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Layoffs have remained limited, apart from some high-profile cuts at firms such as Amazon and UPS and the unemployment rate has held steady at around 4.3%. Meanwhile, the wider economy continues to grow, expanding at a robust annual pace of 4.4% in the most recent figures.
“In China, labor costs are $2 to $3 an hour. In America they are $20 an hour.”
However, CCS technology is not without critics, who warn it might discourage efforts to cut CO2 emissions.