Category: Economy

Economy

Seasonal Job Market Tightens as Major Retailers Scale Back Holiday Hiring

Major retailers are scaling back seasonal hiring for the holiday shopping season, with several companies planning thousands fewer positions than previous years. Economic uncertainty and increased investment in artificial intelligence are contributing to what the Federal Reserve describes as “very low levels of job creation” despite a strengthening economy.

Retailers Pull Back on Seasonal Hiring

Several major companies have announced reduced seasonal hiring plans for this year’s holiday season, according to workforce analysis firm Challenger. Bath & Body Works plans to hire 32,000 workers, approximately 700 fewer than last year, while Michaels is seeking 10,000 employees—5,000 fewer than in 2022. E-commerce fulfillment company Radial, which manages deliveries for roughly 120 companies, reportedly plans to hire 500 fewer seasonal workers this year, according to PBS News reporting.

by Natalie Brooks
EconomyPolicy

India’s Bankruptcy Reforms Face Implementation Hurdles as Recovery Rates Lag

India’s landmark bankruptcy reforms face significant implementation challenges, with nearly 80% of ongoing cases exceeding the 270-day resolution timeline. Recovery rates remain at just 32%, only marginally better than pre-reform levels, according to recent analyses.

Bankruptcy Reform Goals Versus Reality

When India introduced its new insolvency code in 2016, analysts suggest it was hailed as the end of what many called a “defaulter’s paradise.” According to reports, the World Bank had estimated that bankruptcies in the country previously dragged on for 4.3 years on average, more than twice as long as in China. The new regime reportedly promised to cut that timeline to 270 days while helping creditors recover significantly more of their dues.

by Darren Holt
EconomyMarkets

Asia-Pacific Markets Face Pressure Amid Banking Sector Concerns and Trade Tensions

Asia-Pacific markets were poised for a weaker open Friday following Wall Street’s banking sector concerns. Regional banks and investment firms faced pressure as bad loan worries resurfaced. Taiwan Semiconductor Manufacturing Co.’s quarterly results added to the regional focus.

Market Weakness Spreads to Asia-Pacific Region

Asia-Pacific markets were reportedly set for a weaker opening Friday, according to market analysis, tracking significant losses on Wall Street as concerns over the banking sector and ongoing trade tensions intensified. The negative sentiment appeared to be spreading globally, with sources indicating that fears around problematic loans in the U.S. banking system were driving the market movement.

by Darren Holt