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Wednesday, September 4, 2024

Construction: Stunning Chart Ahead Of Friday's Job Report

 Buried deep inside today's JOLTs report was some data that is simply stunning, and suggests that Friday's jobs report - now that the data goalseeking and manipulation is largely over with the near-record downward jobs revision in the books - could be a disaster.

We are referring to the historic collapse in construction job openings, which have tumbled from an all time high of 456K in February to a four year low of 248K in Julya plunge of nearly 50% in just 6 months, and a level which the US economy first reach back in 2016!

And yet... in the same period, the Department of Labor's "other hand" which clearly was unaware of what is going in the realm of job openings, reports that when it comes to actual Construction jobs, the number has never been higher: indeed, at 950K, the number of residential building construction jobs is the highest on record.

Needless to say, there has never been a disconnect as gaping as the one shown below!

Which data set is right? To answer that question you don't even have to look at where interest rates are (nor know what the highest rates in 40 years do to housing demand), but merely take a look at the other key metrics of the US housing market such as new Housing Starts which are in freefall, or the lagging Housing Completions which are unchanged in two years...

... and realize that the number of construction jobs is about to crater.

https://www.zerohedge.com/economics/stunning-chart-ahead-fridays-job-report

Qiagen, Lilly eye panel to ID patients at risk for developing Alzheimer’s

 

QIAGEN to develop the first QIAstat-Dx IVD panel for neurodegenerative applications // New QIAstat-Dx panel to identify APOE genotypes, one of many factors considered in the diagnosis of patients with Alzheimer’s Disease // Collaboration set to launch the first commercially available IVD Kit for APOE genotyping

Indictment: Russian propagandists used Tennessee content company to push disinfo

 An indictment unsealed Wednesday alleges a Tennessee content creation company was the tool a team of Russian propagandists used to infiltrate U.S. audiences with Kremlin-backed messaging.

Two Russian nationals who worked for Russia Today, a Russian state-controlled media outlet, were indicted on accusations they funneled nearly $10 million to a Tennessee-based online content creation company to publish English-language videos on social media sites like TikTok, Instagram, X and YouTube. The company's more than 2,000 videos posted in the last 10 months have been viewed more than 16 million times just on YouTube, according to the indictment.

The indictment, unsealed in the federal court for the Southern District of New York, doesn't identify the Tennessee company, but descriptions in the indictment match those of Tennessee-based Tenet Media.

The indictment states the company described itself on its website as "a network of heterodox commentators that focus on Western political and cultural issues." Tennessee-based company Tenet Media has the same message on its homepage. The indictment states the Tennessee-based company was incorporated around Jan. 19, 2022, which matches records from the Tennessee Secretary of State's Office. The indictment says the company applied to the Tennessee Department of State to conduct business on May 22, 2023.

Tennessean reporters have submitted a message seeking comment in the submission form on Tenet Media's website and emailed requests for comment to commentators listed on Tenet Media's website.

The two suspects are Kostiantyn Kalashnikov, 31, also known as Kostya, and Elena Afanasyeva, 27, also known as Lena, according to a news release from the U.S. Department of Justice. They are charged with conspiracy to violate the Foreign Agents Registration Act and conspiracy to commit money laundering.

Kalashnikov and Afanasyeva are both at large, the release states.

"The Justice Department will not tolerate attempts by an authoritarian regime to exploit our country’s free exchange of ideas in order to covertly further its own propaganda efforts, and our investigation into this matter remains ongoing," Attorney General Merrick B. Garland said in the news release.

Attorney General Merrick Garland, Deputy Attorney General Lisa Monaco and FBI Director Christopher Wray deliver remarks during a meeting of the Election Threats Task Force at the Justice Department in Washington, on May 13, 2024.

In response to the allegations, Russia Today responded with ridicule: "Three things are certain in life: death, taxes and RT's interference in the U.S. elections," the media outlet told Reuters.

After Russia invaded Ukraine in February 2022, Russia Today was forced to cease formal operations in the United States, Canada, the United Kingdom and the European Union, the federal indictment stated.

“In response, Russia Today created, in the words of its editor-in-chief, an ‘entire empire of covert projects’ designed to shape public opinion in ‘Western audiences’,” the indictment said. One of those projects was the Tennessee-based online content creation company. The company launched in November 2023.

Many of the videos contained commentary on events and issues like immigration, inflation, domestic and foreign policy in the United States, according to the indictment.

Afanasyeva allegedly posted and directed other staff members of the Tennessee company to post content that aligned with the Russian government's goals. According to the news release, after the March 22 terrorist attack on a Moscow music venue that killed more than 130 people, Afanasyeva asked one of the Tennessee company's founders to blame the attack on Ukraine and the U.S.

Around the period beginning in October 2023 through August 2024, Russia Today sent wire transfers to the Tennessee company totaling approximately $9.7 million, which was about 90% of the company's total bank deposits. The wires came from shell companies in Turkey, the United Arab Emirates and Mauritius and ascribed the payments to the purchase of electronics, according to the news release.

The FBI is investigating the case.

"Covert attempts to sow division and trick Americans into unwittingly consuming foreign propaganda represents attacks on our democracy,” FBI Director Christopher A. Wray said in the news release. “Today’s actions show that as long as foreign adversaries like Russia keep engaging in hostile influence campaigns, they are going to keep running into the FBI. We will continue to do everything we can to expose the hidden hand of foreign adversaries like Russia and disrupt their efforts to meddle in our free and open society.”

The Tennessee company neither disclosed to its viewers that it was funded by Russia Today, nor did it register with the attorney general as an agent of a foreign principal, as required by law, according to the indictment.

The two defendants each face up to 20 years in prison on a charge of conspiracy to commit money laundering and up to five years on a charge of conspiracy to violate the Foreign Agents Registration Act, if convicted.

https://www.tennessean.com/story/news/crime/2024/09/04/indictment-russians-tennessee-company-tenet/75074263007/

UCSF Favors Pricey Doctoral Program for Nurse-Midwives

 One of California's two programs for training nurse-midwives has stopped admitting students while it revamps its curriculum to offer only doctoral degrees, a move that's drawn howls of protest from alumni, health policy experts, and faculty who accuse the University of California of putting profits above public health needs.

UC-San Francisco's renowned nursing school will graduate its final class of certified nurse-midwives next spring. Then the university will cancel its 2-year master's program in nurse-midwifery, along with other nursing disciplines, in favor of a 3-year doctor of nursing practice, or DNP, degree. The change will pause UCSF's nearly five decades-long training of nurse-midwives until at least 2025 and will more than double the cost to students.

State Assembly member Mia Bonta, who chairs the health committee, said she was "disheartened" to learn that UCSF was eliminating its master's nurse-midwifery program and feared the additional time and costs to get a doctorate would deter potential applicants. "Instead of adding hurdles, we need to be building and expanding a pipeline of culturally and racially concordant providers to support improved birth outcomes, especially for Black and Latina birthing people," she said in an email.

The switch to doctoral education is part of a national movement to require all advanced-practice registered nurses, including nurse-midwives and nurse practitioners, to earn doctoral degrees, Kristen Bole, a UCSF spokesperson, said in response to written questions. The doctoral training will feature additional classes in leadership and quality improvement.

But the movement, which dates to 2004, has not caught on the way the American Association of Colleges of Nursing envisioned when it called for doctorate-level education to be required for entry-level advanced nursing practice by 2015. That deadline came and went. Now, an acute need for maternal health practitioners has some universities moving in the other direction.

This year, Rutgers University reinstated the nurse-midwifery master's training it had eliminated in 2016. The University of Alabama-Birmingham also restarted its master's in nurse-midwifery program in 2022 after a 25-year hiatus. In addition, George Washington University in Washington, DC, Loyola University in New Orleans, and the University of Nevada-Las Vagas added master's training in nurse-midwifery.

UCSF estimates tuition and fees will cost $152,000 for a 3-year doctoral degree in midwifery, compared with $65,000 for a 2-year master's. Studies show that 71% of nursing master's students and 74% of nursing doctoral students rely on student loans, and nurses with doctorates earn negligibly or no more than nurses with master's degrees.

Kim Q. Dau, who ran UCSF's nurse-midwifery program for a decade, resigned in June because she was uncomfortable with the elimination of the master's in favor of a doctoral requirement, she said, which is at odds with the state's workforce needs and unnecessary for clinical practice.

"They'll be equally prepared clinically but at more expense to the student and with a greater time investment," she said.

Nurse-midwives are registered nurses with graduate degrees in nurse-midwifery. Licensed in all 50 states, they work mostly in hospitals and can perform abortions and prescribe medications, though they are also trained in managing labor pain with showers, massage, and other natural means. Certified midwives, by contrast, study midwifery at the graduate level outside of nursing schools and are licensed only in some states. Certified professional midwives attend births outside of hospitals.

The California Nurse-Midwives Association also criticized UCSF's program change, which comes amid a national maternal mortality crisis, a serious shortage of obstetric providers, and a growing reliance on midwives. According to the 2022 "White House Blueprint for Addressing the Maternal Health Crisis" report, the US has the highest maternal mortality rate of any developed nation and needs thousands more midwives and other women's health providers to bridge the swelling gap.

Ginger Breedlove, founder and CEO of Grow Midwives, a national consulting firm, likened UCSF's switch from master's to doctoral training to "an earthquake."

"Why are we delaying the entry of essential-care providers by making them go to an additional year of school, which adds nothing to their clinical preparedness or safety to serve the community?" asked Breedlove, a past president of the American College of Nurse-Midwives. "Why they have chosen this during one of the worst workforce shortages combined with the worst maternal health crisis we have had in 50 years is beyond my imagination."

A 2020 report published in Nursing Outlook failed to find that advanced-practice registered nurses with doctorates were more clinically proficient than those with master's degrees. "Unfortunately, to date, the data are sparse," it concluded.

The American College of Nurse-Midwives also denounced the doctoral requirement, as have trade associations for neonatal nurse practitioners and neonatal nurses, citing "the lack of scientific evidence that…doctoral-level education is beneficial to patients, practitioners, or society."

There is no evidence that doctoral-level nurse-midwives will provide better care, Breedlove said.

"This is profit over purpose," she added.

Bole disputed Breedlove's accusation of a profit motive. Asked for reasons for the change, she offered broad statements: "The decision to upgrade our program was made to ensure that our graduates are prepared for the challenges they will face in the evolving health care landscape."

Like Breedlove, Liz Donnelly, vice-chair of the health policy committee for the California Nurse-Midwives Association, worries that UCSF's switch to a doctoral degree will exacerbate the twin crises of maternal mortality and a shrinking obstetrics workforce across California and the nation.

On average, 10-12 nurse-midwives graduated from the UCSF master's program each year over the past decade, Bole said. California's remaining master's program in nurse-midwifery is at California State University in Fullerton, south of Los Angeles, and it graduated eight nurse-midwives last year and 11 this year.

More than half of rural counties in the US lacked obstetric care in 2018, according to a Government Accountability Office report.

In some parts of California, expectant mothers must drive 2 hours for care, said Bethany Sasaki, who runs Midtown Nurse Midwives, a Sacramento birth center. It has had to stop accepting new clients because it cannot find midwives.

Donnelly predicted the closure of UCSF's midwifery program will significantly reduce the number of nurse-midwives entering the workforce and will inhibit people with fewer resources from attending the program. "Specifically, I think it's going to reduce folks of color, people from rural communities, people from poor communities," she said.

UCSF's change will also likely undercut efforts to train providers from diverse backgrounds.

Natasha, a 37-year-old Afro-Puerto Rican mother of two, has spent a decade preparing to train as a nurse-midwife so she could help women like herself through pregnancy and childbirth. She asked to be identified only by her first name out of fear of reducing her chances of graduate school admission.

The UCSF program's pause, plus the added time and expense to get a doctoral degree, has muddied her career path.

"The master's was just the perfect program," said Natasha, who lives in the Bay Area and cannot travel to the other end of the state to attend CSU-Fullerton. "I'm frustrated, and I feel deflated. I now have to find another career path."

https://www.medscape.com/s/viewarticle/ucsf-favors-pricey-doctoral-program-nurse-midwives-2024a1000g0z

'US Allows Increased Production Of Takeda's ADHD Drug to Address Shortage'

 The U.S. Drug Enforcement Administration (DEA) has increased the production limit for Takeda Pharmaceutical's ADHD drug Vyvanse and its generic versions by about 24% to address the medicine's ongoing shortage in the United States.

The raised production limit follows the Food and Drug Administration's request in July, the DEA said in a notice on Tuesday.

Attention deficit hyperactivity disorder (ADHD) drugs have been in short supply for years. The FDA warned of a shortage of Israel-based drugmaker Teva Pharmaceutical Industries' Adderall in October 2022, troubled by manufacturing delays.

That led to a spike in demand and subsequent shortage of Takeda's Vyvanse.

Vyvanse, also known as lisdexamfetamine, is classified by the DEA as a schedule II controlled substance, which is applied to drugs considered to have a high likelihood of being abused, and additional prescribing safeguards are put in place.

The production limit for lisdexamfetamine was increased by 6,236 kilograms (kg), which includes 1,558 kg to address increased domestic demand and 4,678 kg for increased foreign demand for finished dosage medications, according to the DEA.

"These adjustments are necessary to ensure that the United States has an adequate and uninterrupted supply of lisdexamfetamine to meet legitimate patient needs both domestically and globally," DEA said.

US FDA approved generic versions of Vyvanse from 11 drugmakers, including U.S.-based drugmakers Mallinckrodt and Viatris, UK-based Hikma Pharmaceuticals, and Indian drugmaker Sun Pharmaceutical Industries, last year after Takeda lost exclusivity over the drug.

https://www.medscape.com/s/viewarticle/us-allows-increased-production-takedas-adhd-drug-address-2024a1000g0o

Inspire Medical stock up after CEO comments

 Shares of Inspire Medical Systems (NYSE:INSP) Inc. experienced a significant surge, climbing up to 12% following the company's announcement that it anticipates weight-loss medications to expand the number of eligible candidates for its sleep apnea treatment device.

The medical-device maker's CEO, Timothy P. Herbert, addressed the Morgan Stanley Healthcare Conference, highlighting the issue that many patients are currently ineligible for Inspire therapy due to their high Body Mass Index (BMI).

Herbert explained that the company is actively engaging with physicians to increase awareness about the benefits of GLP-1 medications. These drugs are intended to aid in weight loss, which can subsequently decrease the severity of obstructive sleep apnea, making more patients suitable for the company's implant.

He emphasized that while GLP-1 drugs are not directly aimed at treating obstructive sleep apnea, they can play a supportive role in managing the condition by helping patients reduce their BMI.

https://www.investing.com/news/stock-market-news/inspire-medical-stock-surges-on-ceo-comments-93CH-3601145

BridgeBio started at Overweight by Piper

 Target $46

https://finviz.com/quote.ashx?t=BBIO&p=d