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 [...]
Germany upgrades growth forecast to reflect ‘V-shaped’ recovery September 1, 2020 The German economy will shrink by less than initially expected this year and GDP will recover its pre-coronavirus size by the start of 2022, the country’s government predicted today. Economy minister Peter Altmaier said the government now predicted the economy would shrink by 5.8 per cent this year, compared to a previous estimate of 6.3 [...]
UK factories grow at fastest pace in six years but continue to slash jobs September 1, 2020 The UK manufacturing sector’s output grew at the fastest pace in more than six years in August as factories continued to recover from the coronavirus lockdown, a survey has shown. However, the sector was far from its pre-coronavirus size and firms laid off workers at a rapid rate as they adapted to the new economic [...]
Eurozone manufacturing grows for second month running September 1, 2020 The Eurozone manufacturing sector saw “modest growth” for the second month running in August, according to a new survey, as the bloc’s economic recovery continued. However, the factory sectors in Spain and France stagnated while Greek manufacturing declined for the sixth month in a row. The IHS Markit Eurozone manufacturing purchasing managers’ index – a [...]
UK economy unlikely to recover until 2023, KPMG says September 1, 2020 The UK economy is unlikely to reach its pre-Covid level until early 2023, according to new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3 per cent for the year, downgraded from the 7.2 per cent predicted in June. However, a second lockdown of even just four weeks could leave GDP dropping [...]
