Tag: unemployment

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-Top News EU News Europe

UK unemployment nears three-year high

UK flag.

Consultancy Capital Economics said that, while the stickiness of wage growth would be a “lingering concern” for the BOE, the rate should soon be on a “firm downward path” as unemployment rises…reports Asian Lite News

UK unemployment unexpectedly rose to its highest level in two and a half years, data showed Tuesday, amid a heated general election campaign in which the economy is a key battleground.

Simultaneous strong wage growth divided opinions from market-watchers mulling the timing of an interest rate cut from the Bank of England.

The rate of unemployment between February and April rose to 4.4%, up from 4.3% in the previous quarter and the highest level since September 2021, the Office for National Statistics said. Economists polled by Reuters had forecast the print would hold steady.

A slew of data also showed the number of payrolled employees was up 0.6% year-on-year in May. Annual growth in wages excluding bonuses remained unchanged at 6% over the three months from February to April, and was 5.9% including bonuses, holding well above the rate of inflation.

“What the Bank of England crucially wants to see is wage inflation fall more than it has, especially with the headline rate of inflation very much near target,” Richard Carter, head of fixed interest research at Quilter Cheviot, said in a note out Tuesday.

“The BOE will be incredibly cautious to cut rates at a period when spending power is high for consumers and potentially triggering a fresh inflationary bout. As such, today’s data will continue to put a dampener on a rate cut in June or August, with November remaining the likeliest date to see that first fall.”

While market pricing on Tuesday suggested next to no chance of a rate cut at the BOE’s June meeting, and a 36% shot in August, that probability rises to nearly 60% for the September deliberations.

Neighboring monetary policymakers at euro area’s central bank began their own path of rate cuts last week.

Consultancy Capital Economics said that, while the stickiness of wage growth would be a “lingering concern” for the BOE, the rate should soon be on a “firm downward path” as unemployment rises.

“Wage growth may not stop the Bank from cutting interest rates for the first time in August, as we are forecasting, as long as other indicators such as pay settlements data and next week’s CPI inflation release show decent progress,” Capital’s deputy chief U.K. economist Ruth Gregory said in a note.

The data comes as politicians trade barbs the state of the economy ahead of a general election in which the ruling Conservative Party is widely expected to be defeated by rivals Labour.

Prime Minister Rishi Sunak, leader of the Conservatives, and Labour leader Keir Starmer are both forefronting economic growth, the cost of living and taxes in their campaign messaging.

In a speech announcing the election date in late May, Sunak said, “We’ve tackled inflation, controlled debt and cut workers’ taxes, increased the state pension by £900, we’ve reduced taxes on investment and seized the opportunities of Brexit to make this the best country in the world to grow a business, put record amounts of funding into our NHS and ensured it’s now training the doctors and nurses it needs for decades to come.”

Starmer argued in a debate last week that the Conservatives have damaged the U.K.’s fiscal credibility and overseen a dire decline in health services.

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-Top News INDIA 2024 India News

‘Unemployment is biggest issue in elections’

Citing the case of India’s premier institutes, IITs and IIMs, Kharge said across 12 IITs, around 30% of students are not getting regular placements…reports Asian Lite News

Congress president Mallikarjun Kharge has said the biggest issue in the Lok Sabha elections is the unemployment “imposed by the BJP”, claiming the youth are struggling to find jobs and the country is staring at a “demographic nightmare”.

In a post on X, Kharge said the Congress ‘Pehli Naukri Pakki’ guarantee under ‘Yuva Nyay’ would remove the barriers that separate work and learning, thereby opening fresh avenues for career growth.

“The biggest issue in these Lok Sabha elections is unemployment, imposed by the BJP. Our Youth are struggling to find jobs, and we are staring at a demographic nightmare,” the Congress president claimed.

Citing the case of India’s premier institutes, IITs and IIMs, Kharge said across 12 IITs, around 30 per cent of our students are not getting regular placements.

“Only 20 per cent of 21 IIMs could complete the summer placements so far. If this is the situation in IITs and IIMs, then one can imagine how the BJP has destroyed the future of our Youth across the country,” he said.

The rate of youth unemployment under Modi government has tripled since 2014, he said.

“The ILO’s recent India Employment Report showed that each year, India adds around 70-80 lakh youths to the labour force, but between 2012 and 2019, there was almost ZERO growth in employment – just 0.01 per cent!” Kharge said in his post on X.

“‘Modi Ki Guarantee about providing 2 crore jobs reverberates as a bad dream in the hearts and minds of our Youth!” he said.

Therefore, the Congress party has brought in ‘Pehli Naukri Pakki’ guarantee under ‘Yuva Nyay’, he said.

Any diploma or degree holder below the age of 25, will now have a legal right to demand employment and shall be paid at least Rs 1 lakh a year, Kharge said.

“This would remove the barriers that separate work and learning, thereby opening fresh avenues for career growth,” he added.

The Congress on Friday released its Lok Sabha poll manifesto, focusing on five “pillars of justice” and 25 guarantees under those, at the Congress headquarters here in the presence of party president Mallikarjun Kharge and former party chiefs Sonia Gandhi and Rahul Gandhi.

Right to apprenticeship, a legal guarantee on the minimum support price (MSP) for crops, a constitutional amendment to raise the 50 per cent cap on reservations for Scheduled Castes (SCs), Scheduled Tribes (STs) and Other Backward Classes (OBC), a nationwide caste census and scrapping the Agnipath scheme for short-term military recruitment are among the promises made by the Congress in the manifesto.

Rahul seeks comments on manifesto

Former Congress president Rahul Gandhi Sunday said his party’s manifesto for the Lok Sabha polls has been hailed by many as revolutionary, and urged people to share their feedback on the document through social media.

Gandhi posted a video on Instagram in which he made the appeal. “I made this video last night at 12:30am, but my team thought it was too late to post. So I’m posting it now because the message is still relevant,” Gandhi said in the post accompanying the video which was released around 10 am.

“The Congress manifesto is the voice of every Indian, share your thoughts on social media,” he said.

In the video, Gandhi says he made the video after coming back from the rally in Telangana and many people told him that it is a revolutionary manifesto.

He thanked people for their suggestions which he said helped shape the manifesto.

Gandhi asked them to share feedback with him on the manifesto and tell him what they liked about it and what they did not.

The Congress on Friday released its Lok Sabha poll manifesto, focusing on five pillars of justice and 25 guarantees under those.

Right to apprenticeship, a legal guarantee on the minimum support price (MSP) for crops, a constitutional amendment to raise the 50 per cent cap on reservations for Scheduled Castes (SCs), Scheduled Tribes (STs) and Other Backward Classes (OBC), a nationwide caste census and scrapping the Agnipath scheme for short-term military recruitment are among the promises made by the Congress in the manifesto.

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-Top News EU News Europe

German unemployment rate climbs to 5.7% in Jan

People walk past a show window in Berlin, Germany, on Dec. 3, 2021. (Photo by Stefan Zeitz/Xinhua/IANS)

In mid-2022, the country’s economy lacked more than half a million skilled workers on an annual average, according to the German Economic Institute (IW)…reports Asian Lite News

Germany’s labour market continues to show little signs of weakening amid the energy crisis. As is typical for this time of the year, the country’s unemployment rate climbed slightly to 5.7 per cent in January, the Federal Employment Agency (BA) said.

The number of jobless people in Europe’s largest economy rose by 162,000 month-on-month to just under 2.62 million in January. The figure was 154,000 higher than a year ago, according to the BA on Tuesday. The labour market remained “stable,” BA chief Andrea Nahles said in a statement.

“However, the effects of geopolitical and economic uncertainties continue to be evident.” Last year, Germany’s total workforce grew to a new record high of 45.6 million employees.

According to the Federal Statistical Office (Destatis), the immigration of foreign workers and the increased participation of domestic population “more than offset” demographic change on the country’s labour market.

Despite this development, labour shortage in Germany has been increasing for years.

In mid-2022, the country’s economy lacked more than half a million skilled workers on an annual average, according to the German Economic Institute (IW). Particularly in sales, daycare centres, social work and hospitals, the shortage is to increase even further.

To attract more workers from abroad, the German government decided to lower income thresholds for the Blue Card required for foreign nationals to work in the country.

Asylum procedures have also been accelerated and a so-called opportunity card for people with high potential is to be introduced.

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-Top News China

Unemployment reaches highest level in China

A surge in infections has triggered lockdowns in several major cities — including the financial, manufacturing and shipping hub of Shanghai…reports Asian Lite News

China’s consumer spending fell and unemployment rose last month as Covid lockdowns confined millions of people to their homes, official figures show, BBC reported.

Joblessness reached the highest level since the early part of the pandemic.

However, overall the country’s economy grew at a faster pace than expected in the first three months of this year.

A surge in infections has triggered lock downs in several major cities — including the financial, manufacturing and shipping hub of Shanghai.

Retail sales fell by 3.5 per cent in March compared to a year earlier, China’s National Bureau of Statistics said. That was the first decline since July 2020, BBC reported.

For the same period unemployment rose to 5.8 per cent, the highest level since May 2020.

The figures highlight the increased risk of a sharp slowdown in the coming months as major lockdowns and the war in Ukraine take their toll on the world’s second largest economy.

As a whole, China’s economy grew at a better-than-expected rate in the first three months of the year.

Gross domestic product (GDP), a key economic indicator, expanded by 4.8 per cent compared to a year earlier, beating analysts’ forecasts.

Tommy Xie, head of Greater China research at OCBC Bank, said that the lockdowns, which began in the second half of March, were so far having a “limited” impact but he expects the restrictions to be a significant drag on economic growth this month.

“(China) is likely to feel the full-blown impact from the lockdown,” Xie told the BBC. “The impact in April is likely to deepen given the longer-than-expected lockdowns in Shanghai and spillover to other parts of China.”

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-Top News Afghanistan Asia News

Unemployment triggers mass exodus from Afghanistan

The Afghans going to Iran cite severe economic problems and unemployment as the reason behind leaving the country….reports Asian Lite News

More than 3,000 Afghan people go to Iran every day due to unemployment, local media reported citing officials in Herat and Nimroz provinces of Afghanistan.

Notably, the number only constitutes the people who legally go to Iran from these provinces and might be far greater if it includes those crossing the border illegally, Tolo News reported.

The Afghans going to Iran cite severe economic problems and unemployment as the reason behind leaving the country.

“I don’t have a job and it has been several months that we are unemployed, we are going to Iran,” the media outlet reported quoting Farhad Sultani, a resident of Herat.

A resident of Faryab, Sultan Mir, said there is no work in Afghanistan and they are going to Tehran to find work.

In addition to the people travelling legally to Iran, over 3,000 people are smuggled daily through Nimroz province, first to Pakistan and then to Iran.

Further, the increasing number of Afghan citizens moving to Iran has also increased the deportation process of Afghan refugees from the country.

More than 2000 Afghans from Iran cross at the Islam Qala border area in Herat each day, the Afghan news agency reported, citing officials.

“The Islamic Emirate should address the people’s problems and their wishes and create an inclusive government. They should provide job opportunities so that the people can be saved from this misery,” Lutfullah, a resident of Ghazni said, according to the news agency.

The Taliban’s swift ascension to power in Afghanistan occurred in mid-August, triggering economic disarray and a dire humanitarian crisis in the country.

According to the United Nations, more than 24 million people in Afghanistan require lifesaving assistance.

Chaman border still closed

A key border crossing in Chaman between Pakistan and Afghanistan is still closed two days after a deadly clash between the security forces of both countries that left at least three dead.

Hundreds of people were stranded on Saturday days after fighting between security forces, reported The Frontier Post.

Border tensions have risen since the Taliban’s return to power last year, with Pakistan alleging terrorist groups are planning attacks from Afghan soil.

The Taliban deny harbouring Pakistani terrorists and are also infuriated by a fence Islamabad is erecting along their 2,700-kilometre (1,600-mile) border, drawn up in colonial times and known as the Durand Line, reported The Frontier Post.

Each side blamed the other for Thursday’s fighting at the Chaman-Spin Boldak crossing.

Differences between the Taliban and Pakistan continue to persist over the issue of the Durand Line and bilateral relations between Pakistan and the Taliban are turning hostile over the issue of Durand Line and cross-border “terror activities” of groups like the Tehreek-e-Taliban Pakistan (TTP) against Islamabad.

Pakistan intends to bring the tribal areas near the Durand Line under its control and complete its Durand barbed wire fencing.

Following deadly attacks on Pakistani troops, the Pakistani military has launched an operation along the Durand Line near Afghanistan.

Notably, the Taliban have not accepted the Durand Line as the ‘official’ boundary between Afghanistan and Pakistan. (ANI)

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Arab News Economy News

Unemployment in Israel declines to lowest since March 2020

Unemployment in Israel declines to lowest since March 2020

The number of unemployed people in Israel declined to about 262,100 at the end of 2021, registering an unemployment rate of 6 per cent, the lowest since March 2020, according to figures issued by the country’s Central Bureau of Statistics…reports Asian Lite News

In March 2020, the figure had jumped to 25 per cent within one month, with more than 1 million people becoming unemployed after the onset of the Covid-19 pandemic, reports Xinhua news agency.

The first case of Covid-19 was confirmed in Israel on February 21, 2020.

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On March 1, the unemployment rate of the country was as low as 4 per cent.

The unemployment rate in Israel was 8 per cent in August 2021 and decreased to 7.9 per cent in September, 7 per cent in October, and 6.5 per cent in November.

Among the currently unemployed people, totalling about 84,200, or 32.1 per cent, were laid off or put on unpaid leave due to the pandemic.

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Arab News News World

Gaza population increases amid high poverty, unemployment

The coastal enclave of Gaza has witnessed a huge hike in population, which might be a bane rather than a boon for the overcrowded and besieged area, according to officials and analysts…reports Asian Lite News

“As of the end of 2021, the population has reached 2,313,747,” the Hamas-run General Administration of Civil Status at the Ministry of Interior said in a statement.

Some observers said the situation is alarming as residents of the coastal Strip are facing dire economic conditions that are expected to deteriorate if the population continues to grow.

Amjad al-Shawa, director of the Palestinian Non-governmental Network in Gaza, told Xinhua news agency that the Gaza Strip is living its “worst humanitarian crisis” as a result of the 15-year long Israeli siege and the internal Palestinian division.

“The large shortfall in international financing has also greatly affected the reality,” al-Shawa said.

“Since the start of the new year, the situation is becoming more difficult and does not spell any good for an immediate improvement in light of figures indicating high rates of unemployment, poverty, and deteriorating economic conditions,” he added.

Hamed Gad, a Gaza-based economist, told Xinhua that the Strip needs to create more than 60,000 jobs as thousands joined the unemployed annually.

He said the ongoing Israeli blockade on the Strip has left numerous “scars” on the lives of the residents, who hope that the situation would change for the better.

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“Unfortunately, the young generation is the most affected group, as the unemployment rate among them is about 70 per cent,” he said, calling on the government to take measures to support those in need.

Maher al-Taba’a, director of the Chamber of Commerce in Gaza, told Xinhua that the Israeli military actions on the Strip “deepened the economic crisis as a result of the massive destruction they left in the infrastructure and various sectors”.

Al-Taba’a cited that the recent round of tensions cost the Strip $500,000,000 in losses, at a time when the reconstruction process has not yet begun.

The business leader stressed that this coincided with an unprecedented trade stagnation due to the continuation of the blockade and the restrictions on import and export, which led to a slump in imports for 2021 compared to previous years.

This, in turn, has caused other social problems, such as more beggary in public places, the increase in divorce cases, the financial failure of merchants and businessmen, and bankruptcy, he added.

Officials and observers in Palestine are calling for effective international intervention to lift the blockade and introduce comprehensive measures to ensure a great improvement in people’s lives.

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Arab News News World

Unemployment rate in Hamas-ruled Gaza exceeds 50%

A Palestinian official has announced that the unemployment rate in the Hamas-ruled Gaza strip has exceeded 50 percent in 2021 with more than 2,50,000 Palestinians unemployed…reports Asian Lite News

Maher al-Taba’a, Director of the Chamber of Commerce in Gaza, said in a statement that an earlier World Bank report showed that the Gaza strip, one of the most densely populated areas in the world, has the world’s highest unemployment rate, Xinhua news agency reported.

The unemployment rate has soared to even 78 per cent among graduates aged between 20 to 29 years who have a certificate with an intermediate diploma or a bachelor’s degree, al-Taba’a added.

Meanwhile, the poverty rate in the Gaza strip has grown to 64 per cent amid the Israeli blockade and an internal division between Hamas and Palestinian President Mahmoud Abbas’ Fatah Party, he said.

ALSO READ: Israel unemployment rate decline to lowest since Covid-19 outbreak

The rate of food instability among the Gaza strip households has reached 69 per cent, according to the Palestinian official.

The Gaza strip, home to more than 2 million Palestinians, has been under an Israeli blockade since Hamas seized control of the coastal enclave in 2007.

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-Top News Afghanistan Asia News

Poverty, unemployment on the rise in Afghanistan

Urging assistance to Afghanistan, locals asked the international community to accelerate the delivery of humanitarian aid to the country…reports Asian Lite News.

People of Afghanistan are facing a sharp jump in poverty and unemployment and food and fuel prices have also surged dramatically across the country, a media report said.

Residents say that the increase in food and fuel prices and the blockade of access to the country’s international reserves has created serious problems, reported Ariana News.

Currently, access to Afghanistan international reserves are blocked and the Taliban or any other have no access to the reserves.

Urging assistance to Afghanistan, locals asked the international community to accelerate the delivery of humanitarian aid to the country.

“If aid comes, it is good, because people are upset and prices have increased,” Arian News quoted Kabul resident Zamari as saying.

Meanwhile, the drought is another major challenge that is threatening millions of people in Afghanistan.

However, some Afghans believe that by the time these major issues will be resolved.

“People’s problems have increased. But we should be patient,” said Mohammad Baqi a Kabul resident.

Recently, EU Civil Protection and Humanitarian Aid delivered 14.4 metric tonnes of urgently needed life-saving medical supplies to World Health Organisation in Afghanistan.

The plane carrying the supply landed in Kabul on Saturday.

The shipment is expected to fulfil the health needs of over 10,000 people in the country.

Expressing its gratitude to the EU aid agency, the WHO thanked it for the timely support. The supply will enhance preparedness to deliver a rapid response to the escalating health crisis in the country. (ANI)

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-Top News London News

Unemployed Londoners offered free training to secure jobs

Sadiq on Wednesday announced a total package of £11m of funding focussed on supporting Londoners into good jobs in sectors that are key to London’s recovery and long-term economic growth…reports Asian Lite News

The Mayor of London, Sadiq Khan, is offering unemployed and low-paid Londoners the chance to retrain for free to secure qualifications and good jobs in a range of industries including hospitality, digital, health and the green economy.

Londoners who are unemployed or in low paid work, regardless of their prior qualifications, can now access fully funded training opportunities at local colleges and adult education providers across the city to help them retrain, learn or upskill and help them into work that will support London’s recovery.

Sadiq on Wednesday announced a total package of £11m of funding focussed on supporting Londoners into good jobs in sectors that are key to London’s recovery and long-term economic growth.

£5m will deliver the Mayor’s Academies Programme (MAP), of which £3m will support new Academy Hubs and will bring skills providers, employers and other partners together to help tackle skills gaps.

The MAP aims to support Londoners hardest hit by the pandemic into good jobs in the hospitality, digital, creative, green and health and social care industries. The programme will coordinate and improve the quality of training in London, including adult education, and will also help to address the employment gap between different groups of Londoners and improve diversity and representation in these industries.

£6m of London’s Adult Education Budget (AEB) has been made available to providers working within an Academy Hub to provide bespoke support that will help these newly skilled people into work.

Londoners have been heavily impacted by the COVID pandemic. There were around 345,000 jobs on furlough in London in the middle of August 2021 and the capital had the highest take up of the coronavirus job retention scheme of any region, the Mayor’s Office said in a press release.

Provisional estimates showed that 21 per cent of the jobs on furlough at the end of June were in the accommodation and food services sector. London’s unemployment rate was 6.4 per cent in the three months to June 2021, compared with 4.7 per cent a year earlier, it stated.

Mayor Sadiq Khan said: “This funding will provide crucial support to many Londoners whose jobs were most affected by the pandemic and will help hundreds of people get back into work by offering them a chance to learn new skills or hone their existing ones for free, in sectors that are vitally important to the growth and recovery of London.

“The hospitality sector was one of the industries hardest hit by the pandemic. As the Government’s furlough scheme comes to an end, many workers may unfortunately find themselves out of a job that they love in a vibrant and buzzing industry.

He added: “By working closely with adult education providers and partners, we can help support people who are in need of good, sustainable work and industries that are crying out for passionate and newly skilled Londoners.”

On Wednesday, the Mayor had visited Mercato Metropolitano (MM), a food and drinks market in Elephant and Castle, who support Londoners getting jobs in the hospitality industry, as well as roles in warehousing, security and management. MM is an accredited London Living Wage employer with a business model focusing on sustainability and environmental protection.

The Mayor met Tavie Agama, Paige Afum and Shevone Parris who have all recently trained in the hospitality and digital sectors.  Tavie took part in a Create Job’s Creativity Works:  Content Production course in Autumn 2020, which was a part of the Mayor’s Digital Talent Programme, Paige has completed levels 2 and 3 of a Catering and Hospitality course at Westminster Kingsway College, and Shevone started her AEB funded Culinary Cooking course in February 2021.

Mary Vine-Morris, Area Director (London) and National Lead Employment at the Association of Colleges said: “London’s colleges have been integral in the delivery of the Mayor’s Adult Education Budget, and we are pleased to see an emphasis on the importance of this learning for Londoners who have been particularly affected by the pandemic.

“We also welcome the Mayor’s Academy Programme which will build on best practice from colleges across the capital. The support provided through this programme will help to address some of the acute skills challenges across hospitality, alongside other sectors that are key to London’s recovery. As well as sector-specific training, a renewed focus on good work is needed to ensure that Londoners are able to progress into high quality, sustainable careers.

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