By From the Newspaper Jeff Cox
Job growth in America
Job growth proved better than expected in June, boosted by government hiring, as the labour market showed surprising resilience and likely took a July interest rate cut off the table. The unemployment rate fell to 4.1pc, the lowest since February and against a forecast for a slight increase to 4.3pc. Though the jobless rates fell, it was due largely to a decrease in those working or looking for jobs. Along with the solid payroll gains and fall in the unemployment rate, average hourly earnings increased 0.2pc for the month and 3.7pc from a year ago, indicating little upward pressure on wage-related inflation. Government employment posted a large gain, leading all categories with an increase of 73,000 due to solid boosts in state and local hiring, particularly in education-related jobs, which rose by 40,000. The federal government, which is still feeling the impact of cuts from Elon Musk鈥檚 so-called Department of Government Efficiency, lost 7,000.
(Adapted from 鈥淯S Payrolls Increased By 147,000 In June, More Than Expected,鈥 by Jeff Cox, published on July 3, 2025, by CNBC)
Rising abortions in the US
Abortions are on the rise in the US despite more than a dozen states enforcing near-total bans on the procedure, according to WeCount. There were more than 1.14m abortions in the US in 2024 compared with around 1.06m in 2023, its report said. One in four abortions in the US was provided using telehealth at the end of 2024, compared with just 7pc at the end of 2022. Half of those medication abortions were prescribed through telemedicine to patients living under bans by doctors operating in states with so-called shield laws. Eight states, including New York and Massachusetts, have shield laws designed to protect abortion providers from legal jeopardy, including extradition. But this growing practice is facing a series of legal and regulatory challenges that abortion-rights activists said could further erode access and antiabortion groups say are necessary for patient safety.
(Adapted from 鈥淎bortions Accessed Through Telemedicine Are Growing Despite Legal Challenges,鈥 by Jennifer Calfas, published on June 23, 2025, by the Wall Street Journal)
Harvard鈥檚 shortfall of billions
Harvard University could face a budget shortfall of about a billion dollars a year if President Trump follows through on all of his plans and threats spanning research funding, tax policy and student enrollment, according to an analysis by The Wall Street Journal. That explains why Harvard has taken steps toward negotiating with the administration after months of defiance. The Journal鈥檚 estimate, based on publicly available data, is for a worst-case scenario in which Harvard loses all federal research funding, federal student aid and its ability to enrol international students, and Congress hikes its annual endowment tax to 8pc. A sustained shortfall of that magnitude would severely strain Harvard鈥檚 ability to manage its $6.4bn annual operating budget. Though Harvard has a $53bn endowment, more than 80pc of the money is subject to donor restrictions, meaning it can鈥檛 be touched to patch budget gaps.
(Adapted from 鈥淗arvard Is Staring At A Billion-Dollar Budget Shortfall From Clash With Trump,鈥 by Heather Gillers and Juliet Chung, published on July 2, 2025, by the Wall Street Journal)
Hong Kong鈥檚
IPO market Investors鈥 and businesses鈥 enthusiasm for Hong Kong鈥檚 equity capital markets is roaring back as Chinese companies flocked to the city for fundraising, sparking a frenzy in the market. Outsized deals and a state-backed push for companies listed in the mainland exchanges to seek a listing in Hong Kong have thrust capital-raising volume to the strongest first half-year since 2021, according to data from data provider Dealogic. New listing volumes on the Hong Kong Stock Exchange jumped around eight times to $14bn in the first half of this year, from just $1.8bn in the same period in 2024, according to Dealogic. That puts the city on track to become the world鈥檚 largest listing destination this year, surpassing the Nasdaq and the New York Stock Exchange. PwC projected up to 100 IPOs in Hong Kong this year, with total fundraising to exceed $25.5bn.
(Adapted from 鈥淗ong Kong鈥檚 IPO Market Is On Fire 鈥 Here鈥檚 What鈥檚 Fueling The Surge,鈥 by Anniek Bao, published on July 2, 2025, by CNBC)
Published in Dawn, The Business and Finance Weekly, July 8th, 2025