US employment data gives hope for a recovery

This article is an on-site version of our Coronavirus Business Update newsletter. Please share this with your friends and colleagues who might find it useful and let them know that, even if they are not a Financial Times subscriber, they can read the newsletter – and all of the FT – free for 30 days. Welcome and register here.

Get the latest global image with our vaccine tracker

Latest news

• Indonesia steps up distancing measures to counter record number of Covid-19 cases

• Lamba variant shows ‘unusual’ mutations, puzzling scientists

• UK Covid-19 cases jump 67% in one week

For the latest updates on coronaviruses, visit our live blog

Global governments are creating rules and mechanisms to allow their societies to live with the coronavirus. In the EU, an app-based digital travel certificate will allow vaccinated Europeans to move between countries without having to self-quarantine.

The economic recovery in developed countries with vaccines is also accelerating. Eurostat reported a drop of 382,000 in the number of unemployed in the EU, giving hope for employment growth in the months to come. European manufacturers told researchers of the IHS Markit Monthly Purchasing Managers Index that they were hiring new employees at the highest rate in at least two decades.

It is a similar situation across the Atlantic, where the United States began its July 4th holiday weekend in a good mood with the announcement of 850,000 jobs created during the month of June. The country has been applauded for rolling out its vaccine, even though President Joe Biden will narrowly miss his goal of getting 70% of American adults vaccinated before Independence Day.

For those considering a return to the office and in need of a little humor in these dark times, John Gapper takes a wry look at the situation from the C suite with an imaginary memo from the CEO of a new bank. -Yorkese.

Mondial economy

Colombia lost its ten-year-old investment grade status for issuance of long-term sovereign debt after downgrades by two rating agencies, blamed on the country’s financial difficulties and the impact of the coronavirus pandemic .

The British and Irish rugby team will play the first game of their six-week tour of South Africa on Saturday, despite the escalating coronavirus epidemic in the host country.

Business

Wizz Air chief executive Jozsef Varadi has negotiated a £ 100million bonus – one of the biggest payouts from a London-listed company – if he can revive the low-cost airline after the problems created by the pandemic.

Chinese video-short company Kuaishou has canceled its weekend overtime policy amid concerns in the country’s tech sector that employees are being forced to work long hours.

Markets

After the party comes the hangover. Chinese stocks had their worst day in three months as investors dumped shares of local alcohol and beer makers after the centenary celebrations of the ruling Communist Party.

The essentials

The pandemic has prompted many people to re-evaluate their lifestyle choices. Lucy Kellaway, FT columnist turned teacher, shares some of the lessons she learned about herself after changing careers.

Have your say

Nick H in Long live the office (reconfigured):

“
The real problem as I see it with the WFH (which I really appreciate), is the disparity between those of us who have nice home offices and are established in our jobs and those who are new and / or working. from the kitchen table in a house shared with toddlers or roommates. It’s hard not to see this as another kick in the teeth for young people who already suffer from tuition fees, unaffordable housing and poor job prospects.

Final thought

Testimonies from a young Afghan musician, NATO performer, former politician and film director reveal the impact of the 20-year war in Afghanistan as US troops withdraw and Taliban advance.