US weekly jobless claims drop to nine-month low; productivity gains speed

Weekly jobless claims drop 3,000 to 183,000 Continuing claims decrease 11,000 to 1,655 million Productivity accelerates at a 3.0% rate in the fourth quarter Unit labor costs grow at 1.1% pace WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the … Read more

Dollar falls to nine-month low as Powell notes progress in disinflation

NEW YORK, Feb 1 (Reuters) – The dollar extended losses on Wednesday and fell to a nine-month low against a basket of currencies after Federal Reserve Chair Jerome Powell spoke of making progress in bringing down inflation pressures, even as the US central bank warned of further monetary policy tightening. Powell, speaking in a news … Read more

Exclusive: EV maker Rivian to cut 6% of jobs amid price war – internal memo

SAN FRANCISCO, Feb 1 (Reuters) – Rivian Automotive (RIVN.O) is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry -wide price war. The company is focusing resources on ramping up vehicle production and reaching … Read more

UK’s teachers and civil servants join mass strike on ‘Walkout Wednesday’

Up to 500,000 people expected to join UK strikes Government says big pay rises will fuel inflation Schools shut, most trains not running More strikes involving health workers due next week LONDON, Feb 1 (Reuters) – Up to half a million British teachers, civil servants, and train drivers walked out over pay in the largest … Read more

India ramps up spending in last budget ahead of election

NEW DELHI, Feb 1 (Reuters) – India’s government on Wednesday unveiled a $550 billion budget for the next fiscal year that starts on April 1, with a plan for record capital spending while reining in the fiscal deficit. Prime Minister Narendra Modi’s party, which faces elections in key states this year and a national vote … Read more

Intel slashes employee, exec pay amid PC market downturn

Jan 31 (Reuters) – Intel Corp (INTC.O) said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from 5% of base pay for … Read more

US labor cost growth smallest in a year; labor persistently tight

The employment cost index rises 1.0% in the fourth quarter Wages, salaries increase 1.0%; up 5.1% year-on-year Consumer confidence index drops to 107.1 in January House price inflation slows further in November WASHINGTON, Jan 31 (Reuters) – US labor costs increased at their slowest pace in a year in the fourth quarter as wage growth … Read more

France hit by new wave of strikes against Macron’s pension reform

Reform would raise the retirement age to 64 Schools, transport networks, refinery deliveries hit Macron: Reform vital to ensure viability of pension system SAINT-NAZAIRE, France, Jan 31 (Reuters) – Striking workers disrupted French refinery deliveries, public transport and schools on Tuesday in a second day of nationwide protests over President Emmanuel Macron’s plan to make … Read more

Philips to cut 13% of jobs in safety and profitability drive

Philips to cut another 6,000 jobs Increases number of layoffs since October to 13% of current workforce Shares up 5.5% as Q4 results beat expectations AMSTERDAM, Jan 30 (Reuters) – Dutch health technology company Philips (PHG.AS) will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its … Read more

UK regional airline Flybe ceases trading, cancels all flights

Collapses for the second time in three years 276 workers made redundant by administrators About 75,000 customers had future bookings Hurt by delayed delivery of aircraft Rivals seeing rebounding demand LONDON, Jan 28 (Reuters) – British regional airline Flybe on Saturday ceased trading for the second time in three years, with all flights canceled and … Read more