Overseas Headlines – May 6, 2021

United States:

Companies Warn of U.S. Labor Shortages Economists Call Temporary

“As the U.S. job market comes roaring back, there’s a growing debate about whether there are enough workers to power faster economic growth. Companies from fast food chains like Chipotle Mexican Grill Inc. to chicken producer Pilgrim’s Pride Corp. and MGM Resorts International say they can’t find — or entice — enough workers. In earnings calls and business surveys, executives often blame stimulus checks and generous unemployment benefits for hampering hiring efforts.”



BOE Slows Bond Buying as U.K. Economic Recovery Gathers Pace

“The Bank of England slowed its emergency bond-buying and signaled it’s on course to end that crisis support later this year as a strong rebound takes hold across the economy with the removal of pandemic restrictions. Officials, led by Governor Andrew Bailey, said the U.K. should recover its pre-coronavirus level of output one quarter earlier than previously forecast, as the country’s rapid vaccination drive clears the way for a full reopening by June.”



Philippines Sees Recent Lockdown Reversing a Jobs Recovery

“The Philippines’ jobless rate fell in March to its lowest level since the pandemic began, but economic managers said a recent lockdown due to a new surge in Covid-19 cases will likely reverse job gains. The unemployment rate dropped to 7.1% in March from 8.8% in February, the Philippine Statistics Authority reported Thursday. Some 2.2 million jobs were added, mostly in construction, retail and agriculture.”




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