India: COVID: India′s economy battles widespread unemployment, inflation

Last week, a railway job recruitment drive in India's northern states of Bihar and Uttar Pradesh turned violent, as groups protesting mass unemployment blocked roads and railway lines.

Protester Navin Kumar Jha, 28, told DW he was among 10 million applicants for roughly 36,000 total jobs being offered.

"The authorities had to finally suspend the recruitment. We wanted to draw attention to joblessness that is worsening in the country," Jha said.

Read more at: COVID: India′s economy battles widespread unemployment, inflation | Asia | An in-depth look at news from across the continent | DW | 31.01.2022

EU Economy: In the EU, GDP down by 0.4% and employment down by 0.3%

In the first quarter of 2021, seasonally adjusted GDP decreased by 0.6% in the euro areaand by 0.4% in the EU,compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. These declines follow falls in the fourth quarter of 2020(-0.7% in the euro areaand -0.5% in the EU) after a strong rebound in the third quarter of 2020 (+12.5% in the euro areaand +11.7% in the EU) and the sharpest decreases since the time series started in 1995 observed inthe second quarter of 2020 (-11.6% in the euro areaand -11.2% in the EU

Read more at: 2-18052021-AP-EN.pdf

US Economy: Unfilled jobs, unemployment and price rises show Biden's spending plans carry major risks - by W. James Antle III

We're a long way from the stagflation of those bad old days under President Jimmy Carter, with the economy growing at a brisk 6.4 percent annual rate as the world reopens and the pandemic recedes. Still, a recent spate of bad economic news in what should be a fairly robust recovery is a warning that President Joe Biden and congressional Democrats' approach to fiscal policy could reap negative unintended consequences.

Read more at: W. James Antle III: Unfilled jobs, unemployment and price rises show Biden's spending plans carry major risks

USA - Economy- Poll:Americans Wary That Stock Market Bubble Will Burst

The stock market has recently hit record highs, but Americans are increasingly worried that the boom won’t last much longer.

A new Rasmussen Reports national telephone and online survey finds that 61% of American Adults are at least somewhat concerned that the stock market bubble will burst and push the economy back into recession with 23% who are Very Concerned. Twenty-five percent (25%) don't share that fear, but that includes only seven percent (7%) who are Not at All Concerned.

Read more at: Americans Wary That Stock Market Bubble Will Burst - Rasmussen Reports®

US Economy - the great divide between Wall Street and Main Street: as thousands Line Up In Dallas For North Texas Food Bank’s ‘Largest Mobile Food Distribution Ever’

Thousands of families lined up in Dallas on Saturday for a giveaway hosted by the North Texas Food Bank, and the organization called it its largest ever.

Organizers said the NTFB gave away over 7,000 turkeys and around 600,000 pounds of food in Fair Park to those families in need as the holidays approach and the COVID-19 pandemic continues.

Saturday’s event was also the NTFB’s fifth food giveaway in Fair Park since the pandemic began in March.

Note EU-Digest: US Economy: Wall Street versus Main street - total disparity - the recent Wall Street bounce can be better described as the US Economy's "Dead Cat bounce" , before "the walls from Jericho came tumbling down ".

Read more at: Thousands Line Up In Dallas For North Texas Food Bank’s ‘Largest Mobile Food Distribution Ever’ – CBS Dallas / Fort Worth

US Economy; Complete disconnect between Wall Street and Main Street - by RM

Question, who or what is behind the major disconnect between Wall Street and reality, with stocks going up on the Dow for the past 4 days.Today by even more than 500 points, and this while economies are tanking all around the world, and while as many as 30% of the US workforce remains 
unemployed ?

Some companies obviously are making excessive profits as a result of the present emergency situation, but in no way is Wall Street a reflection of the state of the US economy, as President Trump likes to brag about.

The above is, however another clear indication of the great disparity between "the have and have nots" in the US and has to be remedied by an aggressive and progressive new Democratic government, before it destroys the USA from within.

EU-Digest

USA: April jobs report: 20.5M become unemployed as COVID-19 spreads

Some 30% of America’s economy has evaporated, leading to 20.5 million job losses and soaring unemployment.

Read more at:
https://www.usatoday.com/story/money/2020/05/08/april-jobs-reports-20-5-m-become-unemployed-covid-19-spreads/3090664001/

Global Economy: Coronavirus: Half a billion people could be pushed into poverty, says UN study

 A study says the pandemic could push 8% of the world's population into poverty, prompting calls for a huge rescue package for vulnerable communities. "Never in the 75 years history of our institution have so many countries found themselves in need," said IMF head Kristalina Georgieva,

Note EU-Digest: After the coronavirus has gone we can only sincerely hope the world will not return to the "status quo", where all the wealth is controlled by 2% of the population and big business. It should be a unique moment for major Social and Political change. Hopefully this will be a peaceful revolution, but given the "forces at play", it could also turn into a violent confrontation between the present established "order", and a newly "awakened social order". These are "interesting times" as the Chinese would say.

Read more at:
https://www.euronews.com/2020/04/09/coronavirus-half-a-billion-people-could-be-pushed-into-poverty-says-un-study

US Labor statistics: 6.6 million Americans filed for unemployed benefits last week, bringing the coronavirus total to over 17 million

Economist say the U.S. unemployment rate is now 12 or 13 percent, the worst since the Great Depression. This brings the pandemic total to over 17 million9

Read more at:
https://www.washingtonpost.com/business/2020/04/09/66-million-americans-filed-unemployed-last-week-bringing-pandemic-total-over-17-million/

USA - Unemployment Numbers Explode : Record 6.6 million Americans seek unemployment benefit as layoffs accelerate

Record 6.6 million seek unemployment benefit in US as layoffs accelerate

Read more at:
https://www.euronews.com/2020/04/02/record-6-6-million-americans-seek-unemployment-benefit-as-layoffs-accelerate

USA: The Hidden Depression Trump Isn’t Helping - by Nicholas Kristof

The economy may get the president re-elected, but not everyone is sharing in its strength.

Read more at:
https://www.nytimes.com/2020/02/08/opinion/sunday/trump-economy.html

USA Unemployment: US unemployment skyrockets as coronavirus crashes economy

However, the figures were recorded before Congress signed off on a $2 trillion stimulus package that seeks to help businesses and workers as coronavirus ravages the economy.

Yet it is unlikely that even the biggest government stimulus package in history can stop unemployment from soaring to record highs and the US entering a deep recession.

Commerzbank economist Christoph Bolz said: “The lockdown of the economy is likely to cost more jobs in the coming weeks. We fear that the US unemployment rate will reach a post-war record by mid-year.”

Bolz predicted the US unemployment rate could rise from 3.5 per cent to 11.5 per cent, putting roughly 19m Americans out of a job. That would be higher than the previous post-war record of 10.8 per cent at the end of 1982.

Read more at: US unemployment skyrockets as coronavirus crashes economy : CityAM

EU (average) unemployment at 20-year low

Eurostat, the EU's statistical office, has released figures showing that unemployment in the EU is at its lowest since 2000.

The average unemployment rate in the 28 EU states was 6.2 percent in December 2019, the lowest in almost 20 years. The Czech Republic (2.0 percent) as well as Germany and the Netherlands (both 3.2 percent) had the lowest while Greece (16.6 percent) and Spain (13.7 percent) had the highest.

Read more: EU unemployment at 20-year low

EU Insurance: Unemployment reinsurance popular in the EU

Read more at:
https://www.socialeurope.eu/unemployment-reinsurance

EU Labor Statistics: Euro area unemployment at 8. 5 % EU28 at 7. 1 % - lowest since December 2008

The euro area (EA19) seasonally adjusted unemployment rate was 8.5% in February 2018 down from 8.6% in January 2018 and from 9.5% in February 2017

This is the lowest rate recorded in the euro area since December 2008.

Read the complete abd detailed report at Eurostat

Britain: EU bosses order Britain to "Pack your bags and get out now"

As the Britanic Sails Away

EU bosses ordered Britain: “Pack your bags and get out now.”

The strongly worded message in the wake of Thursday’s Leave vote was designed to stop a domino effect of EU exits and calm the ­frenzied money markets.

Far-right groups in France and Holland seized on the result to demand their own exit referendums.

In Brussels, EU chiefs said they “regret but respect” our decision and that the UK must remain “a close partner”.

But in a clear sign of the battles ahead, a statement from bosses including European Council boss Donald Tusk and European Commission president Jean Claude Juncker called on the UK to start Brexit ­immediately. It said: “We now expect the government to give effect to this decision of the British people as soon as possible, however painful that process may be.

“Any delay would unnecessarily prolong uncertainty.”

There are around 1.2 million British born people living in EU countries without visas, according to figures provided by the UN. Around 800,000 are workers and their dependants.

The European Commission, presently employs 1,000 U.K. nationals as civil servants across its various departments.

Also for the soon to become redundant former British EU citizens Brexit now means an uncertain future of either getting visas,work permits, going home, or worse case scenario, becoming a refugee themselves requesting asylum in the EU? 

EU-Digest

TTIP: Rome protesters march against planned EU-US free trade deal

Protesters took to the streets of Rome on Saturday to say ‘No’ to TTIP, the sweeping free trade deal being negotiated between the European Union and the United States.

Critics claim it will lower food safety and environmental standards. In Europe, there is widespread opposition to allowing more imports of US agricultural products due to concerns about genetically modified foods.

Read more: TTIP: Rome protesters march against planned EU-US free trade deal | euronews, world news

Turkey: Tourist Industry: Turkish tourism sector expects $12 bln loss in revenue - by Erdal Sağlam

Istanbul -European side Bosphorus

Tourism representatives have said 2016 has been “much worse” than the predicted “worst case scenario,” noting the revenue loss in the sector would likely surge to $12 billion over the year.

The current problems, which have risen amid escalating security concerns and a significant decrease in the number of Russian tourists, will likely impact other sectors, including the agriculture sector, and push up the unemployment rate across the country, according to sector representatives.

The head of the Antalya Chamber of Trade and Industry (ATSO), Davut Çetin, said the number of Russian tourists has almost zeroed over this year and they expected a significant drop in the number of arrivals from Europe, mainly from Germany, after a series of terror attacks which recently hit Turkey.

He noted the organization submitted various scenarios to the government after the Russian crisis erupted, but only optimistic scenarios were shared with the public.

“We are at a point which is much worse than what we had earlier predicted in our worst case scenario,” he noted at a meeting late March 18.

The vice president of the organization and the head of the Mediterranean Touristic Hoteliers’ Association (AKTOB), Yusuf Hacısüleyman, said they predicted a loss of $8 billion in revenue in their previous scenario upon the predicted loss of around 4 million tourists following the jet crisis with Russia, by presuming the spending per capita at $1,000 plus the multiplier effect at 1.87.

“With the addition of the expected losses from the European market, we have now revised our potential revenue losses to $12 billion,” he said one day before another terror attack in Istanbul, which killed at least four foreign nationals in central Istanbul on March 19.

Hacısüleyman said the rising number of security warnings for Turkey by Western countries has spurred further losses in the sector, noting that the German Travel Association (DRV) canceled a four-day meeting scheduled in April in the Aegean resort of Kuşadası.

“When travel agencies canceled their meetings over security concerns, we cannot wait for arrivals from Germany to Turkey,” he added.

He noted that the number of European tourists may decline by almost half over this year, adding that the number of Iranian tourists is expected to decrease to 30,000 over this year from around 45,000 last year.

Spain will lure much more tourists than it did earlier this year, and may reach around 80 million tourists, according to sector representatives. Another popular destination will be Greece, they added.

Çetin noted many hoteliers would not open their hotels this year, and around 80,000-100,000 job losses are expected in Antalya alone.

He said the problems in the tourism sector have already started to spillover to other sectors, mainly the agricultural sector, and the losses will become more visible by May and the following months. 

Read more: Turkish tourism sector expects $12 bln loss in revenue - TOURISM

EU Migrant Crises: The economics behind Europe’s migrant crisis - by Mohamed A. El-Erian

Fleeing economic and social miseries of home countries

As our Eurostar train zipped from London through the Chunnel to Paris, I couldn't help thinking about the thousands of migrants languishing on both sides of the English Channel. Once again, national and regional political systems are struggling to cope with a mounting human tragedy whose spillover effects involve disruptions to commerce, and all this is stoking a political crisis. 

The economics of the Channel migrant crisis are quite clear, being basically about supply, demand and regulatory failures. They also shed light on the potential solutions, though they will take time to materialize.

The supply of migrants to Europe is fueled by waves of people fleeing the economic and social misery of their home countries — and, in some case, political oppression, persecution and violence.

They do so in hopes of a better future for themselves and their children. The temptation for some to try and make it all the way to the U.K., often after a perilous sea crossing and a fraught trip through western Europe, is amplified by the attractiveness of an economy with low unemployment, comprehensive social services and a country where many already know the language. 

Although the supply of migrants has increased, the demand for migrant labour has gone the other way. Tougher laws have made it harder and more dangerous for employers to hire undocumented workers. And with a European unemployment rate of more than 10 per cent, the demand is further damped. 

This imbalance in supply and demand isn't one that can be sorted out by the markets' normal equilibrating mechanism. The market-clearing wage — that is, the price that would lower the migration incentive while facilitating the absorption of those still inclined to risk life and limb — is well below the minimum wage prevailing in Europe; and any meaningful reduction in the wage would involve significant and unacceptable social disruptions to local populations in Europe.

Read more: The economics behind Europe’s migrant crisis: MIGRANTS

Ireland: EU warns Ireland on debt, jobs and banking sector - by Suzanne Lynch

The European Commission has warned that Ireland must take “decisive policy action” to address macroeconomic imbalances in the economy.

The in-depth review, to be published on Thursday, finds that despite a marked improvement in Ireland’s economic outlook, a number of risks remain.

These include the high level of private and public debt, high structural unemployment and residual concerns about the banking sector.

Read more: EU warns Ireland on debt, jobs and banking sector