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The Latest Breaking News on Economy

Continuing US jobless claims rise to highest since February

Recurring applications for U.S. unemployment benefits rose to the highest since February, suggesting that Americans who are losing their job are having more trouble finding a new one in a labor market that’s gradually cooling.

Tribune News Service

Applications for jobless benefits declined last week

The number of Americans applying for unemployment benefits came back down last week and continue to hover around levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve’s aggressive interest rate hikes

The Independent UK

Unemployment rate in Ireland at 20-year record low

Despite the bleak economic forecast, more people are employed in Ireland than ever

Irish Mirror

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Poorest students more than £1,000 worse off this year as inflation outstrips support

Students are facing real terms cuts to their maintenance loans due to inflation forecast errors - as well as 'falling through the cracks" of the Government's cost of living support'

Daily Mirror

Biden's Spending Spree Is Unprecedented

Instead of redirecting course, Biden is continuing Trump’s spending legacy.

Reason

Chancellor rubbishes his own advisers and denies Brexit ‘will make us poorer’

Asked about feared 4% GDP slump, Jeremy Hunt says he doesn’t accept ’all’ OBR forecasts – adding ‘I accept all the ones I agree with’

The Independent UK

One in five Brits is neither in work nor looking for work—it’s chronic

More than five million of us are completely economically inactive and claiming out-of-work benefits.

Evening Standard

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Unemployment claims rise to 240,000, highest since August

The number of Americans applying for unemployment benefits rose the highest level since August but still remained low by historic standards

The Independent UK

Scots continue to cut spending amid universal pessimism over the economy

93% of Scots believe economic conditions are worse now than they were this time last year

Insider UK

How Long? How Often? 10 Facts About Economic Recessions

Fears of an economic downturn are once again on the rise, but what is a recession, exactly? We tackle this and other questions here.

Kiplinger

More feel poor as cost of living bites

Soaring inflation and rising interest rates are damaging Australia's sense of community and could put the nation's resilience at risk.

AAP

UK forecast for 'worst recession among top economies' due to Brexit and Tory policies

The latest forecast from the OECD revealed a sharp downgrade for the UK economy, which is expected to shrink by 0.4 in 2023 and grow by just 0.2…

The National (Scotland)

UK ‘to face worst downturn of major economies’ in 2023, says OECD

Britain facing recession which much of world will avoid, says report

The Independent UK

Energy support leads to jump in UK borrowing

UK borrowing is on course to hit an eye watering £130bn by the end of the financial year

Evening Standard

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The Independent UK

What is a Swiss-style Brexit deal, and could Britain have one?

Switzerland’s relationship with the EU is not simple

Axios

Biden's soft landing message

The Biden administration has developed a mantra when talking about the economy.

The Independent UK

End Brexit rows and use immigration to solve worker shortage, CBI chief to tell MPs

‘The best guarantor of Brexit is an economy that grows. Its biggest risk is one that doesn’t,’ Tony Danker says

The Independent UK

Make tough choices on Brexit and immigration to boost growth, says CBI

Senior politicians are expected to attend the business body’s two-day conference.

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The Independent UK

Millions more to need benefits as recession woes bear down

The Office for Budget Responsibility forecasts a 13.4 per cent rise in people placed on health and disability benefits

The Guardian - UK

The Observer view on Britain’s financial crisis being made in Russia – oh, come off it, Jeremy Hunt

Britain is largely in the mess it’s in because of a decade of Tory austerity policies, compounded by the destructive lies told about Brexit

The Guardian - UK

‘I can’t see any light at the end of the tunnel’ – a family reacts to the autumn statement

The Burns family is still recovering from Covid’s financial fallout but now higher bills and rising taxes are hurting too

The Independent UK

UK economy damaged by ‘own goals’ like Brexit and Liz Truss’s Budget, economists say

Institute for Fiscal Studies says UK faces ‘long, unpleasant journey’ over next few years

The New Daily

Michael Pascoe: Once more for the dummies – we need higher wages

Inflation is more than double the headline wages growth – wages are lagging, not leading, Michael Pascoe writes.

The Guardian - UK

Hunt’s budget will mean 19 years of wage stagnation, warns thinktank

Resolution Foundation says had wages grown at the same rate as before 2008, annual pay in 2027 would have been £15,000 a year higher

Leeds Live

'Liz Truss left us in turmoil and it is getting worse' says people of Leeds after Autumn statement

People across the city have felt the effects of the cost of living crisis

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