International

US consumer confidence dips in November: survey

| By AFP |

US consumers were gloomier about the state of the American economy in November, likely due to a rise in gas prices and as recession risks loom, according to a survey released Tuesday.

The closely-watched consumer confidence index dipped to 100.2 in November, down two points from the month before, in a second straight month of decline, said think tank The Conference Board.

“Consumers’ expectations regarding the short-term outlook remained gloomy,” said Lynn Franco, senior director of economic indicators at The Conference Board.

The drop in consumer confidence this month, in line with analyst expectations, was “most likely prompted by the recent rise in gas prices,” she said.

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Data on consumers’ short-term outlook suggests the likelihood of a recession remains elevated as well.

“Inflation expectations increased to their highest level since July, with both gas and food prices as the main culprits,” Franco said.

Consumer inflation in the United States has been hovering at the highest level in decades, prompting the Federal Reserve to take aggressive steps to raise interest rates and cool the economy.

The central bank walks a tightrope trying to bring down surging costs while avoiding tipping the world’s biggest economy into a downturn.

For now, consumer intentions to buy homes, automobiles and big-ticket appliances have moderated.

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“The combination of inflation and interest rate hikes will continue to pose challenges to confidence and economic growth into early 2023,” Franco said.

But with inflation showing signs of easing and central bankers noting it would take time for policy effects to be realized, a growing number of voices including Fed officials have advocated for smaller steps in the coming months.

The consumer sentiment reading “remains depressed compared to pre-pandemic” levels, said economist Rubeela Farooqi of High Frequency Economics.

Overall, measures of sentiment “are sending a negative signal about household spending,” even if consumption continues to support growth for now, she added.

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International

Argentina detects first local cases of Influenza A (H3N2) Subclade K

Argentina’s National Administration of Laboratories and Health Institutes (ANLIS) “Dr. Carlos G. Malbrán” has confirmed the detection of three cases of influenza A (H3N2) corresponding to subclade K in the country. These are the first locally recorded cases of this variant, which has become predominant in several countries in the Northern Hemisphere in recent months and is associated with higher transmissibility.

The cases were identified through the National Network of Laboratories and Sentinel Units and confirmed by the National Reference Laboratory of INEI-ANLIS using genomic sequencing techniques. According to health authorities, the cases involve two adolescents from the province of Santa Cruz, detected as part of the Ambulatory Monitoring Strategy for Acute Respiratory Infections, and a child who had been hospitalized in the Autonomous City of Buenos Aires.

In all three cases, patients experienced mild illness and recovered without complications. Officials did not specify whether any of the affected individuals had a recent travel history.

The jurisdictions involved have already launched the corresponding epidemiological investigations and are responsible for ensuring timely medical care for the detected cases. According to the latest integrated surveillance report, the circulation of influenza and other respiratory viruses in Argentina remains within expected levels for this time of year.

International

Pentagon confirms Trump pick for SouthCom as U.S. military pressure grows

Former U.S. President Donald Trump has nominated a Marine Corps lieutenant general to lead U.S. Southern Command (SouthCom), the Pentagon announced on Friday, as Trump said he does not rule out the possibility of a war with Venezuela.

If confirmed by the U.S. Senate, Marine Corps Lieutenant General Francis L. Donovan would replace an admiral who, according to media reports, criticized recent attacks on vessels allegedly linked to drug trafficking off the Venezuelan coast.

Washington has deployed a significant military presence in both the Caribbean and the Pacific, where it has carried out airstrikes against boats it claims were used by suspected drug traffickers. According to an AFP tally based on official information, the attacks have left more than 100 people dead.

The Venezuelan government has denounced what it describes as a plot to overthrow President Nicolás Maduro and seize the country’s oil resources.

In a statement published Friday on the Pentagon’s website, U.S. Secretary of Defense Pete Hegseth announced that Trump had nominated Lieutenant General Donovan to serve as commander of U.S. Southern Command.

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SouthCom is responsible for U.S. military operations in Central and South America, as well as parts of the Caribbean.

According to the Department of Defense, Donovan currently serves as deputy commander of U.S. Special Operations Command. His appointment is subject to Senate confirmation.

International

Trump moves to reclassify marijuana as less dangerous substance

Former U.S. President Donald Trump signed an executive order on Thursday to reclassify marijuana as a less dangerous addictive substance, a move aimed at encouraging medical research without immediately opening the door to federal-level decriminalization.

Trump said that “people were begging” him to make the decision, particularly individuals suffering from chronic pain. He stressed, however, that the measure “is not at all a decriminalization” of marijuana for non-medical use.

“I’ve always told my children: don’t use drugs, don’t drink, don’t smoke,” Trump added. He is a well-known teetotaler.

A senior government official described the decision as “common sense” during a briefing with reporters, noting that marijuana and CBD-based products — a compound derived from cannabis known for its relaxing properties — are already widely used in the United States by patients dealing with chronic pain.

Most U.S. states currently allow the use of cannabis for medical purposes, and more than 20 states, along with the nation’s capital, Washington, D.C., have also legalized recreational use.