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The Latest Breaking News on Economy

US jobless claims increase for second straight week

Unemployment claims remain close to the highest level since last November, the Labor Department said.

Al Jazeera

US jobless claims rise again, near highest since November

Applications for U.S. unemployment insurance rose for a second week and held near the highest level since November, indicating continued moderation in the labor market.

Tribune News Service

Biggest UK fall in real wages for 100 years looms, warns TUC

Study shows pay rises could fall behind inflation by 8% later this year, an unprecedented drop in living standards

The Guardian - UK

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US unemployment claims rise by 14,000 to 262,000

The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength

The Independent UK

Dead received NZ cost of living payment

New Zealand's opposition has described the government's much-vaunted cost of living payments as a "debacle" after cash went to backpackers and the deceased.

AAP

Tens of millions of working Brits set to be hit by 'stealth tax' of £30billion

Income tax thresholds, including the personal allowance, have been frozen for four years. But inflation is soaring and could hit 13% - meaning people will be dragged into paying more

Daily Mirror

India’s great untapped resource: its jobless young people

Young people have been taking to the streets across India, demanding governments act to provide more jobs. In the northern state of Bihar, large numbers protested on February at delays in filling public sector vacancies. Some of them had passed the required examinations but waited several years for their job…

The Conversation

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Public services face cuts unless £26bn inflation hole plugged, IFS warns

Prices rises will cause cuts in healthcare, education and defence unless the Treasury intervenes, according to a leading economic think tank

The Independent UK

Public services need another £44bn by 2025 to cope with inflation, says IFS

Severe cuts to services feared as rising costs absorb a big chunk of increased departmental spending

The Guardian - UK

MPC expected to raise interest rate Wednesday

The Monetary Policy Committee (MPC) is expected to raise the policy interest rate for the first time in two years by 0.25% on Wednesday to 0.75%, as inflation soared above 7% in the last two months, bringing an end to a low-interest era, analysts say.

Bangkok Post

Michael Pascoe: RBA jawbone has done its job with consumers

Consumer sentiment normally has a political bias – voters for the government of the day survey more optimistically than those supporting the opposition.

The New Daily

ACTU pushes for caps on energy bills and a windfall tax on corporate profits ahead of jobs summit

Report proposes big changes to Australian economy including giving workers more clout to bargain for better pay

The Guardian - AU

Britain isn’t just facing a cost of living crisis: it’s facing a bonanza of corporate greed

Our politicians have opted to protect profits instead of people. Even my own party isn’t doing enough, says MP Zarah Sultana

The Guardian - UK

Liz Truss doubles down on refusal to offer support over rising energy bills

Foreign secretary previously said she did not want to give ‘handouts’ to people struggling with cost of living

The Guardian - UK

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The New Daily

‘Turning point’: Business collapses spike but local recession still unlikely, say economists

The number of businesses falling into administration spiked in July as economists warn the economy is headed towards a “turning point”.

The Guardian - UK

Get over-50s back to work to tackle UK labour shortage, says John Lewis boss

Sharon White says government should ‘think much more’ about encouraging Covid retirees to return on flexible basis

ABC News

Business confidence rises with strong profits, but consumers are getting more pessimistic

Business confidence has risen, but consumer confidence is still deteriorating and economists warn it could be a sign of things to come.

The Guardian - UK

Worried about bills this winter? In Truss’s Titanic economics, only the rich will get a life raft

With a national catastrophe looming, the Tory leadership candidates have adopted a muscular ‘anti-welfare’ stance, says Guardian columnist Frances Ryan

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The Guardian - UK

Truss and Sunak still haven’t grasped the magnitude of Britain’s cost of living crisis

Neither has an adequate plan – but a joint announcement of a generous package of help would boost confidence

The Guardian - UK

The Guardian view on the dog days of Boris Johnson’s premiership: crises, which crises?

Editorial: As the Conservative party talks to itself, a chance to grip the challenges of the autumn and winter is being wasted

Evening Standard

Grim read reveals just how bad the near future will be

Last week’s gloomy headlines about the Bank of England told only half the story

Daily Mirror

Boris Johnson rejects pleas to hold emergency budget to fight cost-of-living spiral

Downing Street said it will be for the next Prime Minister to decide if any extra help should be given this winter as energy bills rocket to more than £3,200 a year

The Guardian - UK

UK economy shrank in second quarter according to poll of economists – as it happened

Rolling live coverage of business, economics and financial markets as analysts weigh risk of recessions across the world

Daily Record

'We're being failed by Conservatives and SNP in cost-of-living crisis'

Scottish Labour leader Anas Sarwar hits out at the Westminster and Scottish governments over the handling of the current crisis.

The Guardian - UK

Two-thirds of UK’s top restaurants in the red after Brexit, Covid and inflation

Meanwhile £700m of support funds in business rates relief remains unpaid by local councils

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