• UK unemployment jumped to its highest rate in over three years, rising to 4.5% in the three months to August.
  • Nearly 3 million people claimed jobless benefits in September, according to data released by the Office for National Statistics.
  • The jobs data was worse than the 4.3% rise economists had expected.
  • The situation could deteriorate after the British government announced a new system of local lockdowns, introducing a three-tiered system of rules as infections surge across the country and a furlough program is set to expire later this month.
  • Visit Business Insider’s homepage for more stories.

UK unemployment rose to a three-year high of 4.5% in the three months to August, from 4.1% in July, according to data released by the Office of National Statistics on Tuesday. 

The number of people claiming jobless benefits rose to 2.7 million in September – an increase of

Read More

Hiring activity has improved by 24 per cent in September compared to August, this year, according to the Naukri JobSpeak Index monthly report released on Monday.

The 24 per cent month-on-month growth is being propelled by industries, including pharma (+44 per cent), fast moving consumer goods (+43 per cent), education/teaching (+41 per cent), and Information Technology (+32 per cent).

As digital tills ring, fintech on hiring spree

The report noted that further opening up of the economy with unlocking measures and increased mobility have led to an improvement in hiring activities in industries. This includes real estate (+44 per cent), auto/ancillary (+29 per cent) and hospitality/travel (+48 per cent) versus August ’20. Key industries such as BPO/ITES (+29 per cent) and banking/financial services (+33 per cent) continue to post robust growth sequentially.

New trends on Jobs Street

Metros, which were reeling under various lockdown measures earlier, have posted strong double-digit

Read More

Power producers’ total dues owed by distribution firms rose over 37 per cent year-on-year to ₹1.33 lakh crore in August 2020, reflecting stress in the sector.

Distribution companies (discoms) owed a total of ₹96,963 crore to power generation firms in August 2019, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators). The portal was launched in May 2018 to bring in transparency in power purchase transactions between the generators and discoms.

In August 2020, the total overdue amount, which was not cleared even after 45 days of grace period offered by generators, stood at ₹1,20,439 crore, as against ₹78,646 crore in the year-ago period.

Outstanding dues

According to the latest data on the portal, total outstanding dues in August increased on month-on-month basis as well. In July 2020, total outstanding dues of discoms stood at ₹1,30,452 crore. The overdue amount in

Read More

By Karen Braun

FORT COLLINS, Colo., Oct 6 (Reuters)U.S. agricultural exports to China had a sluggish start to 2020 relative to the lofty expectations set forth by the Phase 1 trade agreement, but the August value soared substantially over that of the prior months owing to strong soybean shipments.

U.S. cotton exports to China hit a seven-and-a-half-year high in August, while corn shipments to the Asian country reached an all-time record. But the combined export value of cotton and corn, the No. 2 and 3 items in August, was less than half that of soybeans, emphasizing the importance of the oilseed in the trade relationship.

According to data published on Tuesday by the U.S. Census Bureau, the United States in August shipped $2.15 billion in agricultural and related products to China, topping the 2012 record for the month by 19%.

That speaks to sheer volume of items

Read More

The numbers: Hiring and job openings in the private sector fell in August in a sign the U.S. labor market was cooling off as an economic recovery lost some of its earlier momentum, a government survey showed.

Businesses, governments and other organizations hired 5.9 million people in August, according to a Labor Department survey of the labor market that’s released with a one-month delay.

The number of people hired was basically unchanged from July, but the total was inflated by the addition of nearly 250,000 temporary workers hired by the U.S. Census for its once-in-a-decade national survey. Hiring in the private sector declined.

Job openings also slipped to 6.49 million from 6.7 million. The number of jobs available was running around 7 million a month before the coronavirus struck in March.

The number of separations — layoffs, firings, people quitting — fell to 4.59 million in August from 4.99 million

Read More
/quality/85/?url=http://media.beam.usnews.com/77/8f40fd7d6f522b931bd2349653e52e/tag:reuters.com,2020:newsml_LYNXMPEG950HI:12020-10-06T073534Z_1_LYNXMPEG950HI_RTROPTP_3_GERMANY-ECONOMY-INDUSTRIAL-ORDERS.JPG">

BERLIN (Reuters) – Orders for German-made goods rose 4.5% in August, more than expected, boosting hopes for a robust third-quarter in Europe’s largest economy after the coronavirus shock.

The increases were driven by demand from the euro zone, the Federal Statistics Office said on Tuesday, suggesting companies are making good progress back to pre-crisis levels. A Reuters forecast had predicted a 2.6% gain on the previous month.

“The catch-up process for new industry orders is continuing at a remarkable pace,” the economy ministry said in a statement.

Order intake was now only 3.6% lower than in February, before lockdown measures were imposed to slow the spread of the coronavirus, the office said.

Economists applauded the strong data, but cautioned that rising infection rates across Europe were increasing the risk of setbacks.

“It is difficult to imagine how German manufacturing could escape another round of lockdown measures with important trading partners,”

Read More
/quality/85/?url=http://media.beam.usnews.com/51/c4850dcd4a1d9dcea63434e5cdaa77/tag:reuters.com,2020:newsml_LYNXMPEG910I0:22020-10-02T060739Z_2_LYNXMPEG910I0_RTROPTP_3_JAPAN-ECONOMY-SPENDING.JPG">

TOKYO (Reuters) – Japanese household spending is expected to have fallen for a 11th straight month in August, a Reuters poll found on Friday, suggesting the coronavirus crisis is still weighing heavily on consumer confidence.

Analysts say the economy is rebounding gradually after suffering its worst post-war contraction in the second quarter, but the jobs and wage situation remain weak.

New COVID-19 cases in Japan have been on a general downward trend recently but appear to be levelling off.

Household spending likely fell 6.9 % in August from a year earlier, the poll of 14 economists showed, after a 7.6 % fall in July.

Compared with the previous month, household spending is forecast to have risen 3.2% in August from a 6.5% decline, the poll found.

“As the coronavirus cases resurged in Japan, people’s self-restraint stance towards spending on entertainment and tourism persisted,” said Takeshi Minami, chief economist at Norinchukin

Read More

 

Non-food bank credit growth decelerated to 6 per cent in August 2020 from 9.8 per cent in August 2019 due to slowdown in credit appetite across segments, including agriculture, industry, services and personal loans.

According to the Reserve Bank of India’s latest ‘Sectoral Deployment of Bank Credit’ report, credit growth in the agriculture and allied activities slowed to 4.9 per cent in August, compared with a growth of 6.8 per cent in the same period last year. Credit growth to industry decelerated to 0.5 per cent from 3.9 per cent in the same period last year.

Credit to industries in food processing, petroleum, coal products and nuclear fuels;leather and leather products;wood and wood products; and paper and paper products registered an accelerated growth in August compared with the growth in the corresponding month of the previous year. However, credit growth to industries regarding beverage and tobacco; construction;infrastructure; rubber plastic and

Read More

By Fabian Cambero

SANTIAGO, Oct 1 (Reuters)Chile economic activity plunged 11.3% in August from the same month a year earlier, the central bank said on Thursday, deeper than forecasts of an 8.5% drop as the world’s no. 1 copper producer grapples to recover from the coronavirus pandemic.

The Andean country’s IMACEC economic activity index CLACTI=ECI, which encompasses about 90% of the economy tallied in gross domestic product figures, was up 2.8% in the month versus July.

The important mining activity index fell 3.4% in the month, while non-mining industry lost 12.2%.

“The result for the month was impacted by the effects of the health emergency,” the bank said in a statement. “In this context, the most affected activities were services and construction, and, to a lesser extent, manufacturing.”

The month’s result was partially offset by growth in trade, in a month in which a partial withdrawal

Read More

U.S. consumer spending rose 1.0% in August while incomes fell, presenting a new hurdle for the economic recovery.

Personal income fell 2.7% in August from a month earlier, the Commerce Department said Thursday. Income fell in part because of a decline in government aid for unemployed workers.

Consumer spending is the key driver of growth in the world’s largest economy, providing two-thirds of economic demand. Strong consumer spending helped propel the economy in the third quarter that ended Wednesday. Economists estimate U.S. gross domestic product—the broadest measures of goods and services—grew at an annual rate of 30% or more in July through September.

That would restore a big chunk of output lost in the spring when the coronavirus outbreak prompted businesses to shut down. Output fell at a 31% pace in the second quarter after a 5% drop in the first, the Commerce Department said this week, the sharpest quarterly

Read More