Good morning.
Now, for the first time in the UK, there are fewer unemployed than vacancies, highlighting the crisis in the labor market as the cost of living crisis deepens.
The unemployment rate fell to 3.7% in the first three months of the year – below economists’ forecasts and its lowest level since 1974.
But hundreds of thousands of people left the workforce during the pandemic, which means companies are struggling to take on roles. They can offer higher wages to attract talent, which in turn can fuel inflation.
However, adjusted for inflation, average income without bonuses fell by 1.9% from a year earlier – the biggest drop since 2013 – as the pressure on living standards deepens.
5 things to start your day with
1) Bank of England struggles to save its reputation – and the Tory economy attack on Threadneedle Street comes as inflation reveals cracks in its armor
2) Elon Musk suggests he may pay a lower price for growing fears on Twitter, as boss Parag Agraval defends the platform’s strategy against bots
3) “Serious infringement” puts more pressure on the SFO Supreme Court ruling on a mining company investigation that shakes fraud investigators
4) British telecommunications giants accused of plotting to destroy Phones4U Bosses in EE, Vodafone and O2 have had “openly anti-competitive” talks with each other, the Supreme Court of London has heard
5) Treasury plans carbon levy on imports Measure some of the efforts to prevent British jobs from going abroad to more emissions-tolerant countries
What happened during the night
Shares of Hong Kong rose on Tuesday, although shares of Wall Street ended down due to weak Chinese economic data.
The Hang Seng index rose 1.3 percent. The Shanghai Composite Index fell 0.09 percent, while the second mainland stock market, the Shenzhen Composite Index, sank 0.4 percent.
Shares of Tokyo rose in the morning trade, as the Nikkei 225 index opened negative territory, but rose rapidly by 0.2 percent.
Expect today
- Corporate: C&C Group, DCC, Land Securities, Vodafone (year-round results); Britvic, Imperial Brands, Tritax EuroBox (intermediate); TI Fluid Systems (trade update)
- Economy: GDP (EU), unemployment rate (UK), change in number of claimants (UK), retail sales (US)
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