Figures released by the US Labor Department have revealed that the US jobs market might be improving. According to the data, 539,000 jobs were lost in April, which exceeded the 600,000 economists had predicted and far less than the 699,000 jobs lost in March. The country’s unemployment rate now stands at 8.9%, up from the [...]
Figures from the Labor Department have revealed that the US unemployment rate rose from 8.1% in February to 8.5% in March – the highest level since 1983. Since the recession took hold in December 2007 in the world’s largest economy, over 5 million jobs have been eliminated – with more than half of these (3.3 [...]
Official figures from the US Labor Department revealed today that 651,000 jobs were lost in February in the US, taking the jobless rate 8.1% – the highest level since December 1983. Meanwhile, the organisation adjusted its January figures upwards to 655,000, while December’s losses were revised to 681,000 – the biggest single monthly decline since [...]
The Chartered Institute of Personnel and Development (CIPD) believes Easter could bring some much awaited good news for the economy. The organisation said the worst of the job cuts could come to an end by Easter. Unemployment in the UK has soared over recent months with the figure reaching 1.97 million between October and December [...]
Figures released by the US Labor Department revealed a slight rise in US consumer prices as energy prices increased. According to the Labor Department, the Consumer Price Index rose 0.3% – the first rise in six months, following a fall of 0.8% in December. The rise is seen as positive by many analysts who have [...]
The US Commerce Department in Washing today revealed some good news for the world’s largest economy after it revealed a 1% increase in retail sales in January – the rise was the first in seven months. However, while the rise was seen as a glimmer of hope after retail sales plummeted 3% in December, many [...]
Figures published today by the US Labor Department have revealed that the rate of unemployment in the US rose from 7.2% in December to 7.6% in January – the highest level since 1992. The organisation said 11.3 million Americans are now out of work. Meanwhile, 598,000 jobs were lost in the public and private sectors [...]
Figures from the Labor Department revealed that US consumer prices plummeted 1% in October – the highest fall since records began in 1947. This fall is seen as a sign of US economic weakness and have raised concerns of an imminent recession. The fall in consumer prices was attributed to the cost of fuel which [...]
Not only does President-elect Barack Obama face a deteriorating economy, a housing collapse and rising foreclosures but a further challenge presents itself after figures today from the US Labor Department revealed that 240,000 jobs were lost in October. The Labor Department said that the jobless rates in the world‘s largest economy increased to a higher [...]
The world’s largest economy is officially on the verge of recession after figures from the Commerce Department show that the economy shrank at an annual rate of 0.3% in the three months to September. The fall follows growth of 2.8% in the previous quarter. Meanwhile, consumer spending, which accounts for about 70% of the US [...]
Figures from the Labor Department show that US employers axed 159,000 jobs last month, this represents the highest since March 2003. The figure is double the fall from the previous month and marks the ninth consecutive month that the economy has lost jobs. Furthermore, the Labor Department said that the unemployment rate is steady at [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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