in crypto adoption and regulation

Flows for other altcoins, including XRP after it saw more inflows than Solana in the previous week, were negative and minimal.

CoinShares analysts attributed the the lack of altcoin movement alongside Bitcoin’s trend-breaking momentum to a combination of factors:

“We believe the inflows are a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding.”

The quagmire referenced by CoinShares involves the ongoing negotiations over U.S. government funding. Earlier in the previous week’s cycle, fears over a republican-wrought stalemate led to predictions that the U.S. government would shut down on Oct. 2. However, a last-minute effort by senate leaders allowed for the passage of a stopgap that ensures funding through November 17. Whether congress and the president can come to terms to fund the government beyond the current measure’s expiration remains to be seen.

Geographically, Germany, Canada, and Switzerland lead the charge for the week with inflows amounting to $17.7 million, $17.2 million, and $7.4 million respectively. Australia and France held the line, metaphorically speaking, with $0.1 million for the former and a nil push for the latter.

The United States played foil to Europe and Canada’s inflows, registering $18.5 million in outflows with Sweden and Brazil following suit at $1.8 and $0.9 outgoing respectively.

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Comments on February Employment Report

The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the …

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The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.

Leisure and hospitality gained 58 thousand jobs in February.  At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 17 thousand jobs since February 2020.  So, leisure and hospitality has now essentially added back all of the jobs lost in March and April 2020. 

Construction employment increased 23 thousand and is now 547 thousand above the pre-pandemic level. 

Manufacturing employment decreased 4 thousand jobs and is now 184 thousand above the pre-pandemic level.


Prime (25 to 54 Years Old) Participation

Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old.

The 25 to 54 years old participation rate increased in February to 83.5% from 83.3% in January, and the 25 to 54 employment population ratio increased to 80.7% from 80.6% the previous month.

Both are above pre-pandemic levels.

Average Hourly Wages

WagesThe graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES).  

There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later.

Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.3% YoY in February.   

Part Time for Economic Reasons

Part Time WorkersFrom the BLS report:
"The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs."
The number of persons working part time for economic reasons decreased in February to 4.36 million from 4.42 million in February. This is slightly above pre-pandemic levels.

These workers are included in the alternate measure of labor underutilization (U-6) that increased to 7.3% from 7.2% in the previous month. This is down from the record high in April 2020 of 23.0% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.5%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic).

Unemployed over 26 Weeks

Unemployed Over 26 WeeksThis graph shows the number of workers unemployed for 27 weeks or more.

According to the BLS, there are 1.203 million workers who have been unemployed for more than 26 weeks and still want a job, down from 1.277 million the previous month.

This is down from post-pandemic high of 4.174 million, and up from the recent low of 1.050 million.

This is close to pre-pandemic levels.

Job Streak

Through February 2024, the employment report indicated positive job growth for 38 consecutive months, putting the current streak in 5th place of the longest job streaks in US history (since 1939).

Headline Jobs, Top 10 Streaks
Year EndedStreak, Months
12019100
2199048
3200746
4197945
52024138
6 tie194333
6 tie198633
6 tie200033
9196729
10199525
1Currrent Streak

Summary:

The headline monthly jobs number was above consensus expectations; however, December and January payrolls were revised down by 167,000 combined.  The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.  Another solid report.

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Immune cells can adapt to invading pathogens, deciding whether to fight now or prepare for the next battle

When faced with a threat, T cells have the decision-making flexibility to both clear out the pathogen now and ready themselves for a future encounter.

Understanding the flexibility of T cell memory can lead to improved vaccines and immunotherapies. Juan Gaertner/Science Photo Library via Getty Images

How does your immune system decide between fighting invading pathogens now or preparing to fight them in the future? Turns out, it can change its mind.

Every person has 10 million to 100 million unique T cells that have a critical job in the immune system: patrolling the body for invading pathogens or cancerous cells to eliminate. Each of these T cells has a unique receptor that allows it to recognize foreign proteins on the surface of infected or cancerous cells. When the right T cell encounters the right protein, it rapidly forms many copies of itself to destroy the offending pathogen.

Diagram depicting a helper T cell differentiating into either a memory T cell or an effector T cell after exposure to an antigen
T cells can differentiate into different subtypes of cells after coming into contact with an antigen. Anatomy & Physiology/SBCCOE, CC BY-NC-SA

Importantly, this process of proliferation gives rise to both short-lived effector T cells that shut down the immediate pathogen attack and long-lived memory T cells that provide protection against future attacks. But how do T cells decide whether to form cells that kill pathogens now or protect against future infections?

We are a team of bioengineers studying how immune cells mature. In our recently published research, we found that having multiple pathways to decide whether to kill pathogens now or prepare for future invaders boosts the immune system’s ability to effectively respond to different types of challenges.

Fight or remember?

To understand when and how T cells decide to become effector cells that kill pathogens or memory cells that prepare for future infections, we took movies of T cells dividing in response to a stimulus mimicking an encounter with a pathogen.

Specifically, we tracked the activity of a gene called T cell factor 1, or TCF1. This gene is essential for the longevity of memory cells. We found that stochastic, or probabilistic, silencing of the TCF1 gene when cells confront invading pathogens and inflammation drives an early decision between whether T cells become effector or memory cells. Exposure to higher levels of pathogens or inflammation increases the probability of forming effector cells.

Surprisingly, though, we found that some effector cells that had turned off TCF1 early on were able to turn it back on after clearing the pathogen, later becoming memory cells.

Through mathematical modeling, we determined that this flexibility in decision making among memory T cells is critical to generating the right number of cells that respond immediately and cells that prepare for the future, appropriate to the severity of the infection.

Understanding immune memory

The proper formation of persistent, long-lived T cell memory is critical to a person’s ability to fend off diseases ranging from the common cold to COVID-19 to cancer.

From a social and cognitive science perspective, flexibility allows people to adapt and respond optimally to uncertain and dynamic environments. Similarly, for immune cells responding to a pathogen, flexibility in decision making around whether to become memory cells may enable greater responsiveness to an evolving immune challenge.

Memory cells can be subclassified into different types with distinct features and roles in protective immunity. It’s possible that the pathway where memory cells diverge from effector cells early on and the pathway where memory cells form from effector cells later on give rise to particular subtypes of memory cells.

Our study focuses on T cell memory in the context of acute infections the immune system can successfully clear in days, such as cold, the flu or food poisoning. In contrast, chronic conditions such as HIV and cancer require persistent immune responses; long-lived, memory-like cells are critical for this persistence. Our team is investigating whether flexible memory decision making also applies to chronic conditions and whether we can leverage that flexibility to improve cancer immunotherapy.

Resolving uncertainty surrounding how and when memory cells form could help improve vaccine design and therapies that boost the immune system’s ability to provide long-term protection against diverse infectious diseases.

Kathleen Abadie was funded by a NSF (National Science Foundation) Graduate Research Fellowships. She performed this research in affiliation with the University of Washington Department of Bioengineering.

Elisa Clark performed her research in affiliation with the University of Washington (UW) Department of Bioengineering and was funded by a National Science Foundation Graduate Research Fellowship (NSF-GRFP) and by a predoctoral fellowship through the UW Institute for Stem Cell and Regenerative Medicine (ISCRM).

Hao Yuan Kueh receives funding from the National Institutes of Health.

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Marriage is not as effective an anti-poverty strategy as you’ve been led to believe

Marriage on its own won’t do away with child poverty, and in fact it can create even more instability for low-income families.

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Despite the popular guidance, marriage can be an economic risk for single parents with unstable partners. simarik/iStock/Getty Images Plus

Brides.com predicts that 2024 will be the “year of the proposal” as engagements tick back up after a pandemic-driven slowdown.

Meanwhile, support for marriage has found new grist in recent books, including sociologist Brad Wilcox’s “Get Married: Why Americans Must Defy the Elites, Forge Strong Families and Save Civilization” and economist Melissa Kearney’s “The Two-Parent Privilege.”

Kearney’s book was hailed by economist Tyler Cowen as possibly “the most important economics and policy book of this year.” This is not because it treads new ground but because, as author Kay Hymowitz writes, it breaks the supposed “taboo about an honest accounting of family decline.”

These developments are good news for the marriage promotion movement, which for decades has claimed that marriage supports children’s well-being and combats poverty. The movement dates back at least to the U.S. Department of Labor’s Moynihan Report of 1965, which argued that family structure aggravated Black poverty.

Forty years after the Moynihan Report, George W. Bush-era programs such as the Healthy Marriage Initiative sought to enlist churches and other community groups in an effort to channel childbearing back into marriage. These initiatives continue today, with the federally subsidized Healthy Marriage and Responsible Fatherhood programs.

Still, nearly 30% of U.S. children live in single-parent homes today, compared with 10% in 1965.

We are law professors who have written extensively about family structure and poverty. We, and others, have found that there is almost no evidence that federal programs that promote marriage have made a difference in encouraging two-parent households. That’s in large part because they forgo effective solutions that directly address poverty for measures that embrace the culture wars.

Child hangs upside down on playground equipment
Having a parent who has a college degree makes kids less likely to live in poverty than having parents who are married. Mayur Kakade/Moment Collection via Getty Images

Marriage and social class

Today’s marriage promoters claim that marriage should not be just for elites. The emergence of marriage as a marker of class, they believe, is a sign of societal dysfunction.

According to census data released in 2021, 9.5% of children living with two parents – and 7.5% with married parents – lived below the poverty level, compared with 31.7% of children living with a single parent.

Kearney’s argument comes down to: 1 + 1 = 2. Two parents have more resources, including money and time to spend with children, than one. She marshals extensive research designed to show that children from married couple families are more likely to graduate from high school, complete college and earn higher incomes as adults than the children of single parents.

It is undoubtedly true that two parents – that is, two nonviolent parents with reliable incomes and cooperative behavior – have more resources for their children than one parent who has to work two jobs to pay the rent. However, this equation does not address causation. In other words, parents who have stable incomes and behaviors are more likely to stay together than parents who don’t.

Ethnographic studies indicate, for example, that the most common reasons unmarried women are no longer with the fathers of their children are the men’s violent behavior, infidelity and substance abuse.

Moreover, income volatility disproportionately affects parents who don’t go to college. So while they may have more money to invest in children together than apart, when one of these parents experiences a substantial drop in income, the other parent may have to decide whether to support the partner or the children on what is often a meager income.

The impact of having single parents also plays out differently by race and class. As sociologist and researcher Christina Cross explains, “Living apart from a biological parent does not carry the same cost for Black youths as for their white peers, and being raised in a two-parent family is not equally beneficial.”

For example, Cross found that living in a single-mother family is less likely to affect high school completion rates for Black children than for white children. Also, Black families tend to be more embedded in extended family than white families, and this additional support system may help protect children from negative outcomes associated with single-parent households.

Making men more ‘marriageable’

Kearney, to her credit, does note that economic insecurity largely explains what is happening to working-class families, and that no parent should have to tolerate violence or substance abuse. But she doubles down on the need to restore a norm of two-parent families.

Many of her policy prescriptions are sensible. She advocates for better opportunities for low-income men – to make them, in the words of sociologist William Julius Wilson, “marriageable.” Such policies would include wage subsidies to improve their job opportunities, investment in community colleges that provide skills training, and the removal of questions about criminal histories from job applications, so that candidates who have previously been incarcerated are not immediately disqualified.

A new marriage model

What marriage promotion efforts overlook, however, are the underlying changes in what marriage has become – both legally and practically.

The new marriage model rests on three premises.

The first is a moral command: Have sex if you want to, but don’t have children until you are ready. While the shotgun marriage once served as the primary response to unplanned pregnancy, such marriages today often derail education and careers and are more likely to result in divorce than other marriages. Research shows that lower-income women’s pregnancies are much more likely to be unplanned.

The second is the ability to pick a partner who will support you and assume joint responsibility for parenting. As women have attained more economic independence, they are less in need of men to raise children, particularly if their partners are insensitive or abusive. With healthy relationships, couples pick partners based on trust, commitment and equal respect. This is more difficult to do in communities with high rates of incarceration and few opportunities for stable employment.

And the third is economic and behavioral stability. Instability undermines even committed unions. Parents who wait until they find the right partner and have stable lives bring a lot more to parenting, whether they marry or not.

We believe that creating opportunities for low-income parents to reach this middle-class model is likely to be the most effective marriage promotion policy.

Economic support is key

In relationships that fall outside of these premises, 1 + 1 often becomes 1 + -1, which equals 0.

Being committed to a partner who can’t pay speeding tickets, runs up credit card bills, comes home drunk or can’t be relied on to pick up the children after school is not a recipe for success.

Economic principles suggest that businesses with more volatile income streams need a stronger capital base to withstand the downturns. Working-class couples who face economic insecurity see commitment as similarly misguided; without a capital base, a downturn for one partner can wipe out the other.

The Biden administration’s child tax credit expansion included in the American Rescue Plan Act of 2021 helped cut the child poverty rate – after accounting for government assistance – to a record low that year. It did more to address child poverty than marriage promotion efforts have ever done.

Researchers have described such income-support policies as the “ultimate multipurpose policy instrument.” They improve the economic circumstances of single-parent families and, in doing so, may also provide greater support for two-parent relationships.

Policymakers know how to solve child poverty – and these measures are far more effective than efforts to put two married parents in every household.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

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