Nairalanceblog

The British Pound (GBP) is down 0.1% to near 1.3530 against the US Dollar (USD) during the European trading session on Tuesday. The British currency comes under pressure after the release of the United Kingdom (UK) employment data for three months ending June.UK labour data underline cool jobs market and limited BoE hike impetusAnalysts at ING characterise the latest UK labour figures as offering “nothing particularly earth-shattering,” but still reinforcing a picture of a cooling jobs market. They note that “payrolled employment is down a touch,” while cautioning that this headline masks “big differences between government (which is still actively hiring), consumer services (where job numbers are consistently falling and the pace of decline is getting worse) and the remaining private sector, which is flatlining.”ING also points out that “the unemployment rate is up a touch,” though they stress that the Office for National Statistics has already flagged “temporary sampling issues with the labour force survey underpinning it (on top...

The headline unemployment figure remains unchanged in the three months to the end of June 2026. Wage growth continued to slow in the UK in June while the unemployment rate remained steady at 4.9% in the three months to the end of June 2026, representing a 0.3 percentage point increase from the previous year. Figures from the Office for National Statistics (ONS) also indicated growth in total earnings – including bonuses – fell to 4.1% over the three-month period, down from 4.3% in the three months to May. Meanwhile, job vacancies dropped and the number of workers on company payrolls fell by 13,000, while the number of those unemployed for between six to 12 months increased over the year and on the quarter.   Felix Feather, economist at Aberdeen, said the latest labour market figures point to a softening UK jobs market, in particular highlighting that regular private-sector pay growth also eased to 2.8% from 2.9% previously. He said: “Broadly, the labour market has been...

That disconnect is clearly visible in wage growth. Pay is rising by 6.1% across government, compared to just 2.8% in the private sector. Admittedly, that latter figure is being slightly depressed by “compositional” effects, something the BoE is keen to point out. This is a slightly weird quirk that’s emerged in the survey underpinning those wage figures, which show a rise in low-paid employment relative to higher-paid jobs (the opposite of what the more reliable payroll data described above), and which is skewing the average level of pay growth lower. Strip that out, and private-sector pay would be 0.4ppt higher. Still, the basic story here is that the jobs market is cool. We can see that in the vacancy numbers, which are still gradually falling and are well down on pre-Covid levels. We can see that in the unemployment rate, notwithstanding the latest reliability issues. And crucially for the Bank of England, there is little sign that wage growth is about...

Today's jobs figures give Bank of England officials little reason to think about raising rates any time soon. Job vacancies are falling, earnings growth is cooling, payroll numbers continue to shrink, and unemployment remains stubbornly stuck at around 5%.In short, the labour market shows clear signs of slack rather than tightening, which should keep a lid on wage pressures. Inflation, meanwhile, remains on a broadly disinflationary path, with still no meaningful evidence of second-round effects filtering through into wages or prices.Put it all together, and we don't see the conditions in place for the MPC to consider tightening policy this year. The one wildcard remains the war in Iran - but with oil prices already reflecting a degree of optimism, we don't think this poses a serious enough upside risk to change that picture.We expect the MPC to hold rates steady for the rest of the year, before they are cut at some point in 2027. This could act to...

AI Growth Zone to support more than 3,400 jobs and attract major new investment to Lanarkshire – supporting the drive for good growth in every postcode National Wealth Fund providing financial backing for DataVita’s landmark £300 million plan to expand Lanarkshire AI Growth Zone Dell Technologies to also base their Scottish team at Lanarkshire AI Innovation Park, creating high-skilled jobs More jobs, investment and training opportunities are on the way for Lanarkshire as the AI Growth Zone secures a landmark £300 million investment package and Dell Technologies announces it will establish a base in the area. The announcements today (Tuesday 18th August) are a major boost for Lanarkshire and Scotland, demonstrating how the UK Government’s AI Growth Zones are building a Britain that is better off: supporting a stronger economy, good jobs and reindustrialisation in communities right across the UK. The wider development is expected to support more than 3,400 jobs, alongside skills and training opportunities to help local people access careers in technology, engineering, construction and the growing AI sector.  Artificial intelligence is already helping scientists develop new medicines, helping businesses become more productive and...

Morrisons, headquartered in Bradford, reported the reductions in its latest financial accounts, which show that its average monthly workforce fell from 101,144 to 96,232 in the year to October last year. This marks a loss of 4,912 jobs across the business. The job losses included more than 4,200 store positions, with additional cuts in food manufacturing and distribution. Nearly 5,000 jobs were lost at Morrisons last year A spokesman for Morrisons said: "Colleague numbers in the year ending October 2025 primarily reflect the impact of the closure of the newspaper home delivery service in convenience, the restructuring of the retail people team and the downsizing of the Rathbones bakery business. "There was no additional redundancy programme in stores, where numbers were only reduced by not replacing those who had chosen to leave." The cuts come as the company...

The number of job vacancies has fallen to its lowest level in more than five years as smaller businesses cut back on recruitment, the latest official figures indicate.Vacancy numbers dipped slightly over the May-to-July period to 707,000, according to the Office for National Statistics (ONS), which said small firms were citing labour and operating costs as reasons for scaling back hiring.The ONS said the labour market was "little changed overall", with the unemployment rate remaining at 4.9%.Growth in regular earnings - which excludes bonuses - picked up slightly, although private sector wages grew at their slowest rate for nearly six years.Regular earnings grew at an overall annual pace of 3.5% in the three months to June, the ONS said. Pay growth for the public sector was 6.1%, due to the timing of the latest NHS pay awards, while in the private sector it dipped to 2.8%."The UK labour market remains stuck in a low-churn limbo, with employers reluctant to hire,...

It comes as small firms have been put off recruiting because of increased labour costs and other business expenses Want LBC stories before everyone else? Set us as your Preferred Source on Google A retail unit estate agent's to let sign on a closed shop on Upper Street, Islington. Picture: Alamy The rate of UK unemployment remained unchanged at 4.9% in the three months to June, the Office for National Statistics [ONS] ahas announced. It means that unemployment figures have remained at the same level since January this year.Job vacancies also fell by 6,000 to 707,000 between May and July this year, and the number of employees on payroll fell by 78,000 (0.3%) in the year to June.This brings the level to its...

JPMorgan CEO Ja​mie Dimon Jamie Dimon, CEO of America’s biggest bank JPMorgan Chase has cautioned UK chancellor John Healey against creating a more hostile tax environment for banks. According to a report by Financial Times, in a recent call, Dimon said that higher taxes often drive jobs elsewhere, citing a decline in finance roles in New York that he attributed partly to the city’s tax burden. One person familiar with the exchange said Dimon made clear that a windfall levy on bank profits, or broader tax increases targeting wealth, would not be welcomed by the industry. Another person familiar with the call said Dimon told Healey that the only real path to solving the UK's economic challenges was through growth, and that growth could only come through good policy.Jamie Dimon's pattern of lobbying against bank taxesThe comments made by Dimon come as the financial services sector prepares for a major pre‑Budget lobbying campaign. Banks are seen as a tempting target...

M&Co, which was founded in 1834 and operated 168 stores across the UK, owed more than £46 million at the time of its collapse. The clothing retailer closed all of its brick-and-mortar stores across the UK in spring 2023 after going into administration. Newly published documents reveal that more than 600 unsecured creditors will lose more than £33 million, with the case moving from administration to dissolution in June. Adele Macleod, Gavin Park and Robert Harding of Teneo were appointed joint administrators, marking the second time the company had entered administration. M&Co first entered administration during the pandemic, resulting in the loss of 47 stores and 380 jobs. The company was bought back by the founding family, but administrators were once again appointed in 2022. In their latest report, the administrators said: “We adjudicated all claims received and subsequently admitted 608 claims for a total of £34m for dividend purposes, compared with £41m in...