Japan’s Household Spending Falls Again Despite Wage Gains
Japan’s household spending fell for a ninth month even as wages continued to climb, showing consumers remain cautious as persistent inflation squeezes purchasing power.
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Japan’s household spending fell for a ninth month even as wages continued to climb, showing consumers remain cautious as persistent inflation squeezes purchasing power.
Hong Kong’s stronger economic performance over the past year is the reason for raising the monthly minimum wage for foreign domestic helpers, the labour minister has said amid disappointment from both unions and employers’ groups. Defending the government’s decision to raise the monthly minimum wage by 2.35 per cent to HK$5,220 (US$665), Secretary for Labour and Welfare Chris Sun Yuk-han said the government sought to keep the annual adjustment mechanism “balanced and acceptable”. Speaking after...
Robert Reich, former US Labor Secretary, discusses persistent inflation, very slow hiring, and wages that trail prices. He speaks with Romaine Bostick on Bloomberg's "The Close." (Source: Bloomberg)
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Hong Kong wages rose by 3.4 per cent year on year in June, with the government forecasting further pay rises ahead on the back of sustained economic expansion and labour demand. Figures released on Monday by the Census and Statistics Department showed that the 3.4 per cent nominal wage rise was broad based across all surveyed industries. After adjusting for inflation using the consumer price index (A), overall real wages grew by 1.6 per cent in June year on year, keeping basic pay growth ahead...
“Whoever wins with AI wins,” US President Donald Trump has declared, dismissing warnings about the risks of developing artificial intelligence too rapidly and citing rivalry with China. The technological competition is real. China has reason to fear becoming dependent on America for advanced chips and AI technology, particularly as Washington has repeatedly restricted its access to cutting-edge semiconductors. China, meanwhile, is directing enormous resources towards AI. Stanford University’s...
A new pilot scheme to bring in foreign domestic carers for the elderly to deal with an ageing population could disrupt Hong Kong’s existing helper market, driving up wages and putting care beyond the reach of low-income older residents, some employers and agencies have warned. They said the measure, announced by Chief Executive John Lee Ka-chiu in his policy address on Wednesday, was likely to prompt existing helpers to demand higher pay or quit to take up the new employment opportunity, adding...
The consecutive revisions provide a combined increase of 4.55% in DA; the revisions to take effect from September salaries, payable in October