Overseas Headlines – June 11, 2020

United States:

U.S. Jobless Claims Continue Gradual Decline, Remain Elevated

Applications for U.S. unemployment benefits gradually eased last week despite a stream of business reopenings, underscoring the longer-term labor-market challenges caused by the coronavirus pandemic. Initial jobless claims for regular state programs totaled 1.54 million in the week ended June 6, down from 1.9 million in the prior week, Labor Department figures showed Thursday. Applications for unemployment insurance have fallen consistently each week since peaking at the end of March, but the volume of weekly filings is still more than double the worst week during the Great Recession.



U.K.’s Reopening Takes Place Amid Jobs Carnage Across Economy

“U.K. Prime Minister Boris Johnson may be gradually reopening the economy after a lockdown to contain the coronavirus, but businesses from chemical manufacturers to airports are firing thousands of workers before any rebound has time to take effect.”



South Korea Bets on ‘Untact’ for the Post-Pandemic Economy

“South Korea is making a national push to reshape its economy around a concept called “untact.” Developed by a group of local consumer science gurus in 2017, untact envisions a future where people increasingly interact online and companies replace humans with machines to immunize themselves against the effects of rising wages and a rapidly aging workforce.”



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