Bangladesh’s textile industry, the backbone of its economy and its largest foreign exchange earner, is facing a severe crisis amid diminishing government support and policy shifts under the interim administration in Dhaka. The turmoil in the sector, which accounts for nearly $48 billion in annual exports, has raised concerns over job losses and declining global competitiveness.

Bangladesh’s garment sector faces crisis

According to a recent report by the Institute for Public Policy (IPPR), there could be a "jobs apocalypse" in the United Kingdom due to artificial intelligence (AI). It warns that nearly 8 million jobs are at risk of being replaced by AI.

<h2>Who is at the most risk?</h2>

Women, younger workers, and those on lower wages face the highest risk of losing their jobs to AI. It includes entry-level, part-time, secretarial, customer service, and administrative roles.

<h2>Two waves of AI adoption</h2>

According to the report, there will be two waves of AI adoption: the first wave, already underway, and a second wave where AI tech will be deeply integrated into workplace processes.&nbsp;

The think tank analysed over 22,000 tasks done manually by workers, covering almost every type of job, and deduced that 11% of tasks such as database management, scheduling, and stocktaking could be automated. Not only that, the study predicted that during the second wave, up to 59% of tasks done by the workers manually could be replaced by AI.

<h2>What is the 'worst-case scenario'?</h2>

In the worst-case scenario, the second wave of AI adoption could cause 7.9 million job losses without any GDP gains. Carsten Jung, senior economist at IPPR told the Guardian, “Already existing generative AI could lead to big labour market disruption or it could hugely boost economic growth. Either way, it is set to be a gamechanger for millions of us.”

“But technology isn’t destiny and a jobs apocalypse is not inevitable – government, employers and unions have the opportunity to make crucial design decisions now that ensure we manage this new technology well. If they don’t act soon, it may be too late.”

Also read |&nbsp;<a href="https://www.wionews.com/world/united-nations-unanimously-adopts-first-global-resolution-on-artificial-intelligence-702840">United Nations unanimously adopts first global resolution on artificial intelligence</a>

However this could be controlled by proper intervention if workers are augmented to work alongside AI, it could lead to an economic boost of up to 13% to GDP, around £306 billion a year.

The IPPR report urged&nbsp;the government to implement a job-centric industrial strategy for AI. This includes tax incentives, subsidies for AI training, and regulatory changes. The government last month announced plans to invest £90 million in AI research hubs across the UK to explore responsible AI use in various sectors. 
 
(With inputs from agencies)

According to a recent report by the Institute for Public Policy (IPPR), there could be a "jobs apocalypse" in the United Kingdom due to artificial intelligence (AI).

According to a recent report by the Institute for Public Policy (IPPR), there could be a "jobs apocalypse" in the United Kingdom due to artificial intelligence (AI). It warns that nearly 8 million jobs are at risk of being replaced by AI. Who is at the most risk? Women, younger workers, and those on lower wages face the highest risk of losing their jobs to AI. It includes entry-level, part-time, secretarial, customer service, and administrative roles. Two waves of AI adoption According to the report, there will be two waves of AI adoption: the first wave, already underway, and a second wave where AI tech will be deeply integrated into workplace processes. The think tank analysed over 22,000 tasks done manually by workers, covering almost every type of job, and deduced that 11% of tasks such as database management, scheduling, and stocktaking could be automated. Not only that, the study predicted that during the second wave, up to 59% of tasks done by the workers manually could be replaced by AI. What is the 'worst-case scenario'? In the worst-case scenario, the second wave of AI adoption could cause 7.9 million job losses without any GDP gains. Carsten Jung, senior economist at IPPR told the Guardian, “Already existing generative AI could lead to big labour market disruption or it could hugely boost economic growth. Either way, it is set to be a gamechanger for millions of us.” “But technology isn’t destiny and a jobs apocalypse is not inevitable – government, employers and unions have the opportunity to make crucial design decisions now that ensure we manage this new technology well. If they don’t act soon, it may be too late.” Also read | United Nations unanimously adopts first global resolution on artificial intelligence However this could be controlled by proper intervention if workers are augmented to work alongside AI, it could lead to an economic boost of up to 13% to GDP, around £306 billion a year. The IPPR report urged the government to implement a job-centric industrial strategy for AI. This includes tax incentives, subsidies for AI training, and regulatory changes. The government last month announced plans to invest £90 million in AI research hubs across the UK to explore responsible AI use in various sectors. (With inputs from agencies)

AI could displace nearly 8 million jobs in UK, says report: Here's what you need to know

Embarking on the first day at a new workplace is often a blend of anticipation and anxiety, where people&nbsp;strive to leave a positive impression on their supervisors and peers alike. While attention is typically focused on work performance, communication skills, and professional appearance, one aspect crucial to office harmony is often overlooked: toilet etiquette.

A recent episode&nbsp;shared online sheds light on the unexpected consequences of neglecting proper bathroom hygiene practices. In a Reddit post, a newly employed individual recounted the unfortunate series of events that led to his abrupt dismissal after just one day on the job.

<h2>Induction indiscretion</h2>

On his inaugural day, amidst the process of office induction, the individual found himself in urgent need of using the restroom. His physical discomfort, triggered by his having engaged in lots of eating and drinking in revelry on the night prior to joining the workforce, compounded his predicament.

<a href="https://www.wionews.com/trending/man-jams-batteries-into-his-penis-for-sexual-gratification-leaves-doctors-baffled-691171">Also read | Man jams batteries into his penis for 'sexual gratification', leaves doctors baffled</a>

<img src="https://images.news18.com/ibnlive/uploads/2024/02/whatsapp-image-2024-02-17-at-12.30.17-2024-02-34f0f47900f255f85228fa35918be7fa.jpeg?impolicy=website&amp;width=0&amp;height=0" />Despite conscientiously washing his hands and using&nbsp;an ample amount of toilet paper, the critical error occurred when he neglected to flush the toilet before exiting to complete his paperwork.

It was only when a female colleague attempted to use the facilities that the gravity of his oversight became painfully evident.

As the colleague's futile attempts to flush the clogged toilet were met with rising water levels, the situation quickly escalated.

Confronted by an office manager, the individual watched helplessly as the murky evidence of his blunder became apparent. Despite his reassurances and suggestions for resolving the issue, the damage had been done.

<a href="https://www.wionews.com/science/human-bodies-shaped-by-ancient-viruses-millions-of-years-ago-study-691185">Also read |&nbsp;Human bodies shaped by ancient viruses millions of years ago: study</a>

In the aftermath of the debacle, the repercussions were swift and unforgiving. Despite completing all necessary paperwork, the individual received no further communication from the office. It became apparent that his employment had been summarily terminated due to the unfortunate incident in the restroom.

While the online community showed little sympathy for the individual's plight, the incident serves as a stark reminder of the significance of proper bathroom etiquette in any professional setting.

(With inputs from agencies)

Embarking on the first day at a new workplace is often a blend of anticipation and anxiety, where people strive to leave a positive impression on their supervisors and peers alike.

Embarking on the first day at a new workplace is often a blend of anticipation and anxiety, where people strive to leave a positive impression on their supervisors and peers alike. While attention is typically focused on work performance, communication skills, and professional appearance, one aspect crucial to office harmony is often overlooked: toilet etiquette. A recent episode shared online sheds light on the unexpected consequences of neglecting proper bathroom hygiene practices. In a Reddit post, a newly employed individual recounted the unfortunate series of events that led to his abrupt dismissal after just one day on the job. Induction indiscretion On his inaugural day, amidst the process of office induction, the individual found himself in urgent need of using the restroom. His physical discomfort, triggered by his having engaged in lots of eating and drinking in revelry on the night prior to joining the workforce, compounded his predicament. Also read | Man jams batteries into his penis for 'sexual gratification', leaves doctors baffled Despite conscientiously washing his hands and using an ample amount of toilet paper, the critical error occurred when he neglected to flush the toilet before exiting to complete his paperwork. It was only when a female colleague attempted to use the facilities that the gravity of his oversight became painfully evident. As the colleague's futile attempts to flush the clogged toilet were met with rising water levels, the situation quickly escalated. Confronted by an office manager, the individual watched helplessly as the murky evidence of his blunder became apparent. Despite his reassurances and suggestions for resolving the issue, the damage had been done. Also read | Human bodies shaped by ancient viruses millions of years ago: study In the aftermath of the debacle, the repercussions were swift and unforgiving. Despite completing all necessary paperwork, the individual received no further communication from the office. It became apparent that his employment had been summarily terminated due to the unfortunate incident in the restroom. While the online community showed little sympathy for the individual's plight, the incident serves as a stark reminder of the significance of proper bathroom etiquette in any professional setting. (With inputs from agencies)

First day faux pas: Man loses job over ‘dirty’ bathroom etiquette

China is facing a major job&nbsp;crisis, and stealing the limelight is the so-called “Curse of 35”.&nbsp;

This mystifying phenomenon reveals the ordeal faced by employees in their career race. It basically means that as a person nears the age of 35, his or her career goes for a toss. But what makes this age so dire in China?&nbsp;

Chinese work culture has a structure that is age-woven and hierarchical, where seniors reign supreme. Ambitious youth crave more growth avenues, yet older counterparts claw at lofty roles. Thus, when one is at the brink of 35, a bottleneck brews, making it a nerve-wracking situation.&nbsp;

From an employer's perspective, there are various beliefs associated with individuals in this age bracket, such as their perceived reluctance to handle additional workload and work overtime. &nbsp;

Employers may need to allocate more resources to cater to the needs and entitlements of employees in this age group, considering that it is a crucial time when people make life decisions regarding marriage, having children, owning a house, and more,&nbsp;said&nbsp;Dr Anand P Krishnan, fellow, Centre for Himalayan Studies, Shiv Nadar Institution of Eminence, and visiting associate fellow at the Institute of Chinese Studies, Delhi.&nbsp;

However, there is another aspect that is often overlooked—the stringent regulations on formal <a href="https://www.wionews.com/business-economy/surging-youth-unemployment-casts-shadow-on-chinas-economic-outlook-605045">employment in China</a>. The Labour Contract Law implemented in 2008 imposes strict hiring guidelines, leading companies and employers to be cautious when considering the employment of individuals deemed "old." Consequently, this creates a precarious labour market where informal employment practices come into play, Krishnan told WION.&nbsp;

Also watch |&nbsp;Gravitas: The curse of 35 hits Chinese people

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<h2>A tougher situation for women&nbsp;</h2>

The Chinese government has traditionally played a paternalistic role in setting societal norms, particularly when it comes to women.&nbsp;

“There are several factors crucial to employment, especially for female employees,”&nbsp;Dr Geeta Kochhar,&nbsp;assistant professor, Centre for Chinese and South Asian Studies, Jawaharlal Nehru University told WION.&nbsp;

“Firstly, young and dynamic women are preferred. Secondly, married women are seen as liabilities to the company. Thirdly, married women may face issues related to bearing and raising a child, which can result in them taking leave, and thus they are not preferred. Fourth, the company's image and relationship building require young and good-looking women. Lastly, since the enterprise requires long hours of work, they prefer young individuals who can undergo military-like training and travel with no constraints,” she pointed out.&nbsp;

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<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Note: This is an immersive data chart. Please hover over the chart to get the figures.

Additionally, China's birth rate is projected to have reached an unprecedented low of 1.09 in 2022.&nbsp;This statistic is expected to cause concern among authorities who are striving to counter the decline in the nation's birth rates. China's Population and Development Research Centre&nbsp;indicated that this places the country at the lowest fertility rate among nations with populations exceeding 100 million.

<h2>No job, no marriage, no kids: A domino effect affecting birthrates&nbsp;</h2>

It's a tough situation for workers in their mid-30s who are making important decisions about their careers, marriage, and having children. They face a double whammy that makes things even more challenging.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/data-lab-chinas-conundrum-falling-marriage-birth-rates-taking-its-economy-for-a-spin-604563">Data Lab | Chinese neither marrying nor having kids and it's Xi Jinping's new headache. Here's how</a>

China’s marriage rates hit a record low in 2022, as the country grapples with a declining birth rate and population. &nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe aria-label="Column Chart" data-external="1" frameborder="0" height="353" id="datawrapper-chart-CExGM" scrolling="no" src="https://datawrapper.dwcdn.net/CExGM/1/" style="border: none;" title="Number of births per year in China from 2012 to 2022 (in millions)" width="600"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Note: This is an immersive data chart. Please hover over the chart to get the figures.

According to the Ministry of Civil Affairs of China, the number of registered marriages in 2022 was 6.8 million, marking a significant 10.5 per cent decrease from the previous year's 7.63 million marriages. This represents the lowest figure recorded since 1986 when the Chinese government began documenting such statistics.&nbsp;

“Despite the Chinese Party-State removing the one-child norm, fewer parents are ready to bear more children. Rising costs in cities (especially the big ones like Beijing and Shanghai) are making parents rethink their options,” Dr Krishnan explains. &nbsp;

“In fact, even during the heights of the<a href="https://www.wionews.com/world/covid-lockdowns-and-now-unemployment-108-millions-university-graduates-face-a-dark-future-in-china-491047"> pandemic and lockdowns</a>, the Party-state's paternalistic messaging to people to ‘utilise the time well and plan families’ did not find an echo among couples,” he adds.

&nbsp;

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

China is facing a major job crisis, and stealing the limelight is the so-called “Curse of 35”. This mystifying phenomenon reveals the ordeal faced by employees in their career race.

China is facing a major job crisis, and stealing the limelight is the so-called “Curse of 35”. This mystifying phenomenon reveals the ordeal faced by employees in their career race. It basically means that as a person nears the age of 35, his or her career goes for a toss. But what makes this age so dire in China? Chinese work culture has a structure that is age-woven and hierarchical, where seniors reign supreme. Ambitious youth crave more growth avenues, yet older counterparts claw at lofty roles. Thus, when one is at the brink of 35, a bottleneck brews, making it a nerve-wracking situation. From an employer's perspective, there are various beliefs associated with individuals in this age bracket, such as their perceived reluctance to handle additional workload and work overtime. Employers may need to allocate more resources to cater to the needs and entitlements of employees in this age group, considering that it is a crucial time when people make life decisions regarding marriage, having children, owning a house, and more, said Dr Anand P Krishnan, fellow, Centre for Himalayan Studies, Shiv Nadar Institution of Eminence, and visiting associate fellow at the Institute of Chinese Studies, Delhi. However, there is another aspect that is often overlooked—the stringent regulations on formal employment in China. The Labour Contract Law implemented in 2008 imposes strict hiring guidelines, leading companies and employers to be cautious when considering the employment of individuals deemed "old." Consequently, this creates a precarious labour market where informal employment practices come into play, Krishnan told WION. Also watch | Gravitas: The curse of 35 hits Chinese people A tougher situation for women The Chinese government has traditionally played a paternalistic role in setting societal norms, particularly when it comes to women. “There are several factors crucial to employment, especially for female employees,” Dr Geeta Kochhar, assistant professor, Centre for Chinese and South Asian Studies, Jawaharlal Nehru University told WION. “Firstly, young and dynamic women are preferred. Secondly, married women are seen as liabilities to the company. Thirdly, married women may face issues related to bearing and raising a child, which can result in them taking leave, and thus they are not preferred. Fourth, the company's image and relationship building require young and good-looking women. Lastly, since the enterprise requires long hours of work, they prefer young individuals who can undergo military-like training and travel with no constraints,” she pointed out. × Note: This is an immersive data chart. Please hover over the chart to get the figures. Additionally, China's birth rate is projected to have reached an unprecedented low of 1.09 in 2022. This statistic is expected to cause concern among authorities who are striving to counter the decline in the nation's birth rates. China's Population and Development Research Centre indicated that this places the country at the lowest fertility rate among nations with populations exceeding 100 million. No job, no marriage, no kids: A domino effect affecting birthrates It's a tough situation for workers in their mid-30s who are making important decisions about their careers, marriage, and having children. They face a double whammy that makes things even more challenging. Also read | Data Lab | Chinese neither marrying nor having kids and it's Xi Jinping's new headache. Here's how China’s marriage rates hit a record low in 2022, as the country grapples with a declining birth rate and population. × Note: This is an immersive data chart. Please hover over the chart to get the figures. According to the Ministry of Civil Affairs of China, the number of registered marriages in 2022 was 6.8 million, marking a significant 10.5 per cent decrease from the previous year's 7.63 million marriages. This represents the lowest figure recorded since 1986 when the Chinese government began documenting such statistics. “Despite the Chinese Party-State removing the one-child norm, fewer parents are ready to bear more children. Rising costs in cities (especially the big ones like Beijing and Shanghai) are making parents rethink their options,” Dr Krishnan explains. “In fact, even during the heights of the pandemic and lockdowns, the Party-state's paternalistic messaging to people to ‘utilise the time well and plan families’ did not find an echo among couples,” he adds. WATCH WION LIVE HERE:

Data Lab | China's job crisis and 'the curse of 35’: Why are people afraid of that age?

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

According to CNBC, the layoffs affect&nbsp;two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation&nbsp;in recent months as companies trim their spending amid the challenging economic environment.

Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure.

No business division is safe&nbsp;

In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history.

Amazon&nbsp;has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion.

According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division.

The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance.

The Covid-19 pandemic led to a significant boost in AWS' headcount&nbsp;as companies, government agencies, and schools transitioned to the cloud network.

However, given&nbsp;the uncertain&nbsp;business and macroeconomic climate in 2023, AWS CEO&nbsp;Adam&nbsp;Selipsky wrote in a memo that the company&nbsp;must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business."&nbsp;

Despite the layoffs, Amazon's shares surged over 3 percent&nbsp;in afternoon trading on Wednesday. Investors will keenly watch whether the company's&nbsp;cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.&nbsp;

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people.

E-commerce company Amazon began laying off employees in its human resource and cloud computing divisions on Wednesday as part of the previously announced job cuts that will affect 9,000 people. According to CNBC, the layoffs affect two of Amazon's most profitable businesses, Amazon Web Services (AWS) and advertising. Both businesses have experienced stagnation in recent months as companies trim their spending amid the challenging economic environment. Some teams within AWS were also part of an earlier round of layoffs. Moreover, some job cuts are also expected in AWS's professional services division, which helps customers troubleshoot issues with their cloud infrastructure. No business division is safe In recent weeks, it has also laid off people in its video games and Twitch livestreaming divisions. When combined with the cuts made earlier this month, it represents the greatest layoffs in Amazon's 29-year history. Amazon has been cutting costs to prepare for an economic slowdown and slower growth in its main retail division. This includes halting corporate recruiting, cancelling experimental projects, and limiting warehouse expansion. According to media reports, Amazon has also discontinued the Halo Band, Halo View, and Halo Rise devices and its Halo division. The company announced that Amazon Halo devices and the Halo app will cease to work from August 1. For the employees affected by this decision, the company has offered packages that include a separation payment, transitional health insurance benefits, and external job placement assistance. The Covid-19 pandemic led to a significant boost in AWS' headcount as companies, government agencies, and schools transitioned to the cloud network. However, given the uncertain business and macroeconomic climate in 2023, AWS CEO Adam Selipsky wrote in a memo that the company must focus on identifying and putting its resources behind its top priorities — "those things that matter most to customers and will move the needle for the business." Despite the layoffs, Amazon's shares surged over 3 percent in afternoon trading on Wednesday. Investors will keenly watch whether the company's cost-cutting efforts have improved profitability, when Amazon reports first-quarter earnings after the bell on Thursday.

Amazon cuts deep: largest layoffs in company's history hit cloud computing, ad teams

Are you one of those who recently lost your job? Here are six ways you can dodge going moneyless after the job loss.

How to lay-off proof your finances: 6 ways to manage money after job loss

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;

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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?

We all have fond memories of writing with pencils during school days, but little do we know that the raw material for these pencils comes from a non-descript village called Oukhoo—which has earned the moniker “Pencil Village of India”.&nbsp;

Oukhoo, located along the bank of Jhelum River, in South Kashmir’s Pulwama district, exports the raw material called ‘slats’ to more than 100 countries and 90 per cent of pencils made in India are manufactured in this village.

The village came into the limelight after Indian Prime Minister Narendra Modi mentioned its success story in his monthly radio programme ‘Mann Ki Baat’, where he spoke at length about “Pencil Village of India”.&nbsp;

Kashmir Valley has 18 slat factories and 17 of them are in Pulwama. But the onset of Covid has severely impacted its business.

“Most of the people from this village work in these pencil factories and that's why it's called the Pencil Village of India. There are around eight units running in this area. The slats manufactured in Pulwama are sent to various parts of the country,” said Farooq Ahmad, who works as a manager in one of the slat factories.&nbsp;

Before Covid, the industry used to employ more than 4,000 people. Now, the industry is working only at 30 per cent of its original workforce.

As the schools were shut during the pandemic, the demand for pencils in the market dwindled. Eventually, the production went down, and a lot of people associated with the industry lost their jobs.

Now, with Covid waning in the country, the factory owners are hoping that the demand picks up again, as they have started to re-employ people.&nbsp;

“Before Covid, we had around 150 people working in one unit, but now we are working with only 30 per cent of the original workforce. I am hoping that, by the grace of God, we start producing more and all the people are hired back to work,'' said Manzoor Ahmad, owner of a slat making factory in Pulwama.&nbsp;

The industry has been generating employment opportunities for the youth, especially for women in the Pulwama district. Every family had members working in these factories.&nbsp;

“I have been working here for five years, but we had stopped coming due to Covid. But now we have started again. Right now, only 100 to 150 women are coming to work, but we are hoping that once the Covid situation subsides, more women will turn up for work,'' said Shaista, a worker.&nbsp;

Earlier, India used to import wooden supplies from countries like China. But everything changed in 2010 when the local entrepreneurs decided to make use of Kashmir's famous poplar trees—a peculiarly supple wood which makes it best suited for manufacturing pencils.

The poplar wood grows best in the valleys of Kashmir where the moisture content is ideal, and the weather conditions allow the wood to remain soft during the tree’s growth.

We all have fond memories of writing with pencils during school days, but little do we know that the raw material for these pencils comes from a non-descript village called Oukhoo—which has earned the moniker “Pencil Village of India”.

We all have fond memories of writing with pencils during school days, but little do we know that the raw material for these pencils comes from a non-descript village called Oukhoo—which has earned the moniker “Pencil Village of India”. Oukhoo, located along the bank of Jhelum River, in South Kashmir’s Pulwama district, exports the raw material called ‘slats’ to more than 100 countries and 90 per cent of pencils made in India are manufactured in this village. The village came into the limelight after Indian Prime Minister Narendra Modi mentioned its success story in his monthly radio programme ‘Mann Ki Baat’, where he spoke at length about “Pencil Village of India”. Kashmir Valley has 18 slat factories and 17 of them are in Pulwama. But the onset of Covid has severely impacted its business. “Most of the people from this village work in these pencil factories and that's why it's called the Pencil Village of India. There are around eight units running in this area. The slats manufactured in Pulwama are sent to various parts of the country,” said Farooq Ahmad, who works as a manager in one of the slat factories. Before Covid, the industry used to employ more than 4,000 people. Now, the industry is working only at 30 per cent of its original workforce. As the schools were shut during the pandemic, the demand for pencils in the market dwindled. Eventually, the production went down, and a lot of people associated with the industry lost their jobs. Now, with Covid waning in the country, the factory owners are hoping that the demand picks up again, as they have started to re-employ people. “Before Covid, we had around 150 people working in one unit, but now we are working with only 30 per cent of the original workforce. I am hoping that, by the grace of God, we start producing more and all the people are hired back to work,'' said Manzoor Ahmad, owner of a slat making factory in Pulwama. The industry has been generating employment opportunities for the youth, especially for women in the Pulwama district. Every family had members working in these factories. “I have been working here for five years, but we had stopped coming due to Covid. But now we have started again. Right now, only 100 to 150 women are coming to work, but we are hoping that once the Covid situation subsides, more women will turn up for work,'' said Shaista, a worker. Earlier, India used to import wooden supplies from countries like China. But everything changed in 2010 when the local entrepreneurs decided to make use of Kashmir's famous poplar trees—a peculiarly supple wood which makes it best suited for manufacturing pencils. The poplar wood grows best in the valleys of Kashmir where the moisture content is ideal, and the weather conditions allow the wood to remain soft during the tree’s growth.

South Kashmir’s famed ‘Pencil Village of India’ now in distress due to Covid

As a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19, thousands of unvaccinated workers across the United States are facing potential job losses.

US: Workers face job losses as vaccine mandates kick in

The garment sector has been severely impacted due to the coronavirus pandemic and now they are left with only two choices. One choice is to adapt and the other is to go bust.

Crisis of designers, retailers, and shoppers in Coronavirus pandemic

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said.

Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness.

Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October.

<a href="https://www.wionews.com/world/boris-johnson-to-ask-schools-to-reopen-by-september-reports-319158">Also read|&nbsp;Boris Johnson to ask schools to reopen by September: Reports</a>

“The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics.

British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable.

“I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said.

The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay.

<a href="https://www.wionews.com/videos/uk-pm-boris-johnson-announces-additional-funding-for-nhs-314088">Also watch|&nbsp;UK PM Boris Johnson announces additional funding for NHS</a>

Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year.

“Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said.

The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed.

The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March.

Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001.

However, there was a small increase in job vacancies in the three months to July.

“The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place. Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said. Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness. Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October. Also read| Boris Johnson to ask schools to reopen by September: Reports “The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics. British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable. “I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said. The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay. Also watch| UK PM Boris Johnson announces additional funding for NHS Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year. “Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said. The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed. The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March. Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001. However, there was a small increase in job vacancies in the three months to July. “The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

UK suffers biggest job losses since 2009 as COVID hits

Lufthansa put German workers on notice of compulsory lay-offs on Thursday, saying tumbling air travel and slow progress in union negotiations meant cuts were unavoidable after it lost 1.7 billion euros ($2 billion) in a single quarter.

Lufthansa plans compulsory lay-offs as forecasts travel slump to 2024

An estimated 14 percent of working hours were lost in the second quarter, equivalent to 400 million full-time jobs

'No return to pre-pandemic level in 2020', states ILO

The UK’s hospitality sector has taken a dramatic financial hit since they were ordered to close down in the month of March.

UK: Cafes struggle to stay afloat

India's finance minister Nirmala Sitharaman said, Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand.

Indian government outlines economy revival plan

As a Coronavirus pandemic is staring a path of world economies, we are certainly staring at a devastating recession. Fears are growing that the worldwide economic downturn could be deep and lengthy with recovery limited by continued anxiety.

COVID-19: How much will the global economy lose?

The biggest job loss America history has revealed a deep gender bias, according a recent jobs report. In the United States, 20.5 million jobs were wiped out in April with unemployment rising to 14.7 per cent, the highest since the Great Depression. As per the report, it appears that women, especially single moms have been hit harder by the economic downturn.

US: Unemployment among women 3 points higher than men

As COVID-19 pandemic hits supply and demand in the world, the US private employers laid off a record 20.236 million workers in April. Watch this video to know more.

US: 20.2 million private sectors workers laid off in April

Uber Technologies Inc will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday.

COVID-19 pandemic has hit ride-hailing firms, Uber to cut 3,700 jobs

US government moved to clamp down the movement of citizens while announcing curfews in New Jersey state and San Francisco due to the rapid spread of coronavirus in the country.

Trump says pandemic not under control

Investors in India's equity markets have a reason to cheer today. The benchmark indices scaled new peaks. But the economy is sputtering. Palki Sharma summarises the state of the Indian economy with five key indicators.

Gravitas: Summarising the state of the Indian economy

The Bank of England suspects that up to 75,000 jobs could be lost in financial services following Britain&rsquo;s departure from the European Union, according to BBC on Monday.

In a study done by Oliver Wyman, a management consultancy which has often been quoted by banking lobby groups assessing the impact of Brexit, in 2016 suggested that there could be around&nbsp;65,000 and 75,000 job losses, which is what the current scenario looks like.&nbsp;

The report also suggested that around 40,000 job losses&nbsp;could solely be from financial services and about 30-40,000 going in related fields like&nbsp;legal work and professional services.

The&nbsp;Bank of England&nbsp;has asked banks and other financial services firms about&nbsp;their plan of action&nbsp;for both a hard and soft Brexit scenario.

If a deal is fixed, the Bank of England assumes that&nbsp;job losses would be lower, though still significant, as banks and other financial services firms would shuffle&nbsp;some jobs, however, if does not work in their favor then 10,000 jobs figure is likely to be the day one&nbsp;of Brexit, BBC reported.&nbsp;

In January, the chief executive of the&nbsp;London Stock Exchange, Xavier Rolet, claimed that Brexit could cause the City of London upto 200,000&nbsp;approximately the&nbsp;if the Government fails to provide a systematic plan for post-Brexit&nbsp;operations.

Moreover, a&nbsp;pole conducted by Reuters of&nbsp;more than 100 finance firms indicates that&nbsp;the industry expects the number of job losses to be below 10K in the few years&nbsp;after Brexit.&nbsp;

The remaining 27 EU states agreed at a summit earlier this month to start analyzing feasible&nbsp;options for trade talks with the UK.

The remaining 27 EU states agreed at a summit earlier this month to start analyzing feasible?the options for trade talks with the UK.

The Bank of England suspects that up to 75,000 jobs could be lost in financial services following Britain’s departure from the European Union, according to BBC on Monday. In a study done by Oliver Wyman, a management consultancy which has often been quoted by banking lobby groups assessing the impact of Brexit, in 2016 suggested that there could be around 65,000 and 75,000 job losses, which is what the current scenario looks like. The report also suggested that around 40,000 job losses could solely be from financial services and about 30-40,000 going in related fields like legal work and professional services. The Bank of England has asked banks and other financial services firms about their plan of action for both a hard and soft Brexit scenario. If a deal is fixed, the Bank of England assumes that job losses would be lower, though still significant, as banks and other financial services firms would shuffle some jobs, however, if does not work in their favor then 10,000 jobs figure is likely to be the day one of Brexit, BBC reported. In January, the chief executive of the London Stock Exchange, Xavier Rolet, claimed that Brexit could cause the City of London upto 200,000 approximately the if the Government fails to provide a systematic plan for post-Brexit operations. Moreover, a pole conducted by Reuters of more than 100 finance firms indicates that the industry expects the number of job losses to be below 10K in the few years after Brexit. The remaining 27 EU states agreed at a summit earlier this month to start analyzing feasible options for trade talks with the UK.

Bank of England suspects upto 75,000 job losses in financial services post-Brexit

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