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Khaleej Times
30 minutes ago
- Khaleej Times
US business activity picks up in August, factories lead the way, survey says
US business activity picked up pace in August, led by a resurgent manufacturing sector that saw the strongest growth in orders in 18 months, a purchasing managers survey showed on Thursday. S&P Global's flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 55.4 this month, the highest level since December, from 55.1 in July. A reading above 50 indicates expansion in the private sector. 'A strong flash PMI reading for August adds to signs that US businesses have enjoyed a strong third quarter so far,' Chris Williamson, chief business economist for S&P Global Market Intelligence, said in a statement. 'The data are consistent with the economy expanding at a 2.5 per cent annualized rate, up from the average 1.3 per cent expansion seen over the first two quarters of the year.' The improvement came largely from the manufacturing sector, where the flash PMI surged to 53.3 - the highest since May 2022 - from 49.8 in July and defying economists' expectations for a second month of contraction. Manufacturing received a bump from new order activity at the highest since February 2024. The services sector, meanwhile, eased back to 55.4 from 55.7 in July. Economists polled by Reuters had forecast the services PMI slipping to 54.2. The survey's measure of prices paid by businesses for inputs edged up to a three-month high of 62.3 from 61.3 last month, with both the services and manufacturing sectors reporting higher costs and companies citing President Donald Trump's tariffs as the key driver behind the increase. 'Companies across both manufacturing and service sectors collectively reported the steepest rise in input prices since May and the second-largest increase since January 2023,' the report said. 'Rates of increase accelerated in both sectors.' The survey's measure of prices charged by businesses for goods and services rose to a three-year high of 59.3 in an indication that companies are increasingly passing along the costs from higher tariffs to consumers. Employment also improved, the survey showed. The composite employment index for both manufacturing and services rose to 52.8, the highest since January, from 51.5 in July.
Tahawul Tech
an hour ago
- Tahawul Tech
Microsoft head concerned by the condition of AI psychosis
Mustafa Suleyman, Head of AI at Microsoft has warned of increasing increasing reports of people suffering from a condition dubbed 'AI psychosis'. In a series of posts on X, he wrote that 'seemingly conscious AI' – AI tools which give the appearance of being sentient – are keeping him 'awake at night' and said they have societal impact even though the technology is not conscious in any human definition of the term. 'There's zero evidence of AI consciousness today. But if people just perceive it as conscious, they will believe that perception as reality,' he wrote. Related to this is the rise of a new condition called 'AI psychosis': a non-clinical term describing incidents where people increasingly rely on AI chatbots such as ChatGPT, Claude and Grok and then become convinced that something imaginary has become real. Examples include believing to have unlocked a secret aspect of the tool, or forming a romantic relationship with it, or coming to the conclusion that they have god-like superpowers. 'It never pushed back' Hugh, from Scotland, says he became convinced that he was about to become a multi-millionaire after turning to ChatGPT to help him prepare for what he felt was wrongful dismissal by a former employer. The chatbot began by advising him to get character references and take other practical actions. But as time went on and Hugh – who did not want to share his surname – gave the AI more information, it began to tell him that he could get a big payout, and eventually said his experience was so dramatic that a book and a movie about it would make him more than £5m. It was essentially validating whatever he was telling it – which is what chatbots are programmed to do. 'The more information I gave it, the more it would say 'oh this treatment's terrible, you should really be getting more than this',' he said. 'It never pushed back on anything I was saying.' He said the tool did advise him to talk to Citizens Advice, and he made an appointment, but he was so certain that the chatbot had already given him everything he needed to know, he cancelled it. He decided that his screenshots of his chats were proof enough. He said he began to feel like a gifted human with supreme knowledge. Hugh, who was suffering additional mental health problems, eventually had a full breakdown. It was taking medication which made him realise that he had, in his words, 'lost touch with reality'. Hugh does not blame AI for what happened. He still uses it. It was ChatGPT which gave him my name when he decided he wanted to talk to a journalist. But he has this advice: 'Don't be scared of AI tools, they're very useful. But it's dangerous when it becomes detached from reality. 'Go and check. Talk to actual people, a therapist or a family member or anything. Just talk to real people. Keep yourself grounded in reality.' OpenAI, the makers of ChatGPT, have been contacted for comment. 'Companies shouldn't claim/promote the idea that their AIs are conscious. The AIs shouldn't either,' wrote Mr Suleyman, calling for better guardrails. Dr Susan Shelmerdine, a medical imaging doctor at Great Ormond Street Hospital and also an AI Academic, believes that one day doctors may start asking patients how much they use AI, in the same way that they currently ask about smoking and drinking habits. 'We already know what ultra-processed foods can do to the body and this is ultra-processed information. We're going to get an avalanche of ultra-processed minds,' she said. 'We're just at the start of this' A number of people have contacted me at the BBC recently to share personal stories about their experiences with AI chatbots. They vary in content but what they all share is genuine conviction that what has happened is real. One wrote that she was certain she was the only person in the world that ChatGPT had genuinely fallen in love with. Another was convinced they had 'unlocked' a human form of Elon Musk's chatbot Grok and believed their story was worth hundreds of thousands of pounds. A third claimed a chatbot had exposed her to psychological abuse as part of a covert AI training exercise and was in deep distress. Andrew McStay, professor of technology and society at Bangor Uni, has written a book called Automating Empathy. 'We're just at the start of all this,' says Prof McStay. 'If we think of these types of systems as a new form of social media – as social AI, we can begin to think about the potential scale of all of this. A small percentage of a massive number of users can still represent a large and unacceptable number.' This year, his team undertook a study of just over 2,000 people, asking them various questions about AI. They found that 20% believed people should not use AI tools below the age of 18. A total of 57% thought it was strongly inappropriate for the tech to identify as a real person if asked, but 49% thought the use of voice was appropriate to make them sound more human and engaging. 'While these things are convincing, they are not real,' he said. 'They do not feel, they do not understand, they cannot love, they have never felt pain, they haven't been embarrassed, and while they can sound like they have, it's only family, friends and trusted others who have. Be sure to talk to these real people.' Source: BBC News Image Credit: Microsoft
Zawya
3 hours ago
- Zawya
Soybeans subdued on strong yield prospects; wheat and corn rise
PARIS/BEIJING - Chicago soybean futures ticked lower on Thursday, pressured by the strong yield potential shown by a closely watched U.S. Midwest field tour. Corn edged up as robust export demand tempered supply pressure stemming from similarly favourable U.S. crop conditions, while wheat rebounded from contract lows. Grain markets were awaiting a demand update from weekly U.S. export sales later on Thursday, with investors largely focused on Friday's speech at the Jackson Hole symposium by U.S. Federal Reserve head Jerome Powell. Third-day results from the Pro Farmer crop tour showed Illinois has its highest soybean pod counts in at least 22 years and its second-highest corn yield potential. Western Iowa showed above-average yield prospects, though crop diseases could threaten final yields. The annual tour, running through Thursday, is closely followed by the grain market and especially scrutinised this year after the U.S. Department of Agriculture (USDA) projected a much larger-than-expected 2025 corn crop. "Bearish seasonals are weighing on grains," Peak Trading Research said in a note. "Powell's comments tomorrow should give us clarity on where the dollar and risk appetite are headed." The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $10.35-1/4 per bushel, as of 1049 GMT. CBOT corn futures rose 0.4% to $4.05-1/2 per bushel, with brisk export demand supporting a recovery from contract lows last week. Exporters sold 100,000 metric tons of U.S. corn to Colombia and 125,741 metric tons to Mexico, all for 2025-26 delivery, according to the USDA. CBOT wheat added 1.0% to $5.33-1/2 per bushel in a bounce off new contract lows set on Wednesday. "It's mainly short-covering given current price levels," a European trader said of wheat. "You are also seeing international demand returning." Wheat markets have been weighed down by expectations of ample global supply, including rising estimates of Russia's harvest, though slow Russian exports and demand from Egypt and other importers have helped underpin the market. Prices at 1049 GMT Last Change Pct Move CBOT wheat 533.50 5.25 0.99 CBOT corn 405.50 1.50 0.37 CBOT soy 1035.25 -0.75 -0.07 Paris wheat 196.50 2.50 1.29 Paris maize 188.75 1.25 0.67 Paris rapeseed 471.50 -0.50 -0.11 WTI crude oil 63.32 0.61 0.97 Euro/dlr 1.16 0.00 -0.04 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton
