US second quarter economic growth revision undershoots expectations August 26, 2021 The US economy grew at a slower pace than expected in the second quarter of this year as Americans reined in spending despite Covid restrictions easing in many states over the period, according to official figures published today. The Bureau of Economic Analysis revised the US economy second quarter annualised growth rate up to 6.6 [...]
Retail footfall dips for first time since June as Brits shun high streets and shop online August 26, 2021 Retail footfall dipped for the first time in two months last week driven by Brits shunning high streets and continuing to shop online despite the lifting of Covid restrictions, according to new data released today. Figures published by the Office for National Statistics, and supplied by Springboard, show the volume of total retail footfall slid [...]
Lorry drivers’ wage growth surges more than seven times UK average as firms hike pay amid worker shortages August 26, 2021 Wages for lorry drivers are soaring as UK logistics businesses scramble to scale staffing levels to clear a swelling backlog of delivery orders, according to fresh figures published today. Research from job site Indeed shows salaries for driving jobs have surged more than seven times faster than the average wage growth recorded for all jobs [...]
Global corporate profits expected to fall eight per cent after record quarter August 25, 2021 Global corporate profits are set to fall for the first time in 18 months after a record second quarter, as a rise in the Delta variant has increased labour costs while squeezing supply chains, according to calculations by Reuters. Although huge stimulus packages helped to underpin economic recoveries while the easing of pandemic restrictions resulted [...]
Afghanistan: Former central bank boss warns Taliban have ‘less than a week’ of financial coverage August 25, 2021 Following its takeover by the Taliban, Afghanistan and its capital Kabul have been left in chaos – with thousands attempting to flee the country while its economic climate becomes increasingly dire. An eyewatering amount of capital has been snatched from the hands of the Taliban as countries like the US, Germany and other foreign fiscal [...]
ONS: Remote working to stimulate employment among older Brits, adding billions to UK economy August 25, 2021 Remote working could stimulate employment rates among older workers, potentially adding billions to the UK economy, according to fresh figures published today. Data from the Office for National Statistics shows older workers who have switched to working from home entirely are more likely to retire later than those who are still working in physical work [...]
Covid recovery: Jobs market rebound to power through coming months August 25, 2021 The UK jobs market recovery is likely to power through the coming months driven by employers ramping up hiring to deliver on new business plans, according to fresh figures published today. New data from the Recruitment and Employment Confederation shows in the three months to July of this year, a net balance of 29 per [...]
Mervyn King: Central banks cannot solve most of society’s problems August 24, 2021 A former governor of the Bank of England has warned that central banks cannot be relied on to solve most of society’s problems. Writing for Bloomberg, Mervyn King said there are “serious challenges to our societies. But the gravity of an issue is not the sole, nor even the most important, criterion for central-bank involvement. [...]
Retail sales soar at fastest pace in nearly seven years August 24, 2021 Retail sales in the UK surged at their fastest pace in nearly seven years this month highlighting that the wave of consumer spending unleashed since the initial Covid unlocking still has legs, according to fresh figures released today. New data from the Confederation of British Industry shows retail sales swung to their highest growth rate [...]
Strangling capacity constraints chokes US economic growth August 23, 2021 The US economic rebound from the Covid crisis slowed sharply this month as severe constraints on capacity led to businesses struggling to scale production, according to a closely watched survey released today. IHS Markit’s latest flash composite output index for the US slid to 55.4 in August, down from 59.9 in July, hitting a fresh [...]