The minimum wage rate in Britain will rise to £9.50 ($13.06) per hour from £8.91, according to the country’s finance ministry.
Rishi Sunak, Britain’s finance minister, said that "this wage boost ensures we're making work pay and keeps us on track to meet our target to end low pay by the end of this Parliament."
Mexico's unemployment rate slightly declined to 4.2 percent in September from 4.3 percent in the previous month, official data showed.
The country’s annual economic activity slowed in August to 4.3 percent in August, compared to 7.1 percent in the previous month. This was mainly driven by a slowdown in secondary activities and services, according to Mexico's National Institute of Statistics and Geography.
On a monthly basis, economic activity declined by 1.6 percent.
A setback in European business climate
Germany’s Ifo business climate indicator experienced a decline in September to 98.9 points, compared to 99.6 points in the previous month. This is the lowest reading in 5 months and was fuelled by shortages in the industrial sector. Manufacturers, service providers and traders all had an unfavorable outlook for the German economy.
In addition, the Turkish manufacturing confidence index declined to 109.6 in October, falling by 3.8 points from September’s 113.4. This is the lowest level since February. Negative outlook for output, employment and export orders —despite a depreciating Lira — all contributed to this slip.
Economic growth in Germany is expected to decline steeply in the final quarter of this year, the Bundesbank said in a report. Supply shortages and a diminishing demand in services contributed to the downside in forecasts.
Singapore's annual inflation reached 2.5 percent in September, experiencing little change from August’s figure of 2.4 percent.
The main sources of inflationary pressures were rising food and housing prices, rising by 1.6 percent and 2.3 percent respectively.