Fresh figures from the ONS this morning paint a mixed picture of the labor market.
As the number of jobs has strengthened – payrolls rose by 184,000 in December and the unemployment rate fell to 4.1% between September and November – there are worries of a looming cost crisis. of life.
A surge in inflation meant wage growth was wiped out in real terms over the three-month period. Moreover, in November wages fell by 1% in real terms.
Job vacancies also hit a record high of 1.25 million, underscoring the skills shortage facing businesses.
5 things to start your day
1) Startup plans driverless deliveries for Ocado and Asda this year Wayve raises $200m from investors including Sir Richard Branson
2) Nicola Sturgeon raises £700m auction to triple UK offshore wind power Shell, BP and Scottish Power want to build more floating and stationary turbines but face opposition from fishermen and conservationists
3) Antonio Horta-Osorio could pocket £3.8m on leaving Credit Suisse Former Lloyds boss replaced on trip to Wimbledon in breach of Covid rules
4) Sadiq Khan threatens to remove Boris buses from London roads as part of funding Boris Johnson’s New Routemasters fleet at risk as TfL seeks additional government funding
5) Online car auction site threatens ‘dinosaur’ rivals High-end shoppers rushed to buy new toys from the Collecting Cars website, often without even seeing them first
What happened overnight
With Wall Street closed, Asian markets recovered slightly from Monday’s struggles as investors regained some of their lead over Europe. Tokyo was among the best performers, rallying 0.9pc in the morning, while Hong Kong, Shanghai, Sydney, Singapore, Taipei and Manila were also up. Seoul, Jakarta and Wellington fell slightly.
- Business : Marshalls, Elementis, Qinetiq, Energean, IntegraFin, 888 Holdings, The Hut Group (Commercial Update)
- Economy: Unemployment rate (UK), change in the number of applicants (UK), average salary (UK), ZEW economic sentiment (EU)