CBI: UK manufacturing sector remained ‘depressed’ in August August 21, 2020 The UK manufacturing sector remained “depressed” in August although the downturn eased, according to a new survey that showed new orders rising only slightly month on month. The CBI’s monthly industrial trends survey’s measure of orders rose to minus 44 in August from minus 46 in July. It was below economists’ expectation of a rise [...]
UK businesses grow at fastest rate in seven years as economy reopens August 21, 2020 The UK economy bounced back sharply in August after coronavirus restrictions were lifted, with a closely-watched measure of growth hitting its highest level in almost seven years. However, companies slashed jobs at the fastest pace since May as they adjusted to life during the pandemic, in a worrying sign of what could turn into a [...]
Eurozone economy’s recovery stumbles as coronavirus cases rise August 21, 2020 The Eurozone economy’s recovery from coronavirus lost steam in August, according to new survey data, as demand in the bloc’s all-important services sectors slowed. The IHS Markit composite purchasing managers’ index (PMI) – a closely watched gauge of economic health – dropped to a two-month low of 51.6 in August from 54.9 in July, according [...]
UK’s public debt pile tops £2 trillion for first time ever August 21, 2020 The UK government’s debt exceeded £2 trillion for the first time in July and is expected to go higher as the Treasury pours unprecedented amounts of stimulus into the economy amid the coronavirus pandemic. The debt – the total amount that the government has borrowed and owes – jumped by an enormous £228bn in the [...]
Oil prices fall on oversupply and US jobless data August 20, 2020 Oil prices dropped today after it emerged producer cartel faces a huge surplus and the number of new US jobless claims climbed back above 1m. Brent crude fell 2.7 per cent to $44.13 per barrel, while benchmark West Texas Intermediate was down three per cent at $41.62 per barrel. It followed reports that some Opec [...]
FTSE 100 and US stocks slide amid fears over global economy August 20, 2020 The FTSE 100 and US stocks fell after the US Federal Reserve gave a pessimistic view of the economy and the number of Americans claiming new jobless benefits unexpectedly rose. Investors are also concerned about rising coronavirus cases. France reported its biggest increase in cases since May and Spain is struggling to deal with its [...]
New US jobless claims back above 1m after surprise jump August 20, 2020 The number of Americans making new jobless claims jumped unexpectedly back above the 1m mark last week, in a worrying sign for the US economy. The total claims of 1.11m in the week ending 8 August were 135,000 higher than the previous week’s total of 971,000, the Department of Labor said. And the figure was [...]
UK economy: Footfall at highest level since March but job postings fall August 20, 2020 The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown. However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating [...]
Premier Oil shares crash as it swings to first-half loss August 20, 2020 Shares in Premier Oil plummeted almost 25 per cent in early trading after the oil giant posted a hefty first-half loss due to weak oil prices. The figures Premier Oil posted revenue of $530.6m (£406m) in the first half, down from $883.1m in the same period last year. The company swung to a loss after [...]
Poll: Britain’s economy won’t recover for at least two years August 20, 2020 Britain’s economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the Bank of England will use negative interest rates to boost the upswing. Britain has suffered the highest death toll from the novel coronavirus in Europe, [...]