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The Latest Breaking News on Economy

Commentary: By the treasury secretary’s own definition, we’re back in recession

Last month, the Department of Commerce released troubling data on the anemic economy, showing that gross domestic income (GDI) shrank in the previous six months. That’s no surprise to half of Americans who believe we’re currently in a recession, but the data refute President Joe Biden’s claim that the economy…

Tribune News Service

The Guardian view on Rishi Sunak’s economics: recession is an acceptable price to pay

Editorial: Growing the economy by shrinking it first is a high-risk political strategy

The Guardian - UK

Fresh data coming on inflation’s impact on labour market

A fresh batch of jobs data will be pored over this week for confirmation the extremely tight labour market is starting to unwind.

The New Daily

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Unwavering focus: On the Monetary Policy Committee’s approach to policy

Achieving durable disinflation must remain a non-negotiable goal, especially amid widening income inequality and high unemployment

The Hindu

Analysts anticipate more rate hikes

The Bank of Thailand is likely to continue to raise interest rates this year to curb rising inflationary pressures, though such increases could hurt the stock market and the economy, say analysts.

Bangkok Post

Michael Pascoe: No, the wage case shouldn’t panic the RBA

The FWC doesn’t want to turn the current rate of wage increases into something that will scare Phil Lowe & Co.

The New Daily

FTSE 100 posts biggest jump since March as US economy adds 339,000 new jobs – as it happened

US economy added more jobs than forecast last month, with March and April’s data revised higher too, but unemployment rate has jumped to 3.7%

The Guardian - UK

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'This is a compromise': How the White House is defending the debt ceiling bill

The House's debt ceiling bill has critics on both sides. Bharat Ramamurti, the deputy director of the National Economic Council, says the administration was able to secure some of its key priorities.

WEKU

Give America a debt brake fast

Since 1960, the United States has raised its debt ceiling 78 times -- soon to be 79, if Congress approves the latest last-minute deal. On a wall in Manhattan, not far from Times Square, a billboard-size display has kept a running tally of the national debt amount.

Bangkok Post

Stock Market Today: Stocks Close Lower Ahead of Key Debt Ceiling Vote

The major benchmarks spent most of Wednesday in the red as the House prepares to vote on the debt ceiling deal this evening.

Kiplinger

Working parents to get DWP childcare boost from next month

Parents who claim Universal Credit will get their childcare costs paid upfront as well as an increase in the amount they can claim

Chronicle Live

Victorian private schools ‘fearmongering’ over job losses after tax exemptions axed, experts say

About 110 of the state’s top high-fee paying private schools will be required to pay tax on staff salaries, raising more than $420m over three years

The Guardian - AU

NSW government freezes pay of MPs, senior public servants

New South Wales politicians and senior bureaucrats will not be getting a pay rise for at least two years, as legislation to freeze their pay is introduced to parliament.

ABC News

Business groups back 'fair growth' principle

Key business groups welcome the Move Forward Party's campaign promises to tackle economic inequality, but wonder if it can solve a problem that has long plagued the country.

Bangkok Post

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ABC News

More money than expected for AFL team in Tasmanian budget but public sector cuts on the way

There's hundreds of millions of dollars in the state budget to kickstart Tasmania's entry into the AFL — but there's also a debt blow-out on the horizon, explains Adam Langenberg.

The Conversation

Degrowth isn't the same as a recession – it's an alternative to growing the economy forever

The UK economy unexpectedly shrank by 0.3% in March, according to the Office of National Statistics. And though the country is likely to narrowly avoid an official recession in 2023, just as it did the previous year, the economy is projected to hit the worst growth rates since the Great…

The Guardian - AU

‘Big business’ to be hit with new levy in Victorian state budget to help fund Covid recovery

Treasurer Tim Pallas to hand down ninth budget on Tuesday with all eyes on debt recovery plans

The Guardian - AU

Labor hails ‘strongest start for jobs growth’ of any Australian government

Analysis shows more than 330,000 jobs gained in past year, but treasurer concedes inflation needs to cool

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The New Daily

Michael Pascoe: Why you might never see that ‘wage growth’ we hear about

One thing we know for sure about the RBA – it knows even less about the outlook for wage growth than it does about inflation.

The Independent UK

New Zealand budget plan offers modest financial relief ahead of election

Months before an election, New Zealand’s government is offering some modest financial relief to many people by making most prescription medicines free and increasing subsidies for childcare and public transportation

The New Daily

Unemployment rate jumps to 3.7 per cent

The official labour force report reveals the jobless rate lifted to 3.7 per cent and around 4000 jobs were lost from the economy.

Reuters

New Zealand set to deliver no frills budget as election looms

New Zealand is set to deliver what it calls a "no frills" budget on Thursday as falling tax revenues squeeze coffers and inflation risks cap cyclone reconstruction efforts, constraining stimulus as the Labour government faces an election this year.

The Guardian - AU

Labor urged to return employment services to public sector amid warning over mutual obligations

Union says compliance measures do more harm than good as Acoss analysis reveals they disproportionately affect vulnerable jobseekers

Wales Online

Strike-hit education and health sectors struggling to recruit staff says report

Both sectors have been hit by strikes for several months in bitter disputes over pay and staffing

The Independent UK

Strike-hit education and health sectors struggling to recruit staff – report

Almost half of public sector employers surveyed expect significant problems filling vacancies to continue over the next six months.

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