UK payrolls return to pre-pandemic levels, with vacancies at record – business live | Business

1 week ago 14

| September 14, 2021 |

Good morning, and invited to our rolling sum of the satellite economy, the fiscal markets, the eurozone and business.

UK institution payrolls person returned to their pre-pandemic levels, and vacancies are astatine a record, arsenic the agelong betterment from the Covid-19 situation continues.

The latest unemployment report, conscionable released, shows that “the labour marketplace continuing to recover”, according to the Office for National Statistics.

The fig of payroll employees roseate by 241,000 successful August to 29.1 million, returning to levels seen successful February 2020 earlier the archetypal lockdown.




UK payroll levels Photograph: ONS

All regions but London, Scotland and South East are present supra pre-pandemic levels, the ONS reports.

And contempt this emergence successful payrolls, vacancies are astatine a grounds levels arsenic firms crossed the system conflict to capable positions, peculiarly successful the hospitality sector, and transport and storage.

The fig of occupation vacancies successful June to August 2021 was 1,034,000 — having breached implicit 1 cardinal for the archetypal clip since grounds began this summertime — and is present 249,000 supra its pre-pandemic levels of January to March 2020.




UK vacancies

Photograph: ONS

The ONS explains:

Vacancies grew connected the 4th successful June to August 2021 by 269,300 (35.2%), with each manufacture sectors expanding their fig of vacancies and the bulk reaching grounds levels; the largest summation was seen successful accommodation and nutrient work activities, which roseate by 57,600 (75.4%).

These information comes conscionable a mates of weeks earlier the UK’s furlough jobs extortion strategy is owed to extremity – with unions and manufacture lobby groups informing of a spike successful redundancies arsenic employers, galore of them struggling to header with the interaction of the Delta variant, hole to instrumentality backmost staff.

The ONS besides reports that the unemployment complaint was 4.6% successful the 3 months to July, 0.3 percent points little than the erstwhile quarter.

The employment complaint has risen by 0.5 percent points implicit the past quarter, to 75.2%.

Office for National Statistics (ONS)
(@ONS)

Headline indicators for the UK labour marketplace for May-July 2021 amusement

▪️ employment was 75.2%
▪️ unemployment was 4.6%
▪️ economical inactivity was 21.1%https://t.co/CUvpA1Q0PX pic.twitter.com/pW78r1ax9X
September 14, 2021

More details and absorption to follow….

Also coming up today

Investors are bracing for the latest US ostentation report, which volition amusement whether user prices are inactive rising astatine the fastest gait successful 13 years.

This afternoon’s US CPI numbers could marque for uncomfortable speechmaking for US policymakers adjacent week, particularly if it follows the upward inclination of US mill gross prices for August, says Michael Hewson of CMC Markets.

In July determination was immoderate alleviation that US CPI remained dependable astatine 5.4%, raising the anticipation that we whitethorn person seen a peak. More encouragingly, halfway CPI slipped backmost from 4.5% successful June to 4.3% successful July, nevertheless adjacent if cardinal bankers look sanguine astir rising prices, US consumers decidedly aren’t if the New York Fed’s latest survey of ostentation expectations are thing to spell by. Consumer expectations for ostentation implicit the adjacent 3 years are astatine a heady 4%, portion for 1 twelvemonth they are 5.2%.
The biggest interest speech from the surges we are seeing successful vigor prices, which is worrying enough, has been the continued emergence successful PPI past week to 8.3%, from 7.8%, which suggests that we whitethorn person lone seen a intermission successful the upward trajectory successful prices.

We besides get the latest appraisal of the lipid marketplace from the IEA.

And chancellor Rishi Sunak is hosting immoderate of the UK’s biggest tech firms astatine an inaugural conference, called Treasury Connect, successful East London.

European banal markets are expected to unfastened higher:

IGSquawk
(@IGSquawk)

European Opening Calls:#FTSE 7076 +0.10%#DAX 15749 +0.30%#CAC 6693 +0.24%#AEX 793 +0.21%#MIB 26011 +0.33%#IBEX 8845 +0.33%#OMX 2341 +0.22%#STOXX 4201 +0.27%#IGOpeningCall
September 14, 2021

The agenda

  • 7am BST: UK unemployment study
  • 9am BST: IEA monthly lipid marketplace report
  • 1.30pm BST: US user terms ostentation for August
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