News That Matters

Tag: wage

China to wage 'cold war' with USA, CIA expert says

China to wage 'cold war' with USA, CIA expert says

World
July 21 (UPI) -- China is waging a 'cold war' against the United States of America, a CIA agent told an Aspen Security Forum in Colorado. "I would argue ... that what they're waging against us is fundamentally a cold war - a cold war not like we saw during THE Cold War [between the U.S. and the Soviet Union] but a cold war by definition," Deputy Assistant Director Michael Collins of the CIA's East Asia Mission Center told the Washington Post Columnist and Associate Editor David Ignatius who moderated Aspen Security Forum in Colorado Friday. "A country that exploits all avenues of power," including "economic, military" to undermine the standing of its rival compared to its "own standing without resorting to conflict." Collins added that the threat is not necessarily coming from China itse...
Wage growth at weakest level since January

Wage growth at weakest level since January

Business
There has been a further slowdown in the rate of pay growth, as the Bank of England mulls the timing of an interest rate rise. The Office for National Statistics (ONS) reported that average weekly wages, excluding bonuses, rose by 2.7% in the three months to May.That was down from 2.8% the previous month and its peak of 2.9% between January and March.According to the ONS, the 2.7% figure marked the slowest rate of wage growth since it reported salary progress in JanuaryHowever, it did report another new record for employment - with the proportion of people in work hitting 75.7% after 137,000 jobs were created over the three months. Image: Employment has remained ahead of most forecasts The performance failed to aid the jobless rate, wh...
The rich world needs higher real wage growth

The rich world needs higher real wage growth

Finance
CENTRAL bankers and economists have spilled much ink in recent years on the question of why wages have not grown more. The average unemployment rate in advanced economies is 5.3%, lower than before the financial crisis. Yet even in America, the hottest rich-world economy, pay is growing by less than 3% annually. This month the European Central Bank devoted much of its annual shindig in Sintra, Portugal to discussing the wage puzzle.Recent data show, however, that the problem rich countries face is not that nominal wage growth has failed to respond to economic conditions. It is that inflation is eating up pay increases and that real—that is, inflation-adjusted—wages are therefore stagnant. Real wages in America and the euro zone, for example, are growing more slowly even as the ...
Wage growth weakens despite employment surge

Wage growth weakens despite employment surge

Business
Wage growth weakened to 2.8% in the three months to April though there was a strong increase in the number of people in work, official figures show. The data from the Office for National Statistics (ONS) shows pay is still increasing more quickly than inflation.But the pace of regular wage growth - excluding bonuses - has slipped back after reaching 2.9% in the previous month's set of figures - which was the best increase since 2015.It could further douse expectations of an interest rate hike this summer - already dampened by indications of sluggish economic growth after a first quarter in which the UK slowed to a near standstill.But there was a better than expected increase in the number of people in work, by 146,000 to 32.39 million, while unemployment fell by 38,000 to 1...
S. Korea unemployment surges to 17-year-high after minimum wage hike

S. Korea unemployment surges to 17-year-high after minimum wage hike

World
SEOUL, April 11 (UPI) -- South Korea's unemployment rate rose to a 17-year-high in March, after the country raised its minimum wage by the highest increase in 17 years in January.Statistics Korea on Wednesday announced the number of unemployed Koreans hit 1.25 million last month, recording a 4.5 percent unemployment rate, and marking the third straight month that the number of jobless people topped the one million mark.The situation was considerably worse for young people, aged between 15 and 29, with youth unemployment hitting 11.6 percent, a two-year high for that month.The number of employed people last month stood at 26.6 million, up 112,000 from a year earlier. It marked the second straight month of growth confined to the 100,000 range.Experts say the sluggish growth in jobs is likely...