“ Amazon — Shares of the ecommerce giant were up 1% following news of a Prime Day-like event for members coming in October.”
That’s code for “we have WAY too much inventory and need to discount to move it. Retailers who are in denial about excess inventory and are holding it are going to get slaughtered.
UK is kicking butts of people who are not willing to work. Reduced unemployed benefits and reduced social security benefits.
UK kicking butts or having its butt kicked?
Anyway European energy prices falling off a cliff. Putin successfully cured Europe of its Russian dependence.
what’s the positive impact of this decision? Don’t know about UK but USA has below spending demand. I assume it’s the same for UK. BTW aren’t you sitting at home not willing to work too 
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I don’t get unemployed benefits. I paid social security but won’t get any in return. USG loves people like me.
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For @manch reading pleasure.
Kwasi Kwarteng to announce moves to push benefit claimants into work
Chancellor Kwasi Kwarteng will announce measures on Friday to pressure more workers claiming universal credit to increase their hours or face a cut in their benefits.
Kwarteng’s mini-Budget on Friday will announce changes to the welfare system intended to boost people’s earning by putting pressure on them to work longer hours or find a new job.
UK has had Conservatives government since 2010. Here’s how its GDP per capita is doing since 2010, 19% growth:
Meanwhile in the US, 42% growth over the same period. Also notice how much richer we are compared to the Brits.
I don’t know man. Seems like the Conservatives are not that great at governing.
if people boost earning, wouldn’t it contribute to more inflation? I am trying to understand what exactly are they trying to achieve.
Not sure if @hanera actually read the article he links. But here’s the detail:
Kwarteng will announce changes to universal credit that will require benefit claimants working up to 15 hours a week at the national living wage to meet a work coach regularly and take active steps to increase their earnings.
This is an increase from the current 12-hour threshold and will bring an additional 120,000 benefit claimants into the “intensive work search regime”. Benefits can be withdrawn from those who fail to comply.
That’s only an extra 3 hours per week, up from 12 hours in the previous arrangement. These people are not the cream of the crop workers employers salivate over, I’d venture to guess. Not sure it will help alleviate much UK’s labor shortage. It’d be far better to bring in more immigrants. But the main reason they went with Brexit was to limit the free flow of people from Eastern Europe. That goes full circle back to my claim that the Tories suck at governing.
“I’ve rarely seen an economic policy that is as uniformly panned by economic experts and financial markets,” said Harvard professor Jason Furman, former chair of the U.S. Council of Economic Advisers during Barack Obama’s presidency.
“It shockingly came in below the low expectations that almost everyone had,” he added.
Willem Buiter, a former Bank of England rate-setter and Citi’s chief global economist until 2018, said Kwarteng’s plans to ramp up borrowing were “totally, totally nuts”.
“From a cyclical perspective it is, I think, a disaster,” Buiter said, adding that he had no objection in principle to tax cuts for firms and households with a better fiscal balance.
“It’s probably the epitome of casino macroeconomics,” said Jacob Kirkegaard, nonresident senior fellow with the Washington- based Peterson Institute for International Economics think tank.
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Increased output per person:) There will be less jobs available. Remember the issue is more jobs than people looking jobs, pushing wage higher? Still don’t understand, may be some numbers,
Say wage is 10 pounds per hour. 12 hrs earn $120 pounds, 15 hrs earn $150 pounds, so same person earn more if work 15 hrs.
But if more jobs than people, the same person can ask for $12.5 pounds per hr, still work 12hrs, and yet earn $150 pounds.
Don’t listen to @manch, he doesn’t know much about economics.
I understand the math but there are 1.3M vacant jobs and only 120K ppl will be forced to increase hrs from 9 to 15. Correct me if I’m wrong. What exactly it would achieve on a massive scale? Meanwhile Kwarteng has announced tax cuts for the rich.
No interest analyzing the entire UK package. Merely pointing out the policy on unemployed benefits.
Nothing to buy 
More people entering the work force would slow down the rate of wage increases. There are more jobs than people now, so the only way to hire is to offer more money. That’s why fast food is $20/hr now. They need to be much more aggressive about it.
Nearly 70% of Americans are looking for extra work to combat inflation
Good. I might be too sensitive, I notice restaurants are less crowded. Wondering what Fed is seeing… economy still very strong? I am a non-believer in killing jobs to fight inflation, regardless of the good intent… be creative and come up with a better solution or move aside for others who can. In his latest speech, he did mention increased supply of labor in passing… guess Fed can’t do that, only USG can.
