Money

British under 35s hit by jobs crisis

Published

4 years ago

April 20, 2021

Ahron Young

Jobs crisis continues for UK hospitality workers.

Younger people in the UK are still bearing the brunt of the jobs crisis.

Industries such as hospitality have been hardest hit, according to new figures.

In the year to March, 811,000 payroll jobs were lost in the UK, with under-35s accounting for 80% of these cuts.

The data also showed the unemployment rate dipped to 4.9% in the three months to February – down from 5% previously.

This was despite most of the UK being under strict lockdown rules for at least some of the period.

The Office for National Statistics (ONS) said the jobs market “remains subdued”, with five million people employed but still on furlough.

Head of economics at the British Chambers of Commerce, Suren Thiru, said: ”Although the furlough scheme will limit the peak in job losses, the longer-term structural unemployment caused by Covid-19, particularly among young people, may mean that the road back to pre-pandemic levels lags behind the wider economic recovery.”

1.67 million people were unemployed between December and February.

UK unemployment falls again under government's jobs shield – Reuters UK

UK unemployment falls again under government's jobs shield Reuters UK https://t.co/GmtR9YQUSN

— Sarang Pokhare (@sarang143u) April 20, 2021

According to the ONS, people aged under 35 accounted for 635,000 payroll jobs lost in the year to March, with 436,000 of those positions held by people under 25.

Gerwyn Davies, senior policy adviser at the Chartered Institute of Professional Development, said the number of young people in employment had fallen to a “post-pandemic low”.

“This reinforces the urgent case for apprenticeship incentives to be made more generous and targeted specifically at 18-24 year-olds. It also underlines the need to improve employers’ awareness of traineeships and the Kickstart [work placement] Scheme.”

Money

Markets surge as Fed hints at July cut

Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.

Published

16 minutes ago

July 11, 2025

ticker NEWS

Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.

Fed Governor Christopher Waller, tipped as a possible next Chair, signalled a July rate cut is on the table, calling current policy “too tight.” That’s been enough to supercharge investor sentiment.

Meanwhile, Trump has slapped a surprise 50% tariff on Brazil, sparking political tension. Brazil’s President responded with tough talk on “sovereignty,” but markets barely blinked, the Brazilian real dropped just 1%.

#StockMarket #FederalReserve #Bitcoin #AUD #TrumpTariffs #TickerNews

Money

Trump’s copper tariff shakes global markets

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

Published

1 day ago

July 10, 2025

ticker NEWS

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

President Donald Trump has unveiled plans to impose a 50% tariff on copper imports, a move set to rattle global supply chains and redraw the industrial map.

The tariff will hit within weeks, with Chile, the world’s largest copper exporter, expected to bear the brunt.

While Australia’s direct copper trade with the US is limited, analysts say the real message is strategic: the US is reinforcing its domestic manufacturing power.

#CopperTariff #DonaldTrump #TradeWar #GlobalMarkets #TickerNews

Money

RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

Published

3 days ago

July 8, 2025

Ahron Young

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.