Overseas Headlines – September 2, 2022

 September 2, 2022


United States:

US Employers Add 315,000 Jobs as More Workers Join Labor Force

The US labor market stayed robust in August as employers added jobs and more people entered the workforce, offering little evidence of a definitive slowdown despite a jump in unemployment.

Nonfarm payrolls increased 315,000 last month following a revised 526,000 advance in July, a Labor Department report showed Friday. The unemployment rate unexpectedly rose to a six-month high of 3.7%, the first increase since January, as the participation rate climbed.



UK Is Already in the Middle of a Recession, BCC Says

The UK is already in the midst of a recession, and inflation is on course to hit 14% later this year, according British Chambers of Commerce forecasts that heap more pressure on the nation’s new prime minister to act fast to avoid an economic calamity.



China’s Funding to Pakistan Stands at 30% of Foreign Debt

About 30% of Pakistan’s foreign debt is owed to China, including state-owned commercial banks, compared with 27% in February, according to a report released by the International Monetary Fund on Thursday.

Chinese debt to Pakistan has been revised upwards by $4.6 billion to about $30 billion, the IMF report said, from $25.1 billion in February. Chinese support is triple the amount of IMF debt and more than the amount given by either the World Bank or the Asian Development Bank.




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