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LONDON (Reuters) - The number of Britons claiming unemployment benefit fell for an eighth consecutive month in June and at its fastest rate for three years in the latest sign that Britain's economic recovery is gaining momentum.
The Office for National Statistics said the number of people claiming jobless benefit fell by 21,200 last month. Economists had expected a drop of just 8,000.
A large favorable revision to the prior month added to the robust picture.
Britain's central bank has refrained from injecting fresh stimulus into the economy in the form of quantitative easing this year and focused its efforts on initiatives to boost lending to households and businesses.
The number of people without a job on the wider and lagging ILO measure dropped by 57,000 in the three months to May to 2.5 million.
The ILO jobless rate held steady 7.8 percent, as expected.
One way employers have been able to keep staff is by limiting pay rises.
Average weekly earnings growth including bonuses picked up slightly to 1.7 percent in the three months through May compared to a year earlier, still well below inflation. Excluding bonuses, pay grew by just 1.0 percent.
(Reporting by Christina Fincher and Christine Murray)
<div class="nc_footer">
Copyright (2013) Thomson Reuters. <a href="http://thomsonreuters.com/products_services/media/brand_guidelines/legal_notice/">Click for restrictions</a>
</div>

UK Jobless Claims Fall At Their Fastest Pace In 3 Years

Although deposit limit of demonetized notes has been Rs 2.5 lakh, above which inquiry may be conducted, a recent development suggests that even people with lesser deposits aren’t really safe. 
 
RBI is keeping a track of all accounts and has asked banks to red flag those, which has never had a big amount deposits before. Thus if this is the first time, you are depositing Rs 2 lakh, while your account has never gone above Rs 10,000, you should be worried. 
 
The central bank has ordered banks to provide data on such accounts as it steps up efforts to ensure that the banking system is not misused to launder black money after the demonetisation drive that was announced on November 8, people familiar with the matter told The Economic Times. 
 Banks are currently providing information to the <keyword id="182455" type="ORGANIZATION" weightage="20" keywordseo="Financial-Intelligence-Unit">Financial Intelligence Unit</keyword> on accounts where customers have deposited Rs 2.5 lakh or more in cash. This comes as raids have uncovered bundles of currency stashed away in bank lockers or being transported across the country. Several bank employees, including one RBI official, have been suspended or sacked for unauthorised exchange of notes amid a currency shortage that has hit regular customers and hurt the economy. RBI has written to banks asking for details of accounts at specific branches, particularly those in tier-II and tier-III cities that have witnessed abnormal jumps in deposits.

Here’s why accounts with
deposits lesser than Rs 2.5 lakh in cash should be worried

<ul class="summary-list"><li>Failing to quickly vaccinate will cost the world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> $2.3 trillion, <keyword id="11956849" type="UNKNOWN" weightage="60" keywordseo="the-economist-intelligence-unit" source="Orion">The Economist Intelligence Unit</keyword> said.</li><li>Poor countries would feel two-thirds of the pain, while North America and western Europe would go unscathed.</li><li>Patents, bottlenecks, vaccine hesitation, and shipping risks are all slowing mass inoculation, EIU said.</li></ul>The price of quickly vaccinating the world? <a href="https://www.businessinsider.com/one-time-99-wealth-tax-on-billionaires-could-vaccinate-world-2021-8">About $70 billion</a>. The price of a slow vaccine rollout? Almost 33 times more.Failure to quickly vaccinate the world's population will cost the global economy $2.3 trillion through 2025, The Economist Intelligence Unit said in a Wednesday report. And like most aspects of the coronavirus pandemic, this sluggish vaccine drive will hurt poorer people the most.Vaccine inequity is already pronounced. Major economies like the US, the EU, and China will probably reach widespread <keyword id="11894069" type="UNKNOWN" weightage="60" keywordseo="vaccination" source="Orion">vaccination</keyword> by the end of the year, EIU said, while developing countries are lagging far behind. Only 1% of the world's poorer populations have received at least one dose of a <keyword id="11895018" type="UNKNOWN" weightage="60" keywordseo="covid-vaccine" source="Orion">COVID vaccine</keyword>, and lower-income economies likely won't reach mass vaccination until 2023 at the earliest.The study comes as wealthy countries - whose companies developed the vaccines and bid for earliest access to them - face questions on whether they are meeting their pledges to help the globally less fortunate. The UK, for example, has only delivered about 10% of the 100 million doses it plans to give to developing countries by winter 2022. And as poorer countries grapple with the Delta wave, advanced economies are shifting their focus toward domestic booster shots.Those wealthy countries also face the least damage from delayed vaccination. North America and Western Europe wouldn't experience any drop in GDP from a slowed rollout, according to EIU. <div type="image" title="EIU" height="708" width="628" msid="85668449" hostid="261"></div>Developing economies, however, would bear nearly two-thirds of the decline in GDP. The impact would be harshest in the Asia-Pacific region, where economic activity is expected to drop by 73% from 2022 to 2025. The Middle East and North African regions would face the second-largest decline, with growth sinking 10%.The estimates likely understate how much delayed vaccination would hurt developing countries, EIU said. <h2>The path to mass vaccination has its hurdles</h2>A handful of factors are holding the global vaccination drive back. For one, advanced economies aren't pulling their weight like they promised to. While Congress appropriated $16 billion for the White House to send shots to countries in need, the Biden administration has only spent $145 million to expand vaccine production, according to a Thursday <a href="https://static1.squarespace.com/static/5e937afbfd7a75746167b39c/t/6126e625c4a13221528dc454/1629939239851/Final+PDF+25+Aug+v2.pdf'#39;">report</a> from AIDS advocacy group PrEP4All. Most of that sum went toward upgrading manufacturing at Merck so it can start making one billion doses early next year.The administration's plans "remain woefully insufficient," James Krellenstein, managing director at PrEP4All, said. As case counts rebound globally, he said "urgent efforts must be taken" to ramp up production and help poorer nations.That seems unlikely, as rich countries are shifting their priorities to domestic booster shots. The US has already rolled out its plan for third vaccinations. That pivot stands to "compound shortages of raw materials" and intensify bottlenecks, EIU said.Patent laws have also blocked widespread distribution. The way patent law operates "is singularly ill-suited to the emergency conditions of a pandemic," Brink Lindsey, vice president of the libertarian think tank Niskanen Center, said in a June Brookings <a href="https://www.brookings.edu/blog/up-front/2021/06/03/why-intellectual-property-and-pandemics-dont-mix/">report</a>. The Biden administration waived patents for COVID vaccines in May, but that was more symbolic, as a real mass effort would require technology transfer and a ramp-up in production, Lindsey said.Just getting vaccines to poorer countries wouldn't be the end of the road, either. Developing economies also struggle with vaccine hesitancy. The issue is particularly difficult in Ukraine, Vietnam, and India, where populations exhibit "high levels of mistrust of vaccines," EIU said.However, estimates maintain it's still worth paying up for expedited vaccination. Inoculating the world population against COVID <a href="https://www.businessinsider.com/one-time-99-wealth-tax-on-billionaires-could-vaccinate-world-2021-8">would cost roughly $70 billion</a>, according to a report from Oxfam, the Fight Inequality Alliance, the Institute for Policy Studies, and Patriotic Millionaires. That could be paid for with a one-time 99% tax on the financial gains billionaires enjoyed throughout the pandemic.Equitable vaccination, then, isn't just a goal for ethical and public-health reasons. Paying a relatively small sum now could save the global economy trillions of dollars over just a few years.

Rich countries' failure to vaccinate the world will do $2.3 trillion in economic damage, The Economist says

The Covid-induced work from home (<keyword id="1384155" type="COMPANY" weightage="20" keywordseo="WFH">WFH</keyword>) norms at workplaces has presented special challenges even for the government to mould tax regulations that take note of the new norm. One such issue is coming in the IT and ITeS sectors, who have become the flagbearers of country's resilience to the pandemic, growing both their operations and revenues even during the current difficult period. The pandemic-induced WFH has created doubts over continuation of income tax holiday extended to IT and <keyword id="10650622" type="UNKNOWN" weightage="20" keywordseo="ites-units-operation">ITeS units operation</keyword> from <keyword id="69055" type="COMPANY" weightage="20" keywordseo="Special-Economic-Zones">Special Economic Zones</keyword> (<keyword id="45393" type="COMPANY" weightage="20" keywordseo="SEZ">SEZ</keyword>) as the current functioning of staff is akin to employees delivering services virtually from their home location and not from the SEZs. "There is a need to clarify, whether services delivered by employees of SEZ-based IT-ITeS units, virtually from their home location, shall be eligible for income-tax holiday. This would not only ensure that future litigation is minimised but also provide some elbow room to the sector to drive higher operational efficiencies," said Naveen Aggarwal, Partner, Tax, KPMG in India. While the tax officials said that this issue should not be a concern as the department is constantly working to see that pandemic-induced disruptions do not impact functioning of businesses, sources said that a clarification over treatment of services rendered from work from home in case of IT and ITeS companies may come in Budget 2021-22. This would provide big relief to companies operating in the sector where WFH had almost acquired levels of permanency. Some organisations have announced long term plans on WFH while a few have already made this arrangement permanent. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms" data-type="tilCustomLink">Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

WFH induced tax challenges a burden for India's IT cos, analysts seek clarification in Budget 2021

REUTERS/Jana AsenbrennerovaPassengers wait for their delayed flight to London with British Airways after an Asiana Airlines Boeing 777 crashed and burst into flames as it landed at San Francisco International Airport in San Francisco, California, July 6, 2013. United Airlines has a bit of a mess on its hands, and there's a simple economic reason as to why.The airline is in hot water after a passenger <a href="http://www.businessinsider.com/how-airline-choose-who-kick-off-flight-united-american-delta-2017-4">was dragged from a United Airlines flight</a> for refusing to give up his seat. <a href="http://go.skimresources.com/?id=35871X943606&amp;site=businessinsider.com&amp;xs=1&amp;isjs=1&amp;url=http%3A%2F%2Fmarkets.businessinsider.com%2Fnews%2Fstocks%2Funited-airlines-taking-hit-after-forcibly-kicking-passenger-off-plane-2017-4-1001913476&amp;xguid=&amp;xuuid=06d45e376a84656374b1f2ce048d6a38&amp;xsessid=&amp;xcreo=0&amp;xed=0&amp;sref=http%3A%2F%2Fwww.businessinsider.com%2Fauthor%2Fjonathan-garber&amp;pref=http%3A%2F%2Fwww.businessinsider.com%2Fmoneygame&amp;xtz=240">United's stock has fallen</a> on Tuesday after a video of the incident caused an uproar on social media.While the incident may seem like a perfect storm of social media outrage and empathetic understanding after a customer service disaster (not to mention some follow-up public relations missteps from United and its executives), <a href="https://www.bespokepremium.com/think-big-blog/">Bespoke Investment Group</a> laid out the simple economic case for why the incident occurred - and why it could happen again.In a note on Tuesday, Bespoke said that the incident is an example of "what can happen when productive capacity is met in any industry." Essentially, despite an ever-increasing demand for air travel, the industry has only expanded its supply of planes slowly in order to maintain a low number of unused or empty seats.This mismatch of supply and demand has ended up with crowded, even overbooked flights, but also makes business sense for the airlines to continue.Let's break that down.First off, it is clear that even as airlines have increased the amount of flights being offered, the demand has been rising to meet that supply.<a href="https://www.bespokepremium.com/think-big-blog/">Bespoke pointed out</a> that the total number of available airline miles have surged since 2008, while capacity - basically how full the flights are - has remained steady. This indicates, at the minimum, sufficient demand for the increased air miles."Scheduled airline seat miles have been rising steadily since 2014, while load factors (basically, the percentage of seats filled) have been steady near 85% for domestic flights," <a href="https://www.bespokepremium.com/think-big-blog/">said the note.</a>Put another way airlines have been increasing the number of flights they offer but how full those planes are has stayed at an elevated level. Even more simply: flights are crowded. <a class="zoomin" href="https://static-ssl.businessinsider.com/image/58ed255e77bb70f3398b774e-960/screen shot 2017-04-11 at 24938 pm.png"></a>Bespoke Investment GroupIn turn, simple economics would indicate that higher demand than there is supply would lead to an increase in prices. This is also borne out in the data <a href="https://www.bespokepremium.com/think-big-blog/">according to Bespoke.</a>"The cost of air travel plunged for almost 30 years as the industry was de-regulated and competition reduced prices," <a href="https://www.bespokepremium.com/think-big-blog/">said the note.</a> "Since the post-9/11 airline industry restructuring, however, air travel's prices have risen faster than inflation as flights have operated at higher capacity."Basically, instead of increasing the supply of flights and plane seats, the industry has increased prices.<a class="zoomin" href="https://static-ssl.businessinsider.com/image/58ed27ba8af57843238b565e-960/screen shot 2017-04-11 at 25836 pm.png"></a>Bespoke Investment GroupThe increased demand despite higher prices means that airlines are struggling to accommodate passengers and flights are crowded.The solution? More planes. If you have more seats and more planes with the same number of airline miles flown then you can spread out fliers and alleviate overbooking.Instead of following through with more capital spending to meet this demand, <a href="https://www.bespokepremium.com/think-big-blog/">Bespoke said</a> the industry has been skimping on substantial capital expenditures for years."In the early 2010s airlines were spending less than 5% of revenue on capex," <a href="https://www.bespokepremium.com/think-big-blog/">said the note.</a> "While that figure has been rising, it would need to rise quite a bit more to expand capacity inline with demand for airline travel in the US."<a class="zoomin" href="https://static-ssl.businessinsider.com/image/58ed2b058af578531f8b5033-960/screen shot 2017-04-11 at 25852 pm.png"></a>Bespoke Investment GroupTo reduce the overcrowding and overbooking issues on flights that led to the United incident, the airline industry's capex would have to outrun demand. This would ease the capacity burden and give more breathing room for passengers.Unfortunately, a high capacity is generally more profitable for airlines - flying from New York to Los Angeles still uses the same amount of fuel no matter how many seats are filled. Thus, the more seats that are filled, the better it is for the companies.The worry for airlines is that they could commit to a massive increase in capex, and that a recession would hit or demand would drop for some other reason.So instead of getting ahead of the problem, airlines waited for new demand before responding with new planes. Thus, it is unlikely that the overbooking issue will be alleviated anytime soon."In other words: crowded flights and occasional conflict over seats is likely here to stay," <a href="https://www.bespokepremium.com/think-big-blog/">concluded Bespoke.</a> "Bad for travelers, but good for the airlines." <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-some-people-turn-red-drink-alcohol-2017-4">The disturbing reason some people turn red when they drink alcohol</a></h3> Please enable Javascript to watch this video

There's a simple economic reason why the United Airlines incident happened - and why it will probably happen again

Business-to-business (B2B) e-commerce platform <keyword id="6357316" type="General" weightage="100" keywordseo="udaan" source="Orion">Udaan</keyword> has raised $120 million in convertible notes and debt, as it plans an initial public offering (IPO) in the next 12-18 months amid the <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> winter. Udaan's chief financial officer <keyword id="2753906" type="General" weightage="50" keywordseo="aditya-pande" source="Orion">Aditya Pande</keyword> wrote in an email seen by IANS that with this round, the total funds raised by Udaan through convertible notes and debt in the last four quarters have crossed $350 million, making it one of the largest structured instrument fundraises in the country. "Despite the funding-related challenges being experienced by the larger start-up ecosystem, this fundraise reflects the confidence of investors in our business model and their endorsement of the journey to unit economics, driven by great progress in the evolution of our business model and cost efficiency, that we initiated last year," said Pande. He added that these steps have not only helped us achieve positive unit economics last quarter, but also improved efficiency in the system, with huge cost benefits, "which is key to building a sustainable business, and being public market-ready in 12-18 months". The Bengaluru-headquartered startup improved its unit economics by "1,000bps with equally strong improvements in both gross margins and operating cost," said Pande. "The journey of right business design and unit economics has translated into over 60 per cent reduction in the burn. Continued focus on customer-first thinking and initiatives on strengthening our value proposition for them have resulted in monthly buyer repeat rates increasing by more than 500 bps in the last 2 quarters," he added. Earlier this year, Udaan raised $250 million, $200 million in a convertible note and $50 million in debt. In the calendar year 2021, Udaan raised $500 million, taking its total raise to $1.4 billion to date. To cater to the growing demand, Udaan plans to scale its warehouse capacity to 50 million square feet across the country in the next seven-eight years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/jiomart-on-whatsapp-is-a-big-opportunity-for-paid-messaging-market-zuckerberg/articleshow/95114891.cms">JioMart on WhatsApp is a big opportunity for paid messaging market: Zuckerberg</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kkr-to-acquire-digital-services-transformation-company-ness-digital-engineering/articleshow/95119920.cms">KKR to acquire digital services transformation company Ness Digital Engineering</a>

Udaan raises $120 mn in funding winter, plans IPO in 12-18 months

Mumbai, Jan 29 () Unit economics, an euphemism for profit, has taken front seat for ecommerce major Snapdeal in its new, leaner avatar, founders of the company said on Tuesday.
 The Delhi-headquartered company was in close competition with south-based Flipkart at the peak of what was aggressive play by both companies for a larger wallet share of customers, where size is what mattered. It eventually ceded space to the deep pocketed American e-tailer Amazon.
 All the e-commerce players had deployed the "cash burn" model to acquire market share, helped by venture investors' money. According to reports, Flipkart used to burn USD 150 million a month at its peak before its acquisition by Walmart.
 "Positive unit economics means the consumer is allowing you as a company to make money while serving them. Negative unit economics means you are having to pay the consumer to use your service. Our view for the last few years is that we made lot of errors to get to this realisation," Snapdeal's co-founder Kunal Bahl said at the annual Tiecon event here.
 He added that investors have run out of patience and have become more wise over time.
 "Today more VCs (venture capital funds) are talking about unit economics. GMV (gross merchandise volume) seems to be some word in some dictionary that used to exist long time back," he said. "Part of it is the fact that even investors are now getting impatient. They are realising that there is slightly less correlation between GMV and building lasting enduring value for a company," he added.
 His co-founder Rohit Bansal said the key for Snapdeal now is to have a "product market fit" wherein it grows profitably, rather than achieving merely scale.
 He also said that the team uses toy maker Lego's story of a bounceback from the brink in 2003 to motivate staff, while Bahl said there is an "over communication" strategy adopted in the new avatar to align the team with the company's goals.
 Bahl said aspects like headlines being made in the media, or funding rounds received by peers do not matter to its staff anymore as it is more focused on executing its own laidout strategy now.
 The posterboy of Indian e-commerce relied on wit to illustrate the changed dynamics.
 To a question on whether he is confident of India being home to 25 unicorns -- or companies having valuations of over USD 1 billion - by 2025, Bahl countered saying he desires there being 25 companies having a revenue of USD 1 billion each and not valuations, leaving the audience in splits. AA MR
MR

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Mumbai, Mar 30 () Maharashtra is going to be theworst-hit among states in economic term due to the coronavirus-induced lockdown given its status as an industrial power anda manufacturing hub in the country, water resources ministerJayant Patil said on Monday.Most of the manufacturing units have completelystopped their activities due to the lockdown, he said.Speaking a Marathi news channel, Patil said,Maharashtra, being the most industrialised state, is going tobe the worst hit in this crisis. There are thousands ofmanufacturing units across the state, including large, mediumand small ones. They employ millions of skilled and non-skilled workers."The 21-day lockdown, implemented to facilitate socialdistancing and stem the spread of the coronavirus, is going tocreate an economic crisis in the state, said Patil, a formerfinance minister."Coronavirus is an international crisis; thus we arepart of it as well. Maharashtra is a highly industrialisedstate hence the closure of several industrial units is goingto create a huge economic crisis for the state as well, Patilsaid.Asked how the state would come out of the crisis,Patil said, It will take months for industrial units toresume production and achieve maximum capacity as small,medium and large industrial units are inter-dependent."We need to rethink about the current socio-economicframework as well in which we are living and how we shouldproceed further, said the minister.According to the Economic Survey 2019-20, Maharashtrahas 14.90 lakh registered micro, small and medium scaleindustries generating employment for 78.92 lakh people. NDRSY RSY

Lockdown will hit Maharashtra hard in economic term: Minister

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a>'s rumored interest in buying Postmates could help bring food-delivery closer to a profitable business, according to a new report from Needham &amp; Company. </li><li>PostMates has explored the possibility of a sale to both Uber and DoorDash, rather than going public, according to a <a href="https://www.vox.com/recode/2019/7/11/20688108/postmates-acquisition-ipo-doordash-walmart-uber" target="_blank" rel="noopener">Recode report from last week</a>.</li><li>Needham says such an acquisition would help improve the struggling unit economics in the food-delivery business by raising the lifetime value of each customer. </li><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Watch Uber trade live</a>.</li></ul>Rumors swirled last week that ride-hailing giant <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> was in the market to acquire Postmates, a food delivery service. <a href="https://www.vox.com/recode/2019/7/11/20688108/postmates-acquisition-ipo-doordash-walmart-uber">Recode reported the news</a> that Postmates was exploring a sale to a larger rival in the place of its expected 2019 IPO, with Uber being an interested buyer. According to a new report from Needham &amp; Company, if Uber did acquire Postmates, it could offer a boost to the whole food-delivery industry."We think that UBER would desire a lower price than the one Recode reported but also that Postmates 10% market share means that everyone's unit economics would stand to improve from such a move as it would raise marginal customers' LTVs (life-time value) in the space." Brad Erickson, an analyst at Needham said in a note to clients on Monday. <a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>Unit economics, or the revenues and costs associated with a business model on a per unit basis, have been a consistent point of criticize for not only ride-hailing, but for food delivery as well. Right now there's about six major food delivery companies including UberEats, DoorDash, <a href="https://markets.businessinsider.com/stocks/grub-stock">GrubHub</a>, and Postmates competing for market share. Many of these services offer discounts and deals to pull customers from competitors. According to Erickson, the lack of brand loyalty in the space "suggests consolidation is necessary." "We heard growing feedback suggesting customers are being increasingly lured by persistent promotions," he said. "This seemed particularly interesting given Recode's recent article portending potential industry consolidation."Food delivery has been viewed as an important business line for Uber's future as it attempts to leverage the massive platform it's built in order to ultimately become profitable. Erickson estimates UberEats generated between $4.15 billion and $4.25 billion in bookings in 2018 compared to $1.9 billion to $2.1 billion in 2017. Recode also reported that Postmates held conversations with DoorDash and Walmart. Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/next-stock-market-crash-recession-record-investor-worry-allianz-survey-2019-7-1028353514">Investors are more worried than ever that a major recession or market crash is right around the corner</a><a href="https://markets.businessinsider.com/news/stocks/anheuser-busch-inbev-asia-ipo-canceled-costs-bankers-millions-fees-2019-7-1028353107">JPMorgan and Morgan Stanley just missed out on $170 million in fees after 2019's biggest IPO got pulled</a><a href="https://www.businessinsider.com/theres-drama-with-goldman-sachs-private-investing-unit-plan-2019-7">Goldman Sachs execs are jockeying for control of the firm's lucrative private investing units after a plan to merge it - and the stakes couldn't be higher</a><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=40-big-tech-predictions-for-2019"></a>

Here's why Uber buying Postmates could be a win-win for everyone involved

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Aurelien Meunier / Stringer / Getty ImagesThe United States has an incredibly vibrant and productive economy, but there could be trouble looming.</div></div></div><ul class="summary-list"><li>The World Economic Forum recently released its annual <a href="http://www3.weforum.org/docs/GCR2018/05FullReport/TheGlobalCompetitivenessReport2018.pdf">Global Competitiveness Report</a>, which ranks countries based on several metrics relating to economic growth and social stability.</li><li>While the United States was ranked as the top country for overall economic competitiveness, the report included some troubling warnings about certain aspects of American society it calls "social capital."</li><li>The social capital variables include voter turnout in recent elections, and attitudes about civic trust and social solidarity.</li></ul>The United States has an incredibly vibrant and productive economy, but there could be trouble looming.The World Economic Forum recently released its annual <a href="http://www3.weforum.org/docs/GCR2018/05FullReport/TheGlobalCompetitivenessReport2018.pdf">Global Competitiveness Report</a>, which ranks countries based on several metrics relating to economic growth and social stability. Those metrics are evaluated on a score from 0 to 100 for each country, with 100 representing the ideal "frontier" for a hypothetical country performing as well as possible on that metric.While the United States came out as the top country overall for economic competitiveness, the report included some warnings about certain aspects of American society.The WEF wrote [emphasis ours],"Although the country's institutional framework remains very conducive (74.6, 13th), there are indications of a weakening social fabric (63.3, down from 65.5) and worsening security situation (79.1, 56th) - the United States has a homicide rate five times the average for advanced economies - as well as relatively low checks and balances (76.3, 40th), judicial independence (79.0, 15th), and transparency (75.0, 16th)."The social capital metric used by the WEF is described in the report as assessing "social cohesion and engagement, community and family networks, and political participation and institutional trust." Specifically, the WEF based their social fabric metric on the social capital pillar from the <a href="https://prosperity.com/">Legatum Prosperity Index</a>. Legatum's <a href="http://www3.weforum.org/docs/GCR2018/05FullReport/TheGlobalCompetitivenessReport2018.pdf">description of their methodology</a> lists the variables used in their social capital pillar. The variables include voter turnout in recent elections, along with several survey questions about civic trust and social solidarity, like "Do you have confidence in the local police force?" and "Have you donated to charity in the past month?"A decline in the kind of social health and engagement measured by those questions could naturally lead to concerns about the long-term political and business environment in the country.The WEF also noted that access to healthcare in the US continues to fall behind the country's peers. The authors of the report wrote, "The country also lags behind most advanced economies on the Health pillar - a consequence of the country's unequal access to healthcare and broader socio-economic disparities."While the US remains at the forefront of economic competitiveness, the issues raised by the WEF could lead to problems in the future. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/lottery-winners-lost-money-divorce-drugs-powerball-2017-5">4 lottery winners who lost it all</a></h3> <div> </div> </div>

The US economy was just ranked the world's most competitive, but a closer look at the country's 'weakening social fabric' could spell trouble for the future

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