Word: joblessness
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Consumers have so far been mostly shielded from the rises for a couple of reasons. There has been little rise in workers' wages, which has kept overall manufacturing costs down, and companies have absorbed higher costs to keep their goods affordable in the jobless recovery. But new jobs are finally being created, which means more consumers can accept higher prices. Meanwhile, a surge in demand for raw goods--led by China--is adding to upward pressure on prices. Last week's inflation announcement "was a watershed report," says Mark Zandi of Economy.com He believes the uptick marks...
...their awards without music, backdrops, professional lighting or even microphones. All over France, unemployment has taken center stage. The spat over unemployment compensation in performing arts threatens to disrupt the Cannes film festival in mid-May. And two weeks ago, a Marseilles court overturned a 2002 reform that slashed jobless benefits from 30 to 23 months. The judges ruled that the move breached the contract workers entered into when they got their...
...damages. The Marseilles decision could unleash a legal tsunami. Around 2,000 of the 265,000 people who have had their assistance cut off have already filed similar litigation in French courts; the first verdicts in these cases are expected early May. With an additional 600,000 jobless expected to see their payments slashed over the next two years, the Marseilles precedent could carry costly consequences. Last year, the state unemployment insurance administration was in the red to the tune of €4.3 billion. The agency's plan to limit the shortfall to €1.2 billion this year under...
...kick in; one public holiday was eliminated to help finance care for the aged), there has been no gain so far in terms of more vigorous growth, lower unemployment or blossoming consumer or business confidence. With growth in 2003 under 1%, a budget deficit shredding E.U. limits and a jobless figure hovering around 9.8%, the government has little to boast about beyond its law-and-order record. "Fighting crime and insecurity is obviously necessary," warns ump parliamentary president Jean-Louis Debré, "but that's not enough when insecurity is now synonymous to many of our citizens with rural decay...
...American CEOs rule out offshoring over the next year, the highest rate in any country polled. With U.S. job generation sputtering - employers created just 21,000 jobs last month, one-fifth of analysts' expectations - offshoring remains a red-hot election-year issue. Yet in Britain , where the jobless rate stands at a 20-year low, offshoring is making new friends. "No country can be a fortress economy in today's global market," said Trades Union Congress general secretary Brendan Barber. This week the TUC will submit a report to the U.K. government on the benefits of international competition. That kind...