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Tag: growth

UK wage growth slows as unemployment falls

UK wage growth slows as unemployment falls

Business
UK wage growth slowed down in the three months to September, according to the latest figures from the Office for National Statistics (ONS).Unemployment dropped by 23,000 to 1.31 million over the same period, while the number of people in work also fell.Average earnings excluding bonuses increased by 3.6%, compared with 3.8% growth in the previous month.The figures also showed the biggest annual drop in the number of job vacancies in nearly 10 years.The ninth consecutive monthly fall in available jobs saw advertised positions fall by 18,000 to 800,000.There were 32,75 million people in work during the three-month period, a fall of 58,000. It was the biggest drop since May 2015, when the total fell by 65,000. The ONS said this was down to falling numbers of...
UK ducks recession with weakest annual growth since 2010

UK ducks recession with weakest annual growth since 2010

Business
The UK has dodged a recession despite seeing the biggest year-on-year slowdown in nearly a decade.The Office for National Statistics (ONS) said the 0.3% growth for the latest quarter signalled the economy "slowing" as UK GDP had grown at 1% for the same period in 2018. It said this represented the weakest annual rate since 2010.However, the expansion meant the UK avoided plunging into a recession, defined by two successive quarters of economic decline.It shrank by 0.2% in the three months to June 2019. Advertisement Despite this, the economy was slightly weaker than both market expectations and the Bank of England's latest forecasts, which had pointed to 0.4% growth for the period between July and September...
Seeing strong lending biz growth, MobiKwik targets Rs 1500 cr disbursement this fiscal

Seeing strong lending biz growth, MobiKwik targets Rs 1500 cr disbursement this fiscal

Finance
Digital payments company MobiKwik has witnessed strong growth in its lending business and aims to disburse loans worth Rs 1,500 crore in FY2020 through its platform. The company, which competes with the likes of Paytm in the fintech space, has already disbursed over one lakh "digital loans" in September this year. "We started our digital lending journey more than a year ago, and disbursed over 1,00,000 fully digital loans in September...We are well on track to disburse over Rs 1,500 crore across 1.2 million loans in FY2020," MobiKwik Co-founder and CEO Bipin Preet Singh told PTI. He added that the company is working with leading financial institutions to create loan products that customers need in small packet sizes. "We have been able to keep operating costs low by delivering the loan com...
Federal Reserve cuts rates again amid trade and growth fears

Federal Reserve cuts rates again amid trade and growth fears

Business
The US central bank has cut interest rates again, hoping to shield the economy from the impact of trade wars and a global slowdown.The Federal Reserve lowered the target for its benchmark rate by a quarter point, to a range of 1.5% to 1.75%. The move was the third cut in four months.The decision comes as US economic growth slowed to an annual rate of 1.9% in the most recent quarter.Fed Chair Jerome Powell implied the bank would hold off on further cuts."We feel that policy is well-positioned," he said at a press conference in Washington at the end of the Fed's two-day meeting.Since the last meeting, he said risks to the economy have subsided, pointing to the possibility of a limited "phase one" US-China trade pact and reduce...
‘Worrisome’: China’s economic growth slows to 27-year low

‘Worrisome’: China’s economic growth slows to 27-year low

Business
China's economic growth slowed to 6% year-on-year in the third quarter, amid a trade war with the US and fading demand at home and abroad.This means the world's second-largest economy grew at its weakest pace in at least 27 years and at a rate below the 6.2% growth seen in the second quarter. Mao Shengyong, spokesman for China's National Bureau of Statistics, said: "Generally speaking, the national economy maintained overall stability in the first three quarters."However, we must be aware that given the complicated and severe economic conditions both at home and abroad, the slowing global economic growth, and increasing external instabilities and uncertainties, the economy is under mounting downward pressure."China is expected to record 6.2% growth over the year, according to a Reuters pol...