Latest news with #BDO
Yahoo
13 hours ago
- Business
- Yahoo
Shock drop in Australia's employment rate
The number of Australians in work has fallen after two strong months of gains, with experts saying it is unlikely to sway the RBA at its next meeting. National unemployment figures released by the Australian Bureau of Statistics shows 2,500 less Australians were in a job in May compared with April, with the unemployment rate remaining at 4.1 per cent. According to the national figures after the May monthly change 14,620,600 Australians are in a job. This follows a surprise uplift in the number of Australians working in April when 89,000 Aussies joined the workforce. Despite the fall in the number of Australians working, the official unemployment rate of 4.1 per cent still beats RBA projections of umemploymnet rising to 4.3 per cent over the year. BDO economics partner Anders Magnusson said todays unemployment rate came in a little lower than the RBA's forecast, but won't sway them on a July rate cut. Ahead of the jobs figures, the bond markets had already added around an 83 per cent chance that the RBA would deliver back-to-back rate cuts at its July meeting. It already lowered the official cash rate twice in 2025 by a quarter percentage point at its May and February meetings. 'While a small amount of employment was lost in May, a decrease in the participation rate kept the unemployment rate stable. This doesn't change the strong case for a 25 basis point cash rate cut in July,' he said. Oxford Economics Australia economist Kar Chong Low said he expects Australia's strong unemployment rate to fade over the next 12-months. 'Global uncertainty is clouding business decisions and prompting many firms to temper hiring plans,' he said. 'To be clear, we don't expect a sharp uptick in lay-offs. 'Instead, slower hiring will see employment growth fall behind the number of people looking for work – pushing the unemployment rate to 4.5% by the end of the year.' ABS head of labour statistics Sean Crick said the number of Australians wanting a job also fell in the month of May. 'Despite the slight fall in the employment-to-population ratio this month, the female employment-to-population ratio rose 0.1 percentage points to a record high of 60.9 per cent,' Mr. Crick said. At the same time the number of hours Australians are working is on the rise and is now up by 0.1 per cent since the start of the year. 'Hours worked increased 1.3 per cent in May, following lower levels in the previous two months coinciding with the Easter holiday period and severe weather disruptions,' Mr Crick said.
Fibre2Fashion
15 hours ago
- Business
- Fibre2Fashion
UK manufacturers drop US as top export market amid trade woes: Survey
UK manufacturers have dropped US out of the top 3 global export growth markets for the first time, according to a major survey. It has now fallen to fourth place, with manufacturers now favouring Asia/Oceania and the Middle East in response to mounting trade barriers and economic unpredictability, as per the Make UK/BDO Q2 Manufacturing Outlook survey. Historically a consistent second to the EU, the US' diminished appeal comes as six in ten UK firms anticipate a decline in export volumes to the country. A similar share (63 per cent) expects their business to suffer due to tariffs, while nearly a third (30 per cent) are reconsidering their supply chain sources, revealed the survey. The findings aligned with separate data from the National Association of Manufacturers, which showed optimism among US manufacturers has plunged to its lowest level since the pandemic. A striking 77 per cent of American manufacturers identified trade uncertainty as their primary concern. UK manufacturers have dropped US from their top 3 export markets for the first time, as firms shift focus to Asia/Oceania and the Middle East amid tariffs and uncertainty. Make UK slashed its 2026 growth forecast to -0.5 per cent, citing high energy costs and weak investment. Despite Q2 output rebounding to 9 per cent, investment intentions remain fragile, with future growth at risk. The outlook for UK manufacturing appears increasingly bleak. Make UK has slashed its 2026 manufacturing growth forecast from 1 per cent to -0.5 per cent, following an expected contraction of -0.2 per cent in 2025 and stagnation in 2024. The data points to a worrying trend of prolonged industrial decline. Make UK has urged the government to prioritise a robust industrial strategy, warning that the UK's high industrial energy costs must be tackled to reverse the sector's downturn. 'While at first glance the headline numbers may not look too bad, manufacturers are facing a gathering storm of huge uncertainty in one of their major markets, a skills crisis and eye watering energy costs which are providing a harsh reality for many,' said Seamus Nevin, chief economist at Make UK. 'In response, it is essential that the forthcoming industrial strategy takes bold measures to bring down the cost of energy and takes equally radical action to ensure companies can access the people they need to take advantage of a more competitive landscape. If these two issues are not addressed, then we will face the serious prospect of the UK accelerating into de-industrialisation,' added Nevin. 'This quarter's results are a testament to the increasingly challenging landscape our British manufacturers are operating in. The forecasted decline in growth is concerning and the delayed industrial strategy won't help to assuage uncertainty in the sector,' said Richard Austin, head of manufacturing at BDO . 'That said, there remains pockets of positivity. Growing output levels are proof of manufacturer's resilience and last month's trade deals should remove barriers as UK companies seek new trading partners and opportunities for growth. As always, they need urgent clarity and targeted investment from the government if this recovery is to continue into next quarter,' added Austin. The UK manufacturing output rebounded to 9 per cent in Q2 from -1 per cent in Q1, with total orders improving to -2 per cent from -6 per cent, according to the latest manufacturing outlook survey. The export orders rose to 7 per cent, offsetting weak domestic demand (-1 per cent). Looking ahead, output is forecast to reach 11 per cent, with exports expected to climb to +22 per cent, surpassing long-term averages. However, recruitment remained flat at 1 per cent, and investment intentions continued to slide, falling to 2 per cent from 5 per cent in Q1. Make UK has warned that if this trend persists, investment could turn negative later in 2025—posing risks to much-needed industrial growth. Fibre2Fashion News Desk (SG)
Time of India
16 hours ago
- Time of India
Six held for over Rs 38 lakh fraud in rural job scheme using fake muster rolls
Lucknow: The Balrampur police arrested six individuals for embezzling Rs38.49 lakh from the Mahatma Gandhi national rural employment guarantee scheme (MGNREGS) funds. The arrests were made in connection with the alleged misappropriation of funds allocated for the renovation of three ponds in Bishunpur Tantanwa village under Pachpedwa block. Police said the sanctioned amount for the project was Rs58.34 lakh. The accused allegedly forged muster rolls in the names of workers to siphon off the funds, without executing the work as per official norms. SP Vikas Kumar supervised the probe, leading to the arrests. Those arrested were Abdul Wahab, Mohd Zuber Khan, Girija Shankar, Atul Kumar Mishra (son of Ram Prakash Mishra, additional programme officer), Pradeep Kumar Chaudhary (son of Ramchandra, junior engineer) and Ajay Yadav (son of Gulab Chandra Yadav, gram vikas adhikari, resident of Belhar, Sahjanwa, Gorakhpur). Kumar said a formal complaint was submitted by block development officer (BDO) Mohit Dubey. He reported irregularities in the pond renovation project under MGNREGS in Bishunpur Tantanwa village. An inspection revealed that fake construction activities were shown, with expenses falsely recorded to the tune of Rs58.34 lakh. An FIR was lodged and an investigation found that the accused passed fake work proposals and used fraudulent muster rolls to divert funds amounting to Rs38.49 lakh. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo Kumar added that the accused operated in a pre-planned, coordinated manner to loot public funds under the guise of MGNREGS work. "The arrested individuals were found to be involved in preparing forged documentation and disbursing wages for non-existent workers to commit fraud," said Kumar. Kumar added that police have seized records and investigation is ongoing to identify other possible beneficiaries and verify whether similar frauds occurred in nearby villages. The accused have been booked under BNS and were remanded to judicial custody after being presented in court.
News.com.au
a day ago
- Business
- News.com.au
Surprising fall in the number of Australians working
The number of Australians in work has fallen after two strong months of gains, with experts saying it is unlikely to sway the RBA at its next meeting. National unemployment figures released by the Australian Bureau of Statistics shows 2,500 less Australians were in a job in May compared with April, with the unemployment rate remaining at 4.1 per cent. According to the national figures after the May monthly change 14,620,600 Australians are in a job. This follows a surprise uplift in the number of Australians working in April when 89,000 Aussies joined the workforce. Despite the fall in the number of Australians working, the official unemployment rate of 4.1 per cent still beats RBA projections of umemploymnet rising to 4.3 per cent over the year. BDO economics partner Anders Magnusson said todays unemployment rate came in a little lower than the RBA's forecast, but won't sway them on a July rate cut. Ahead of the jobs figures, the bond markets had already added around an 83 per cent chance that the RBA would deliver back-to-back rate cuts at its July meeting. It already lowered the official cash rate twice in 2025 by a quarter percentage point at its May and February meetings. 'While a small amount of employment was lost in May, a decrease in the participation rate kept the unemployment rate stable. This doesn't change the strong case for a 25 basis point cash rate cut in July,' he said. Oxford Economics Australia economist Kar Chong Low said he expects Australia's strong unemployment rate to fade over the next 12-months. 'Global uncertainty is clouding business decisions and prompting many firms to temper hiring plans,' he said. 'To be clear, we don't expect a sharp uptick in lay-offs. 'Instead, slower hiring will see employment growth fall behind the number of people looking for work – pushing the unemployment rate to 4.5% by the end of the year.' ABS head of labour statistics Sean Crick said the number of Australians wanting a job also fell in the month of May. 'Despite the slight fall in the employment-to-population ratio this month, the female employment-to-population ratio rose 0.1 percentage points to a record high of 60.9 per cent,' Mr. Crick said. At the same time the number of hours Australians are working is on the rise and is now up by 0.1 per cent since the start of the year. 'Hours worked increased 1.3 per cent in May, following lower levels in the previous two months coinciding with the Easter holiday period and severe weather disruptions,' Mr Crick said.
Time of India
3 days ago
- Health
- Time of India
SDO reviews Shrawan Somvari arrangements
Madhubani: Officials were directed to ensure water supply, medical aid, parking, drainage and electrical safety during Shrawan Somvari 2025. A meeting to review the preparations for the event was held at Ugna Mahadev Temple in Pandaul block on Tuesday. Chandan Jha, sub-divisional officer (SDO) of Madhubani Sadar, chaired the meeting and instructed departments to remain alert throughout the monthlong religious observance. Shrawan begins on July 11 with the first Monday falling on July 14 when Shiva temples witness a surge in devotees. Public health engineering department (PHED) was asked to install hand pumps and submersible pumps at key points while the block development officer (BDO) was tasked with ensuring proper drainage around the temple premises. To handle emergencies, the medical officer in charge at Pandaul was asked to station an ambulance with a doctor and essential medicines at the temple every Sunday during the festival. Vehicle parking arrangements and reinforcement of electrical wiring around the premises were also emphasised. The SDO stressed the need for coordination among all departments to ensure a safe and orderly experience for devotees.
