Weekly update, 26th June 2020
As we approach the end of June, times are still tough, but economies are starting to show the green shoots of recovery and we are celebrating some sustainability growth of our own.
Stock markets continue to shrug off much of the bad economic data that is released. The governor of the Bank of England (BoE) said earlier this week that the country had been on the brink of insolvency at the start of the coronavirus pandemic. Although this sounds somewhat dramatic, it cannot be ignored that the decisive and large-scale action the BoE provided was pivotal in the country’s economic recovery1.
The US Initial Jobless Claims, a measure of unemployment, has steadied with ‘only’ 1.48 million people claiming job loss insurance. Despite this week’s report showing 12 weeks of an overall reducing figure, more than 47 million US citizens have filed for unemployment insurance in the last 14 weeks2.
If the thought of a potential no-deal Brexit was enough to provoke fear in car manufacturers3, then the output figures that were released in May will only forebode what they might be in store for. Car output in May was down 95%, pushing car makers to reach out for help from the government4.
Some encouraging survey data that was released on Tuesday shows that economies are starting to show some small signs of recovery. The Purchasing Managers’ Index, a survey of purchasing managers across the country, came in at 47.6 in June, up from 30 in May and 13.8 in April5. Despite the figure being below 50, and therefore still showing as a contraction in the UK economy, the direction of travel is encouraging.
For us at Holden & Partners, our exciting sustainability news is the achievement of an important accreditation. We have been certified as a B Corporation (or B Corp). This independently verified label indicates our commitment to employees, clients, community, and the environment6. We’re thrilled with this acknowledgement as a business that values purpose as well as profit and are happy to join a growing community of companies that feel the same. Read our full update on becoming a B Corp here.
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