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US jobs growth beats forecast but wage growth slows - business live | |
(30 minutes later) | |
The headline jobs figure of 196,000 was better than expected but annual wage growth fell unexpectedly to 3.2% in March from 3.4% in February. | |
The unemployment rate was unchanged at 3.8%, as expected. | |
The fact there was no major shocker on the headline jobs number is boosting US futures: | |
Stock futures are higher on solid jobs report https://t.co/KxUdqXC37A pic.twitter.com/GERR2KfTto | |
Breaking: US non-farm payrolls are in and the headline number is 196,000. | |
This is better than the 180,000 expected and a sharp increase on February’s figure of 33,000, which was revised up from 20,000. | |
With less than 10 minutes to non-farm payrolls, here is what economists polled by Reuters are expecting for the headline figures for March: | With less than 10 minutes to non-farm payrolls, here is what economists polled by Reuters are expecting for the headline figures for March: |
Non-farm payrolls: 180,000 | Non-farm payrolls: 180,000 |
Unemployment rate: 3.8% | Unemployment rate: 3.8% |
Average earnings: 3.4% | Average earnings: 3.4% |
Norway’s sovereign wealth fund - the world’s largest – is cutting emerging market bonds from the benchmark index it tracks. | Norway’s sovereign wealth fund - the world’s largest – is cutting emerging market bonds from the benchmark index it tracks. |
The finance ministry said it will remove government and corporate bonds issued by Chile, the Czech Republic, Hungary, Israel, Malaysia, Mexico, Poland, Russia, South Korea and Thailand. | The finance ministry said it will remove government and corporate bonds issued by Chile, the Czech Republic, Hungary, Israel, Malaysia, Mexico, Poland, Russia, South Korea and Thailand. |
The ministry said in a statement: | The ministry said in a statement: |
Along with certain adjustments to the country weightings for government bonds, the changes proposed will facilitate lower transaction costs in the management of the Fund. | Along with certain adjustments to the country weightings for government bonds, the changes proposed will facilitate lower transaction costs in the management of the Fund. |
Norway's $1 trillion sovereign wealth fund is reducing its allocation to emerging markets bonds & currencies. https://t.co/eHyo7ehAm1 | Norway's $1 trillion sovereign wealth fund is reducing its allocation to emerging markets bonds & currencies. https://t.co/eHyo7ehAm1 |
The Co-op has stopped selling single kitchen knives in its supermarkets in response to the increase in knife crime. | The Co-op has stopped selling single kitchen knives in its supermarkets in response to the increase in knife crime. |
Read the full story here: | Read the full story here: |
Co-op curbs sale of knives in response to rising crime | Co-op curbs sale of knives in response to rising crime |
Markets are failing to get motivated this morning according to Connor Campbell at Spreadex, despite a backdrop of key events: | Markets are failing to get motivated this morning according to Connor Campbell at Spreadex, despite a backdrop of key events: |
Given it’s a Brexit-baking, US-China trade talking, non-farm Friday the markets were remarkably muted as the morning went on. | Given it’s a Brexit-baking, US-China trade talking, non-farm Friday the markets were remarkably muted as the morning went on. |
The FTSE, at an effective 6-month high already, had little justification for anything bigger than a 0.1% increase, a move that keeps its above 7400 but only marginally. | The FTSE, at an effective 6-month high already, had little justification for anything bigger than a 0.1% increase, a move that keeps its above 7400 but only marginally. |
Sterling struggled to build on its initial growth, cutting its gains to 0.1% against the dollar while seeing them erased against the euro, as reports of a one-year Article 50 ‘flextension’ offer from Donald Tusk was countered by news that Theresa May has asked the EU for a delay only until 30 June. | Sterling struggled to build on its initial growth, cutting its gains to 0.1% against the dollar while seeing them erased against the euro, as reports of a one-year Article 50 ‘flextension’ offer from Donald Tusk was countered by news that Theresa May has asked the EU for a delay only until 30 June. |
A reminder that a Brexit Flextension is not a foregone conclusion: | A reminder that a Brexit Flextension is not a foregone conclusion: |
European commission on flextension. "We saw this notion, this term," Commission spokesman says. "The only game in town is the European council, which will start Wednesday at 6pm." | European commission on flextension. "We saw this notion, this term," Commission spokesman says. "The only game in town is the European council, which will start Wednesday at 6pm." |
John McDonnell, shadow chancellor, has responded to the weak productivity figures: | John McDonnell, shadow chancellor, has responded to the weak productivity figures: |
We have a productivity crisis on our hands and this government is in denial about it. | We have a productivity crisis on our hands and this government is in denial about it. |
For all the chancellor’s talk of a ‘productivity agenda’, productivity continues to stagnate and is 18% below its pre-crisis trend. | For all the chancellor’s talk of a ‘productivity agenda’, productivity continues to stagnate and is 18% below its pre-crisis trend. |
The next Labour government will tackle low productivity as part of our transformative agenda, establishing a national investment bank and a network of regional development banks to provide the lending and investment this country so desperately needs. | The next Labour government will tackle low productivity as part of our transformative agenda, establishing a national investment bank and a network of regional development banks to provide the lending and investment this country so desperately needs. |
UK productivity is still lagging behind the pre-crisis trend more than a decade ago, according to the latest figures from the Office for National Statistics. | UK productivity is still lagging behind the pre-crisis trend more than a decade ago, according to the latest figures from the Office for National Statistics. |
Output per hour fell 0.1% in the fourth quarter of 2018, compared with the same period a year ago, and was 18% below its pre-downturn trend. | Output per hour fell 0.1% in the fourth quarter of 2018, compared with the same period a year ago, and was 18% below its pre-downturn trend. |
For 2018 overall, productivity grew by 0.5% compared with 2017. | For 2018 overall, productivity grew by 0.5% compared with 2017. |
Richard Heys, deputy chief economist at the ONS, said: | Richard Heys, deputy chief economist at the ONS, said: |
Our latest figures show a continuation of a decade of weak growth, often referred to as the ‘productivity puzzle’, with labour productivity growth lower over the last decade than at any time in the 20th century. It has taken the UK a decade to deliver 2% growth, which historically was achieved in a single year. | Our latest figures show a continuation of a decade of weak growth, often referred to as the ‘productivity puzzle’, with labour productivity growth lower over the last decade than at any time in the 20th century. It has taken the UK a decade to deliver 2% growth, which historically was achieved in a single year. |
This affects both the public and private sectors, although one bright spot is healthcare, with more planned procedures taking place than usual through the winter, improving productivity across public services compared with the previous quarter. | This affects both the public and private sectors, although one bright spot is healthcare, with more planned procedures taking place than usual through the winter, improving productivity across public services compared with the previous quarter. |
Stephen Hubble, chief analyst at currency firm Centtrip, says we could be in for a few surprises when the US non-farm payrolls report is published this afternoon: | Stephen Hubble, chief analyst at currency firm Centtrip, says we could be in for a few surprises when the US non-farm payrolls report is published this afternoon: |
Today’s non-farm payroll and wages data will be watched closely as last time the number missed expectations substantially. Only 20,000 new jobs were added versus the 180,000 forecast, with a “hangover” from the longest-in-history US government shutdown last December and January blamed for the lapse. | Today’s non-farm payroll and wages data will be watched closely as last time the number missed expectations substantially. Only 20,000 new jobs were added versus the 180,000 forecast, with a “hangover” from the longest-in-history US government shutdown last December and January blamed for the lapse. |
If today’s release comes close to the forecast of 190,000 for March, market participants will breathe a sigh of relief. The ADP National Employment Report released on Wednesday, a precursor to NFP, came in much weaker than expected at 129,000 as opposed to the forecast of 170,000. I would think surprises could be in store. | If today’s release comes close to the forecast of 190,000 for March, market participants will breathe a sigh of relief. The ADP National Employment Report released on Wednesday, a precursor to NFP, came in much weaker than expected at 129,000 as opposed to the forecast of 170,000. I would think surprises could be in store. |