July 21 – Tesco needs a radical reinvention and hiring Unilever’s Dave Lewis to replace CEO Philip Clarke shows necessary decisiveness, says Breakingviews, but there’s more to do yet.
WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen said U.S. labor markets are far from healthy and signaled the Fed will keep monetary policy loose until hiring and wage data show the effects of the financial crisis are “completely gone.”
Australia’s central bank said it’s hard to gauge how much low interest rates will offset a drop in mining investment and tighter fiscal policy, adding that the currency was providing less assistance to rebalancing growth. “Those uncertainties were likely to take some time to resolve,” the Reserve Bank of Australia said in minutes today of its June 3 meeting, where it kept the benchmark cash-rate unchanged at a record-low 2.5 percent.
The number of Americans filing new claims for unemployment benefits rose last week but stayed close to a seven-year low and pointed to ongoing healing in the labor market. Initial claims for state unemployment benefits rose 28,000 to 326,000 for the week ended May 17, the Labor Department said on Thursday.
Canada’s economy created twice as many jobs as expected in March and the unemployment rate dropped for the first time this year, but private-sector and full-time hiring remained weak in a sign businesses remain cautious amid a slack economy.