Average hours worked (AHW) have been declining in recent years, falling particularly strongly during the pandemic before returning to trend. This box examines the key drivers behind the decline in AHW, with two factors playing a dominant role. First, the proportion of employees working zero hours during the reference week spiked during the pandemic – owing to the closure of businesses and higher sick leave rates – and recovered only slowly. Second, the proportion of employees working very long hours has continued to fall over the past decade.

Doubletree Studio/ShutterstockFlight Centre, one of the world’s largest travel agencies, has warned it could lose more than A$100 million in earnings this year, citing weakening demand for travel to the United States.

Construction costs have surged in recent years, pushing homeownership further out of reach for many Americans. But this isn’t a new concern: In 1978, the U.S.

This article analyses the medium-term fiscal-structural plans that euro area countries have submitted under the revised Stability and Growth Pact. It discusses the fiscal and economic implications of this framework over the short and medium term, also factoring in – on a preliminary basis and acknowledging the major uncertainty ahead – the recent proposal by the European Commission to activate the national escape clause in the Stability and Growth Pact in a coordinated manner.