US adds 288,000 jobs in one month: Best 12-month job gains since crisis July 3, 2014 The US labour market just blew everyone's expectations out of the water. The headline unemployment rate is down to 6.1 per cent in June from 6.3 per cent, and a jaw-droppingly high 288,000 job additions in the same month sees the US on a new record streak. Any job additions over 284,000 would see that [...]
European Central Bank to abolish monthly decisions, moving to six week schedule July 3, 2014 The European Central Bank (ECB) was widely expected to do nothing new today. But forecasters got that call very wrong. From January 2015 the ECB is abolishing its changing up its schedule in a big way. Instead of monthly monetary policy meetings, it's going to be looking at changing policy every six weeks. At the [...]
Maria Sharapova doesn’t know who Sachin Tendulkar is: Here’s why that shouldn’t be a surprise July 3, 2014 Tennis star Maria Sharapova has managed to cause a storm among fans of cricketing great Sachin Tendulkar. At a press conference following Sharapova's third round victory on Saturday, a reporter pointed out that Tendulkar was also in attendance. When asked if she was aware of the player, Sharapova fessed up: "I don't." Cue outrage from [...]
Eurozone retail sees zero growth and the EU’s statisticians are calling that “stable” July 3, 2014 Eurozone retail has hit an unexpected roadblock in May. Retail sales haven't seen the 0.2 per cent growth expected, and have instead been entirely motionless. There's been zero retail sales growth in the euro area this May. The numbers, released by Eurostat, are a disappointment for economy watchers. Retail sales are up by just 0.7 [...]
Surveys hint at wage growth still missing in official estimates July 3, 2014 There were some signs of wage growth this June, according to a survey produced by Markit. Companies in the service sector are now reporting that higher wages are pushing up operating costs. Many panellists attributed another rise in operating costs during June to "higher average salaries and wage costs". This earnings growth has been evident [...]
Scottish independence will work as currency competition laboratory – Australian central bank staffer July 2, 2014 If the Scots vote for independence this September, the country could be a testing ground for currency competition, according to the Reserve Bank of Australia's assistant governor, Guy Debelle. But Debelle cautioned today that private issuance of competing currencies in Scotland has been tried before, and while it worked well for a spell, was [...]
Employment growth in UK’s construction sector hits all-time high July 2, 2014 The UK's construction sector is speeding up again this June, with activity growing at its fastest pace in four months. According to purchasing managers' index (PMI) data from Markit, the sector is expanding more ferociously than first estimated, with a headline reading of 62.6. Any number above 50 implies that activity in the sector is [...]
Mark Carney’s first year: Bank governor enjoys roaring recovery – but he can’t take credit July 1, 2014 Mark Carney has had a spectacularly good first 365 days at Threadneedle Street. Since he's arrived at the Bank of England the UK economy has busted analyst growth expectations. Unemployment has fallen faster than almost anyone had predicted, and inflation is now back below the Bank's two per cent target. Judged by cold hard results, [...]
Eurozone unemployment sees surprise drop July 1, 2014 The euro area's headline jobless rate has moved slightly lower in May, now at 11.6 per cent. Analysts had expected to see that Eurostat would report Eurozone unemployment was at 11.7 this month, after falling from 11.8 per cent in April. April's estimate has now been revised down from 11.7 per cent to 11.6 per [...]
UK manufacturing growth moves up a gear with job creation at 39-month high July 1, 2014 The UK's manufacturing sector is growing faster than we thought. The latest figures from Markit see June's headline purchasing managers' index (PMI) revised up from an initial reading of 57 to a final estimate of 57.5. Any number above 50 implies growth, and figures in the region we're seeing now suggest the sector is enjoying [...]