Latest news with #Unemployment
Daily Mail
4 days ago
- Business
- Daily Mail
Labour levies push consumer confidence to year-long low
Consumer confidence is at its lowest for more than a year after Labour's tax hikes pushed up prices and cost jobs. Deloitte's index of confidence among households hit its lowest since early 2024 as figures last week showed unemployment at a four-year high of 4.7 per cent while inflation has surged to 3.6 per cent. Celine Fenech, a consumer insight expert at Deloitte, said: 'Concerns of a slowing labour market have left consumers worried about job security and income growth prospects, while persistent inflation and a high cost of living have negatively impacted sentiment towards personal debt.' Ian Stewart, chief economist at Deloitte, added: 'Higher inflation – well above levels in the US and EU – coupled with a weaker jobs market is weighing on consumer sentiment. 'The UK is unlikely to see inflation returning to the 2 per cent rate that prevailed last summer until well into 2026.'
ABC News
17-07-2025
- Business
- ABC News
Thursday Finance with Ian Verender
Unemployment figures out today suggest a weakening jobs market and consequently, the Aussie Dollar continued its retreat. Ian Verender has the details.
Straits Times
15-07-2025
- Business
- Straits Times
Australia's consumer sentiment edges up despite central bank rate shock: Survey
Find out what's new on ST website and app. Sentiment advanced by 0.6 per cent to 93.1 points, a Westpac Banking survey showed July 15. Australia's consumer confidence edged higher in July as households' assessment of their financial position improved even after the Reserve Bank shocked markets by keeping interest rates unchanged. Sentiment advanced by 0.6 per cent to 93.1 points, a Westpac Banking survey showed July 15, meaning pessimists persist in outweighing optimists with a dividing line of 100. 'Australia's consumer sentiment recovery experienced another 'false start',' said Westpac's head of Australian macro forecasting Matthew Hassan. 'While the mood improved a touch for the month as a whole, responses over the survey week show a clear disappointment following the RBA's surprise move.' Households polled before the rate decision reported an index reading of 95.6 while those surveyed after it reported an index read of 92, Westpac said. The RBA has lowered borrowing costs twice in 2025 and wrong-footed investors a week ago when it kept the cash rate at a two-year low of 3.85 per cent, rather than cut. Governor Michele Bullock said the difference with the market was one of timing rather than direction, suggesting further easing is likely. Traders are currently pricing two more rate cuts in 2025 with a slight chance of a third. 'Assessments of family finances improved for the survey overall but showed a sharper pull-back following the RBA decision,' Westpac's Hassan said. 'Indeed, even with the RBA's July surprise, consumers have become slightly more confident that interest rates will continue to move lower over the next year.' Top stories Swipe. Select. Stay informed. Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Multimedia From local to global: What made top news in Singapore over the last 180 years? World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Sport World Aquatics C'ship women's 10km open water swimming event delayed by a day due to water quality Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man In Australia, where consumption accounts for about half of the economy, households' attitudes toward purchases are closely monitored by policymakers. Other key data points: The family finances vs a year ago sub-index climbed 5 per cent The 'family finances next 12 months sub-index posted a milder 2.6 per cent gain to 101.4, nudging back into net positive The time to buy a major item sub-index declined 2.6 per cent to 97.6, partly unwinding last month's 7.5 per cent surge The Westpac–Melbourne Institute Unemployment Expectations Index rose 1.1 per cent to 128.7 in July – a higher reading means more consumers expect unemployment to increase over the year ahead Westpac noted that while consumers are not fearful of job losses, the reading is broadly consistent with a flat rather than firming labour market BLOOMBERG
CBC
11-07-2025
- Business
- CBC
Canadian economy added 83,000 jobs in June
Business ·Breaking Unemployment also fell slightly, by 0.1 percentage points to 6.9% The Canadian economy added 83,000 jobs in June, while unemployment fell by 0.1 percentage points, according to Statistics Canada data released Friday.
Sky News
06-06-2025
- Business
- Sky News
Trade war: US hiring slows but employment resilient
Why you can trust Sky News The US economy saw a slowdown in hiring but no leap in unemployment last month as the impact of Donald Trump's trade war continues to play out. Official data, which strips out the effects of seasonal workers, showed 139,000 net new jobs were created during May. Market analysts and economists had expected a figure of 130,000 - down on the 147,000 for April. The unemployment rate remained at 4.2% and hourly pay rates rose. The figures were released as the health of the US economy continues to attract close scrutiny amid continuing fears of a recession risk in the world's largest economy due to the effects of Donald Trump's trade war. Unlike most developed economies, such a downturn is not determined by two consecutive quarters of negative growth, but by a committee of respected economists. 5:08 It's known as the Business Cycle Dating Committee. It uses employment data, as well as official growth figures, to rule on the status of the economy. The threat of tariffs, and early salvoes of, the Trump administration's protectionist agenda were blamed for a sharp slowdown in growth over the first three months of the year. 4:02 Economists have found it hard to predict official data due to the on-off, and often chaotic, nature of tariff implementation. As such, all official figures are keenly awaited for news of the trade war's impact on the domestic economy. Other data this week showed a record 20% plunge in US imports during April. Next week sees the release of inflation figures - the best measure of whether import duty price increases are working their way through the supply chain and harming the spending power of businesses and consumers. It's a key piece of information for the US central bank. It has paused interest rate cuts, to the fury of the president, over trade war uncertainty. A forecast by the Paris-based OECD this week highlighted the chance of consumer price inflation rising above 4% later in the year. It currently stands at an annual rate of 2.3%. Fears of a US recession and trade war uncertainty have combined most recently with increasing market concerns about the sustainability of US debt, given Mr Trump's tax cut and spending plans. US stock markets are largely flat on the year while the dollar index, which measures the greenback against six other major currencies, is down 9% this year and on course for its worst annual performance since 2017. European stocks entered positive territory in a small nod to the employment data while US futures showed a similar trend. The dollar rose slightly. The reaction was likely muted because the data was well within expectations and seen as positive. Commenting on the figures Nicholas Hyett, investment manager at Wealth Club, said: "The US labour market has shrugged off the tariff uncertainty that rocked global stock and bond markets in April and May. "While the Federal government has continued to shed a small number of jobs, the wider economy has more than made up the difference, with the US adding slightly more jobs than expected in May. Wage growth also came in higher than expected - suggesting the economy is in rude health. "That will be taken as vindication by the Trump administration - which has been clear that the tariffs are aimed squarely at supporting Main Street rather than pleasing Wall Street. "Less positive from the White Houses' point of view is that a strong economy and rising wages gives the Federal Reserve less reason to cut interest rates - pushing yields a touch higher and making the fiscal splurge built into Trump's "Big Beautiful Bill" that bit more expensive.
