UK Recovery Expected to Take Five Years
The National Institute of Economic and Social Research (NIESR) issued a report predicting that it could take another five years for individual incomes in the UK to rebound to the levels just prior to the onset of the recession in early 2008. More
US New Jobless Claims Rise to 554,000
The US Labor Department said today that the number of new jobless claims rose last week to a seasonally adjusted 554,000, exceeding analysts’ predictions of 550,000. The total number of people claiming unemployment benefits however fell to the lowest level since April and is now pegged at 6.2 million. More
UK Retail Sales Jump 1.2%
Retail sales figures in the UK show a 1.2 percent increase in June over May which had declined 0.9 percent the previous month. June’s increase was considerably more than the 0.3 percent increase predicted by analysts. More
EU Develops Bank Bail-Out Rules
In the future, commercial banks in the European Union applying for government funds, will now be required to meet a standard set of criteria before receiving public money. Banks will be forced to demonstrate their future viability and will be required to pay back at least some of the money; they may also be forced to operate under certain constraints limiting their overall risk and market exposure. More
