good morning. Welcome to the rolling coverage of the world economy, financial markets, euro area and business.
UK unemployment is declining again as employers continue to add workers to salaries … but wages are now again lagging behind inflation.
The unemployment rate fell to 4.1% in the September-November quarter, the National Bureau of Statistics reports. This is down from 4.2% a month ago.
Salaries continue to grow-ONS estimates: Employer added 184,000 staff in December, Beyond the pre-pandemic level, raise salary to 409,000, or 1.4%.
Currently, all regions are above pre-coronavirus levels, with Scotland showing the highest growth rate for the month.
Vacancy hit a record high again as employers continue to struggle to fill positions, with 1,247,000 vacancies from October to December.
That’s 462,000 more than before the pandemic, with most industries showing record numbers of vacancies, with a record number of vacancies per job for 100 employees of 4.1. However, the rate of increase in vacancies has slowed, ONS warns.
After the end of the coronavirus job retention scheme, the redundancy rate was reduced to record lows. This suggests that the termination of the layoff scheme has not had a significant impact on the job market.
However, the economic inactivity rate increased 0.2 percentage points to 21.3 percent, indicating that more people have dropped out of the labor market due to study, early retirement, or illness.
And for paid, the real average weekly income fell for the first time since July 2020 in November 2021 (more on this later).
The Bank of Japan has raised growth and inflation forecasts overnight, indicating that recent commodity-led price increases are likely to expand.
Japan’s Prime Minister Fumio Kishida, like Israeli Prime Minister Naftali Bennett, is working on the virtual Davos agenda of the World Economic Forum today.
On the economic front, we get late German economic morale data and health checks for factories in the New York region.
Higher bond yields could open the European stock market lower, as investors expect some US interest rates to rise this year.
- Greenwich Mean Time 8:00 am: EU Treasury Minister Holds EcoFin Meeting
- Greenwich Mean Time 10:00 am: ZEW survey on the economic situation in Germany
- 10 am Greenwich Mean Time: Israeli Prime Minister Naftali Bennett’s Special Speech on Davos Proceedings Day
- 11:00 am GMT: Prime Minister Fumio Kishida gives a special speech at the Davos Capitol
- Greenwich Mean Time 1:30 pm: New York Empire State Manufacturing Index
Real wages fall when Britain’s living expenses are squeezed.Lower Unemployment – Business Live | Work
Source link Real wages fall when Britain’s living expenses are squeezed.Lower Unemployment – Business Live | Work
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