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The Latest Breaking News from Unemployment

Why does the RBA want unemployment to go up? And what has it got to do with inflation?

The Reserve Bank deputy governor’s assessment that unemployment was ‘too low’ to tame inflation drew anger from unions. But was it correct?

The Guardian - AU

Reserve Bank says Newcastle labour market 'tight', but it may not last long

Deputy governor Michele Bullock told a Newcastle industry lunch that unemployment would rise to help control inflation.

Newcastle Herald

Michael Pascoe: Speech shows RBA clueless on employment

You can rely on the Reserve Bank to miss or downplay a major factor or two when it strays into what’s actually happening in Australia.

The New Daily

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‘The youth will fight’: why children have joined Senegal protests

Frustrations have grown over high youth unemployment and accusations of systemic corruption

The Guardian - UK

Deadly tragedy off the coast of Greece exposes how human traffickers are exploiting Pakistan's economic meltdown

Pakistan is experiencing a confluence of crises attributed to a decline in governance standards. Security challenges, chiefly posed by terrorism, have exacerbated the country’s economic deterioration, which in turn has given rise to energy shortages, rampant unemployment and soaring inflation rates.

The Conversation

Unemployment insurance indexing bill fails in Arizona

The Arizona House of Representatives on June 12 voted against a bill 29-31 that would have indexed the length of unemployment insurance benefits to the state’s unemployment rate. During times when the unemployment rate was at or below 5%, unemployed workers would have been able to collect a maximum of…

Ballotpedia

RBA says jobs market too tight to control inflation

Australia has managed to engineer full employment but the extreme competition for workers risks keeping inflation higher for longer.

AAP

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Chalmers trumpets new employment growth numbers

Australia is outperforming major advanced economies on employment growth, with more people – and women – working than ever before.

The New Daily

Alan Kohler: RBA hasn’t broken its habit of making horribly wrong interest calls

Pessimists fearful of a Reserve-Bank trifecta of runaway inflation, massive unemployment and house-price collapse need to get a grip.

The New Daily

South Africa's ruling party is performing dismally, but a flawed opposition keeps it in power

As power cuts continue, the economy falters, unemployment rises and the currency tumbles, South Africa’s political commentators tend to agree that support for the governing African National Congress (ANC) will fall under 50% in the 2024 national and provincial elections. If the party avoids a defeat, it could lead to…

The Conversation

Sierra Leone gears up for presidential election amid economic crisis, looming protests

Sierra Leoneans are heading to the polls on Saturday, June 24, to select their next president amid mounting frustration due to an ailing economy, rising unemployment and the loom of deadly protests

The Independent UK

Powell to Investors: Do You Feel Lucky Punk?

The “seeming” post Fed meeting rally for the S&P 500 is head scratcher for sure. That’s because as we dig below the surface, the overall market has not really rallied…just the usual suspects in the mega cap space. As you dissect the Fed statements there is a great divide in…

StockNews.com

Further show of strength for Northern Ireland job market despite gathering headwinds

Both unemployment and employment levels back to pre-pandemic levels, but inflation and rising interest rates temper mood

Birmingham Post

There won’t be a true recession anytime soon—but a ‘growth recession’ is still on the menu next year, BofA warns

Bank of America's chief economist Michael Gapen revised his recession forecast again this week, citing strength in the labor market—but he says a "growth recession" is still coming in 2024.

Fortune

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Newsroom.co.nz

There has to be a better way to measure a recession

Did NZ really dip into recession this year? Not until unemployment starts to rise ... that's the measure that affects real people. Jonathan Milne reports.

The Independent UK

Number of Americans filing for jobless claims is elevated for second straight week

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s been a resilient job market

France 24

Chinese youth unemployment hits record high as Covid recovery weakens

New data shows Chinese economic growth slowing, with property investment in steep decline and youth unemployment at a record high. Also, the US Federal Reserve confirms its "hawkish pause" policy, keeping interest rates steady for now but planning for more hikes. Finally, economists name an unlikely culprit for persistent Swedish…

The Guardian - AU

Afternoon Update: Thorpe alleges being ‘inappropriately touched’ in parliament; NZ enters recession; and did Beyoncé bump Swedish inflation?

Thorpe tells Senate she had reported experiences to former Coalition government

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The Independent UK

China's factory, consumer activity weakens in May, youth unemployment rises

China’s factory and consumer activity weakened further in May and surging unemployment among young people in cities broke the previous month’s record as an economic rebound following the end of anti-virus controls slowed

The Guardian - AU

Australia’s unemployment falls to 3.6% as the economy adds 76,000 jobs in May

Employers expand workforces even as growth slows, surprising economists

The New Daily

Unemployment rate falls to 3.6 per cent

The jobless rate has fallen back to 3.6 per cent after 76,000 jobs were added to the economy.

Los Angeles Times

Michael Hiltzik: Wage growth doesn't drive inflation. So why is the Fed out to crush workers?

Federal Reserve Chairman Jerome Powell and his colleagues have made major mistakes in their battle with inflation.

The New Daily

Michael Pascoe: In defence of the RBA (no, seriously)

The RBA and whoever happens to be in government right now want unemployment up above 4 per cent to 4.25 or 4.5 per cent.

Reason

"Minnesota Appeals Court Decides 4 Cases on Religious Exemptions from Vaccine Mandates"

A post by Prof. Howard Friedman (Religion Clause), which he kindly allowed me to pass along: Yesterday, the Minnesota Court of Appeals decided four separate appeals from decisions of Unemployment Law Judges who denied unemployment benefits because an applicant refused on religious grounds to comply with an employer's Covid vaccine…

Reason

If Employee Is Fired for Off-the-Job Political Speech, Can He Be Denied Unemployment Compensation

on the grounds that the firing was for "misconduct" (such as violation of a social media policy)?

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