The Labor Department has revealed the unemployment rate in the US has fallen from 9.4% in December to 9% in January – confounding expectations of a rise to 9.5%. It also follows on from the sharp drop of 9.8% reported for the month of November. However, the large fall has been attributed to jobseekers giving [...]
The Canadian economy, which only entered a mild recession last year, appears to be performing well after figures show the unemployment rate continues to fall. Statistics Canada said on Friday that the country’s unemployment rate fell in April to 8.1%, from 8.2% in March. The economy added a better than expected 93,000 jobs last month [...]
Figures today revealed Australia’s jobs market remains strong after employment hit a record high of 11.1 million people at work. According to the Australian Bureau of Statistics, the economy created almost 46,000 jobs last month – smashing analysts forecasts of 15,000. The latest figures means the unemployment rate held steady at 5.1%. Westpac Bank expects [...]
The Labor Department has revealed the world’s largest economy lost 125,000 jobs last month – primarily due to the loss of temporary Government jobs, which were recruited to help conduct the 2010 census. However, a fall would traditionally mean a higher unemployment rate, but this dipped from 9.7% in May to 9.5% in June. Meanwhile, [...]
The European Union’s statistics agency has today announced unemployment in the 16-member euro zone rose to 10.1% in April – the first time it has reached this level since the common currency was introduced in 1999. The rise in the jobless rate highlights the sluggish recovery within the euro zone. Eurostat said 15.86 million people [...]
Destatis, Germany’s statistics office, has today revealed Europe’s largest economy experienced growth of 0.2% in the first three months of 2010. The results beat expectations after analysts had expected the economy to stagnate, as it did in the last three months of 2009. However, Destatis said fourth quarter GDP was revised upwards to 0.2% taking [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation remains a problem for the economy. Japanese core [...]
The recovery in the world’s second largest economy appears to be faltering after figures today revealed a fall in industrial output. Japan’s industrial output has fallen for the first time in a year, by 0.9% in February, following strong growth in the previous month, according to official figures. “The first decline in the past year [...]
City watchdog, the Financial Services Authority (FSA), has today announced banks will face stricter stress testing to ensure they can survive a further 4 years of falling economic growth and a 13.3% unemployment rate. Stress tests were introduced following the financial crisis to ensure that banks had sufficient capital to allow them to continue operating [...]
After the summit meeting in Brussels today, EU leaders have agreed to work with Greece to tackle its spiralling debts. Last week, the Greek Government announced tough austerity measures to tackle the country’s spiralling debt. The country’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the [...]
The Spanish economy is still in recession after the economy contracted by 0.1% in the fourth quarter of 2009 – the seventh consecutive quarter of contraction. The figures from the INE, the national statistics agency, show that Spain is now the last major economy still in recession. Meanwhile, on an annual basis, the economy shrank [...]
The Reserve Bank of Australia (RBA) has stunned the markets by electing to keep interest rates on hold at 3.75%. The RBA has increased interest rates three times since October and many analysts said interest rates could hit 4.25% in the short-term. Australia is one of the few developed economies not to have fallen into [...]
Figures published today by the US Labor Department revealed that the world’s largest economy lost more jobs than expected in December. Today’s figures means the unemployment rate remains at 10%. US employers cut 85,000 jobs in the month, surprising analysts after the economy added 4,000 jobs, rather than the initial estimate of losing 11,000 jobs [...]
The price of gold has ended its run of all-time highs after positive economic US data sent the dollar higher. On Friday, the Labor Department revealed that the US economy lost fewer jobs in November with the unemployment rate falling to 10% from a rate of 10.2% in October. Figures show that US employers cut [...]
Official figures show that the number of US workers filing new claims for jobless benefits last week fell for the second consecutive week to the lowest level since January. The figures show that claims for state unemployment insurance fell to 502,000 in the week ended November 7, down from the revised 514,000 the previous week. [...]
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has increased interest rates from their record low of 3% to 3.25%. The move did not come as a surprise to analysts and further rises in interest rates are expected. Today’s move is the [...]
The European Central Bank (ECB) has today elected to keep interest rates at 1% as widely expected. In an effort to boost the struggling economy, the ECB has cut rates seven times since October when rates stood at 4.25%. Elsewhere in Europe, Sweden lowered interest rates to 0.25% – the lowest level since records began [...]
The latest Bank of Japan’s quarterly Tankan survey has revealed that business confidence among major manufacturers in Japan has hit the lowest level ever. The survey of 10,000 companies, which is seen as a key indicator of the health of the country’s economy, revealed that confidence has plummeted to a 35-year low. The world’s second [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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