US jobless claims fall to lowest level since pandemic began September 3, 2020 The number of people filing for unemployment benefits in the US fell to its lowest level since the coronavirus pandemic began, new data from the US Labor Department has revealed. Last week, there were 881,000 jobless claims, down 130,000 from the week before. The drop was larger than expected, with a Reuters poll predicting 950,000 [...]
UK is world’s fifth largest exporter of tech services September 3, 2020 The number of tech exports from the UK have surged in the past year, making it one of the world’s largest exporter of technology services. Last year UK exports of technology services grew to £23.3bn, sitting behind just India, the US, China and Germany in the global rankings. Tech Nation’s ‘Unlocking Global Tech’ report published [...]
Bank of England warns of ‘scarring’ to the UK economy September 2, 2020 Bank of England policymakers have stressed that the UK economy faces big risks in the coming months, saying that the “scarring” could be worse than they predicted in August. Speaking to the Treasury Committee of MPs, governor Andrew Bailey said the Bank’s latest forecasts were highly uncertain. He said it was unclear the extent to [...]
FTSE 100 jumps as homebuilders cheer surge in UK house prices September 2, 2020 The FTSE 100 jumped as investors welcomed signs of an economic recovery, with homebuilders riding high after UK house prices hit a record level despite the coronavirus pandemic. The UK’s main stock index climbed 1.1 per cent to 5,929 points, having shed almost two per cent yesterday. The FTSE 250 index of smaller firms rose [...]
US private payroll growth falls short in setback for Covid-19 recovery September 2, 2020 US private payrolls increased less than expected in August, marking a major setback in the country’s economy from the coronavirus crisis. Private payrolls rose by just 428,000 jobs last month, according to new figures from the ADP National Employment report. This was well behind the 950,000 increase forecast by economists polled by Reuters. The report, [...]
Government urges firms to hire under-25s through free ‘kickstart’ scheme September 2, 2020 UK companies can offer six-month work placements to young people – with wages paid entirely by the government – under the “kickstart” scheme launched today. The government urged businesses to sign up and “take advantage of the enormous pool of potential out there”. It warned that young people “could otherwise be left behind as a [...]
Australia plunges into recession as Covid-19 sparks record slump September 2, 2020 Australia has plunged into its first recession in nearly three decades after the coronavirus crisis sparked the country’s worst economic slump on record. Australia’s gross domestic product (GDP) shrank seven per cent in the three months to the end of June — the largest fall since records began. It follows a 0.3 per cent fall [...]
The national productivity recovery depends on getting people back to the office September 2, 2020 Office workers continue to display reluctance to return to their workplaces, despite encouragement from the government for them to head back. The immediate consequences for the service jobs in cities which depend on people commuting into the office are apparent, hence the government drive. But is office work a good thing for the workers themselves? [...]
US factories grow at fastest pace in 19 months as recovery continues September 1, 2020 Activity in the US manufacturing sector rose at the fastest pace since the start end of 2018, a survey has shown, although factories continued to slash jobs. The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) rose to 56 in August from 54.2 in July. It was the highest score since November 2018 [...]
FTSE 100 reshuffle: ITV set to tumble from the big league September 1, 2020 The FTSE 100 is set for another dramatic reshuffle as the blue-chip index adapts to life during the coronavirus pandemic, with telly stalwart ITV almost certain to drop from the list and bargain retailer B&M likely to rise. FTSE Russell, which runs the index, will decide who’s up and who’s down according to prices at [...]