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Global fund managers are holding on to more cash than they have in more than 20 years. Employers are launching salary advancement schemes to help workers living pay check to pay check. China's strict covet lockdowns are taking a huge toll on the economy. And it's unclear what officials can do to boost consumer spending.

Cash holdings among global fund managers have risen to their highest level since 9/11, China’s economic data show how badly the country is suffering from its Covid lockdowns. Plus, the FT’s employment columnist Sarah O’Connor says inflation hurts some workers more than others and salary advancement schemes aimed at helping struggling workers may not be a panacea.

Mentioned in this podcast:

Big investors increase cash holdings to highest levels since 9/11 attack

Beware the promise of salary advance schemes

China’s economic activity plummets as Covid lockdowns hit growth

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

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