Jerome Powell signals Fed to keep buying bonds even as outlook improves

By Rich Miller Federal Reserve Chairman Jerome Powell signaled that the central bank was nowhere close to pulling back on its support for the pandemic-damaged U.S. economy even as he voiced expectations for a return to more normal, improved activity later this year. “The economy is a long way from our employment and inflation goals, … Read more

EPFO: Net new enrolments rise by 24% to 12.54 lakh in December

Net new enrolments under the retirement fund body Employees Provident Fund Organisation grew by 24% to 12.54 lakh in December compared to the same month in 2019, providing a perspective on formal sector employment amid the coronavirus pandemic. The provisional payroll data of EPFO, released on Saturday, highlights a positive trend for net subscribers base … Read more

New demand-driven scheme in the works to create more entrepreneurs

New Delhi: The government is readying a scheme to help create entrepreneurs and handhold young enterprises that are struggling, as it foresees the Covid pandemic taking a toll on the job market. The plan is to train more than 300,000 youth to become entrepreneurs over the next five years, facilitate loans to them and connect … Read more

Economy Week Ahead: Election, the Fed and Employment

The U.S. employment report for October caps a full week for economic and political news. Monday The Institute for Supply Management’s survey of purchasing managers at factories is expected to show another month of expanding activity in October. Strong demand for consumer goods and capital equipment has driven a manufacturing rebound after coronavirus-related disruptions depressed … Read more

Urban unemployment fell to 8.4% in July-September 2019: Government

New Delhi: Unemployment in urban areas fell to 8.4% in July- September 2019 from 8.9% in the June quarter last year, data released by the Ministry of Statistics and Programme Implementation (MoSPI) in the quarterly bulletin of the Periodic Labour Force Survey (PLFS) showed. Urban unemployment in the age group 15-29 years was 20.6%. Among … Read more

With Fewer Covid-19 Restrictions, South’s Economy Outperforms Nation

When coronavirus cases began surging across the South this summer, the region seemed destined for the same economic setback the Northeast suffered during the spring. But by the end of summer, the South’s economy remained largely unscathed from the wave of infections. Its unemployment rate had fallen to 6.9%, the lowest of any region in … Read more

Coronavirus, Hurting Jobs and Loans, Has Indians Selling the Family Gold

NEW DELHI—Investors across the globe are hoarding gold in the Covid-19 pandemic. In normally gold-obsessed India, there’s a glut, as struggling families stop buying and start hocking jewelry. International investors have lifted the price of gold to all-time highs this year, trying to get their hands on more gold coins, bars and exchange-traded funds. Many … Read more

In France, the Young Lose Their Jobs to Coronavirus

PARIS—Young workers in France, who have suffered from chronically high unemployment for more than a decade, are now bearing the brunt of the economic fallout from the coronavirus pandemic. In France, it is less expensive to fire young people than older workers, who tend to have contracts with heftier job protections. Government furlough programs are … Read more

In the Covid-19 Recession, Europe Props Up Jobs While the U.S. Props Up Workers

Karren Madere and Andrea Knebel are both victims of the Covid-19 recession. Ms. Madere was laid off in June from her job at a travel-management company, where she negotiated hotel-room rates for corporate clients. Ms. Knebel was sent home in April from her job as a business consultant at an auto-parts factory. Ms. Madere, 61 … Read more

Battered Eurozone Could See More Economic Stimulus in the Fall

FRANKFURT—European Central Bank officials signaled that they could roll out new monetary stimulus in the fall to shore up economic growth, as the region wrestles with rising unemployment and a possible wave of corporate bankruptcies. While ECB officials signaled relief that the 19-nation currency union had avoided an even deeper downturn, they warned of possible … Read more