More U.S. economists are starting to publicly warn of rising inflation. A renowned economist Mohamed El-Erian said he worries “a great deal” that inflation will not be transitory, arguing that there is too much “on-the-ground evidence” it will stay high. In a recent op-ed in the Financial Times, El-Erian, who is one of the most widely followed economists,…
Prominent Economist Warns Inflation Not Transitory, Could Be ‘Shock’ to Financial System
Brazil’s Formal Job Growth in 2021 Tops One Million
BRASILIA—Job growth in Brazil accelerated sharply in May, official figures showed on Thursday, with formal jobs created almost double the consensus estimate to lift the total number of new positions opened this year above one million. That marks the strongest pace of job growth since 2010, both for the month of May and the first…
US Weekly Jobless Claims Fall; Layoffs Hit 21-Year Low in June
WASHINGTON—The number of Americans filing new claims for unemployment benefits fell more than expected last week, while layoffs plunged to a 21-year low in June as companies held on to their workers amid labor shortages. Initial claims for state unemployment benefits dropped 51,000 to a seasonally adjusted 364,000 for the week ended June 26, the…
Roche to Cut 300–400 Product Development Jobs: Swiss Newspaper
ZURICH—Roche plans to cut 300–400 jobs this year at product development (PD) sites, company executives including Chief Medical Officer Levi Garraway said during a recorded video call with employees obtained by Swiss newspaper Blick. “We’ve made the difficult decision to reduce our workforce in PD by around five to seven percent by the end of…
US Pending Home Sales Increase to Highest Reading for May Since 2005
Contracts to purchase previously owned U.S. homes rose strongly in May to the highest level for that month since 2005. The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on contracts signed last month, rose 8.0 percent to 114.7. Economists polled by Reuters had forecast pending home sales would…
Brits Ramped Up Savings in 2021 Lockdown, Data Show
Brits squirrelled away their wages, profits, and pandemic handouts during this year’s spring lockdown, taking household savings to near-record levels, according to official figures. The data from the Office for National Statistics also show that GDP contracted during that first quarter of the year by more than expected, dropping by 1.6 percent compared with the previous…
Australian State Budgets Serve Up More Debt on the Menu
June 29, 2021
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The dramatic transformation of Australia’s fiscal landscape by the COVID-19 pandemic has been confirmed by the latest round of state and territory budgets for New South Wales (NSW), Victoria (VIC), Queensland (QLD), South Australia (SA) and the Northern Territory (NT). Their collective shares of GDP cover some 85 percent of the national economy. Western Australia,…
Jobs Recovery Gains Speed In States That Are Ending Federal Benefits
WASHINGTON—Many economists are scrambling to work out if the federal pandemic unemployment benefits have really discouraged workers from returning to work. There is a variety of factors contributing to the current labor shortage, they say. Early signs, however, show an acceleration in the labor market recovery in states that have ended the supplemental federal benefits early. Severe…
US Consumer Confidence Races to More Than One-Year High in June
WASHINGTON—U.S. consumer confidence increased in June to its highest level since the COVID-19 pandemic started more than a year ago, bolstering expectations for strong economic growth in the second quarter. The Conference Board said on Tuesday its consumer confidence index jumped to a reading of 127.3 this month, the highest level since February 2020, from…
Analysts Calculate Sobering Economic Impacts by 2030 on Path to Net Zero 2050
Analysts are saying some of the steps required to approach 2030 targets come with significant economic and societal costs
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