Unemployment

US weekly jobless claims fall more than expected

The number of Americans filing new applications for unemployment benefits fell more than expected last week, suggesting that the labor market remained stable in February, though turbulence lies ahead from tariffs on imports and deep government spending cuts. Initial claims for state unemployment benefits dropped 21,000 to a seasonally adjusted 221,000 for the week ended March 1, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week. ...

May 9, 2024 10:39 AM

In rapidly aging China, millions can’t afford to retire

China's latest statistics showed some 94 million working people - around 12.8% of China's 734 million labour force - were older than 60 in 2022, up from 8.8% in 2020. That share, while lower than in wealthier Japan and South Korea, is set to skyrocket as 300 million more Chinese reach their 60s in the coming decade. A third of this cohort are rural migrants, who typically lack the professional skills for an economy aspiring to move up the value chain. The main reason China has not built a str...