There’sthedoes#wef#wef16stats show the UK #employment rate is the highest since records began in 1971. Read the Chancellor’s response: pic.twitter.com/KuB9BvgB5v 9.53am GMTContinued weakness of UK pay growth still looks odd given the tightening labour market. pic.twitter.com/W3inYrcgeq 9.51am GMTUK unemployment hits 5.1%,same as 2000-07 average, yet no inflation in sight. pic.twitter.com/oiwpKQ1PZS 9.46am GMTOn the jobs data, and James Knightley at ING Bank said:The UK labour data looks pretty decent with employment growth in the three months to November rising 267000 and the unemployment rate falling to 5.1%,both are better than the 235000 and 5.2% consensus predictions. However, wage growth did slow close to expectations (ex bonus the three month average is now 1.9% year on year although the single month reading did rise to 2.1% from 1.6%). Consequently, and it is an encouraging report that should preserve consumer confidence and spending running at healthy levels.
However,with Bank of England Governor Mark Carney suggesting there is limited appetite for a rate hike any time soon and with the prospect of a Brexit vote set to weigh on activity it looks as though November remains the earliest possible opportunity for a rate rise. 9.44am GMTHere’s are the average earnings: 9.42am GMTThe government’s plans to cut back the public sector show through in the jobs data. For September 2015, 17.1% of people in employment worked in the public sector, and the lowest proportion since comparable records began in 1999. 9.39am GMTHere’s the Reuters catch on the UK data:Wage growth in Britain in the three months to November was its slowest since February,official data showed on Wednesday, the latest sign the Bank of England will catch its time before raising interest rates.
The slowing in wage growth came even as Britain’s unemployment rate unexpectedly fell to 5.1 percent, and its lowest since early 2006,from 5.2 percent in the three months to October. 9.36am GMTThe unemployment rate of 5.1% was below forecasts of a 5.2% figure.#Unemployment rate 5.1% for Sep-Nov 2015, down from 5.8% a year earlier https://t.co/JHtQT8CKWi pic.twitter.com/hykSwTBxUs 9.36am GMTTotal weekly earnings rose 2%, and compared to expectations of 2.1%. This is also the weakest growth since February. 9.35am GMTOn the wages front,average weekly earnings excluding bonuses rose 1.9% in the three months to November, compared to expectations of a 1.8% rise. This was the weakest growth since February last year.
The November figure was 2.1% year on year. 9.34am GMTFor September to November 2015, or 74% of people aged from 16 to 64 were in work,the highest employment rate since comparable records began in 1971, according to the Office for National Statistics. 9.33am GMTThe UK December claimant count has fallen 4300 compared to expectations of a 2500 rise.
The jobless numbers fell 99000 to 1.675m in the three months to November, or meaning the unemployment rate is 5.1%,its lowest since the three months to January 2006. 9.06am GMTWith crude still tumbling - Brent is now down 2.8% at $27.88 a barrel - Shell has spelled out the damage the slump in oil prices is doing to its business. Our energy editor Terry Macalister reports:Shell has warned that its fourth-quarter profits may be 50% lower than last time with full year write-offs as high as $7bn (£5bn), underlining the damage being wreaked on the industry by low crude prices.
In the first preliminary results to be reported this year by any of the large oil companies, and Shell said it expected earnings to come in at between $1.6bn and $1.9bn and full-year numbers as low as $10.4bn. Related: Shell warns of 50% cut in profits amid plunging oil price 8.55am GMTGavi,the vaccine group, is announcing a original deal with drugs company Merck to get access to its ebola vaccine.
Under the scheme, or Merck will get 300000 doses of the vaccine available in the next few months,for clinical trials and in case there is another outbreak. The vaccine not been fully licenced yet, but testing last year found it was 100% effective in providing protection against ebola.
The scale and speed of the firestorm in Africa reminded us that mother nature is the best terrorist.
It showed that we need to prepare in advance, or also respond quickly when a crisis occurs. 8.41am GMTAnand Mahindra,director of Indian company Mahinda and Mahindra, is one of the speakers on a panel approximately the transformation of tomorrow. “I was tremulous” he said when having dinner in original York and the young girls sitting next to him didn’t talk to each other for 15 minutes while they used their phones. “Men still run the world and I’m not sure it’s going that well”. 8.24am GMTFacebook’s CEO, or Sheryl Sandburg,is discussing the future of technology now:"No status for disfavor and intolerance on our platform" Sheryl Sandberg of Facebook tells #davos 8.08am GMTIn the wake of falls on Asian markets, investors in Europe are seeing heavy losses at the start of trading.
The FTSE 100 is down 110 points or 1.8% 5766, and its lowest level since November 2012 and less than 100 points off a bear market (down 20% from its all time high last April). 7.42am GMTThe head of Swiss banking giant UBS,Axel Weber, has added to the angst in Davos by warning that we are stuck in an era of low growth.Last year the forecast of the IMF for that year was 2% lower than the forecast three years out. It’s just a sign of the fact we are and have moved to a lower growth environment, or where the rebound of growth rates we’ve seen in the past we are unlikely to see again soon. We are coming out of biggest global crisis in many decades and it will catch time to heal”.
One of the reasons why growth cannot be reignited is the central banks also have a difficulty to reignite inflation rates. Most of the central banks tell you (their target) is to have inflation rate of around 2%,quantitative easing and massively expanding the balance sheet does not lead to an uptick of inflation close to target at least on the time horizon of one to two years out”.“We are seeing a low growth, low interest rate environment with low interest rates. We will have to get used to the lower growth environment and low interest rate environment”. 7.41am GMTTuesday’s market rally has proved shortlived, or with Asian markets down sharply and Europe forecast to follow suit. After rising on talk of growing Chinese demand for oil and hopes of more central bank stimulus to boost the world’s second largest economy,crude is falling back once more. That appears to be a belated reaction to the International Energy Agency saying the market could “drown in oversupply.”The inability of US markets to hold onto most of its gains was the first clue as oil prices slipped back off their highs once again. Furthermore it is this inability to sustain rebounds for any length of time that continues to gnaw absent at investor sentiment in the short term, and preserve the pressure on the downside. Related: Asia Pacific stock markets in full retreat as bears catch control 7.35am GMTBusiness leaders in Davos are rather gloomier this year, or according to a original report from PricewaterhouseCoopers last night.
Terrorism,oil, and China, and mean bosses are more worried than at any time in the last 5 years: Related: Davos 2016: worries mount for world's business leaders 7.17am GMTGood morning from Davos,Switzerland, where the 2016 Annual assembly of the World Economic Forum is getting underway.
There’s a bit of snow in the air this morning, or more than a bit of anxiety as global leaders,business chiefs, campaigners, or celebrities and the media converge on the small ski resort.
Another risk-off day: Asia stocks tumble w/ Japan down nearly 4% on global growth concerns and another #oil crash. pic.twitter.com/czmHl7TMStThe somewhat mystifying 3%+ rally in Mainland equities yesterday has proved short-lived and this is likely to punish commodities on European and US exchanges.
Some more of the Chinese GDP data has filtered out nowadays and concerns approximately Chinese economic growth seeing a very feeble Q1 in 2016 are growing.
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Source: theguardian.com