Home / World Economy

World Economy

U.S. Chamber calls for end to $300-a-week jobless aid to ease labor shortage

The U.S. Chamber of Commerce on Friday said the federal government should end the $300 weekly supplemental unemployment benefit in President Joe Biden’s $1.9 trillion COVID-19 aid package to ease a labor shortage that limited hiring in April. “The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market,” the Chamber’s chief policy officer Neil Bradley said in a statement, adding that unfilled positions threaten to slow economic recovery. “Based on the Chamber’s analysis, the $300 benefit results in ...

Read More »

U.S. Nonfarm Payrolls Up 266K, Unemployment Rose to 6.1% in April

U.S. employers added a modest 266,000 jobs in April, far short of the 1 million expected among economists, and unemployment rose to 6.1%. The slowdown in hiring signaled a potential slowdown in economic momentum, at least temporarily, as some businesses struggled to find workers and faced supply-chain issues. The deceleration came after payrolls rose a downwardly revised 770,000 in March and an upward revision of 536,000 in February, the Labor Department said Friday. Unemployment rose from 6% a month earlier, but more people entered the workforce in April. Higher vaccination ...

Read More »

U.S. wholesale inventories rise solidly in March

U.S. wholesale inventories rose sightly less than initially estimated in March as sales surged amid robust demand. The Commerce Department said on Friday that wholesale inventories increased 1.3%, instead of 1.4% as estimated last month. Stocks at wholesalers gained 1.0% in February. The component of wholesale inventories that goes into the calculation of gross domestic product increased 1.3% in March. Wholesale inventories shot up 4.5% in March from a year earlier. Sales at wholesalers jumped 4.6% after being unchanged in February. Overall, business inventories were depleted in the first quarter ...

Read More »

Surging India virus cases may derail recovery but ratings outlook stable-S&P

S&P Global (NYSE: SPGI ) Ratings said on Friday its outlook on India’s sovereign debt remained stable, even though surging COVID-19 cases could threaten the strong economic recovery it has seen so far. The rating agency, however, said the second wave should not hit the economy as hard as the first wave did in the April-June quarter of the 2020/21. “India’s second COVID wave may derail a strong recovery in the economy and credit conditions,” S&P said. “Our downside scenarios suggest a less robust recovery in government revenues, and the ...

Read More »

Where Is My Tax Refund?’ Millions of Americans Are Waiting for the IRS to Pay Up

It’s May. Do you know where your tax refund is? Dan Schoenherr doesn’t. In February, Mr. Schoenherr, a 72-year old retired credit-union executive living in Westfield, Ind., prepared and filed his return online, claiming a refund of about $8,000. On Feb. 16, he got a notice saying the Internal Revenue Service had accepted his return. Since then, nothing. When he checks the IRS’s Where’s My Refund? tool, it says, “We cannot provide any information about your refund.” His phone calls to the agency have been rejected due to high volume. ...

Read More »

German Industrial Production Rose in March, Beating Forecasts

German industrial production rose in March, beating expectations, statistics office Destatis said Friday. Total industrial output–comprising production in manufacturing, energy and construction–increased 2.5% in March from February in calendar-adjusted terms. Economists had forecast a 1.8% increase, according to a poll by The Wall Street Journal. Destatis downwardly revised February’s industrial production on-month decline to 1.9% from an earlier 1.6% drop. March’s total industrial output fell 5.1% from a year earlier in calendar-adjusted terms, Destatis said. Compared with February 2020–the month before the first restrictions were imposed in Germany because of ...

Read More »

China Private Services-Sector Gauge Rose in April

A private gauge of China’s services sector rose to its highest level since December, thanks to stronger consumer demand after Beijing’s success in containing the coronavirus. The Caixin China services purchasing managers index was at 56.3 in April, up from 54.3 in March, Caixin Media Co. and research firm IHS Markit said Friday. Total new orders rose at their fastest pace since November, supported in part by a renewed upturn in export orders after a two-month decline. The resilient demand prompted service providers to add to their staffing levels for ...

Read More »

French Industrial Production Rose in March

French industrial production rose in March, but less than expected, data from statistics agency Insee showed Friday. Total industrial output –comprising output in manufacturing, energy and construction–increased 0.8% in March compared with February. Economists had forecast a 2.0% increase in March, according to a poll by The Wall Street Journal. Insee also downwardly revised the on-month industrial production figure for February to a 4.8% decline, from a 4.7% drop previously. Compared with February 2020–the last month before the coronavirus pandemic hit Europe– total industrial output was down 5.9% in March ...

Read More »

Tianjin eyes ambitious vitalization

‘One base and three zones’ plan is foundation of shipping hub’s endeavors to become more globally competitive Editor’s note: This year, the Communist Party of China is celebrating the 100th anniversary of its founding. China Daily is publishing a series of stories looking at the tremendous changes that have occurred in provinces, autonomous regions and municipalities under the leadership of the Party. They also include stories of the people and places that have left indelible marks in the Party’s path to glory. The North China municipality of Tianjin aims to ...

Read More »

China posts rapid trade growth in April as recovery races ahead

China extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high, in a boost to the world’s second-largest economy. A brisk U.S. economic recovery and stalled factory production in other countries hit by coronavirus have propped up demand for goods made in China, analysts say. Exports in dollar terms surged 32.3% from a year earlier to $263.92 billion, China’s General Administration of Customs said on Friday, beating analysts’ forecast of 24.1% and the 30.6% growth reported in March. “China’s export growth again ...

Read More »

Analysis: How Biden plans to add $600 billion to the U.S. ‘care economy’

President Joe Biden’s $4 trillion plan to rebuild the U.S. economy aims a flood of cash at something millions of women in America do for low pay or no pay at all: taking care of other people. Biden’s “American Jobs Plan” would boost an existing government program with $400 billion more over a decade, to give more elderly and disabled people basic care they need, while his “American Families Plan” creates free universal ‘pre-Kindergarten’ and adds other childcare to the tune of $200 billion. The White House’s team of economists ...

Read More »

UK economy set to grow at fastest rate in more than 70 years

The UK economy will enjoy its fastest growth in more than 70 years in 2021 as Covid-19 restrictions are lifted, according to the Bank of England. The economy is expected to expand by 7.25% this year, with extra government spending helping to limit job losses. However, it follows a contraction of 9.9% in 2020, the biggest in 300 years. Andrew Bailey, the governor of the Bank of England, said the recovery was “strong” but likened it to “more of a bounce back” than a boom. He added that the surge ...

Read More »

The great exit: central banks line up to taper emergency stimulus

The Bank of England’s decision on Thursday to slow the pace of its bond-buying makes it the second central bank from a G7 economy to begin the slow exit from pandemic-era money-printing stimulus schemes. The big three of central banking – the U.S. Federal Reserve, European Central Bank and the Bank of Japan – won’t officially pare stimulus for a while. Yet there are growing signs that policymakers have their eyes on the exit as vaccine rollouts pick up and growth bounces back. The Bank of Canada’s C$1 billion ($806 ...

Read More »

The Rise Of The Appointment Economy: The Last Mile Of Customer Engagement Will Be Scheduled, Optimized And Personalized

As the world starts to open up, digital-first behaviors are giving rise to an appointment economy to enhance customer engagement and experiences in the field. Appointments-as-a-service convey that customers’ and experts’ time is a precious commodity. Have you ever booked an appointment with a service provider and been asked to keep an open window of several hours because they couldn’t commit to an exact time? Have you ever scheduled an appointment at a healthcare facility and still had to wait for what seemed like an eternity in a waiting room? ...

Read More »

Industrial clusters using green hydrogen can drive clean energy transition in Europe and China

After many years of research, development and advocacy, the hydrogen economy is taking shape. This momentum was sparked by expectations that “green” hydrogen, which is produced with renewable resources, will become cheaper than fossil fuels by 2030 across a range of applications. While most research suggests that the majority of fossil molecules in energy applications will be replaced with clean electrons rather than green molecules, it is becoming clear that direct electrification of everything would be technically impractical and economically burdensome. Spearheading efforts to scale-up hydrogen, the EU – as ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping