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UK wage growth weakens, but jobless rate still very low
Newsflash: Britain’s unemployment rate has stuck at its lowest level in 45 years, but wage growth has slowed.
The jobless rate was 3.8% in the three months to October, the Office for National Statistics says, matching last month’s reading.
The ONS explains:
For August to October 2020, an estimated 1. 29 million people were unemployed. This is (****************************************************************************************************************************************************************************************************************************************************************************************, ************************************************************************************************************************************************************************************************************************************************************************************************************************************************************** (fewer than a year earlier and) ****************************************************************************************************************************************************************************************************************************************, ********************************************************************************************************************************************************************************************************************************************************************************************************************************************************************* (fewer than five years earlier.)
But average earnings only rose by 3.4% per annum during the quarter, down from 3.6% a month ago. That means real wages (accounting for inflation) have dropped – a blow to families in the run-up to Christmas.
The ONS also reports that the employment rate has hit a new all-time high, at (***************************************************************************************************************************************************************************************************************************************************************************************************. 2%, up from 82 .8% a year ago.
Kit Juckes
, foreign exchange analyst atSociété Générale
, says Johnson’s tough line on the post-Brexit trade talks has caught the markets by surprise.**********************
The news that UK PM Johnson plans to rule out (legally) any extension to the transition period after the UK leaves the EU has given sterling a kicking this morning.
Those who thought that a big majority would free the PM to take a patient approach to negotiate the best possible deal, have been caught by surprise. And that’s most UK economists and strategists. Ho hum.
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4.) ******************************************************************************************************************************************************************************************************************************************************************************************************************************************************** amEST**********************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************
Britain’s FTSE index of medium-sized listed companies is also suffering a bout of Brexit blues.
The FTSE (******************************************************************************************************************************************************************************************************************************************************************************, seen as a barometer of the UK economy, has shed 1. (% or) ************************************************************************************************************************************************************************************************************************************************************************** points to .
Financial stocks such as Virgin Money (-4%) are among the fallers, along with housebuilder Crest Nicholson (-5%).
Michael Hewson of CMC Markets says:
**********************
In essence all of the big gainers of the past few days are giving back some of their gains as the reality check of the possibility of a no deal Brexit, while still over a year away, has tempered some of the enthusiasm from last Thursday’s election result.
The FTSE (************************************************************************************************************************************************************************************************************************************************************************************, though, is flat this morning as multinational companies are getting a boost from the weak pound (it makes their overseas earnings more valuable). **************************** Andy Bruce
(************************************ 3. (amEST) (**************************************************************************************************************************************************************************************************************************************************************************************************************************************************************:
Some City investors had thought that Boris Johnson would ‘pivot’ to the center ground now he has a solid majority in parliament.
The plan fora new cliff-edge Brexit deadline in a year timehas dashed those hopes.
Neil Wilson
of
Markets.com
writes:**********************
Sterling tripped over its heels as Boris Johnson is looking to legislate for Britain to leave the EU fully in Dec 3500 with or without a trade deal. That means no possible way to extend the transition period. I must confess to believing he wouldn’t need to be so drastic, that a large majority offered the flexibility yet strength a government craves in deal making.
This sets up another cliff-edge and could create yet more months of uncertainty for investors just when we thought all was squared away.Neil Wilson(@ marketsneil)(***************************************** $ GBPgetting hammered on this legislation on the transition period
(December) **********************************************************************************************************************************************************************************************************************************************************************************************************************************************,
Faisal Islam of the BBC says there’s a growing chance that Britain will be trading on WTO terms with the EU in just over year:
(3.) amEST:
Boeing suppliers hit by 740 Max suspension
The news that UK PM Johnson plans to rule out (legally) any extension to the transition period after the UK leaves the EU has given sterling a kicking this morning.
Those who thought that a big majority would free the PM to take a patient approach to negotiate the best possible deal, have been caught by surprise. And that’s most UK economists and strategists. Ho hum.
(******************************
Britain’s FTSE index of medium-sized listed companies is also suffering a bout of Brexit blues.
The FTSE (******************************************************************************************************************************************************************************************************************************************************************************, seen as a barometer of the UK economy, has shed 1. (% or) ************************************************************************************************************************************************************************************************************************************************************************** points to .
Financial stocks such as Virgin Money (-4%) are among the fallers, along with housebuilder Crest Nicholson (-5%).
Michael Hewson of CMC Markets says:
**********************
In essence all of the big gainers of the past few days are giving back some of their gains as the reality check of the possibility of a no deal Brexit, while still over a year away, has tempered some of the enthusiasm from last Thursday’s election result.
The FTSE (************************************************************************************************************************************************************************************************************************************************************************************, though, is flat this morning as multinational companies are getting a boost from the weak pound (it makes their overseas earnings more valuable). **************************** Andy Bruce
(************************************ 3. (amEST) (**************************************************************************************************************************************************************************************************************************************************************************************************************************************************************:
Some City investors had thought that Boris Johnson would ‘pivot’ to the center ground now he has a solid majority in parliament.
The plan fora new cliff-edge Brexit deadline in a year timehas dashed those hopes.
Neil Wilson
of
Markets.com
writes:**********************
Sterling tripped over its heels as Boris Johnson is looking to legislate for Britain to leave the EU fully in Dec 3500 with or without a trade deal. That means no possible way to extend the transition period. I must confess to believing he wouldn’t need to be so drastic, that a large majority offered the flexibility yet strength a government craves in deal making.
This sets up another cliff-edge and could create yet more months of uncertainty for investors just when we thought all was squared away.Neil Wilson(@ marketsneil)(***************************************** $ GBPgetting hammered on this legislation on the transition period
(December) **********************************************************************************************************************************************************************************************************************************************************************************************************************************************,
Faisal Islam of the BBC says there’s a growing chance that Britain will be trading on WTO terms with the EU in just over year:
(3.) amEST:
Boeing suppliers hit by 740 Max suspension
The FTSE (******************************************************************************************************************************************************************************************************************************************************************************, seen as a barometer of the UK economy, has shed 1. (% or) ************************************************************************************************************************************************************************************************************************************************************************** points to .
Financial stocks such as Virgin Money (-4%) are among the fallers, along with housebuilder Crest Nicholson (-5%).
Michael Hewson of CMC Markets says:
**********************
In essence all of the big gainers of the past few days are giving back some of their gains as the reality check of the possibility of a no deal Brexit, while still over a year away, has tempered some of the enthusiasm from last Thursday’s election result.
The FTSE (************************************************************************************************************************************************************************************************************************************************************************************, though, is flat this morning as multinational companies are getting a boost from the weak pound (it makes their overseas earnings more valuable). **************************** Andy Bruce
(************************************ 3. (amEST) (**************************************************************************************************************************************************************************************************************************************************************************************************************************************************************:
Some City investors had thought that Boris Johnson would ‘pivot’ to the center ground now he has a solid majority in parliament.
The plan fora new cliff-edge Brexit deadline in a year timehas dashed those hopes.
Neil Wilson
of
Markets.com
writes:**********************
Sterling tripped over its heels as Boris Johnson is looking to legislate for Britain to leave the EU fully in Dec 3500 with or without a trade deal. That means no possible way to extend the transition period. I must confess to believing he wouldn’t need to be so drastic, that a large majority offered the flexibility yet strength a government craves in deal making.
This sets up another cliff-edge and could create yet more months of uncertainty for investors just when we thought all was squared away.Neil Wilson(@ marketsneil)(***************************************** $ GBPgetting hammered on this legislation on the transition period
(December) **********************************************************************************************************************************************************************************************************************************************************************************************************************************************,
Faisal Islam of the BBC says there’s a growing chance that Britain will be trading on WTO terms with the EU in just over year:
(3.) amEST:
Boeing suppliers hit by 740 Max suspension
Some City investors had thought that Boris Johnson would ‘pivot’ to the center ground now he has a solid majority in parliament.
The plan fora new cliff-edge Brexit deadline in a year timehas dashed those hopes.
Sterling tripped over its heels as Boris Johnson is looking to legislate for Britain to leave the EU fully in Dec 3500 with or without a trade deal. That means no possible way to extend the transition period. I must confess to believing he wouldn’t need to be so drastic, that a large majority offered the flexibility yet strength a government craves in deal making.
This sets up another cliff-edge and could create yet more months of uncertainty for investors just when we thought all was squared away.Neil Wilson(@ marketsneil)(***************************************** $ GBPgetting hammered on this legislation on the transition period
(December) **********************************************************************************************************************************************************************************************************************************************************************************************************************************************,
Faisal Islam of the BBC says there’s a growing chance that Britain will be trading on WTO terms with the EU in just over year:
(3.) amEST:
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