Good morning, we welcome our information on the global economy, financial markets, the eurozone and trade.
We start with the tough news from the UK job market. The number of layoffs has progressed rapidly since the financial crisis as Govt-19 continues to hit the UK economy badly.
Figures now released show that 156,000 people were laid off in the May-July quarter – an increase of 58,000 compared to the same period in 2019.
This is an increase of 48,000 compared to February-April, when the Govt-19 crisis began.
This is the largest improvement in more than a decade, according to the Office for National Statistics:
The number of layoffs rose to 58,000 a year, 48,000 a quarter and 156,000 a quarter.
These are the largest annual and quarterly increases since 2009. Although layoffs were at an all-time high from September to November 2012, the level is much lower than during the 2008 recession.
Many of those jobs were lost in retail, hospitality, shelter and leisure, where companies were forced to close this spring and then faced weak sales.
Worrying, it comes Before The government is covering up its plan to retain its jobs, forcing employers to decide whether or not to keep workers in their books.
Today’s employment report shows that the number of salaried employees in the UK fell by 695,000 in August compared to March 2020.. The corona virus is another good indicator of the damage caused by the crisis.
This is another sign that the UK unemployment rate has risen to 4.1%. This is still very low by historical standards, and shows that the Furlow program helped prevent unemployment from rising immediately.
The employment rate also rose slightly to 76.5% as more people returned to work as the locks were relaxed.
But today’s employment report also shows that younger workers are particularly badly affected by the recession.
During the quarter, there was a large decline in the number of young people in employment, while unemployment among young people increased.
More details to follow and reaction ….
Still comes today
We get a new health check on the oil market, where demand is affected by the epidemic, and the latest survey of economic confidence in Germany. U.S. industrial production figures show that its factories are still recovering.
Overnight, China announced an improvement in industrial production and retail (and more later).
There is not much drama in the markets and European stocks are expected to be flat.
- 7am BST: UK Labor Market Report
- 9am BST: IEA Oil Market Report
- 10 a.m. BST: ZEW Institutional Review of German Economic Hope
- 1.30pm BST: US Empire State Manufacturing Code September
- 2.15 pm BST: US Industrial Production Report for August