Surprise dip in U.K. unemployment combined with rising GDP signals strengthening economy—unlike the U.S.
==========
UK unemployment fell unexpectedly to 4.2% in the three months to June, with employment surging by 97,000; Wage growth slowed in line with expectations; The pound jumped 0.3% to trade above $1.28 on Tuesday; The UK is the best performing currency in the Group of 10 nations; Figures due later this week are likely to show robust economic growth in the UK and the first increase in inflation this year; BOE officials have been focused on wage figures for signs of inflation and the ability of the broader jobs market to drive up pay and prices; A raft of UK economic data this week will set the tone for the BOE in the leadup to its next policy decision on Sept. 19; Investors are betting on the next cut arriving in November; Inflation figures due out on Wednesday are likely to show the first increase in price pressures this year; Some officials have signaled their lingering concerns over strong wage growth; The central bank expects unemployment to hit 4.8% in the coming years; The ONS’s Labour Force Survey, which underpins the unemployment data, has questions about its reliability; The introduction of new “transformed” figures has been delayed until next year.
#Uk #Unemployment #Gdp #Economy #BankOfEngland #InterestRates #WageGrowth #Inflation
https://fortune.com/europe/2024/08/13/surprise-dip-in-u-k-unemployment-combined-with-rising-gdp-signals-strengthening-economy-unlike-u-s/
Fortune /
npub1v7…9v0r4
2024-08-13 10:03:44
Author Public Key
npub1v7hvaa8pv7g92sr6na55dtzaxmrrsgddxkhst3e8atw4nxusm37sg9v0r4Published at
2024-08-13 10:03:44Event JSON
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"content": "Surprise dip in U.K. unemployment combined with rising GDP signals strengthening economy—unlike the U.S.\n==========\n\nUK unemployment fell unexpectedly to 4.2% in the three months to June, with employment surging by 97,000; Wage growth slowed in line with expectations; The pound jumped 0.3% to trade above $1.28 on Tuesday; The UK is the best performing currency in the Group of 10 nations; Figures due later this week are likely to show robust economic growth in the UK and the first increase in inflation this year; BOE officials have been focused on wage figures for signs of inflation and the ability of the broader jobs market to drive up pay and prices; A raft of UK economic data this week will set the tone for the BOE in the leadup to its next policy decision on Sept. 19; Investors are betting on the next cut arriving in November; Inflation figures due out on Wednesday are likely to show the first increase in price pressures this year; Some officials have signaled their lingering concerns over strong wage growth; The central bank expects unemployment to hit 4.8% in the coming years; The ONS’s Labour Force Survey, which underpins the unemployment data, has questions about its reliability; The introduction of new “transformed” figures has been delayed until next year.\n\n#Uk #Unemployment #Gdp #Economy #BankOfEngland #InterestRates #WageGrowth #Inflation\n\nhttps://fortune.com/europe/2024/08/13/surprise-dip-in-u-k-unemployment-combined-with-rising-gdp-signals-strengthening-economy-unlike-u-s/",
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