June 12, 2025
United States:
US Recurring Jobless Claims Jump to Highest Since End of 2021
Recurring applications for US unemployment benefits rose to the highest since the end of 2021, adding to evidence that it is taking unemployed Americans longer to find a new job.
Continuing claims, a proxy for the number of people receiving benefits, advanced to 1.96 million in the week ended May 31, according to Labor Department data released Thursday.
United Kingdom:
UK Economy Shrunk 0.3% in April as Tariffs and Taxes Bite
Sharp tax increases and US President Donald Trump’s tariffs triggered the UK’s biggest monthly economic contraction in 18 months, casting doubt over the Labour government’s plan to fund its spending ambitions with faster growth.
Gross domestic product dropped 0.3% in April after healthy expansions in the previous two months, the Office for National Statistics said Thursday.
Asia:
Japan’s Firms See Business Climate Worsen on Tariff Hits
Japan’s largest businesses turned pessimistic for the first time in more than a year as Donald Trump’s sweeping tariffs upended key sectors, a development that could complicate the Bank of Japan’s policy path.
The Business Sentiment Index for large firms registered minus 1.9 for the April-June quarter, slipping into negative territory for the first time since the first quarter of 2024, according to a Finance Ministry survey released Thursday.
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