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The Latest Breaking News on Economy

UK economy shrinks by 0.5% in July amid wet weather and strikes

Manufacturing, services and construction sectors contract for first time since summer of 2022

The Guardian - UK

‘Recession may have begun’ as UK economy shrinks by 0.5% in July, GDP figures show

Government minister Maria Caulfield conceded that the decline in GDP was “disappointing”

Evening Standard

Danielle Wood to become first woman to head Productivity Commission

Labor appoints well-known Grattan Institute chief after senior Victorian treasury official Chris Barrett pulls out of recruitment process

The Guardian - AU

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Britain no longer an economic outlier after ‘extraordinary’ GDP upgrade by ONS

Jeremy Hunt said ‘those determined to talk down the British economy have been proved wrong’

The Independent UK

UK economy bounced back from pandemic much faster than previously thought, revised GDP figures show

The new stats say the UK economy hit its pre-pandemic size by the end of 2021, a stark difference from data that claimed GDP today is still below 2019 levels

Evening Standard

Stock Market Today: Stocks Close Higher After ADP Jobs Data

The main benchmarks notched a fourth straight win after private payrolls rose less than expected and Q2 GDP was lowered.

Kiplinger

How did Australia’s university system get so broken? Pretty much the same way as everything else

We live amid the wreckage of formerly treasured institutions and services, despoiled by decades of marketisation and neglect

The Guardian - AU

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UK on recession alert amid slump in private sector activity

Poor performance in services industry and manufacturing is mirrored in eurozone

The Guardian - UK

UK facing 'heightened recession risks' as private sector suffers shock decline

AN economist has warned the UK is facing “heightened recession risks” after the private sector suffered a shock downturn in August.

The National (Scotland)

The issue is not about India’s GDP, but its JDP

There is a big dissonance between GDP growth and its translation into actual jobs and incomes for people

The Hindu

Australia’s wage growth slightly weaker than expected in June quarter

The wage price index figures show that despite a tight labour market, there has not been a breakout in wage growth

The Guardian - AU

UK lost nearly four million days to strike action in past year, study reveals

New report lays bare squeeze facing workers as public sector job vacancies up by a third and real-terms pay plummets

The Independent UK

UK shrugs off recession as economy grows by 0.2% in second quarter

The meagre GDP growth means there is no immediate risk of recession, but leaves the UK stuck in a low growth trap

Evening Standard

Strikes cancellations ‘tip of the iceberg’ – NHS Confederation

In a ‘worst-case scenario’, industrial action in the NHS could be causing double the number of cancellations being reported, representatives say.

The Independent UK

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The Hindu

Keep austerity in mind when preparing 2024-25 Budget proposals, says Finance department

Finance Dept. urges govt. depts. to prepare 2024-25 Budget with extreme austerity. Estimates must be realistic & accurate, revenue & dues to be accelerated. Economy measures may require dropping uneconomical schemes & putting off activities. Deadline for non-plan expenditure is Sept. 5, plan expenditure Sept. 10 & revenue estimates &…

The Hindu

A gender paradox in Tamil Nadu

A woman in Tamil Nadu is likely to be educated, to work, and to find work in a modern sector of the economy. But she is also likely to be paid far lower than men for the same work, and experience segregation in the workplace.

The Hindu

Charting the path for the Sixteenth Finance Commission

The Sixteenth Finance Commission has much work ahead

The Guardian - UK

Ben Bernanke to lead review into Bank of England forecasting errors

Former Fed chair appointed as Bank faces pressure to explain why economic forecasts have been so wide of mark

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news in one place.

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The Guardian - UK

Big pay rises for top earners in London have masked cuts in rest of UK, says IFS

Britain’s earnings gap is growing as business services, finance and IT workers prosper, thinktank finds

WEKU

Could the U.S. still see a recession? A handy primer about the confusing economy

A string of encouraging reports is raising hope about the economy — but worries of a possible recession have not gone away. Here's why.

Tribune News Service

Editorial: Bidenomics is just tired liberalism on steroids

The White House wallowed in a bit of good news last week when the Labor Department revealed that inflation in June had cooled to its lowest pace — 3% — in more than two years. Still, Fed officials have signaled that another rate hike is coming because they don’t want…

The Hindu

The missing numbers: On the current vacuum of official data

The new Standing Committee on Statistics can pro-actively try to bridge the trust deficit between India’s once-revered statistical system and data users

AAP

Aussie unemployment rate hangs on at 3.5 per cent

The labour market has proved resilient, with the jobless rate coming in at 3.5 per cent and 33,000 new jobs added to the economy.

The National (Scotland)

Kate Forbes: We don’t need a red carpet, we just need roads connecting to the world

The UK is lagging behind other G7 countries, as a new poll indicates there’s a stark gap in confidence between small businesses in the UK and…

Al Jazeera

Japan’s workers get rare pay bump after decades without a raise

Japanese employees earn only three-quarters as much as developed-country peers over 30 years after asset bubble burst.

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