U.S. jobless claims jumped to a record 6.6 million last week. swahapattanaik wrote yesterday that the flexibility of the U.S. labour market may turn out to be a handicap in a virus-induced crash.
The European Commission on April 1 proposed a short-time work scheme modelled on Germany's Kurzarbeit programme to help people keep their jobs as the coronavirus pandemic hits economies across the 27-nation European Union. Under the German scheme, the government pays part of a worker's wages when companies cut their hours to prevent employees losing their jobs altogether.
The ADP National Employment Report on April 1 indicated that U.S. private payrolls fell by 27,000 jobs last month, the first decline since September 2017, after advancing by a revised 179,000 in February. Establishments were surveyed in mid-March, before many states and local governments ordered residents to stay at home unless on essential business.
Initial claims for U.S. unemployment benefits soared to a seasonally adjusted 3.3 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982, the Labor Department said on March 26.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Europe races to rescue its tech industry as start-ups fight for survivalEuropean countries are racing to save their tech start-ups as the region faces an impending economic downturn because of the coronavirus crisis.
Read more »
Exclusive - 'Things under control': how Europe sleepwalked into the coronavirus crisisBarely a month before Europe embarked on a scramble for masks, ventilators and testing kits to fight coronavirus, governments told Brussels their healthcare systems were ready and there was no need to order more stocks, EU documents show.
Read more »
1.1 million autoworkers are off the job in EuropeMore than 1.1 million autoworkers have been forced to stay home in Europe as the coronavirus pandemic closes plants and brings production in the region to a standstill.
Read more »
Europe should see a 'tick mark' recovery after a coronavirus plunge, economists sayThe sharp economic downturn caused by the coronavirus pandemic will be followed by a rebound — but it will take around two years.
Read more »
U.S. Reviews Guidance on Masks to Fight Coronavirus as Europe Embraces Their UseU.S. public-health authorities are reviewing recommendations for wearing face masks to prevent the spread of coronavirus, and a wave of European governments have ordered their citizens to use them outside the home.
Read more »
Dutch finance minister: Failed to show compassion in Europe remarksThe Netherlands' Finance Minister Wopke Hoekstra on Tuesday backtracked from recent remarks made about Dutch readiness to participate in European programmes to help countries stricken by coronavirus, saying they apparently showed 'too little compassion.'
Read more »