Business
US jobs market weakens further in August
The US jobs market weakened further in August, raising new fears about the health of the world’s largest economy.
Employers added just 22,000 jobs last month, fewer than expected, while the unemployment rate ticked up from 4.2% to 4.3%, according to the Labor Department.
The figures cap a string of shaky data this week on the job market and add to the concerns that spiked last month, when the Labor Department said hiring in May and June had been far weaker than it had initially estimated.
On Friday, the department said its latest estimates showed the US actually lost jobs in June, the first such decline since 2020.
Investors, who had already been betting that the US central bank would respond to the weakening labour market with a cut to interest rates at its meeting this month, said that move was now all but certain.
“The warning bell that rang in the labour market a month ago just got louder,” said Olu Sonola, head of US economic research for Fitch Ratings.
US President Donald Trump responded to the signs of slowdown in August by firing the head of the Bureau of Labor Statistics, accusing her, without evidence, of rigging the numbers to make him look bad.
But analysts say the troubles in the job market are partly due to the president’s sweeping changes to tariff and immigration policy, which economists have consistently warned would hurt the economy, by raising costs and uncertainty for firms.
His administration has also cut government spending, firing thousands of government workers.
The Labor Department said the federal government shed 15,000 positions last month. Manufacturing and construction firms also reported payroll declines, offsetting gains in health care.
“Four straight months of manufacturing job losses stand out,” Mr Sonola said. “It’s hard to argue that tariff uncertainty isn’t a key driver of this weakness.”
The number of jobs created each month has been slowing steadily since the boom that followed the reopening from the pandemic.
But analysts have said the economy only needs to create about 50,000 jobs each month to keep up with population growth – far fewer than it once did – as Trump’s crackdown on immigration prompts the stream of new workers that entered the US in recent years to dry up.
Stock markets opened slightly higher following the report, which also showed average hourly pay rising 3.7% over the past year.
In the global bond markets, the rates that investors demand for borrowing dropped sharply, reversing a surge earlier in the week, as confidence grew in a Fed rate cut.
“The initial reaction suggests markets are focused on Fed rate cuts rather than concerns about a cooling economy,” said Ellen Zentner, chief economic Strategist for Morgan Stanley Wealth Management.
“Bad news looks like good news, at least this morning.”
Speaking to broadcaster CNBC, White House economic adviser Kevin Hasset conceded that the August jobs numbers were “disappointing” but said he expected revisions in future months would present a better picture.
Other White House officials pinned the blame on the Federal Reserve and its chairman, Jerome Powell, saying the bank had been too slow to lower interest rates.
“President Trump is implementing the most aggressive pro-growth agenda in our country’s history, but this agenda continues to be held back by Jerome ‘Too Late’ Powell’s foolish refusal to admit that President Trump is right about everything,” White House press secretary Karoline Leavitt said in a statement.
Earlier this week, the government reported that job openings had fallen to the lowest level since 2024, while job seekers outnumbered the posts for the first time since the pandemic.
Claims for unemployment payments also ticked up this week, while Friday’s report put the unemployment rate at the highest level since October 2021, although it is still not far from historic lows.
Business
‘Next big clean-up’: FM Sitharaman flags customs simplification; hints at duty rationalisation in Budget – The Times of India
Ahead of Budget 2026, Finance Minister Nirmala Sitharaman on Saturday said simplifying India’s customs framework will be the government’s next major reform focus, signalling a comprehensive clean-up aimed at making compliance easier and more transparent.Speaking at the HT Leadership Summit, Sitharaman said customs reforms would follow the rationalisation efforts already undertaken in income tax and Goods and Services Tax (GST) to boost consumption by leaving more cash in the hands of consumers, PTI reported.“We need a complete overhaul of customs… we need to have customs simplified for people to feel that it is not cumbersome to comply… need to make it more transparent,” the finance minister said.She said the government intends to bring the same virtues of transparency and ease that guided income-tax reforms to the customs regime, adding that the proposed changes would include further rationalisation of customs duty rates.The finance minister indicated that announcements to this effect may be made in the Union Budget, likely to be presented on February 1.“We have brought down customs duty over the last two years steadily. But in those few items where our rates are considered to be over the optimal level, we have to bring them down as well. Customs is my next big cleaning-up assignment,” she said.In this year’s Budget, the government proposed eliminating seven additional customs tariff rates on industrial goods, following the removal of seven tariff slabs in 2023-24. This reduced the total number of customs tariff slabs to eight, including a zero rate.On the rupee’s sharp depreciation, Sitharaman said the currency would find its natural level. The rupee has weakened about 5 per cent against the US dollar during calendar year 2025.The currency breached the 90-per-dollar mark for the first time earlier this week, settling at a provisional all-time low of 90.21 amid sustained foreign fund outflows and elevated crude oil prices, PTI noted.On economic growth, Sitharaman expressed confidence that India’s GDP expansion would remain at 7 per cent or above in the current financial year.The Indian economy grew at a six-quarter high of 8.2 per cent in the July-September quarter, aided by stronger factory output and robust services-sector performance, offsetting a slowdown in farm output. Growth stood at 7.8 per cent in the preceding quarter and 5.6 per cent a year earlier.For the first half of the financial year ended September, India clocked GDP growth of 8 per cent.
Business
Smartworld Developers enters Noida, to invest Rs 2K cr on 1st realty project – The Times of India
Realty firm Smartworld Developers will invest around Rs 2,000 crore to build its first project in Noida, as part of the company’s plan to expand beyond the Gurugram property market. Smartworld Developers has announced its entry into Noida, which is an important micro-market in the Delhi-NCR. The company has acquired a 6-acre land parcel in Sector 98 along the Noida Expressway through an auction process for Rs 414 crore, it said in a statement. Smartworld Developers will build a mixed-use project comprising premium branded residences, high-street retail, and serviced homes. The company will invest around Rs 2,000 crore to build this project, while the estimated revenue exceeds Rs 3,000 crore. “Entry into Noida is a significant milestone for Smartworld Developers as we further strengthen our presence in the NCR region. Noida’s rapidly evolving infrastructure and its growing importance as a key real estate hub offer immense potential,” said Ashish Jerath, President – Sales & Marketing, Smartworld Developers. The company is in discussions with a leading global brand for a potential collaboration on the Noida project. Smartworld Developers clocked Rs 6,400 crore worth of sales bookings last fiscal year, a remarkable 60 per cent annual growth. Gurugram-based Smartworld Developers has delivered around 6.5 million sq ft to date, and another 20 million sq ft is currently under construction. According to real estate consultant PropTiger data, housing sales across eight major cities fell 95,547 units during the third quarter of this calendar year from 96,544 units in the corresponding period of the preceding year. Sales of residential properties in Delhi-NCR decreased 21 per cent to 7,961 units from 10,098 units, said PropTiger, which Aurum PropTech has recently acquired.
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IndiGo faces massive flight cancellations despite DGCA rollback, affecting thousands. Experts like advise on travel insurance claims and proper documentation.
ndiGo Disruption Intensifies: What Travel Insurance Covers During Flight Chaos
There seems to be no end to the mayhem of IndiGo’s operational meltdown as hundreds of flights have been cancelled on Saturday. The chaos has continued despite the Directorate General of Civil Aviation (DGCA) rolling back the Flight Duty Time Limitations orders, which were the lead cause to disrupt the capability of carriers to maintain regular operation.
Thousands of passengers, from students to senior citizens to professionals, have been affected in the past few days during the flight cancellations, disrupting their plans and schedules. Along with that, they have to face monetary losses too.
Travel insurance is one such option that travelers can use while facing this kind of situation. Not many of people in India are aware of how a travel insurance works and whether all plans cover flight cancellation costs.
Meet Kapadia, Head of Travel Insurance at Policybazaar.com said that travel Insurance offers fixed pay outs if the traveller is stranded for a specified number of hours (6–12 hours).
“They also reimburse the cost if the flight is cancelled and traveller has to book a new flight, or arrange hotel stay, cover meals, essentials, and other emergency purchase,” Kapadia added.
Customers, however, should know that a very low-priced/ basic product of travel insurance may not pay for non-medical losses from an airline operational cancellation unless that benefit is purchased, according to Chetan Vasudeva, Senior Vice President – Business Development at Elephant.in, Alliance Insurance Brokers.
“No – basic plans may not fully cover losses from airline operational problems unless the policy explicitly includes or has an option for trip cancellation / carrier cancellation, trip interruption, missed-connection or trip-delay benefits,” Vasudeva added.
He further told that many standard travel policies include only basic medical, baggage and emergency assistance by default. “If you want protection specifically against airline operational issues, check for carrier cancellation/trip cancellation/missed-connection or buy a cancel-for-any-reason add-on cover.”
Beyond the financial safety net , the insurer also provides 24×7 assistance and emergency support to help passengers manage disruption with less stress in unfamiliar locations.
What Should Customers Need To Do To Get Claims?
The first 24 hours after a flight cancellation are crucial for building a strong claim file.
The policyholder should immediately need to obtain written proof from the airline such as an email, SMS, or a formal flight disruption certificate, that clearly state the due cause and timing of the cancellation, explained Vasudeva. “At the same time, this is when policyholder should inform their insurance provider’s helpline immediately after the disruption; quick intimation is often listed as a mandatory requirement in most policies,” he added.
During this period, every incidental expense such as food, hotel stays, transport, or rebooking, should be supported with itemized receipts and payment proofs. If the airline offers alternative arrangements like meal vouchers or free accommodation, passengers need to preserve those records as well, because insurers cross-verify what has already been compensated.
Careful documentation in the first 24 hours substantially reduces the chances of queries, delays, or rejection during the processing of claims, Vasudeva stated.
Click here to add News18 as your preferred news source on Google. December 06, 2025, 13:56 IST
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