UK unemployment: 612,000 workers lose jobs as vacancies crash to record low in lockdown June 16, 2020 The UK unemployment rate unexpectedly remained unchanged in the three months to April, but workers on company payrolls fell 612,000 between March and May while job vacancies plunged to a record low. The unemployment rate remained unchanged at 3.9 per cent between February and April, new data from the Office for National Statistics (ONS) showed. [...]
England and Wales coronavirus death toll nears 50,000 June 16, 2020 Coronavirus deaths in England and Wales have hit 47,387 since the start of the year until 5 June, official data confirmed today. That contrasts with official government data yesterday that puts the overall UK death toll from coronavirus at 41,736. While England’s coronavirus death toll stood at 45,432 according to the Office for National Statistics [...]
UK unemployment data: Five key facts as furlough stems job losses June 16, 2020 New figures released today showed that the UK’s unemployment rate unexpectedly remained flat for the three months to April, confounding expectations of a sharp rise. But economists are warning that a bleak picture lurks behind that headline figure as the impact of coronavirus on the British labour market begins to show. City A.M. has broken [...]
Watch out for too much money — and the return of boom and bust cycles June 15, 2020 Money is growing at record rates in peace time the US, at least by modern standards. The quantity of money in the US (as measured by M3) rose by 7.5 per cent in April 2020. With further strong money growth in May, the annual rate of growth of money has shot up to a shocking [...]
Johanna Kyrklund: Is retail investor surge cause for caution? June 15, 2020 With a combination of resurgent markets, seemingly ebullient retail investors and a bleak economic outlook, it may be prudent to tread carefully. It’s an old investment cliché that when your taxi driver starts giving you share tips, it’s time to sell. As someone who has been on the receiving end of cabbie investment advice during [...]
How global markets will cope with a second wave June 13, 2020 Fears of a second wave of coronavirus have stubbed out hopes of swift economic recovery around the world, as the possibility of further lockdowns hangs heavy on global markets. While many countries seem to have a grip on the coronavirus crisis, the prospect of new infections in the US hinted in Wednesday’s Federal Reserve meeting [...]
UK economy: Five charts that show we face a long road to recovery June 13, 2020 The coronavirus pandemic has plunged the UK economy into an unprecedented crisis, with GDP shrinking by a record 20.4 per cent April as lockdown measures hammered businesses. The Bank of England has warned that Britain could be heading for its deepest recession in three centuries this year. It is widely believed that April will mark [...]
We must be ready for further stimulus, says Bank of England’s Andrew Bailey June 12, 2020 The Bank of England and other policymakers must be ready to take further action to help the UK’s economy because of the risk of the coronavirus shutdown causing long-term damage, governor Andrew Bailey has said. “We are still very much in the midst of this,” Bailey told broadcasters today. His comments come after new data [...]
Sterling sheds gains against dollar as Brexit fears weigh June 12, 2020 The pound shed early gains against the dollar this afternoon as concerns over Brexit coupled with dire UK economic data weighed on sterling. Sterling has been edging lower this week after rising 3.9 per cent against the dollar in last week’s rally. Having recovered briefly this morning to touch $1.2653, the pound soon flattened back [...]
Brexit vs. Business: Thanks to Covid-19, we’ll never know who was right June 12, 2020 Let’s start with some good news: Unilever has put its faith in Britain. The Dutch-Anglo consumer goods giant, owner of iconic brands from PG Tips to Marmite, announced on Thursday that it was unifying under its UK listing. How times have changed. A mere 18 months ago, Unilever was trying to move its headquarters to [...]