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The United States&nbsp;economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low. The decrease shows that businesses are keeping their employees despite the downturn in growth and that those who are let go swiftly find other employment.&nbsp;

The unemployment rate is close to a 50-year low, and hiring is still quite robust. Few experts believe that we are now in a recession because of the strength of the labour market. Economists anticipate the economy will grow as long as people continue to spend money, albeit slowly.

Recession is often defined as a six-month period of decline. But in a post-pandemic economy when growth is low but the employment market is robust, nothing is straightforward. Since growth abruptly came to an end in March 2020 when Covid-19 hit and 22 million Americans were suddenly out of work, the path of the economy has baffled officials at the Federal Reserve as well as many private economists.&nbsp;

Despite recent drops in gas prices and other expenses, inflation is still close to its highest point in four decades. Despite many workers receiving salary hikes, inflation is still so high that Americans' purchasing power is declining. Households with lower incomes, those who are Black and Hispanic, and those who are struggling to pay their bills are disproportionately feeling the burden.

Who decides?

The National Bureau of Economic Research, whose Business Cycle Dating Committee defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months," is the organisation that formally declares recessions.&nbsp;

The committee uses job trends as a significant indicator for assessing recessions. Numerous other data points are also evaluated, such as measures of income, employment, inflation-adjusted expenditure, retail sales, and manufacturing production. It gives a lot of weight to employment and is an indicator of inflation-adjusted income that doesn't include government benefits like Social Security.&nbsp;

However, the NBER frequently waits until after a recession has started, sometimes for as long as a year.

Can a common man sense it?

Yes, as a large number of individuals currently feel more financially pressured. Higher costs have reduced Americans' purchasing power since most people's pay increases have lagged behind inflation.&nbsp;

According to Walmart, rising gas and food prices have made it necessary for its customers to cut down on discretionary purchases like new apparel. This is a glaring indication that consumer spending, the main engine of the economy, is waning. Walmart, the biggest retailer in the country, has lowered its profit forecast and said that it would have to discount more goods, including furniture and electronics.

Unemployment -- clear signal&nbsp;

According to analysts, a sustained increase in job losses and a spike in unemployment would be the most obvious signs that a recession is beginning. A recession has always occurred since World War II when the unemployment rate increased by a half percentage point over a period of many months, according to economist and former Fed employee Claudia Sahm.&nbsp;

Numerous analysts keep track of the number of people who apply for unemployment benefits each week because it shows if layoffs are becoming worse or not. The number of weekly applications for unemployment benefits has decreased to a five-month low, indicating that few firms are using layoffs as a last alternative in the face of a labour shortage.

Inverted yield curve&nbsp;

Many economists also keep an eye on fluctuations in the interest rates, or yields, on various bonds in search of the "inverted yield curve," a recession indicator. When the yield on a short-term Treasury, such as the 3-month T-bill, is lower than the yield on a 10-year Treasury, this occurs. That is strange. In return for locking up their money for a longer length of time, longer-term bonds often provide investors with a larger yield.&nbsp;

In general, inverted yield curves indicate that investors anticipate a downturn that will force the Fed to lower interest rates. Recessions frequently precede inverted curves. After the yield curve inverts, a slump may not occur for 18 to 24 months.

Interest rate&nbsp;

The economy's warning signs—slowing growth and high hiring—have presented a challenge for the Fed. Jerome Powell, the chair, wants a "soft landing, "In which inflation returns to the Fed's 2 per cent&nbsp;objective and the economy slows just enough to restrict wage growth and hiring without triggering a recession.&nbsp;

Powell has recognised, however, that it is getting harder to come to such a conclusion. He made it plain last week that the Fed will continue raising rates if necessary to control inflation, despite a deteriorating economy that may enter a recession.&nbsp;

(with inputs from agencies) 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

The United States economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low.

The United States economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low. The decrease shows that businesses are keeping their employees despite the downturn in growth and that those who are let go swiftly find other employment. The unemployment rate is close to a 50-year low, and hiring is still quite robust. Few experts believe that we are now in a recession because of the strength of the labour market. Economists anticipate the economy will grow as long as people continue to spend money, albeit slowly. Recession is often defined as a six-month period of decline. But in a post-pandemic economy when growth is low but the employment market is robust, nothing is straightforward. Since growth abruptly came to an end in March 2020 when Covid-19 hit and 22 million Americans were suddenly out of work, the path of the economy has baffled officials at the Federal Reserve as well as many private economists. Despite recent drops in gas prices and other expenses, inflation is still close to its highest point in four decades. Despite many workers receiving salary hikes, inflation is still so high that Americans' purchasing power is declining. Households with lower incomes, those who are Black and Hispanic, and those who are struggling to pay their bills are disproportionately feeling the burden. Who decides? The National Bureau of Economic Research, whose Business Cycle Dating Committee defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months," is the organisation that formally declares recessions. The committee uses job trends as a significant indicator for assessing recessions. Numerous other data points are also evaluated, such as measures of income, employment, inflation-adjusted expenditure, retail sales, and manufacturing production. It gives a lot of weight to employment and is an indicator of inflation-adjusted income that doesn't include government benefits like Social Security. However, the NBER frequently waits until after a recession has started, sometimes for as long as a year. Can a common man sense it? Yes, as a large number of individuals currently feel more financially pressured. Higher costs have reduced Americans' purchasing power since most people's pay increases have lagged behind inflation. According to Walmart, rising gas and food prices have made it necessary for its customers to cut down on discretionary purchases like new apparel. This is a glaring indication that consumer spending, the main engine of the economy, is waning. Walmart, the biggest retailer in the country, has lowered its profit forecast and said that it would have to discount more goods, including furniture and electronics. Unemployment -- clear signal According to analysts, a sustained increase in job losses and a spike in unemployment would be the most obvious signs that a recession is beginning. A recession has always occurred since World War II when the unemployment rate increased by a half percentage point over a period of many months, according to economist and former Fed employee Claudia Sahm. Numerous analysts keep track of the number of people who apply for unemployment benefits each week because it shows if layoffs are becoming worse or not. The number of weekly applications for unemployment benefits has decreased to a five-month low, indicating that few firms are using layoffs as a last alternative in the face of a labour shortage. Inverted yield curve Many economists also keep an eye on fluctuations in the interest rates, or yields, on various bonds in search of the "inverted yield curve," a recession indicator. When the yield on a short-term Treasury, such as the 3-month T-bill, is lower than the yield on a 10-year Treasury, this occurs. That is strange. In return for locking up their money for a longer length of time, longer-term bonds often provide investors with a larger yield. In general, inverted yield curves indicate that investors anticipate a downturn that will force the Fed to lower interest rates. Recessions frequently precede inverted curves. After the yield curve inverts, a slump may not occur for 18 to 24 months. Interest rate The economy's warning signs—slowing growth and high hiring—have presented a challenge for the Fed. Jerome Powell, the chair, wants a "soft landing, "In which inflation returns to the Fed's 2 per cent objective and the economy slows just enough to restrict wage growth and hiring without triggering a recession. Powell has recognised, however, that it is getting harder to come to such a conclusion. He made it plain last week that the Fed will continue raising rates if necessary to control inflation, despite a deteriorating economy that may enter a recession. (with inputs from agencies)

Explained: Early signs of a recession; who decides if it's officially begun?

The world has come back to narmalcy and if you are crazy to watch Singapore's Formula 1 race this time, it can cost you as high as 40 to 50 thousand dollars enjoying just a week of fun.

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Billionaire philanthropist MacKenzie Scott has filed for divorce from her second husband, Dan Jewett. According to the Court clerk’s office, she filed the papers in the King County Superior Court in Washington State on Monday.

WION Business News | Jeff Bezo's ex-wife files for divorce from her second husband Dan Jewett

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14.

As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/]

The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo.

"You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar."

But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation.

"It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe."

Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage.

The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78.

While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355.

The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860.

The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%.

Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high. The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14. As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/] The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo. "You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar." But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation. "It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe." Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage. The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78. While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355. The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860. The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%. Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sterling, euro rally against dollar after BoE buys UK bonds

Harley-Davidson Inc on Tuesday spun off its electric motorcycle division LiveWire in a SPAC deal creating the first publicly traded electric motorcycle company in the United States.

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As the pound hits record low against dollar for some tourists it's a good opportunity to seek more value for their money.

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China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago.

In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008.

The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements.

“The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated.

The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity.

It also said some companies have been engaging in currency speculation or flouting regulations, without giving details.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-pound-slips-bank-of-england-steps-into-buy-bonds-and-restore-parity-520510">As pound slips, Bank of England steps in to buy bonds and restore parity</a>

The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said.

The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns.

Also read |&nbsp;<a href="https://www.wionews.com/world/pound-hits-all-time-low-against-dollar-as-liz-truss-tax-cuts-come-under-pressure-519650" target="_blank">Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure</a>

A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country.

Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates.

Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar.

WATCH WION LIVE HERE: 

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China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow. The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago. In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008. The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements. “The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated. The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity. It also said some companies have been engaging in currency speculation or flouting regulations, without giving details. Also read | As pound slips, Bank of England steps in to buy bonds and restore parity The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said. The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns. Also read | Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country. Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates. Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar. WATCH WION LIVE HERE:

China’s yuan slides to record 14-year low against US dollar

UK's Pound is on a free fall, its value against the dollar has decreased and the foreign reserves are also depleting fast. Economic challenges faced by UK are immense and even Asian nations including India and Bangladesh are far better positioned than UK.

WION Business News | Foreign exchange reserves: Asian nations better positioned than the UK

General Motors on Tuesday said it will not mandate workers return to offices before 2023 after it had told them on Friday that they would be expected to work three days on-campus each week later this year.

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The S&P 500 fell Tuesday, after struggling to hold onto gains as investors remained wary of making big bets on stocks.

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TikTok could face a 27 million-pound ($29 million) fine in the Britain over a possible breach of data protection law by failing to protect children's privacy when they are using the video-sharing platform.

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There is a surge in US house prices and one major factor for this price rise is the shift to Work From Home culture. This culture has driven more than half of increase in house and rent prices during pandemic, it will likely drive a cost and inflation going forward as well.

WION Business News | 'Work From Home' culture drives over 60% of house-price surge

The cost of charging an electric car has surged due to soaring energy prices, prompting fears it will put off drivers from buying them, the RAC stated. UK plans to ban the sale of new fossil fuel cars after 2035.

WION Business News | Rising cost of EV charging add to the woes of the Brits

Electric flying taxis can now become a reality in India too. Urban air mobility player FlyBlade India has inked an MOU with Embrear’s Eve Air Mobility to bring at least 200 electric vertical take-off and landing to India by 2026.

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Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per&nbsp;World Bank predictions.&nbsp;

The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent&nbsp;to 3.2 per cent. However, since China accounts for 86 per cent&nbsp;of the region's economic production, a large portion of that decline was caused by China's economic problems.

The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent&nbsp;in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent&nbsp;growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path.&nbsp;

According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports.

Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent&nbsp;in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts.&nbsp;

According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent&nbsp;was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent&nbsp;in 2023.

(with inputs from agencies)

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions.

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions. The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent to 3.2 per cent. However, since China accounts for 86 per cent of the region's economic production, a large portion of that decline was caused by China's economic problems. The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path. According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports. Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts. According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent in 2023. (with inputs from agencies)

China’s economic growth lags Asia-Pacific region for first time in 30 years: Report

Indian firms would likely increase employee compensation by 10.4 per cent&nbsp;in 2023, which would be virtually in line with the 10.6 per cent&nbsp;increase seen so far in 2022, as reported by Reuters.&nbsp;

The likelihood of a double-digit pay hike comes as the south Asian nation struggles with skyrocketing inflation amid concerns of a recession in the global economy. In August, India's inflation increased to 7 per cent, continuing an eight-month streak in which it exceeded the central bank's tolerance target.&nbsp;

In a statement based on a poll, Roopank Chaudhary, partner, of human capital solutions at Aon in India, said that the compensation boost reflects "the confidence that corporate India has in its strong business performance."

Data from 1,300 businesses in more than 40 categories were analysed for the survey.&nbsp;

The impact of increased costs and salary pressures must be balanced, Chaudhary added, with the relatively high rate of turnover and the continuous need for vital talent.&nbsp;

The study revealed that staff departures were still high in the first half of this year (20.3 per cent), but slightly lower than the 21 per cent&nbsp;in 2021.&nbsp;

With a forecasted pay growth of 12.8 per cent, e-commerce tops all other sectors, followed by start-ups, hi-tech/information technology and IT-enabled services, 11.3 per cent, and financial institutions, 10.7 per cent.

(with inputs from agencies)

Indian firms would likely increase employee compensation by 10.4 per cent in 2023, which would be virtually in line with the 10.6 per cent increase seen so far in 2022, as reported by Reuters.

Indian firms would likely increase employee compensation by 10.4 per cent in 2023, which would be virtually in line with the 10.6 per cent increase seen so far in 2022, as reported by Reuters. The likelihood of a double-digit pay hike comes as the south Asian nation struggles with skyrocketing inflation amid concerns of a recession in the global economy. In August, India's inflation increased to 7 per cent, continuing an eight-month streak in which it exceeded the central bank's tolerance target. In a statement based on a poll, Roopank Chaudhary, partner, of human capital solutions at Aon in India, said that the compensation boost reflects "the confidence that corporate India has in its strong business performance." Data from 1,300 businesses in more than 40 categories were analysed for the survey. The impact of increased costs and salary pressures must be balanced, Chaudhary added, with the relatively high rate of turnover and the continuous need for vital talent. The study revealed that staff departures were still high in the first half of this year (20.3 per cent), but slightly lower than the 21 per cent in 2021. With a forecasted pay growth of 12.8 per cent, e-commerce tops all other sectors, followed by start-ups, hi-tech/information technology and IT-enabled services, 11.3 per cent, and financial institutions, 10.7 per cent. (with inputs from agencies)

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