UK unemployment rate falls to 4.3%, and company payrolls rise again – business live | Business

Good morning, and welcome to our rolling protection of the world economic system, the monetary markets, the eurozone and business.

Unemployment throughout the UK has fallen again, as firms proceed to add employees to their payrolls regardless of the tip of the furlough scheme in September.

The UK’s jobless rate fell to 4.3% within the three months to September, new information from the Workplace for Nationwide Statistics reveals, with the unemployment whole dropping by round 152,000 in contrast to the earlier quarter, to 1.448m.

That’s down from 4.5% a month in the past, as corporations proceed to recruit as they recuperate from the financial shock of Covid-19 — though it’s nonetheless larger than earlier than the pandemic.

UK unemployment rate

The UK unemployment rate {Photograph}: ONS

In September alone, the unemployment rate is estimated to have dropped to simply 3.9%.

Julian Jessop

💥 headline UK #unemployment rate (3m common) *fell* from 4.5% in August to 4.3% in September, with single-month estimate for September simply 3.9%.

This seems to be actual – i.e. pushed by larger employment, not folks dropping out of the labour market 👍

November 16, 2021

Simon French

Single month UK jobs information even stronger than the headline (4.3%) with the unemployment rate down to 3.9% in September – decrease than initially of the pandemic. No matter issues the UK economic system has, creating employment will not be certainly one of them!

November 16, 2021

The furlough job-protection scheme ended on thirtieth September, and right this moment’s report reveals that firms continued to broaden their workforces final month.

The ONS estimates that there have been 29.3 million workers on company payrolls in October, a rise of 160,000 in contrast with September.

The ONS says:

It’s potential that these made redundant on the finish of the furlough scheme will probably be included within the RTI information for a number of additional months, whereas they work out their discover interval.

Nevertheless, responses to our business survey recommend that the numbers made redundant was possible to be a small share of these nonetheless on furlough on the finish of September 2021.

Keith Church

The primary arduous proof that there wasn’t an enormous rise in unemployment as furlough ended.

November 16, 2021

The variety of folks in work additionally rose, by round 247,000 to 32.523m, lifting the employment rate to 75.4%.

The ONS explains:

July to September 2021 estimates present a seamless restoration within the labour market, with a quarterly improve within the employment rate, whereas the unemployment rate decreased, and the financial inactivity rate was largely unchanged.

Complete hours labored elevated, following the the comfort of many coronavirus (COVID-19) restrictions. However the UK financial inactivity rate was estimated at 21.1%, 0.9 share factors larger than earlier than the pandemic, however largely unchanged on the quarter.

Vacancies at UK firms hit a report stage too in August to October, rising to 1,172,000.

That’s a rise of 388,000 from the pre-coronavirus (COVID-19) pandemic January to March 2020 stage, with 15 of the 18 business sectors displaying report highs.

Yesterday, the Financial institution of England governor Andrew Bailey informed MPs he was “very uneasy” concerning the rising price of residing, however wished to see post-furlough employment information earlier than voting to increase rates of interest.

This jobs information may encourage some Financial institution policymakers to contemplate a rate rise on the subsequent assembly, in December….

It seems like a quiet begin to buying and selling within the markets, with the UK’s FTSE 100 seen a bit decrease, and European indices near last night’s record highs.


European Opening Calls:#FTSE 7344 -0.11%#DAX 16133 -0.10%#CAC 7123 -0.07%#AEX 824 +0.10%#MIB 27883 +0.05%#IBEX 9088 -0.09%#OMX 2376 +0.07%#SMI 12504 -0.10%#STOXX 4382 -0.10%#IGOpeningCall

November 16, 2021

The most recent month-to-month oil market report, up to date eurozone development figures, and new US retail gross sales figures may give new insights into the financial image.

Michael Hewson of CMC Markets says:

Retail gross sales numbers within the US have been fairly tough to predict in current months, with shopper confidence coming below strain, due to rising costs within the retailers and on the gasoline pumps. In September US retail gross sales got here in higher than anticipated, rising 0.7%, in opposition to a forecast of -0.2%, whereas the August numbers had been revised up to 0.9%. These better-than-forecasted numbers, together with the continued enchancment within the US labour market helped persuade the Federal Reserve that the economic system was sturdy sufficient for it to proceed with its plans to begin tapering its month-to-month asset buy program beginning this month.

It’s actually true that the US shopper has been extra resilient than shopper confidence numbers may recommend in current months. We’ve come off two successive month-to-month positive aspects because the -1.8% decline seen in July, and right this moment’s October numbers are anticipated to see one other acquire of 1.3%. Whereas this may chime with how nicely a whole lot of US retailers have been doing this previous quarter, it’s fully at odds with the route of current shopper confidence information, which has been weak.

The agenda

  • 7am GMT: UK unemployment report
  • 9am GMT: IEA month-to-month oil market report
  • 10am GMT: Eurozone third-quarter GDP (second estimate)
  • 1.30pm GMT: US retail gross sales for October
  • 2.15pm GMT: US industrial manufacturing for October
  • 3pm GMT: Home of Lords financial affairs committee listening to on Central Financial institution Digital Currencies

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