Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well.

China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants.

"The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press.

According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter.

“The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics.

“External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference.

Fu Linghui was quoted by Associated Press.

Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record.

“Stabilizing and expanding employment of young people will require continued hard work,” Li said.

Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target.

“The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.”

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Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected.

Official data and a survey in China has revealed that 1 in 5 young workers in cities are unemployed. The numbers showed that consumer spending and other activity in the month of April were weaker than expected. Retail sales have accelerated after end of Covid restrictions in December but they are still below forecasts. Factory output was lower than that in March as well. China's economic activity has improved. But consumers are still uneasy about possible job losses. This has had an effect on less footfall in shops and restaurants. "The pace of recovery has slowed sharply,” said Larry Hu and Yuxiao Zhang of Macquarie in a report. They have been quoted by Associated Press. According to the numbers available, factory output rose 5.6 per cent than over a year ago. However, it was off 0.5 percentage points off from March. Investment in real estate, factories and similar fixed assets rose 4.7 per cent in first four months of 2023. However, it slowed 5.4 per cent from the first quarter. “The recovery of demand is still insufficient,” said Fu Linghui, spokesperson for the National Bureau of Statistics. “External demand has weakened” and exporters face a “complex and severe” environment, Li said at a news conference. Fu Linghui was quoted by Associated Press. Surveys have reportedly found that 20.4 per cent of potential urban workers between the ages of 16 and 24 are unemployed and that the unemployment figure was rising. According to Associated Press, this is a record. “Stabilizing and expanding employment of young people will require continued hard work,” Li said. Economic growth has accelerated to 4.5 per cent than the year earlier in three months ending in March. In the previous quarter, the growth was 2.9 per cent compared to the previous quarter. The Communist Party has kept 'around 5 per cent' as the annual target of the economic growth. Growth will have to accelerate in coming quarters if it is to hit the target. “The bulk of China's rebound is now behind us,” Capital Economics said in a report. “The challenging global picture will prevent much pick-up in Chinese exports.” 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 ×

One in five Chinese is unemployed, reveals official data

A direct fallout of a post-Covid slowdown in the Chinese economy is a rising youth unemployment rate. One report says at least one in five young people across Chinese cities don't have jobs.

China: Guangdong province to send 300,000 youth to countryside for work

China's rising youth unemployment rate is becoming a significant economic challenge for the country and&nbsp;it seems to have come up with some controversial solutions. China's wealthiest province and manufacturing giant, Guangdong, has proposed to send 300,000 jobless youth to the countryside for two to three years to find employment.

The province which borders Hong Kong said this month that it will assist fresh college graduates and young entrepreneurs in finding employment in rural areas. It also urged young people who were from rural areas and moved to urban cities, to move back there and search for work. As per reports,&nbsp;one in five young people in Chinese cities are out of work.&nbsp;

China's youth unemployment has been a concern in recent years, with the country's economic slowdown and shifting employment landscape contributing to challenges for young job seekers. The announcement came in response to Chinese President Xi Jinping's call in December for urban youth to seek employment in rural areas in an effort to "revitalise the rural economy."

Xi's announcement was a callback to a campaign launched by the late leader Mao Zedong decades earlier that exiled tens of millions of urban youth to outlying regions of China.

Also Read | <a href="https://www.wionews.com/world/at-least-18-dead-dozens-injured-as-tourist-bus-in-mexico-plunges-in-ravine-587657">At least 18 dead, dozens injured as tourist bus in Mexico plunges into ravine</a>

The Guangdong proposal, which received harsh criticism on social media, came as the urban jobless rate for those between the ages of 16 and 24 shot up to 19.6 per cent, the second-highest figure on record. According to CNN calculations using the most recent statistics from the National Bureau of Statistics, that percentage corresponds to nearly 11 million young people without jobs in China's cities and towns. It is pertinent to note that China only makes employment data available for urban areas.

Around 11.6 million college students are expected to graduate this year and enter the job market, pushing the youth unemployment rate to rise even further.

“If the earlier COVID-19 protests reveal anything, it’s that large numbers of angry, well-educated youth in China’s cities could present big problems for the ruling Chinese Communist Party,” said Alex Capri, a research fellow at the Hinrich Foundation.

“Dispersing them to smaller villages in the countryside could mitigate this risk and, possibly, help diminish income disparities between China’s tier 1 and tier 2 cities and the poorer areas of the country.”

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The economic slowdown in China is primarily due to rising rates of unemployment among young people.

The COVID-19 pandemic has also had a significant impact on the job market, with many businesses forced to close or reduce their workforce. Over the past three years, small businesses and consumer spending have both been severely impacted by the government's now-defunct harsh Covid policy.

The private sector, which accounts for more than 80 per cent&nbsp;of jobs in China, was also harmed by a regulatory crackdown on the Internet, real estate, and education businesses.

Watch | Experts predict AI to be the forefront of 2024 US election campaign

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The challenges facing young job seekers in China include a mismatch between the skills and qualifications of graduates and the needs of the job market, as well as a lack of job opportunities in certain industries and regions.

To address youth unemployment, the Chinese government has implemented a range of policies and initiatives, including vocational training programs, subsidies for employers who hire graduates, and support for entrepreneurship and small business development. However, some experts have argued that more needs to be done to address the root causes of youth unemployment, including reforms to the education system and more investment in industries that are likely to create jobs for young people.

Overall, China's youth unemployment remains a significant challenge, and addressing it will be crucial for the country's future economic growth and social stability.

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China's rising youth unemployment rate is becoming a significant economic challenge for the country and it seems to have come up with some controversial solutions.

China's rising youth unemployment rate is becoming a significant economic challenge for the country and it seems to have come up with some controversial solutions. China's wealthiest province and manufacturing giant, Guangdong, has proposed to send 300,000 jobless youth to the countryside for two to three years to find employment. The province which borders Hong Kong said this month that it will assist fresh college graduates and young entrepreneurs in finding employment in rural areas. It also urged young people who were from rural areas and moved to urban cities, to move back there and search for work. As per reports, one in five young people in Chinese cities are out of work. China's youth unemployment has been a concern in recent years, with the country's economic slowdown and shifting employment landscape contributing to challenges for young job seekers. The announcement came in response to Chinese President Xi Jinping's call in December for urban youth to seek employment in rural areas in an effort to "revitalise the rural economy." Xi's announcement was a callback to a campaign launched by the late leader Mao Zedong decades earlier that exiled tens of millions of urban youth to outlying regions of China. Also Read | At least 18 dead, dozens injured as tourist bus in Mexico plunges into ravine The Guangdong proposal, which received harsh criticism on social media, came as the urban jobless rate for those between the ages of 16 and 24 shot up to 19.6 per cent, the second-highest figure on record. According to CNN calculations using the most recent statistics from the National Bureau of Statistics, that percentage corresponds to nearly 11 million young people without jobs in China's cities and towns. It is pertinent to note that China only makes employment data available for urban areas. Around 11.6 million college students are expected to graduate this year and enter the job market, pushing the youth unemployment rate to rise even further. “If the earlier COVID-19 protests reveal anything, it’s that large numbers of angry, well-educated youth in China’s cities could present big problems for the ruling Chinese Communist Party,” said Alex Capri, a research fellow at the Hinrich Foundation. “Dispersing them to smaller villages in the countryside could mitigate this risk and, possibly, help diminish income disparities between China’s tier 1 and tier 2 cities and the poorer areas of the country.” Also Read | Suspected ISIS chief, codename Abu Hussein al-Qurashi, killed in Syria: Turkey president The economic slowdown in China is primarily due to rising rates of unemployment among young people. The COVID-19 pandemic has also had a significant impact on the job market, with many businesses forced to close or reduce their workforce. Over the past three years, small businesses and consumer spending have both been severely impacted by the government's now-defunct harsh Covid policy. The private sector, which accounts for more than 80 per cent of jobs in China, was also harmed by a regulatory crackdown on the Internet, real estate, and education businesses. Watch | Experts predict AI to be the forefront of 2024 US election campaign × The challenges facing young job seekers in China include a mismatch between the skills and qualifications of graduates and the needs of the job market, as well as a lack of job opportunities in certain industries and regions. To address youth unemployment, the Chinese government has implemented a range of policies and initiatives, including vocational training programs, subsidies for employers who hire graduates, and support for entrepreneurship and small business development. However, some experts have argued that more needs to be done to address the root causes of youth unemployment, including reforms to the education system and more investment in industries that are likely to create jobs for young people. Overall, China's youth unemployment remains a significant challenge, and addressing it will be crucial for the country's future economic growth and social stability. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China unveils controversial employment plan, offers to send 300,000 jobless youth to villages to find work

Pakistani industries are bracing themselves for cuts in production & workforce. Reports say, 1 million Pakistanis could lose their jobs in the textile sector. Molly Gambhir reports.

Gravitas: Wave of unemployment to grip Pakistan

US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in more than five decades, government data showed Friday, indicating strength in the labour market despite efforts to ease economic activity.&nbsp;This could prove concerning to policymakers, with risks that elevated wages could feed into inflation.

While the US central bank has tempered its aggressive campaign to rein in prices on signs that the world's biggest economy is cooling, the latest figures could steer it towards more interest rate hikes than expected.

The United States defied expectations to add 5,17,000 jobs in January, nearly double the December figure, after a five-month slowdown in hiring, said the Labour Department on Friday.&nbsp;

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"Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care," the report added.

Employment in manufacturing and construction showed resilience as well, despite a slowdown in activity in both sectors. The jobless rate edged down to 3.4 per cent, a level last seen in 1969, according to government figures.

But wage growth slowed slightly with average hourly earnings rising by 0.3 per cent to $33.03, down from December's 0.4 per cent increase.

Taken together, these figures suggest the labour market remains too hot for policymakers, with the hiring figure marking a spike from December's 260,000 number.

US President Joe Biden on Friday cheered the strong job creation since he took office and noted that inflation was still cooling off. He pushed back against critics who, he says, suggest that "the only way to slow down inflation was to destroy jobs".&nbsp;

"Today's data makes crystal clear... these critics and cynics are wrong," he told reporters, though conceding there remains more work to do.

No sign of softening&nbsp;

"The data show the economy is creating jobs at a rapid pace," said Rubeela Farooqi of High Frequency Economics.

Job creation is showing "no sign of softening" she added, despite the Fed's eight consecutive hikes to the benchmark lending rate, aimed at easing demand and bringing down costs.

"Wage growth has slowed, but it has not yet slowed enough for the Fed," added Ian Shepherdson at Pantheon Macroeconomics.

The Federal Reserve has been closely eyeing the jobs market, with labour demand exceeding the supply of available workers and employers keen to retain staff they may have struggled to find during the pandemic.

While unemployment is typically seen to edge up as interest rates rise and borrowing costs go up, the jobless rate has hovered at historically low levels in recent months.

Wages are "still at a high level," Fed Chair Jerome Powell told reporters on Wednesday.

"They're still at a level that's... well above where they were before the pandemic," he said. "It's going to be reflected in our assessment of the outlook and that will be reflected in our policy over time," he added.

The central bank this week announced a smaller interest rate hike, fueling optimism that the Fed is approaching the end of its cycle of rate increases.

WATCH NOW | Massive layoffs hurting sacked Indians in the US

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Harder landing

But Friday's data could cast doubt on the situation.

"Without an adjustment in the labour market, the risk is that rates will move higher than anticipated," Farooqi of High Frequency Economics said.

This could have repercussions on other areas, with interest-sensitive sectors such as housing already slumping on higher rates while retail sales have slowed.

"This all increases the chance of a harder landing by mid-year," said Nationwide chief economist Kathy Bostjancic. She expects a moderate recession to start by around mid-year.

Shepherdson of Pantheon Macroeconomics added that "the Fed is more likely than not to hike (rates) in March, though we hope they don't, given the lagged effect of their previous tightenings is still to come."

A repeat of January's surge is unlikely in the coming months, said Ryan Sweet of Oxford Economics, noting that employment growth is often higher than expected in the first month of the year.

"We still expect employment growth to slow markedly as the economy enters a recession in response to the Fed's cumulative rate hikes," he said.

He expects "outright job losses" in the second half of the year with joblessness rising modestly.&nbsp;

(With inputs from agencies)

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US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in more than five decades, government data showed Friday, indicating strength in the labour market despite efforts to ease economic activity.

US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in more than five decades, government data showed Friday, indicating strength in the labour market despite efforts to ease economic activity. This could prove concerning to policymakers, with risks that elevated wages could feed into inflation. While the US central bank has tempered its aggressive campaign to rein in prices on signs that the world's biggest economy is cooling, the latest figures could steer it towards more interest rate hikes than expected. The United States defied expectations to add 5,17,000 jobs in January, nearly double the December figure, after a five-month slowdown in hiring, said the Labour Department on Friday. ALSO READ | American firm offers two advanced drones to Ukraine for just a dollar "Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care," the report added. Employment in manufacturing and construction showed resilience as well, despite a slowdown in activity in both sectors. The jobless rate edged down to 3.4 per cent, a level last seen in 1969, according to government figures. But wage growth slowed slightly with average hourly earnings rising by 0.3 per cent to $33.03, down from December's 0.4 per cent increase. Taken together, these figures suggest the labour market remains too hot for policymakers, with the hiring figure marking a spike from December's 260,000 number. US President Joe Biden on Friday cheered the strong job creation since he took office and noted that inflation was still cooling off. He pushed back against critics who, he says, suggest that "the only way to slow down inflation was to destroy jobs". "Today's data makes crystal clear... these critics and cynics are wrong," he told reporters, though conceding there remains more work to do. No sign of softening "The data show the economy is creating jobs at a rapid pace," said Rubeela Farooqi of High Frequency Economics. Job creation is showing "no sign of softening" she added, despite the Fed's eight consecutive hikes to the benchmark lending rate, aimed at easing demand and bringing down costs. "Wage growth has slowed, but it has not yet slowed enough for the Fed," added Ian Shepherdson at Pantheon Macroeconomics. The Federal Reserve has been closely eyeing the jobs market, with labour demand exceeding the supply of available workers and employers keen to retain staff they may have struggled to find during the pandemic. While unemployment is typically seen to edge up as interest rates rise and borrowing costs go up, the jobless rate has hovered at historically low levels in recent months. Wages are "still at a high level," Fed Chair Jerome Powell told reporters on Wednesday. "They're still at a level that's... well above where they were before the pandemic," he said. "It's going to be reflected in our assessment of the outlook and that will be reflected in our policy over time," he added. The central bank this week announced a smaller interest rate hike, fueling optimism that the Fed is approaching the end of its cycle of rate increases. WATCH NOW | Massive layoffs hurting sacked Indians in the US Harder landing But Friday's data could cast doubt on the situation. "Without an adjustment in the labour market, the risk is that rates will move higher than anticipated," Farooqi of High Frequency Economics said. This could have repercussions on other areas, with interest-sensitive sectors such as housing already slumping on higher rates while retail sales have slowed. "This all increases the chance of a harder landing by mid-year," said Nationwide chief economist Kathy Bostjancic. She expects a moderate recession to start by around mid-year. Shepherdson of Pantheon Macroeconomics added that "the Fed is more likely than not to hike (rates) in March, though we hope they don't, given the lagged effect of their previous tightenings is still to come." A repeat of January's surge is unlikely in the coming months, said Ryan Sweet of Oxford Economics, noting that employment growth is often higher than expected in the first month of the year. "We still expect employment growth to slow markedly as the economy enters a recession in response to the Fed's cumulative rate hikes," he said. He expects "outright job losses" in the second half of the year with joblessness rising modestly. (With inputs from agencies) 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

US sees surprise surge in hiring, unemployment slips to lowest in over five decades

Tech companies including Meta, Twitter, Google are firing employees left, right and centre. Where does this leave your job security? Are you next in the line? Will you be fired too? Listen in to Molly Gambhir.

Gravitas: Tech layoffs: Is your job safe?

The biggest tech companies have announced mass layoffs blaming a slowing economy for the job cuts. Is the tech dream going to crash? Priyanka Sharma tells you more.

Gravitas: Why are Tech Giants laying off thousands?

The COVID-19 pandemic has been devastating for the Chinese economy and CNN reported on Monday that around 20 million people between the ages of 16 and 24 are currently unemployed.

The data shows that one in every five Chinese citizens is currently out of a job due to the strict restrictions imposed by the government led by President Xi Jinping. The prolonged lockdowns and lack of new employment opportunities mean that the top companies have been forced to cut jobs.

Chinese tech company Xiaomi became the latest company to announce job cuts as around 10 per cent of their workforce were asked to leave. A spokesperson for the company told CNN that Xiaomi conducted a "routine personnel optimisation and organisational streamlining".

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-xi-jinping-finally-speaks-as-china-faces-new-situation-urges-steps-to-protect-lives-546753">Xi finally speaks as China faces new Covid situation, urges to 'protect' lives</a>

"The situation could become worse next year, as 11.6 million college graduates are expected to enter the job market, a fresh record, according to the education ministry last month," CNN reported.

"The youth unemployment rate in China has hit a new high&nbsp;this year, rising from 15.3 per cent in March to a record 18.2 per cent in April. It continued to climb for the next few months, reaching 19.9 per cent in July. The rate fell slightly to 18.7 per cent in August, but still remains among the highest ever, data from the National Bureau of Statistics showed," CNN quoted figures from Hong Kong Post.

Several experts have already said that this is the “worst unemployment crisis” in the history of the country and in the past decade, China's working-age population has gone down considerably.

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The COVID-19 pandemic has been devastating for the Chinese economy and CNN reported on Monday that around 20 million people between the ages of 16 and 24 are currently unemployed.

The COVID-19 pandemic has been devastating for the Chinese economy and CNN reported on Monday that around 20 million people between the ages of 16 and 24 are currently unemployed. The data shows that one in every five Chinese citizens is currently out of a job due to the strict restrictions imposed by the government led by President Xi Jinping. The prolonged lockdowns and lack of new employment opportunities mean that the top companies have been forced to cut jobs. Chinese tech company Xiaomi became the latest company to announce job cuts as around 10 per cent of their workforce were asked to leave. A spokesperson for the company told CNN that Xiaomi conducted a "routine personnel optimisation and organisational streamlining". Also read | Xi finally speaks as China faces new Covid situation, urges to 'protect' lives "The situation could become worse next year, as 11.6 million college graduates are expected to enter the job market, a fresh record, according to the education ministry last month," CNN reported. "The youth unemployment rate in China has hit a new high this year, rising from 15.3 per cent in March to a record 18.2 per cent in April. It continued to climb for the next few months, reaching 19.9 per cent in July. The rate fell slightly to 18.7 per cent in August, but still remains among the highest ever, data from the National Bureau of Statistics showed," CNN quoted figures from Hong Kong Post. Several experts have already said that this is the “worst unemployment crisis” in the history of the country and in the past decade, China's working-age population has gone down considerably.

Nearly one out of five Chinese are unemployed amid COVID-19 crisis: Report

Unemployment is set to rise in the UK, partly because working age youth just don't want to work. Nearly 1 in 10 young people never intend to start working, according to a research by Opinium for City and Guilds. Watch this video for details.

1 in 10 youth won’t start working in UK

On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance. This comes amid what many have called the “lay off season” after major tech giants have fired employees affecting thousands across the world.&nbsp;

“There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it,” said the Zomato spokesperson. Notably, these layoffs were announced following the exit of the company’s three top-level executives, including co-founder&nbsp;Mohit Gupta&nbsp;on Friday.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/india-news/uber-to-sell-its-78-per-cent-stake-in-zomato-sources-502955">Uber to sell its 7.8 per cent stake in Zomato: Sources</a>

Earlier this month, the company’s new initiatives head, Rahul Ganjoo, and former head of Intercity Legends service, Siddharth Jhawar also quit. The food delivery platform currently employs at least 3,800 people. It had fired nearly 520 employees (13 per cent of the workforce) back in 2020 following a slump in business during the Covid-19 pandemic.&nbsp;

At least 100 employees have already been impacted across functions like the product, technology, catalogue and marketing, said MoneyControl citing people familiar with the matter. “These roles had become redundant as these employees who were mostly from mid-to-senior roles were working when the product was being revamped. Not that the product work is over, they have been let go,” said the source.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/gravitas-is-zomatos-10-minute-delivery-promise-desirable-464722">Gravitas: Is Zomato's 10-minute delivery promise desirable?</a>

According to the report, the employees will be fired as soon as this week as the company is looking to cut costs and become profitable amid an increasingly challenging macro environment. Zomato had sustained a net loss of Rs&nbsp;250.8 crores ($2.5 billion) in the last quarter, in September when compared to the previous fiscal year’s loss of Rs. 434.9 crores ($4.3 billion) in the same quarter.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

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On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance.

On Saturday, amid reports and speculation of possible layoffs, the food aggregator Zomato also confirmed that it will lay off just under 3 per cent of its workforce across the country based on regular performance. This comes amid what many have called the “lay off season” after major tech giants have fired employees affecting thousands across the world. “There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it,” said the Zomato spokesperson. Notably, these layoffs were announced following the exit of the company’s three top-level executives, including co-founder Mohit Gupta on Friday. ALSO READ: Uber to sell its 7.8 per cent stake in Zomato: Sources Earlier this month, the company’s new initiatives head, Rahul Ganjoo, and former head of Intercity Legends service, Siddharth Jhawar also quit. The food delivery platform currently employs at least 3,800 people. It had fired nearly 520 employees (13 per cent of the workforce) back in 2020 following a slump in business during the Covid-19 pandemic. At least 100 employees have already been impacted across functions like the product, technology, catalogue and marketing, said MoneyControl citing people familiar with the matter. “These roles had become redundant as these employees who were mostly from mid-to-senior roles were working when the product was being revamped. Not that the product work is over, they have been let go,” said the source. ALSO WATCH: Gravitas: Is Zomato's 10-minute delivery promise desirable? According to the report, the employees will be fired as soon as this week as the company is looking to cut costs and become profitable amid an increasingly challenging macro environment. Zomato had sustained a net loss of Rs 250.8 crores ($2.5 billion) in the last quarter, in September when compared to the previous fiscal year’s loss of Rs. 434.9 crores ($4.3 billion) in the same quarter. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Zomato confirms country-wide layoffs, will affect at least 3 per cent of staff

Tech companies across the world are on a firing spree. Their actions are set to bring hardships for fired employees. How can they deal with the emotional & mental impact of losing a job?

Gravitas: How to handle being unemployed?

On Monday, the International Labour Organisation (ILO) in the 10th edition of its monitoring report on the World of Work said that global employment growth will “deteriorate significantly” in the upcoming quarter of 2022. The report has attributed this fall to the economic turmoil caused by the Russian invasion of Ukraine as well as the tighter monetary policy on consumption.&nbsp;

“On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022,” said the United Nations body, citing 40 million fewer full-time jobs between July-September this year when compared to the fourth quarter in 2019, the year prior to the pandemic being the benchmark level.&nbsp;

While early 2022 witnessed a recovery in the global hours worked was reserved in the second and third quarters which the report says is due to the reintroduction of Covid-related restrictions which have caused a disruption in the Chinese labour market. Additionally, deterioration is also due to the ongoing conflict in Ukraine which has consequently led to inflation and adversely affected energy and food exports.&nbsp;

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The ILO has also raised an alarm about the declining job vacancies and rise in unemployment in the upcoming months noting the sharp declines in vacancy growth as well as signs of the labour market cooling considerably in advanced economies. This also comes amid several major companies across the world announcing job cuts affecting thousands of people across the world.&nbsp;

According to the report, “the outlook for the labour market is currently highly uncertain, with growing downside risks, including the impacts of high inflation, tightening monetary policy, increasing debt burdens and declining consumer confidence.” 
&nbsp; 
“We cannot insist enough on the need for social packages and the need to ensure that the monetary tightening to combat the inflation is really dovetailed with social measures,” said the ILO director-general Gilbert Houngbo during a press conference.&nbsp;

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Similarly, the report shows how excessive policy tightening could adversely affect “jobs and incomes in both advanced and developing countries”. Houngbo has also called for a series of policies aimed at supporting those most affected, which reportedly includes redirecting some of the windfall corporate profits towards jobs or income support.&nbsp;

“Tackling this deeply worrying global employment situation, and preventing a significant labour market downturn, will require comprehensive, integrated and balanced policies both nationally and globally,” said the new director-general in a statement.&nbsp;

(With inputs from agencies)&nbsp;

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On Monday, the International Labour Organisation (ILO) in the 10th edition of its monitoring report on the World of Work said that global employment growth will “deteriorate significantly” in the upcoming quarter of 2022.

On Monday, the International Labour Organisation (ILO) in the 10th edition of its monitoring report on the World of Work said that global employment growth will “deteriorate significantly” in the upcoming quarter of 2022. The report has attributed this fall to the economic turmoil caused by the Russian invasion of Ukraine as well as the tighter monetary policy on consumption. “On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022,” said the United Nations body, citing 40 million fewer full-time jobs between July-September this year when compared to the fourth quarter in 2019, the year prior to the pandemic being the benchmark level. While early 2022 witnessed a recovery in the global hours worked was reserved in the second and third quarters which the report says is due to the reintroduction of Covid-related restrictions which have caused a disruption in the Chinese labour market. Additionally, deterioration is also due to the ongoing conflict in Ukraine which has consequently led to inflation and adversely affected energy and food exports. ALSO READ: It's 21st century and yet 50 million people across the world are still bound in 'modern slavery': UN The ILO has also raised an alarm about the declining job vacancies and rise in unemployment in the upcoming months noting the sharp declines in vacancy growth as well as signs of the labour market cooling considerably in advanced economies. This also comes amid several major companies across the world announcing job cuts affecting thousands of people across the world. According to the report, “the outlook for the labour market is currently highly uncertain, with growing downside risks, including the impacts of high inflation, tightening monetary policy, increasing debt burdens and declining consumer confidence.” “We cannot insist enough on the need for social packages and the need to ensure that the monetary tightening to combat the inflation is really dovetailed with social measures,” said the ILO director-general Gilbert Houngbo during a press conference. ALSO WATCH: Gravitas: UN report accuses Switzerland of racial discrimination Similarly, the report shows how excessive policy tightening could adversely affect “jobs and incomes in both advanced and developing countries”. Houngbo has also called for a series of policies aimed at supporting those most affected, which reportedly includes redirecting some of the windfall corporate profits towards jobs or income support. “Tackling this deeply worrying global employment situation, and preventing a significant labour market downturn, will require comprehensive, integrated and balanced policies both nationally and globally,” said the new director-general in a statement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

ILO: Global employment growth will ‘deteriorate significantly’ in Q4 of 2022

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?

China’s youth unemployment rate reached a record high of 19.3%, in the month of June with nearly one out of five&nbsp;young people being out of work, the media reported. It was largely also attributed to Beijing’s zero-Covid move of pushing strict large-scale lockdowns in major cities like Shanghai which led fresh graduates into less than ideal economic situations.&nbsp;

China’s National Bureau of Statistics (NBS), told the Hong Kong-based English newspaper South China Morning Post (SCMP) that it has noted this trend of high unemployment come June and July each year since they started monthly calculations in 2018. However, the rise in unemployment began in October 2021 and has been steadily increasing since. In April, it broke the record of hitting 18.2% which was the highest ever, the SCMP reported.&nbsp;

This number added a record of 10.76 million college graduates to an already worsening job market. In comparison, the Chinese urban unemployment rate was at 5.5% in June which is a slight improvement, said the NBS. &nbsp;The SCMP also compared this rate of youth unemployment to other countries’ young people between the ages of 16-24. In the US, in the same month, it was 8.1%, similarly, in the EU it was 13.3% and 3.8% in Japan.&nbsp;

According to the NBS spokesperson Fu Linghui, “Companies struggling amid the Covid pandemic are less capable of absorbing new workers. Meanwhile, the recovery of the service sector, a big source of youth employment, has been slow.” Notably, by June the production index in China dropped 0.3% with sectors like tourism, hospitality and catering taking the brunt of Covid-19 induced lockdowns and restrictions. Meanwhile, several private education and internet service companies also fired people amid government crackdowns, the SCMP reported.&nbsp;

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“The youth unemployment rate could rise further as young people will find it very difficult to get a job in such labour market conditions,” Tommy Wu, lead China economist with Oxford Economics told SCMP. He added, employment related to infrastructure projects may rise as the Chinese government has been focusing more on the sector, however, Wu believes consumer services and private-sector activity will remain stagnant.&nbsp;

This rate of overall unemployment remained high even after two months of lockdowns had ended as June began. The SCMP also addressed Shanghai China's commercial capital and one of its most populous cities, particularly as the rate of urban unemployment was 7% above the national average of 5.5%. According to Wu, the city will take some to “get back on track” after the lockdowns in the second quarter, as they are still fearing new restrictions. Notably, the city’s second-quarter unemployment rate was 12.5% compared to the national average of 5.8% in the same quarter.&nbsp;

China’s youth unemployment rate reached a record high of 19.3%, in the month of June with nearly one out of five young people being out of work, the media reported.

China’s youth unemployment rate reached a record high of 19.3%, in the month of June with nearly one out of five young people being out of work, the media reported. It was largely also attributed to Beijing’s zero-Covid move of pushing strict large-scale lockdowns in major cities like Shanghai which led fresh graduates into less than ideal economic situations. China’s National Bureau of Statistics (NBS), told the Hong Kong-based English newspaper South China Morning Post (SCMP) that it has noted this trend of high unemployment come June and July each year since they started monthly calculations in 2018. However, the rise in unemployment began in October 2021 and has been steadily increasing since. In April, it broke the record of hitting 18.2% which was the highest ever, the SCMP reported. This number added a record of 10.76 million college graduates to an already worsening job market. In comparison, the Chinese urban unemployment rate was at 5.5% in June which is a slight improvement, said the NBS. The SCMP also compared this rate of youth unemployment to other countries’ young people between the ages of 16-24. In the US, in the same month, it was 8.1%, similarly, in the EU it was 13.3% and 3.8% in Japan. According to the NBS spokesperson Fu Linghui, “Companies struggling amid the Covid pandemic are less capable of absorbing new workers. Meanwhile, the recovery of the service sector, a big source of youth employment, has been slow.” Notably, by June the production index in China dropped 0.3% with sectors like tourism, hospitality and catering taking the brunt of Covid-19 induced lockdowns and restrictions. Meanwhile, several private education and internet service companies also fired people amid government crackdowns, the SCMP reported. ALSO READ: Covid, lockdowns and now unemployment: 10.8 millions university graduates face a dark future in China “The youth unemployment rate could rise further as young people will find it very difficult to get a job in such labour market conditions,” Tommy Wu, lead China economist with Oxford Economics told SCMP. He added, employment related to infrastructure projects may rise as the Chinese government has been focusing more on the sector, however, Wu believes consumer services and private-sector activity will remain stagnant. This rate of overall unemployment remained high even after two months of lockdowns had ended as June began. The SCMP also addressed Shanghai China's commercial capital and one of its most populous cities, particularly as the rate of urban unemployment was 7% above the national average of 5.5%. According to Wu, the city will take some to “get back on track” after the lockdowns in the second quarter, as they are still fearing new restrictions. Notably, the city’s second-quarter unemployment rate was 12.5% compared to the national average of 5.8% in the same quarter.

One in five young people in China is unemployed, Covid curbs likely cause: Report

According to government data released on Friday, American employers reduced their hiring pace in August following the unexpected increase in the previous month, and the unemployment rate edged up. This could provide some comfort to the central bank that its efforts to fight inflation are bearing fruit.&nbsp;

The Federal Reserve is closely monitoring the development of the hot labour market and seeking for indications of softening as it attempts to cool the economy by sharply raising interest rates to curb inflation, which has risen to a 40-year high.&nbsp;

The unemployment rate increased as more people entered the job field, despite the data showing earnings continuing to climb; this is a favourable trend that would allow the Fed to choose a lesser move later this month after two straight increases.

The most recent report was praised by President Joe Biden, who has been riding a tide of legislative and economic successes.&nbsp;

"More great news: Our jobs market remains strong. Even more Americans are coming back to work," Biden tweeted.

According to the Labor Department's closely-watched monthly report, despite the decreasing pace, the job increases have raised employment above the level prior to the pandemic.&nbsp;

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According to the study, the US economy added 315,000 jobs in August, which was in line with expectations after hiring 526,000 people in July.

According to the figures, the jobless rate increased once again to 3.7 percent from 3.5 percent in the previous month. The rate of people who are in the labour force increased by three tenths to 62.4 percent.&nbsp;

Although at a slower rate than in recent months, average hourly earnings increased by another 10 cents, or 0.3 percent, to $32.36 in August. Worker salary has climbed by 5.2 percent in the last year.&nbsp;

The Fed is concerned about continued rising pressure because it thinks it may result in a spiralling wage-price relationship and higher inflation.

(with inputs from agencies) 
&nbsp;

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According to government data released on Friday, American employers reduced their hiring pace in August following the unexpected increase in the previous month, and the unemployment rate edged up.

According to government data released on Friday, American employers reduced their hiring pace in August following the unexpected increase in the previous month, and the unemployment rate edged up. This could provide some comfort to the central bank that its efforts to fight inflation are bearing fruit. The Federal Reserve is closely monitoring the development of the hot labour market and seeking for indications of softening as it attempts to cool the economy by sharply raising interest rates to curb inflation, which has risen to a 40-year high. The unemployment rate increased as more people entered the job field, despite the data showing earnings continuing to climb; this is a favourable trend that would allow the Fed to choose a lesser move later this month after two straight increases. The most recent report was praised by President Joe Biden, who has been riding a tide of legislative and economic successes. "More great news: Our jobs market remains strong. Even more Americans are coming back to work," Biden tweeted. According to the Labor Department's closely-watched monthly report, despite the decreasing pace, the job increases have raised employment above the level prior to the pandemic. Also Read: White House says no link between Iran nuclear deal and IAEA probes under NPT According to the study, the US economy added 315,000 jobs in August, which was in line with expectations after hiring 526,000 people in July. According to the figures, the jobless rate increased once again to 3.7 percent from 3.5 percent in the previous month. The rate of people who are in the labour force increased by three tenths to 62.4 percent. Although at a slower rate than in recent months, average hourly earnings increased by another 10 cents, or 0.3 percent, to $32.36 in August. Worker salary has climbed by 5.2 percent in the last year. The Fed is concerned about continued rising pressure because it thinks it may result in a spiralling wage-price relationship and higher inflation. (with inputs from agencies)

US employers slowed pace of hiring in August, unemployment rate ticks up

Recent studies suggest that being lonely might increase the likelihood of being unemployed in the future. Later, losing a job is substantially more likely for those who often feel lonely.

The study was published in the journal ‘BMC Public Health.’

Previous studies have shown that unemployment can lead to loneliness, but this is the first study to specifically investigate whether the opposite is also true among people of working age. The study also found that people who were unemployed were more likely to suffer from loneliness.

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Nia Morish, the lead author of the study, said, "Given the persisting and potentially scarring effects of both loneliness and unemployment on health and the economy, prevention of both experiences is key. Decreased loneliness could mitigate unemployment, and employment abate loneliness, which may, in turn, relate positively to other factors including health and quality of life," ANI reported.

Morish further added that in order to promote health and wellness, it is important to pay special attention to loneliness and provide employers with additional support. The lead author further added that after the COVID-19 pandemic started, people started working from home and many felt isolated, which increased the need to focus on people’s health and wellbeing.

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According to Professor Antonieta Media-Lara, "Loneliness is an incredibly important societal problem, which is often thought about in terms of its impact on mental health and wellbeing only."

The professor further continued, "Our findings indicate that there may also be wider implications, which could have negative impacts on individuals and the economy. We need to explore this further, and it could lay the foundations for employers or policymakers to tackle loneliness with a view to keeping more people in work," ANI reported.

This is the first study that identifies those lonely people of any working age who are at greater risk of becoming unemployed or jobless.

(With inputs from agencies)

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Recent studies suggest that being lonely might increase the likelihood of being unemployed in the future. Later, losing a job is substantially more likely for those who often feel lonely.

Recent studies suggest that being lonely might increase the likelihood of being unemployed in the future. Later, losing a job is substantially more likely for those who often feel lonely. The study was published in the journal ‘BMC Public Health.’ Previous studies have shown that unemployment can lead to loneliness, but this is the first study to specifically investigate whether the opposite is also true among people of working age. The study also found that people who were unemployed were more likely to suffer from loneliness. Also read | Dangling upside down, some spiders may sleep and dream like humans: Study Nia Morish, the lead author of the study, said, "Given the persisting and potentially scarring effects of both loneliness and unemployment on health and the economy, prevention of both experiences is key. Decreased loneliness could mitigate unemployment, and employment abate loneliness, which may, in turn, relate positively to other factors including health and quality of life," ANI reported. Morish further added that in order to promote health and wellness, it is important to pay special attention to loneliness and provide employers with additional support. The lead author further added that after the COVID-19 pandemic started, people started working from home and many felt isolated, which increased the need to focus on people’s health and wellbeing. Also read | Smoking, alcohol, high BMI: Study reveals risk factors responsible for almost half of cancer deaths According to Professor Antonieta Media-Lara, "Loneliness is an incredibly important societal problem, which is often thought about in terms of its impact on mental health and wellbeing only." The professor further continued, "Our findings indicate that there may also be wider implications, which could have negative impacts on individuals and the economy. We need to explore this further, and it could lay the foundations for employers or policymakers to tackle loneliness with a view to keeping more people in work," ANI reported. This is the first study that identifies those lonely people of any working age who are at greater risk of becoming unemployed or jobless. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Study reveals loneliness may increase risk of unemployment in future

Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of unemployment benefits during the pandemic.

Bank of America fined $225 million for 'botched' handling of unemployment benefits

In China, a record 10.8 million university graduates face a daunting future: a bad job market and a bad state of the economy in general.&nbsp;For context, the nation's soon-to-be graduates number more than the entire population of Portugal and all of them are about to enter one of the worst job markets in the last few decades of China's history. youth unemployment in China currently stands at its highest. As per Reuters "youth unemployment is already more than three times China's overall joblessness rate, at a record 18.4 per cent". A Business Standard report quotes Merrill Lynch of Bank of America as saying that, in May, urban youth unemployment hit a record 18.4 per cent. By July, the peak of graduation season, it could reach 23 per cent".

COVID-19 and the resulting harsh restrictions have battered an economy that was already contracting because of the collapse of the real estate market, geopolitical tensions, and regulatory crackdowns on the tech, education, and other sectors.

Watch |&nbsp;Stagflation: What is it and why is it a big deal now?

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There is no way to predict how high youth unemployment will affect Chinese society.&nbsp;In a year when President Xi Jinping is anticipated to win a record-breaking third term as the supreme leader, it can be problematic for China's stability-obsessed Communist Party that educated young people are struggling to find work.&nbsp;

According to Michael Pettis, a professor of finance at Peking University, the "social contract between the government and the people was you stay out of politics and we will guarantee that every year you'll do better than last year."

"So the concern is that once that guarantee breaks apart, what else has to change?"

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Premier Li Keqiang says that the government's primary objective is to stabilise the job market for recent graduates. As an incentive companies that offer internship positions to recent graduates will receive subsidies in addition to other benefits designed to increase employment overall.

Additionally, to encourage graduates to start their own businesses, some local governments have made affordable loans available.&nbsp;

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The entry-level employment market in China is much worse than it was during the global financial crisis of 2008-2009, according to Rockee Zhang, Managing Director for Greater China at Randstad. New jobs are down by 20-30 per cent from the previous year.

Another recruitment company, Zhilian Zhaopin, claims that expected salaries are also 6.2 per cent lower.

(With inputs from agencies)

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In China, a record 10.8 million university graduates face a daunting future: a bad job market and a bad state of the economy in general. For context, the nation's soon-to-be graduates number more than the entire population of Portugal and all of them are about to enter one of the worst job markets in the last few decades of China's history.

In China, a record 10.8 million university graduates face a daunting future: a bad job market and a bad state of the economy in general. For context, the nation's soon-to-be graduates number more than the entire population of Portugal and all of them are about to enter one of the worst job markets in the last few decades of China's history. youth unemployment in China currently stands at its highest. As per Reuters "youth unemployment is already more than three times China's overall joblessness rate, at a record 18.4 per cent". A Business Standard report quotes Merrill Lynch of Bank of America as saying that, in May, urban youth unemployment hit a record 18.4 per cent. By July, the peak of graduation season, it could reach 23 per cent". COVID-19 and the resulting harsh restrictions have battered an economy that was already contracting because of the collapse of the real estate market, geopolitical tensions, and regulatory crackdowns on the tech, education, and other sectors. Watch | Stagflation: What is it and why is it a big deal now? There is no way to predict how high youth unemployment will affect Chinese society. In a year when President Xi Jinping is anticipated to win a record-breaking third term as the supreme leader, it can be problematic for China's stability-obsessed Communist Party that educated young people are struggling to find work. According to Michael Pettis, a professor of finance at Peking University, the "social contract between the government and the people was you stay out of politics and we will guarantee that every year you'll do better than last year." "So the concern is that once that guarantee breaks apart, what else has to change?" Also read | Is unemployment new 'epidemic' spreading across China? Premier Li Keqiang says that the government's primary objective is to stabilise the job market for recent graduates. As an incentive companies that offer internship positions to recent graduates will receive subsidies in addition to other benefits designed to increase employment overall. Additionally, to encourage graduates to start their own businesses, some local governments have made affordable loans available. Also read | Australia reports 48-year-low jobless rate before election The entry-level employment market in China is much worse than it was during the global financial crisis of 2008-2009, according to Rockee Zhang, Managing Director for Greater China at Randstad. New jobs are down by 20-30 per cent from the previous year. Another recruitment company, Zhilian Zhaopin, claims that expected salaries are also 6.2 per cent lower. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Covid, lockdowns and now unemployment: 10.8 millions university graduates face a dark future in China

The UK rate of unemployment dropped to 3.7% in the three months to March, the lowest since 1974. For the first time, there were fewer unemployed people than job vacancies.

UK jobless rate drops to 3.7% in quarter 1, lowest since 1974

The UAE has decided to give money to the jobless. It has announced an 'unemployment insurance' scheme. The scheme will provide cash packages to those without a job. Palki Sharma reports.

Gravitas: UAE announces 'unemployment insurance' scheme

A form of unemployment insurance is going to come up in the United Arab Emirates soon. &nbsp;

The vital announcement was made by the cabinet on Monday. &nbsp;

This comes as the latest reform introduced by the Gulf nation to attract talent and investment as the economic competition intensifies in the region. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/witness-a-new-marvel-indian-instructor-in-dubai-holds-tough-yoga-pose-for-29-min-to-set-new-world-record-477874" hreflang="en">Witness a new marvel! Indian instructor in Dubai holds 'tough' yoga pose for 29 min to set new world record</a>

Citing a cabinet decision, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum said on Twitter that insured workers will get some amount of money on getting unemployed for a limited period of time. UAE PM is also the ruler of Dubai. &nbsp;

"The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all," the statement said. &nbsp;&nbsp;

It is still unclear if the rule will apply equally to both, citizens and non-citizen residents in the UAE. &nbsp;

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Gulf states like Kuwait, Qatar, Oman and Saudi Arabia, have some form of unemployment support for citizens. Not just this, Bahrain also has a form of jobless insurance for the non-citizen resident workers.&nbsp;&nbsp;

In Gulf countries, foreigners have permission to reside on the basis of employment and the loss of job means the worker has to leave the country.

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(With inputs from agencies)&nbsp;

A form of unemployment insurance is going to come up in the United Arab Emirates soon. The vital announcement was made by the cabinet on Monday. This comes as the latest reform introduced by the Gulf nation to attract talent and investment as the economic competition intensifies in the region.

A form of unemployment insurance is going to come up in the United Arab Emirates soon. The vital announcement was made by the cabinet on Monday. This comes as the latest reform introduced by the Gulf nation to attract talent and investment as the economic competition intensifies in the region. Also Read: Witness a new marvel! Indian instructor in Dubai holds 'tough' yoga pose for 29 min to set new world record Citing a cabinet decision, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum said on Twitter that insured workers will get some amount of money on getting unemployed for a limited period of time. UAE PM is also the ruler of Dubai. "The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all," the statement said. It is still unclear if the rule will apply equally to both, citizens and non-citizen residents in the UAE. Watch: Syrian President Bashar Assad meets Iran leaders in rare visit to Tehran × Gulf states like Kuwait, Qatar, Oman and Saudi Arabia, have some form of unemployment support for citizens. Not just this, Bahrain also has a form of jobless insurance for the non-citizen resident workers. In Gulf countries, foreigners have permission to reside on the basis of employment and the loss of job means the worker has to leave the country. WATCH WION LIVE HERE (With inputs from agencies)

Will expats be covered? UAE to come up with unemployment insurance soon, says PM. Read details here

Since the Taliban took power in Afghanistan, unemployment and poverty have increased and ordinary Afghans have been complaining about the harsh economic environment. Prices of fuel and other items have risen even more during Ramadan. For more details, we're joined by Economist, Atiqullah Matin

WION-VOA Co-Production: Rising unemployment & poverty in Afghanistan

The Indonesian government is facing severe criticism for appointing a pop star as its Group of 20 (G-20) spokesperson.

Ayunda Faza Maudya —a 27-year-old singer and actress also known as Maudy Ayunda —was chosen by President Joko Widodo on March 31 to speak on global issues on the country's behalf at the G-20 summit in Washington this week.

According to critics, Ayunda was chosen as the country’s representative despite lacking economic and diplomatic experience.

In response to Bloomberg questions on her role in the G-20 meet, Ayunda said her job is to report the&nbsp;meeting results that are relevant to Indonesia, while sensitive issues will be handled by other representatives.

At her first briefing, the singer ignored questions on Putin's attendance at the G20 meet as the journalists were told to ask about her personality instead.

Widodo, popularly known as Jokowi, has been accused of making vanity appointments to politically significant roles that include celebrities, start-up founders and children of tycoons.

It is being claimed that Widodo, with the appointment of such millennials, aims to connect with the youths who are battling high unemployment.

Over half of the country's 273 million people are younger than 35 and the unemployment rate for those aged 16 to 30 was hovering at 14 per cent last year, Bloomberg reported.

Experts point out that the government is solely focusing on privileged urban youth,&nbsp;who fit into the establishment’s line of thinking, as role models while leaving out the majority who are middle-to lower-income and live in rural areas.

The critics argue that such cosmetic appointments are part of the government’s efforts to temper criticism from the youth on critical issues, like jobs and public services.

(With inputs from agencies)

The Indonesian government is facing severe criticism for appointing a pop star as its Group of 20 (G-20) spokesperson. Ayunda Faza Maudya —a 27-year-old singer and actress also known as Maudy Ayunda —was chosen by President Joko Widodo on March 31 to speak on global issues on the country's behalf at the G-20 summit in Washington this week.

The Indonesian government is facing severe criticism for appointing a pop star as its Group of 20 (G-20) spokesperson. Ayunda Faza Maudya —a 27-year-old singer and actress also known as Maudy Ayunda —was chosen by President Joko Widodo on March 31 to speak on global issues on the country's behalf at the G-20 summit in Washington this week. According to critics, Ayunda was chosen as the country’s representative despite lacking economic and diplomatic experience. In response to Bloomberg questions on her role in the G-20 meet, Ayunda said her job is to report the meeting results that are relevant to Indonesia, while sensitive issues will be handled by other representatives. At her first briefing, the singer ignored questions on Putin's attendance at the G20 meet as the journalists were told to ask about her personality instead. Widodo, popularly known as Jokowi, has been accused of making vanity appointments to politically significant roles that include celebrities, start-up founders and children of tycoons. It is being claimed that Widodo, with the appointment of such millennials, aims to connect with the youths who are battling high unemployment. Over half of the country's 273 million people are younger than 35 and the unemployment rate for those aged 16 to 30 was hovering at 14 per cent last year, Bloomberg reported. Experts point out that the government is solely focusing on privileged urban youth, who fit into the establishment’s line of thinking, as role models while leaving out the majority who are middle-to lower-income and live in rural areas. The critics argue that such cosmetic appointments are part of the government’s efforts to temper criticism from the youth on critical issues, like jobs and public services. (With inputs from agencies)

Indonesian President Widodo slammed for appointing pop star for G-20 role

Costa Ricans began voting on Sunday to elect one of two scandal-tainted presidential candidates in a country grappling with sky-high poverty and unemployment.

Former president Jose Maria Figueres was once investigated for corruption while ex-finance minister Rodrigo Chaves was previously demoted for sexual harassment.

But with 23 percent of the population living in poverty and unemployment soaring to 14 percent alongside a series of corruption scandals, Costa Ricans seem more focused on the economy as they elect a successor to Carlos Alvarado.

Also read |&nbsp;<a href="https://www.wionews.com/world/costa-rica-issues-covid-19-vaccine-requirement-for-children-427338">Costa Rica issues COVID-19 vaccine requirement for children</a>

Polls opened at 6.00 am (1200 GMT) and will close at 6.00 pm (0000 GMT). "Go to your center and vote," the electoral tribunal said on Twitter as voting began.

Costa Rica has been described as the "happiest" country in Latin America and praised for its environmental policies and eco-tourism, but the vital tourism industry was hard hit by the coronavirus pandemic.

Alongside Peru, it suffered the largest fall in employment figures in the region between 2019 and 2020.

We're very poor

"The next president has to change everything because we're very poor. There is no work here, there is nothing," said Ana Briceno, 64, a travel agent in the capital San Jose.

"In the last years with Carlos Alvarado the situation has been very difficult ... so I think the future president must focus on the economy," said Cristina Aguilar, 32.

Given their previous troubles, the two candidates have sought to keep the debate swirling around the economy.

Watch |&nbsp;Costa Rica: Hydroelectric power plant gets new lease of life from crypto mining

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"The urgent themes to address are the ones causing discomfort and suffering to the people," said Chaves, 60, a surprise qualifier for Sunday's run-off, having polled fourth ahead of February's first round.

"The first is the lack of jobs. Secondly, the cost of living."

Chaves, from the newly formed right-wing Social Democratic Progress Party, led the most recent opinion polls, with more than 41 percent support, compared to 38 percent for Figueres.

Figueres, 67, who was president from 1994 to 1998, is equally focused on the economy.

"In the economic agenda, unemployment is the most important, the creation of employment opportunities is the priority," he said.

Figueres, whose father Jose abolished the army in 1948 when he was president, topped the first round of voting among a crowded field of 25 contenders with 27.3 percent, ahead of Chaves who had 16.8 percent.

But they were a long way from the 40 percent needed to win outright.

&nbsp;'Misinterpreted' jokes&nbsp;

Both men have reached this final stage of the election despite the specter of past scandals.

Chaves, who spent six months as finance minister in the outgoing government, was investigated over sexual harassment&nbsp;complaints brought by multiple women while he was a senior official at the World Bank, where he worked for 30 years.

Also read |&nbsp;<a href="https://www.wionews.com/world/costa-rican-police-seize-4-tonnes-of-colombian-cocaine-399028">Costa Rican police seize 4 tonnes of Colombian cocaine</a>

He was demoted, though not fired, and has dismissed his behavior as jokes that were "misinterpreted due to cultural differences."

Figueres, who represents the centrist National Liberation Party (PLN), was investigated for allegedly taking $900,000 from French engineering firm Alcatel, which has admitted to bribing officials.

The ex-president, who worked abroad at the time as executive director of the World Economic Forum (WEF), refused to give evidence in the case in 2004 and returned to Costa Rica only in 2011 when the investigation expired.

"Right now, I don't know who I will vote for ... because Chaves contradicts himself in everything and given what Figueres did last time, it leaves us undecided," said Jairo Montero, 37.

In the unlikely event the election ends in a draw, Costa Rican law says the elder candidate would win, in this case Figueres.&nbsp;

The first results are expected at around 8:30 pm.&nbsp;

The winner will begin a four-year term on May 8.

Costa Ricans began voting on Sunday to elect one of two scandal-tainted presidential candidates in a country grappling with sky-high poverty and unemployment. Former president Jose Maria Figueres was once investigated for corruption while ex-finance minister Rodrigo Chaves was previously demoted for sexual harassment.

Costa Ricans began voting on Sunday to elect one of two scandal-tainted presidential candidates in a country grappling with sky-high poverty and unemployment. Former president Jose Maria Figueres was once investigated for corruption while ex-finance minister Rodrigo Chaves was previously demoted for sexual harassment. But with 23 percent of the population living in poverty and unemployment soaring to 14 percent alongside a series of corruption scandals, Costa Ricans seem more focused on the economy as they elect a successor to Carlos Alvarado. Also read | Costa Rica issues COVID-19 vaccine requirement for children Polls opened at 6.00 am (1200 GMT) and will close at 6.00 pm (0000 GMT). "Go to your center and vote," the electoral tribunal said on Twitter as voting began. Costa Rica has been described as the "happiest" country in Latin America and praised for its environmental policies and eco-tourism, but the vital tourism industry was hard hit by the coronavirus pandemic. Alongside Peru, it suffered the largest fall in employment figures in the region between 2019 and 2020. We're very poor "The next president has to change everything because we're very poor. There is no work here, there is nothing," said Ana Briceno, 64, a travel agent in the capital San Jose. "In the last years with Carlos Alvarado the situation has been very difficult ... so I think the future president must focus on the economy," said Cristina Aguilar, 32. Given their previous troubles, the two candidates have sought to keep the debate swirling around the economy. Watch | Costa Rica: Hydroelectric power plant gets new lease of life from crypto mining "The urgent themes to address are the ones causing discomfort and suffering to the people," said Chaves, 60, a surprise qualifier for Sunday's run-off, having polled fourth ahead of February's first round. "The first is the lack of jobs. Secondly, the cost of living." Chaves, from the newly formed right-wing Social Democratic Progress Party, led the most recent opinion polls, with more than 41 percent support, compared to 38 percent for Figueres. Figueres, 67, who was president from 1994 to 1998, is equally focused on the economy. "In the economic agenda, unemployment is the most important, the creation of employment opportunities is the priority," he said. Figueres, whose father Jose abolished the army in 1948 when he was president, topped the first round of voting among a crowded field of 25 contenders with 27.3 percent, ahead of Chaves who had 16.8 percent. But they were a long way from the 40 percent needed to win outright. 'Misinterpreted' jokes Both men have reached this final stage of the election despite the specter of past scandals. Chaves, who spent six months as finance minister in the outgoing government, was investigated over sexual harassment complaints brought by multiple women while he was a senior official at the World Bank, where he worked for 30 years. Also read | Costa Rican police seize 4 tonnes of Colombian cocaine He was demoted, though not fired, and has dismissed his behavior as jokes that were "misinterpreted due to cultural differences." Figueres, who represents the centrist National Liberation Party (PLN), was investigated for allegedly taking $900,000 from French engineering firm Alcatel, which has admitted to bribing officials. The ex-president, who worked abroad at the time as executive director of the World Economic Forum (WEF), refused to give evidence in the case in 2004 and returned to Costa Rica only in 2011 when the investigation expired. "Right now, I don't know who I will vote for ... because Chaves contradicts himself in everything and given what Figueres did last time, it leaves us undecided," said Jairo Montero, 37. In the unlikely event the election ends in a draw, Costa Rican law says the elder candidate would win, in this case Figueres. The first results are expected at around 8:30 pm. The winner will begin a four-year term on May 8.

Costa Rica presidential candidates vow to tackle unemployment

German&nbsp;unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy.

The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said.

Russia's invasion of its neighbour, which has added to supply chain disruptions and sent prices for energy rocketing, has so far only had an "isolated" impact on the labour market, BA regions director Daniel Terzenbach said.

Also read |<a href="https://www.wionews.com/india-news/in-delhi-german-nsa-hopes-no-back-filing-of-sanctions-will-take-place-467101">&nbsp;In Delhi, German NSA hopes no 'back filing' of sanctions will take place</a>

But the risk that supplies of natural gas and oil from Russia could be cut off if the conflict were to escalate were "weighing on the economic outlook" for Germany, Terzenbach said.

The Ukraine conflict derailed Germany's hopes of growth seeing a surge in economic growth as coronavirus-related health restrictions fell away.

Germany's reliance on imports of Russian gas and the importance to the economy of industry, which has been buffeted by supply bottlenecks, mean the country is particularly exposed to the conflict.&nbsp;

A panel of the government's economic advisers on Wednesday drastically cut their forecast for growth in 2022 to 1.8 percent, down from their previous estimate of 4.6 percent.

Also read |<a href="https://www.wionews.com/world/two-german-states-outlaw-the-display-of-russias-z-war-symbol-465969">&nbsp;Two German states outlaw the display of Russia's 'Z' war symbol</a>

The war was putting "additional strain" on supply chains stretched by the pandemic, while the spike in energy prices was weighing on businesses and consumers, said a member of the expert panel, Achim Truger.

Interruptions to deliveries of key components from suppliers in Ukraine has already led to interruptions in production at a number of&nbsp;German&nbsp;auto manufacturers, including Volkswagen and BMW.&nbsp;

Watch |&nbsp;Qatar to help Germany cut reliance on Russian oil amid Ukraine conflict

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German unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy. The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said.

German unemployment stayed at five percent in March, figures published Thursday showed, as the war in Ukraine darkened the outlook for Europe's largest economy. The number out of work went down by 18,000 in March on a seasonally adjusted basis, although the overall joblessness rate remained unchanged from February, the BA federal labour agency said. Russia's invasion of its neighbour, which has added to supply chain disruptions and sent prices for energy rocketing, has so far only had an "isolated" impact on the labour market, BA regions director Daniel Terzenbach said. Also read | In Delhi, German NSA hopes no 'back filing' of sanctions will take place But the risk that supplies of natural gas and oil from Russia could be cut off if the conflict were to escalate were "weighing on the economic outlook" for Germany, Terzenbach said. The Ukraine conflict derailed Germany's hopes of growth seeing a surge in economic growth as coronavirus-related health restrictions fell away. Germany's reliance on imports of Russian gas and the importance to the economy of industry, which has been buffeted by supply bottlenecks, mean the country is particularly exposed to the conflict. A panel of the government's economic advisers on Wednesday drastically cut their forecast for growth in 2022 to 1.8 percent, down from their previous estimate of 4.6 percent. Also read | Two German states outlaw the display of Russia's 'Z' war symbol The war was putting "additional strain" on supply chains stretched by the pandemic, while the spike in energy prices was weighing on businesses and consumers, said a member of the expert panel, Achim Truger. Interruptions to deliveries of key components from suppliers in Ukraine has already led to interruptions in production at a number of German auto manufacturers, including Volkswagen and BMW. Watch | Qatar to help Germany cut reliance on Russian oil amid Ukraine conflict

German unemployment stable in March as war rattles economy

The unemployment rate in&nbsp;South&nbsp;Africa&nbsp;soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt.

The jobless rate rose 0.4 percent points to 35.3 percent in the final three months of 2021, compared to 34.9 percent in the previous quarter.

"This is the highest unemployment rate recorded since the start of the (quarterly labour force survey) in 2008," StatsSA said in a report.

Also read |&nbsp;<a href="https://www.wionews.com/world/south-africa-announces-hunting-permits-for-rhino-leopards-456929">South Africa announces hunting permits for rhino, leopards</a>

It is also the fifth increase in unemployment since the country was placed under a strict Covid lockdown in March 2020.

There are now 7.9 million unemployed people in the continent's most industrialised country, compared to 14.5 million with jobs.&nbsp;

President Cyril Ramaphosa last week rolled back most of the remaining coronavirus restrictions as new infections fell and fewer deaths were reported.

The changes meant nearly all restrictions on social and economic activity were scrapped, he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/omicron-ba2-south-africa-sees-a-rise-in-sub-variant-cases-450463">Omicron BA.2: South Africa sees a rise in sub-variant cases</a>

The hardest Covid-hit African country has diagnosed more than 3.7 million infections, including 99,970 fatalities.

Compared to the same period in 2020, the expanded unemployment rate -- people who are employable but have given up looking for work -- has increased by 3.6 percent&nbsp;points to 46.2 percent.

Young people have been particularly badly hit, with joblessness among those aged 15 to 24 years old, exceeding 66 per cent.

Watch |&nbsp;Gravitas: Ukraine Conflict: South Africa, Israel and Turkey offer mediation

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The unemployment rate in South Africa soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt.

The unemployment rate in South Africa soared to its highest level on record in the final quarter of last year, official data showed Tuesday, as the impact of the pandemic continues to be felt. The jobless rate rose 0.4 percent points to 35.3 percent in the final three months of 2021, compared to 34.9 percent in the previous quarter. "This is the highest unemployment rate recorded since the start of the (quarterly labour force survey) in 2008," StatsSA said in a report. Also read | South Africa announces hunting permits for rhino, leopards It is also the fifth increase in unemployment since the country was placed under a strict Covid lockdown in March 2020. There are now 7.9 million unemployed people in the continent's most industrialised country, compared to 14.5 million with jobs. President Cyril Ramaphosa last week rolled back most of the remaining coronavirus restrictions as new infections fell and fewer deaths were reported. The changes meant nearly all restrictions on social and economic activity were scrapped, he said. Also read | Omicron BA.2: South Africa sees a rise in sub-variant cases The hardest Covid-hit African country has diagnosed more than 3.7 million infections, including 99,970 fatalities. Compared to the same period in 2020, the expanded unemployment rate -- people who are employable but have given up looking for work -- has increased by 3.6 percent points to 46.2 percent. Young people have been particularly badly hit, with joblessness among those aged 15 to 24 years old, exceeding 66 per cent. Watch | Gravitas: Ukraine Conflict: South Africa, Israel and Turkey offer mediation

South Africa's unemployment rate hits new high

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country.

Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

The prime minister further said the government and ministries had not given the desired results.

"The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying.

"Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked.

Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest.

He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives.

The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term.

Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis.

Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion.

(With inputs from agencies)

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported.

Blaming Pakistan’s bureaucratic system, Prime Minister Imran Khan admitted that his government could not bring the desired “changes” in the country. Speaking at a government event in Islamabad, Khan on Thursday said that he wanted to bring "revolutionary changes" at the start of his term, but he could not do it because the "system was incapable of absorbing shock,” Dawn newspaper reported. The prime minister further said the government and ministries had not given the desired results. "The biggest problem is that there has been no connection between the government and the interest of the country," Dawn quoted Khan as saying. "Are our ministries performing how to stabilise the country through increasing exports and how the condition of the people can be improved, how poverty can be eliminated?" he asked. Khan said increasing exports, finding import substitution and alleviating poverty were significant areas of national interest. He stressed the need for putting in place a system of reward and punishment and said that reforms had been made regarding the powers of the National Accountability Bureau that allowed bureaucrats to take initiatives. The remarks of the prime minister come amid a massive economic crisis plaguing Pakistan. Inflation, poverty and unemployment have reached record levels under Imran Khan’s term. Pakistan has sought almost 20 bailouts from the International Monetary Fund over half a century to tide over the foreign reserve crisis. Apart from that, Pakistan has been struggling to pay out debts to China amounting to $4.5 billion. (With inputs from agencies)

‘Wanted to bring revolutionary changes’: Pak PM admits govt’s failure

Afghanistan is fighting a slew of crisis including unemployment, drought, hunger and in a bid to tackle the ongoing issues, its acting Taliban government has launched a program offering people wheat in exchange for labour.

Taliban government launches program offering people wheat in exchange for labour

Fall was meant to mark the beginning of the end of the labour shortage that has held back the nation’s economic recovery. Expanded unemployment benefits were ending. Schools were reopening, freeing up many caregivers. Surely, economists and business owners reasoned, a flood of workers would follow.

Instead, the labour force shrank in September. There are 5 million fewer people working than before the pandemic began and 3 million fewer even looking for work.

The slow return of workers is causing headaches for the Biden administration, which was counting on a strong economic rebound to give momentum to its political agenda. Forecasters were largely blindsided by the problem and do not know how long it will last.

Also read |&nbsp;<a href="https://www.wionews.com/world/silent-crisis-looms-as-us-to-end-covid-aid-for-millions-of-jobless-410825">'Silent crisis' looms as US to end Covid aid for millions of jobless</a>

Conservatives have blamed generous unemployment benefits for keeping people at home, but evidence from states that ended the payments early suggests that any impact was small. Progressives say companies could find workers if they paid more, but the shortages are not limited to low-wage industries.

Instead, economists point to a complex, overlapping web of factors, many of which could be slow to reverse.

The health crisis is still making it hard or dangerous for some people to work, while savings built up during the pandemic have made it easier for others to turn down jobs they do not want. Psychology may also play a role: Surveys suggest that the pandemic led many to rethink their priorities, while the glut of open jobs — more than 10 million in August — may be motivating some to hold out for a better offer.

The net result is that, arguably for the first time in decades, workers up and down the income ladder have leverage. And they are using it to demand not just higher pay but also flexible hours, more generous benefits and better working conditions. A record 4.3 million people quit their jobs in August, in some cases midshift to take a better-paying position down the street.

“It’s like the whole country is in some kind of union renegotiation,” said Betsey Stevenson, a University of Michigan economist who was an adviser to President Barack Obama. “I don’t know who’s going to win in this bargaining that’s going on right now, but right now it seems like workers have the upper hand.”

Rachel Eager spent last fall at home, taking the last class for her bachelor’s degree over Zoom while waiting to be recalled to her job at a New York City after-school program. That call never came.

Also read |&nbsp;<a href="https://www.wionews.com/world/a-21-billion-pandemic-lifeline-for-undocumented-workers-runs-out-422140" hreflang="en">A $2.1 billion pandemic lifeline for undocumented workers runs out</a>

So Eager, 25, is looking for work. She has applied for dozens of jobs and had a handful of interviews, so far without luck. But she is taking her time. Eager said she is still worried about catching <a href="https://www.wionews.com/topics/coronavirus">COVID-19</a>; she would prefer to work remotely, and if she does end up taking an in-person job, she wants it to be worth the risk. And she does not want another job with low pay, little flexibility and no benefits.

“Many, many people are realizing that the way things were pre-pandemic were not sustainable and not benefiting them,” she said.

She has been applying for jobs in data analysis, nonprofit management and other fields that would offer better pay, benefits and a sense of purpose.

Eager, who is vaccinated, said that she had always been careful with money and that she built savings this year by staying home and socking away unemployment benefits and other aid.

“My financial situation is OK, and I think that is 99% of the reason that I can be choosy about my job prospects,” she said.

Americans have saved trillions of dollars since the pandemic began. Much of that wealth is concentrated among high earners, who mostly kept their jobs, reduced spending on dining and vacations, and benefited from a soaring stock market. But many lower-income Americans, too, were able to set aside money thanks to the government’s multitrillion-dollar response to the pandemic, which included not only direct cash assistance but also increased food aid, forbearance on mortgages and student loans, and an eviction moratorium.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-unemployment-claims-at-lowest-level-since-pandemic-began-373396">US unemployment claims at lowest level since pandemic began</a>

Economists said the extra savings alone are not necessarily keeping people out of the labor force. But the cushion is letting people be more picky about the jobs they take, when many have good reasons to be picky.

In addition to health concerns, child care issues remain a factor. Most schools have resumed in-person classes, but parents in many districts have had to grapple with quarantines or temporary returns to remote learning. And many parents of younger children are struggling to find day care, in part because that industry is dealing with its own staffing crisis.

Liz Kelly-Campanale left her job as a winemaker last year to care for her two children in Portland, Oregon. She thought about going back to work when schools resumed in-person instruction this fall. But the delta variant upended those plans.

“If you have an exposure, all of a sudden your kids are out of school for 10 days,” she said. “For people who have jobs where they can work from home, it’s maybe a little more feasible, but I can’t really drive a forklift around the house.”

Economists worry that if the pandemic leads many people to opt out of the workforce, it could have long-term consequences for economic growth. Rising labor force participation, particularly among women, was a major driver of the strong gains in income and production after World War II. Many economists argue that the reversal of that trend in recent decades has hurt economic growth.

In the shorter term, many economists think that more people will return to work as pandemic-related issues recede and as people deplete their savings.

“Eventually those savings, especially for lower-income people, they’re going to run out,” said Pablo Villanueva, an economist at UBS. “A lot of people are going to be increasingly unable to stay out of work even if they have some fear of COVID.”

Some businesses seem determined to wait them out. Wages have risen, but many employers appear reluctant to make other changes to attract workers, like flexible schedules and better benefits. That may be partly because, for all their complaints about a labor shortage, many companies are finding that they can get by with fewer workers, in some instances by asking customers to accept long waits or reduced service.

“They’re making a lot of profits in part because they’re saving on labor costs, and the question is, how long can that go on?” said Julia Pollak, chief economist for the employment site ZipRecruiter.

Eventually, she said, customers may get tired of busing their own tables or sitting on hold for hours, and employers may be forced to give in to workers’ demands.

Fall was meant to mark the beginning of the end of the labour shortage that has held back the nation’s economic recovery. Expanded unemployment benefits were ending.

Fall was meant to mark the beginning of the end of the labour shortage that has held back the nation’s economic recovery. Expanded unemployment benefits were ending. Schools were reopening, freeing up many caregivers. Surely, economists and business owners reasoned, a flood of workers would follow. Instead, the labour force shrank in September. There are 5 million fewer people working than before the pandemic began and 3 million fewer even looking for work. The slow return of workers is causing headaches for the Biden administration, which was counting on a strong economic rebound to give momentum to its political agenda. Forecasters were largely blindsided by the problem and do not know how long it will last. Also read | 'Silent crisis' looms as US to end Covid aid for millions of jobless Conservatives have blamed generous unemployment benefits for keeping people at home, but evidence from states that ended the payments early suggests that any impact was small. Progressives say companies could find workers if they paid more, but the shortages are not limited to low-wage industries. Instead, economists point to a complex, overlapping web of factors, many of which could be slow to reverse. The health crisis is still making it hard or dangerous for some people to work, while savings built up during the pandemic have made it easier for others to turn down jobs they do not want. Psychology may also play a role: Surveys suggest that the pandemic led many to rethink their priorities, while the glut of open jobs — more than 10 million in August — may be motivating some to hold out for a better offer. The net result is that, arguably for the first time in decades, workers up and down the income ladder have leverage. And they are using it to demand not just higher pay but also flexible hours, more generous benefits and better working conditions. A record 4.3 million people quit their jobs in August, in some cases midshift to take a better-paying position down the street. “It’s like the whole country is in some kind of union renegotiation,” said Betsey Stevenson, a University of Michigan economist who was an adviser to President Barack Obama. “I don’t know who’s going to win in this bargaining that’s going on right now, but right now it seems like workers have the upper hand.” Rachel Eager spent last fall at home, taking the last class for her bachelor’s degree over Zoom while waiting to be recalled to her job at a New York City after-school program. That call never came. Also read | A $2.1 billion pandemic lifeline for undocumented workers runs out So Eager, 25, is looking for work. She has applied for dozens of jobs and had a handful of interviews, so far without luck. But she is taking her time. Eager said she is still worried about catching COVID-19; she would prefer to work remotely, and if she does end up taking an in-person job, she wants it to be worth the risk. And she does not want another job with low pay, little flexibility and no benefits. “Many, many people are realizing that the way things were pre-pandemic were not sustainable and not benefiting them,” she said. She has been applying for jobs in data analysis, nonprofit management and other fields that would offer better pay, benefits and a sense of purpose. Eager, who is vaccinated, said that she had always been careful with money and that she built savings this year by staying home and socking away unemployment benefits and other aid. “My financial situation is OK, and I think that is 99% of the reason that I can be choosy about my job prospects,” she said. Americans have saved trillions of dollars since the pandemic began. Much of that wealth is concentrated among high earners, who mostly kept their jobs, reduced spending on dining and vacations, and benefited from a soaring stock market. But many lower-income Americans, too, were able to set aside money thanks to the government’s multitrillion-dollar response to the pandemic, which included not only direct cash assistance but also increased food aid, forbearance on mortgages and student loans, and an eviction moratorium. Also read | US unemployment claims at lowest level since pandemic began Economists said the extra savings alone are not necessarily keeping people out of the labor force. But the cushion is letting people be more picky about the jobs they take, when many have good reasons to be picky. In addition to health concerns, child care issues remain a factor. Most schools have resumed in-person classes, but parents in many districts have had to grapple with quarantines or temporary returns to remote learning. And many parents of younger children are struggling to find day care, in part because that industry is dealing with its own staffing crisis. Liz Kelly-Campanale left her job as a winemaker last year to care for her two children in Portland, Oregon. She thought about going back to work when schools resumed in-person instruction this fall. But the delta variant upended those plans. “If you have an exposure, all of a sudden your kids are out of school for 10 days,” she said. “For people who have jobs where they can work from home, it’s maybe a little more feasible, but I can’t really drive a forklift around the house.” Economists worry that if the pandemic leads many people to opt out of the workforce, it could have long-term consequences for economic growth. Rising labor force participation, particularly among women, was a major driver of the strong gains in income and production after World War II. Many economists argue that the reversal of that trend in recent decades has hurt economic growth. In the shorter term, many economists think that more people will return to work as pandemic-related issues recede and as people deplete their savings. “Eventually those savings, especially for lower-income people, they’re going to run out,” said Pablo Villanueva, an economist at UBS. “A lot of people are going to be increasingly unable to stay out of work even if they have some fear of COVID.” Some businesses seem determined to wait them out. Wages have risen, but many employers appear reluctant to make other changes to attract workers, like flexible schedules and better benefits. That may be partly because, for all their complaints about a labor shortage, many companies are finding that they can get by with fewer workers, in some instances by asking customers to accept long waits or reduced service. “They’re making a lot of profits in part because they’re saving on labor costs, and the question is, how long can that go on?” said Julia Pollak, chief economist for the employment site ZipRecruiter. Eventually, she said, customers may get tired of busing their own tables or sitting on hold for hours, and employers may be forced to give in to workers’ demands.

The economic rebound is still waiting for workers

As hundreds of thousands of people around the world are struggling to get jobs in the coronavirus-affected economy, millions of Americans are quitting their jobs.<o:p></o:p>

The latest Job Openings and Labor Turnover Survey (JOLTS) conducted by the US Labor Department has concluded that nearly 4.3 million Americans have quit their jobs in August.<o:p></o:p>

This translates into 2.9 per cent of all workers in the country, which makes it the highest quitting rate recorded till now.<o:p></o:p>

The report also shows that while millions of people are quitting jobs, the 7.7 million people who are unemployed are still not jumping in the queue to get these jobs.<o:p></o:p>

This new figure had confused the analysts as many had expected unemployed people to quickly jump to job openings. Experts had also expected people to stick to their jobs to avoid getting fired and becoming unemployed in the Covid-stricken economy.<o:p></o:p>

However, the US citizens do not want to go back to the under-paid, unsanitary, unsafe and 'boring' jobs. "[Employees] don’t want to return to backbreaking or boring, low wage, sh-t jobs," Robert Reich, former U.S. Secretary of Labor in the Clinton Administration, told locals media house TIME. "Workers are burned out. They're fed up. They're fried. In the wake of so much hardship, and illness and death during the past year, they’re not going to take it anymore."<o:p></o:p>

Nearly 892,000 employees of the food sector and consumer-facing jobs called it quits form their jobs in the month of August, which was 157,000 more than July.<o:p></o:p>

The food sector employees have faced extremely problematic long hours which did not translate into equal or fair pay. The stress and frustration caused by such long and repeated shifts led to a lot of people quitting, especially in the month of August.<o:p></o:p>

This, some believe, is also because the social media-active generation has realised that they do not need to be at their toes all the time to make minimum wage. Experts believe it is the age where the economy is looking at few years of an employee’s market.<o:p></o:p>

As hundreds of thousands of people around the world are struggling to get jobs in the coronavirus-affected economy, millions of Americans are quitting their jobs.

As hundreds of thousands of people around the world are struggling to get jobs in the coronavirus-affected economy, millions of Americans are quitting their jobs. The latest Job Openings and Labor Turnover Survey (JOLTS) conducted by the US Labor Department has concluded that nearly 4.3 million Americans have quit their jobs in August. This translates into 2.9 per cent of all workers in the country, which makes it the highest quitting rate recorded till now. The report also shows that while millions of people are quitting jobs, the 7.7 million people who are unemployed are still not jumping in the queue to get these jobs. This new figure had confused the analysts as many had expected unemployed people to quickly jump to job openings. Experts had also expected people to stick to their jobs to avoid getting fired and becoming unemployed in the Covid-stricken economy. However, the US citizens do not want to go back to the under-paid, unsanitary, unsafe and 'boring' jobs. "[Employees] don’t want to return to backbreaking or boring, low wage, sh-t jobs," Robert Reich, former U.S. Secretary of Labor in the Clinton Administration, told locals media house TIME. "Workers are burned out. They're fed up. They're fried. In the wake of so much hardship, and illness and death during the past year, they’re not going to take it anymore." Nearly 892,000 employees of the food sector and consumer-facing jobs called it quits form their jobs in the month of August, which was 157,000 more than July. The food sector employees have faced extremely problematic long hours which did not translate into equal or fair pay. The stress and frustration caused by such long and repeated shifts led to a lot of people quitting, especially in the month of August. This, some believe, is also because the social media-active generation has realised that they do not need to be at their toes all the time to make minimum wage. Experts believe it is the age where the economy is looking at few years of an employee’s market.

More than 4 million Americans quit jobs in August: Report

South Africa’s metalworkers' union on Tuesday began an indefinite strike seeking pay raises. The union has around 155,000 members working in various industries including auto-mechanics.

South African metalworkers are striking over low wages & unemployment

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