Rolling coverage of the latest economic and financial news
Sterling is weakening on the foreign exchange markets, as investors digest the rise in UK unemployment and the drop in payrolls.
The pound has dropped by almost a cent against a generally stronger US dollar, to $1.346, its lowest level since the end of May.
The cooling in the UK jobs market is gathering pace. Wage growth is slowing, too. While the bar for the Bank of England to speed up rate cuts seems to be set fairly high, this data helps cement cuts in August and November.
The UK jobs market might be turning a corner – and not in a good way. What stands out from the latest hiring numbers is a sharp 109,000 fall in payrolled employees in May. That is the largest monthly fall outside of the Covid-19 pandemic, since the data began in 2014.
Continue reading…Rolling coverage of the latest economic and financial newsSterling is weakening on the foreign exchange markets, as investors digest the rise in UK unemployment and the drop in payrolls.The pound has dropped by almost a cent against a generally stronger US dollar, to $1.346, its lowest level since the end of May.The cooling in the UK jobs market is gathering pace. Wage growth is slowing, too. While the bar for the Bank of England to speed up rate cuts seems to be set fairly high, this data helps cement cuts in August and November.The UK jobs market might be turning a corner – and not in a good way. What stands out from the latest hiring numbers is a sharp 109,000 fall in payrolled employees in May. That is the largest monthly fall outside of the Covid-19 pandemic, since the data began in 2014. Continue reading…
