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Recent Editions
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Human Times
North America
U.S. firms boost profits via efficiency

American companies are beating earnings forecasts by cutting costs, raising prices, and relying on automation rather than consumer spending. C.H. Robinson’s CFO Damon Lee said: “The outcome of those transformations means less head count, more productivity,” after reporting 35% productivity gains since 2022. Monster Beverage and Estée Lauder also cut jobs to lift profits, while Spectrum Brands cited tariffs and weak demand. Despite S&P 500 earnings per share rising 13% in Q2, worker surveys show falling morale, with many asked to do more with less. Analysts warn prolonged strain could trigger a downturn, erode long-term resilience, and weaken consumer confidence.

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Human Times
UK
SMEs concerned over workers' rights reform and NI hike

The Employment Rights Bill could significantly impact small businesses, according to HR consultants. The Bill aims to enhance workers' rights, including extending unfair dismissal rights and tightening zero-hours contract regulations. Government analysis estimates the measures could add £5bn to employer costs, with additional amendments potentially increasing expenses by £80m annually. Phil Coxon, CEO of Breathe HR, said: "British businesses face a perfect storm," highlighting that the Bill "brings administrative, legal, and financial changes which will be challenging to implement." The British Retail Consortium has warned that over half of retailers may cut staff in response to the Bill. Meanwhile, Rachel Reeves faces mounting criticism as small business job vacancies fell 18% following her national insurance hike. The Federation of Small Business claims members “don’t feel the government has their backs,” while Lib Dems urge scrapping the “jobs tax.” ONS data shows 46,000 fewer vacancies at small firms since the 2024 Autumn Budget, part of a £25bn revenue plan for public spending. Critics argue the tax contradicts Reeves' growth goals.

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Human Times
Europe
Spain's job market faces summer slump

Spain's unemployment figures reached 2.42m in August, with 199,300 jobs lost compared to July, marking the worst August since 2019. The Ministry of Inclusion, Social Security and Migration reported 21.6m people employed, a rise of 476,801 from August 2024. Job losses affected various sectors, including education and construction. Valentín Bote, Director of Randstad Research, noted a gap between actual and registered unemployment, stating: "The former has not fallen since the labour reform." Despite challenges, Minister Elma Saiz described the labour market as performing favourably.

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Human Times
Middle East
Egypt's non-oil sector still shrinking

Egypt’s non-oil private sector contracted for the sixth straight month in August, with the S&P Global PMI falling to 49.2. Weak demand drove declines in output and new orders, but easing cost pressures and marginal job growth provided limited relief. David Owen of S&P Global noted that inflation continues to weigh on business outlooks. Despite subdued confidence and cautious purchasing, real GDP grew 4.77% in the third quarter, buoyed by non-oil manufacturing and tourism. Stabilising inflation and major foreign investments, including IMF and EU funding, support Egypt’s broader economic resilience and reform agenda.

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