US sees 2.4m new jobless claims as total nears 40m amid coronavirus May 21, 2020 More than 2.4m Americans made new jobless claims last week, data has shown, as the world’s largest economy continues to shed jobs at a momentous pace during the coronavirus crisis. The latest figure means that roughly 39m new claims for unemployment insurance have been made in the US since March 21. Unemployment has soared to [...]
UK factories suffer biggest drop in output on record, survey shows May 21, 2020 Manufacturing output plunged at the fastest pace since at least 1975 in the three months to May, a survey has shown, as more than 80 per cent of the UK’s factories were hit by the coronavirus lockdown. The CBI’s industrial trends gauge, based on a survey of more than 800 manufacturers, plunged to minus 51 [...]
UK economic pain eases somewhat in May but deep downturn continues May 21, 2020 The UK economy thawed slightly in May from its April deep-freeze as the government eased some coronavirus restrictions, survey data has shown. Yet the economy was still in a dire state, according to a preliminary reading of the IHS Markit/Cips purchasing managers’ index (PMI), which measures the health of the private sector. The whole-economy PMI [...]
Eurozone downturn slows but output continues to plunge May 21, 2020 The rapid decline in the Eurozone economy eased up slightly in May as countries lifted coronavirus restrictions, although the single currency area “remained stuck in its deepest downturn ever recorded,” survey data has shown. IHS Markit’s composite purchasing managers’ index for the Eurozone, which gives an early indication of the health of the manufacturing and [...]
Germany’s economic crash eases as it lifts coronavirus lockdown May 21, 2020 The plunge in German business activity eased somewhat in May, survey data has shown, although Europe’s biggest economy remained in a dire position even as it eased coronavirus restrictions. IHS Markit’s composite purchasing managers’ index (PMI), which gauges the health of the private sector, rose markedly to 31.4 in May from 17.4 in April, according [...]
Crispin Odey: Governments may ban private gold ownership May 20, 2020 Hedge fund tycoon Crispin Odey has warned that governments may ban private ownership of gold if they lose control of inflation in the wake of the coronavirus crisis. The price of gold has soared since the beginning of the Covid-19 pandemic as jittery investors flock to safe haven assets amid a wider recession. Odey said [...]
BoE’s Andrew Bailey: It would be ‘foolish’ to rule out negative interest rates May 20, 2020 Bank of England governor Andrew Bailey has said it would be “foolish” to rule out negative interest rates but said the BoE is “not ruling it in” either. The governor has previously argued against negative rates but admitted today: “I have changed my position a bit.” Chatter about negative interest rates has increased in recent [...]
UK inflation: What are people buying during coronavirus lockdown? May 20, 2020 There was further confirmation of the economic impact of the Covid-19 crisis this morning when new figures revealed a slump in inflation. The UK inflation rate tumbled to just 0.8 per cent in April, down from 1.5 per cent the previous month and marking the lowest level since August 2016, according to the Office for [...]
A second tragedy: Greek economy could shrink by 13 per cent this year May 20, 2020 The Greek economy could shrink by 13 per cent this year, the country’s finance minister has said, in an economic disaster that comes despite Greece keeping coronavirus infections under control. Finance Minister Christos Staikouras said the economy could shrink by between 10 and 13 per cent. But he said the conservative government will do all [...]
TUC calls for shake-up of UK economy during Covid-19 recovery May 20, 2020 The Trades Union Congress (TUC) has urged the government to roll out a raft of radical economic reforms to tackle the “despair of mass unemployment” and aid the UK’s coronavirus recovery. In a report published today the TUC, which represents most UK unions, called for the creation of a national recovery council to oversee an [...]
