US jobless claims jump amid severe labour shortages July 8, 2021 The number of Americans making new claims for unemployment benefits unexpectedly ticked up last week, highlighting that the US labour market recovery from Covid may not be as smooth as initially thought. Demand for workers is extremely high in the US as businesses rush to scale their workforce to cope with a surge in consumer [...]
UK labour supply falls at fastest rate on record in June July 8, 2021 The supply of UK workers slid at its fastest rate on record as firms struggle with severe labour shortages, according to a survey released today. The latest KPMG and REC report on jobs shows supply of both permanent and temporary staff in June fell at its quickest pace since the survey started 24 years ago. [...]
Chinese ride-hailing giant Didi sued by US shareholders July 8, 2021 China’s dominant ride-hailing app Didi is facing two lawsuits, filed in New York and Los Angeles. They come a week after Didi’s debut on the New York Stock Exchange. The two suits, filed on Tuesday, state that Didi failed to disclose ongoing talks it was having with Chinese authorities about its compliance with cybersecurity laws [...]
One-in-three working Britons had wages subsidised by government during Covid July 8, 2021 One-in-three of the UK’s workforce had their pay subsidised by the government during Covid-19, new figures from the Treasury revealed today. The figures showed that 11.6m people were on the furlough scheme at some point throughout the pandemic, while 2.9m self-employed people made use of the Self-Employment Income Support Scheme. The furlough scheme has seen [...]
Investors set to scrutinise Fed’s mettle amid inflation surge July 7, 2021 Investors will be looking for any signs of the Federal Reserve wobbling on its ultra-loose monetary policy stance as inflation surges in the US when minutes from its latest FOMC meeting are published today. Last month, the Fed was bullish on the inflation outlook, reiterating that price rises are purely transitory and will ease once [...]
Remote workers drive up UK productivity July 7, 2021 Workers in industries that were able to rapidly pivot to remote working after the onset of the pandemic have driven up productivity levels in the UK, according to new figures released today. Estimates from the ONS show output per job, excluding furloughed workers, was 9.2 per cent higher on average in the first quarter of [...]
EU expects to generate €10bn from new carbon levy July 7, 2021 The EU expects to generate nearly €10bn a year from a new carbon levy on imports as part of its push to tackle climate change. Brussels intends to use the funds to pay down the billions of euros the EU collectively borrowed through its Covid recovery scheme. The tariff, called the Carbon Border Adjustment Mechanism, [...]
Page Group shares rise as labour market improves and recruiter predicts £135m profit July 7, 2021 Page Group shares rise as labour market improves and recruiter predicts £135m profit
Oil prices reach seven-year high after Opec+ abandon supply talks July 6, 2021 Oil prices climbed to their highest level in nearly seven years today after Opec+ failed to end an impasse over proposed output increases. The price of a barrel of WTI neared $77 in morning trading, its highest since 2014, while Brent crude, the international benchmark, shot up for the sixth day in a row to [...]
Bank of England staff to come in one day a week July 6, 2021 Government guidelines regarding working from home is set to be scrapped on July 19th along with many other restrictions. Bank of England has asked all staff to come in to the office once a week, but this is not to be fully implemented until September, this year. The deputy governor and chief operating officer, Joanna [...]
